<SEC-DOCUMENT>0001206774-23-000518.txt : 20230417
<SEC-HEADER>0001206774-23-000518.hdr.sgml : 20230417
<ACCEPTANCE-DATETIME>20230417154411
ACCESSION NUMBER:		0001206774-23-000518
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20230417
DATE AS OF CHANGE:		20230417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHERN FIRST BANCSHARES INC
		CENTRAL INDEX KEY:			0001090009
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				582459561
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-271291
		FILM NUMBER:		23823857

	BUSINESS ADDRESS:	
		STREET 1:		6 VERDAE BOULEVARD
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607
		BUSINESS PHONE:		8646799000

	MAIL ADDRESS:	
		STREET 1:		6 VERDAE BOULEVARD
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREENVILLE FIRST BANCSHARES INC
		DATE OF NAME CHANGE:	19990707
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>sfst4187341-s3.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the U.S. Securities and Exchange Commission
on April 17, 2023</P>

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

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.3pt 0 0; text-align: center">_______________________</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 4.3pt 0 0; text-align: center"><B>Form S-3 </B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT </B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933 </I></B></P>

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

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SOUTHERN FIRST BANCSHARES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 44%; padding-right: 5.75pt; padding-left: 5.75pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>South
    Carolina</B></FONT></TD>
    <TD STYLE="width: 44%; padding-right: 5.75pt; padding-left: 5.75pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>58-2459561</B></FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt">(State
    or other jurisdiction of<BR>
    incorporation or organization)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S.
    Employer Identification <BR>
    Number)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: center"><B>6 Verdae Boulevard</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Greenville, South Carolina 29607</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(864) 679-9000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Greenville, South Carolina 29607</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(864) 679-9000 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address, including zip code, and telephone number,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">including area code, of agent for service)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nelson Mullins Riley &amp; Scarborough LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2 W. Washington Street, Suite 400</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Greenville, South Carolina 29601</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(864) 373-2246</B></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If the only securities being
registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">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. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If this Form is a post-effective
amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">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. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">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. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 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
"emerging growth company" in Rule 12b-2 of the Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Emerging growth company&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 10pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">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 Securities Act. &#9744;</P>


<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><B>The registrant hereby amends this registration statement
on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically
states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933
or until this registration statement shall become effective on such date as the Securities and Exchange Commission acting pursuant to
said Section 8(a) may determine. </B></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>Preliminary Prospectus dated April 17,
2023</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="sfst4187341-s3x1x1.jpg" ALT="" STYLE="height: 119px; width: 295px">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: center; color: Red"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: center"><B>$50,000,000</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">Southern First Bancshares, Inc. (&ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our&rdquo; or the &ldquo;Company&rdquo;) may offer and sell, from time to time, in one or more offerings, any
combination of debt and equity securities that we describe in this prospectus. The aggregate amount of the securities offered by us under
this prospectus will not exceed $50,000,000. We will provide the specific terms of these securities in supplements to this prospectus.
You should read this prospectus and the applicable prospectus supplement carefully before you invest in the securities described in the
applicable prospectus supplement. This prospectus may not be used to consummate sales of securities unless accompanied by a prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">Shares of our common stock are traded on The NASDAQ
Global Market under the symbol &ldquo;SFST&rdquo;. The closing sale price of our common stock as reported on The NASDAQ Global Market
on April 11, 2023 was $30.59 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">We may sell the securities to underwriters or dealers,
through agents, or directly to investors, or a combination of these methods. We will set forth the names of any underwriters or agents,
any applicable commissions, discounts or other compensation thereof, in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><B>These securities are unsecured and are not deposits
and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.</B></P>

<P STYLE="margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><B>Investing in our securities involves risks. See
the section &ldquo;Risk Factors&rdquo; on page 3 of this prospectus, as well as in any supplements to this prospectus, and the risk factors
incorporated herein from time to time by reference to our most recent Annual Report on Form 10-K and our most recent Quarterly Report
on Form 10-Q.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: center">This prospectus is dated April 17,
2023.</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; font-size: 10pt"><A HREF="#a_001" STYLE="text-decoration: none; color: Black">About this Prospectus</A></TD>
    <TD STYLE="text-align: right; width: 10%; font-size: 10pt"><A HREF="#a_001" STYLE="text-decoration: none; color: Black">1</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_002" STYLE="text-decoration: none; color: Black">Incorporation of Certain Information by Reference</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_002" STYLE="text-decoration: none; color: Black">2</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_003" STYLE="text-decoration: none; color: Black">Risk Factors</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_003" STYLE="text-decoration: none; color: Black">3</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_004" STYLE="text-decoration: none; color: Black">Special Note Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_004" STYLE="text-decoration: none; color: Black">4</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_005" STYLE="text-decoration: none; color: Black">Prospectus Summary</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_005" STYLE="text-decoration: none; color: Black">6</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_006" STYLE="text-decoration: none; color: Black">Southern First Bancshares, Inc.</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_006" STYLE="text-decoration: none; color: Black">8</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_007" STYLE="text-decoration: none; color: Black">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_007" STYLE="text-decoration: none; color: Black">8</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_008" STYLE="text-decoration: none; color: Black">Plan of Distribution</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_008" STYLE="text-decoration: none; color: Black">8</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_009" STYLE="text-decoration: none; color: Black">Description of Debt Securities</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_009" STYLE="text-decoration: none; color: Black">11</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_010" STYLE="text-decoration: none; color: Black">Description of Preferred Stock</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_010" STYLE="text-decoration: none; color: Black">17</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_011" STYLE="text-decoration: none; color: Black">Description of Depositary Shares</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_011" STYLE="text-decoration: none; color: Black">20</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_012" STYLE="text-decoration: none; color: Black">Description of Common Stock</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_012" STYLE="text-decoration: none; color: Black">23</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_013" STYLE="text-decoration: none; color: Black">Description of Purchase Contracts</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_013" STYLE="text-decoration: none; color: Black">24</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_014" STYLE="text-decoration: none; color: Black">Description of Units</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_014" STYLE="text-decoration: none; color: Black">25</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_015" STYLE="text-decoration: none; color: Black">Description of Warrants</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_015" STYLE="text-decoration: none; color: Black">25</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_016" STYLE="text-decoration: none; color: Black">Description of Rights</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_016" STYLE="text-decoration: none; color: Black">27</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_017" STYLE="text-decoration: none; color: Black">Anti-Takeover Effects of Certain Articles of Incorporation Provisions</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_017" STYLE="text-decoration: none; color: Black">28</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_018" STYLE="text-decoration: none; color: Black">Validity of Securities</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_018" STYLE="text-decoration: none; color: Black">29</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#a_019" STYLE="text-decoration: none; color: Black">Experts</A></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><A HREF="#a_019" STYLE="text-decoration: none; color: Black">29</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_020" STYLE="text-decoration: none; color: Black"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020" STYLE="text-decoration: none; color: Black"><FONT STYLE="font-size: 10pt">29</FONT></A></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">This prospectus is a part of a registration statement
that we filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo; registration process. Under
this shelf registration statement, we may issue and sell to the public, either separately or together, any part or all of the securities
described in the registration statement, at any time and from time to time, in one or more public offerings, up to an aggregate amount
of $50,000,000 million of our debt securities, preferred stock, depositary shares, common stock, purchase contracts, units, warrants,
or rights consisting of two or more securities. We may also issue common stock or preferred stock upon conversion, exchange or exercise
of any of the securities mentioned above. This prospectus only provides you with a general description of the securities we may offer.
Each time we sell securities, we will provide a supplement to this prospectus that contains specific information about the terms of the
securities and the offering. A prospectus supplement may include a discussion of any risk factors or other special considerations applicable
to those securities or to us. The supplement also may add, update or change information contained in this prospectus. If there is any
inconsistency between the information in this prospectus and the applicable prospectus supplement, you should rely on the information
in the prospectus supplement. You should carefully read both this prospectus and any prospectus supplement, any documents that we incorporate
by reference in this prospectus and/or in any prospectus supplement, together with the additional information described under the heading
&ldquo;Where You Can Find More Information&rdquo; before making an investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">The registration statement containing this prospectus,
including exhibits to the registration statement, provides additional information about us and the securities offered under this prospectus.
That registration statement can be read at the SEC website mentioned under the heading &ldquo;Where You Can Find More Information&rdquo;
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">We may sell the securities (a) through agents; (b)
through underwriters or dealers; (c) directly to one or more purchasers; or (d) through a combination of any of these methods of sale.
We and our agents reserve the sole right to accept and to reject in whole or in part any proposed purchase of securities. See &ldquo;Plan
of Distribution&rdquo; below. A prospectus supplement (or pricing supplement) will provide the names of any underwriters, dealers, or
agents involved in the sale of the securities, and any applicable fee, commission, or discount arrangements with them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><B>You should rely only on the information contained
in this prospectus, any prospectus supplement (or pricing supplement) and the documents we have incorporated by reference. We will disclose
any material changes in our affairs in an amendment to this prospectus, a prospectus supplement (or pricing supplement) or a future filing
with the SEC incorporated by reference in this prospectus. No person has been authorized to give any information or to make any representations
other than those contained or incorporated in this prospectus and, if given or made, such information or representations must not be relied
upon as having been authorized. We take no responsibility for, and provide no assurance as to the reliability of, any other information
that others may give you. This prospectus does not constitute an offer to sell or a solicitation of an offer to sell or to buy any securities
other than those to which it relates, or an offer or solicitation with respect to those securities to which it relates to any persons
in any jurisdiction where such offer or solicitation would be unlawful. The delivery of this prospectus at any time does not imply that
the information contained or incorporated herein at its date is correct as of any time subsequent to its date. </B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate by reference&rdquo;
into this prospectus the information we file with it, which means that we can disclose important information to you by referring you to
those documents. Information incorporated by reference is considered to be part of this prospectus, except for any information that is
superseded by information included directly in this prospectus. Any statement contained in this prospectus or a document incorporated
by reference in this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement
contained in this prospectus or in any other subsequently filed document that is incorporated by reference in this prospectus modifies
or superseded the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute
a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">We incorporate by reference into this prospectus the
documents listed below and any future filings we will make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange
Act of 1934 (the &ldquo;Exchange Act&rdquo;) after the date of the initial filing of the registration statement on Form S-3, of which
this prospectus is a part, and prior to the effectiveness of the registration statement, and any such filings that we make after the date
of this prospectus but before the termination of the offering of the securities covered by this prospectus, except to the extent that
any information contained in such filings is deemed &ldquo;furnished&rdquo; in accordance with SEC rules (unless otherwise indicated therein):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our Annual Report on Form 10-K for the year ended December 31, 2022;</TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                              </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">our Current Reports on Form 8-K filed on </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090009/000120677423000050/southernfirst4154951-8k.htm"><FONT STYLE="font-size: 10pt">January
24, 2023</FONT></A><FONT STYLE="font-size: 10pt">, </FONT> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090009/000120677423000059/southernfirst4157471-8k.htm"><FONT STYLE="font-size: 10pt">January
27, 2023</FONT></A> <FONT STYLE="font-size: 10pt">and <A HREF="http://www.sec.gov/Archives/edgar/data/1090009/000120677423000465/southernfirst4182021-8k.htm">April 3, 2023</A>; and</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The description of our common stock set forth in Exhibit 4.2 of our Annual Report on Form 10-K for the year ended December 31, 2022
filed with the SEC on February 13, 2023, and any amendment or report filed with the SEC for the purposes of updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">We will provide a copy of any and all of the information
that is incorporated by reference in this prospectus to any person, including a beneficial owner, to whom a prospectus is delivered, without
charge, upon written or oral request. Written requests for copies should be directed to Attn: R. Arthur Seaver, Jr., Southern First Bancshares,
Inc., 6 Verdae Boulevard, Greenville, South Carolina 29607. Telephone requests for copies should be directed to Mr. Seaver at (864) 679-9000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">We maintain an Internet website at www.southernfirst.com
where the incorporated reports listed above can be accessed. Neither this website nor the information on this website is included or incorporated
in, or is a part of, this prospectus.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">Investing in the securities involves risk. Please see
the &ldquo;Risk Factors&rdquo; section in our most recent Annual Report on Form 10-K, along with the disclosure related to the risk factors
contained in any of our subsequent Quarterly Reports on Form 10-Q, which are incorporated by reference in this prospectus, as updated
by our future filings with the SEC. Before making an investment decision, you should carefully consider these risks as well as other information
contained or incorporated by reference in this prospectus and any prospectus supplement. The risks and uncertainties not presently known
to us or that we currently deem immaterial may also impair our business operations, our financial results and the value of the securities.
The prospectus supplement applicable to each type or series of securities we offer may contain a discussion of additional risks applicable
to an investment in us and the particular type of securities we are offering under that prospectus supplement.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">Statements included in this prospectus, including
information incorporated herein by reference, which are not historical in nature are intended to be, and are hereby identified as, forward-looking
statements for purposes of the safe harbor provided by Section 21E of the Exchange Act. The words &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;should,&rdquo; &ldquo;would,&rdquo; &ldquo;believe,&rdquo; &ldquo;contemplate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;may,&rdquo; and &ldquo;intend,&rdquo; as well as other similar words and expressions
of the future, are intended to identify forward-looking statements. We caution readers that forward-looking statements are estimates reflecting
our judgment based on current information, and are subject to certain risks and uncertainties that could cause actual results to differ
materially from anticipated results. Such risks and uncertainties include, among others, the matters described in the &ldquo;Risk Factors&rdquo;
of this prospectus and the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Restrictions or conditions imposed by our regulators on our operations;</TD></TR>
                                                                                                                                                                                                 </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Increases in competitive pressure in the banking and financial services industries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Changes in access to funding or increased regulatory requirements with regard to funding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Changes in deposit flows;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Changes in U.S. monetary policy, the level and volatility of interest rates, the capital markets and other market conditions that
may affect, among other things, our liquidity and the value of our assets and liabilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Credit losses as a result of declining real estate values, increasing interest rates, increasing unemployment, changes in payment
behavior or other factors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Credit losses due to loan concentration;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Changes in the amount of our loan portfolio collateralized by real estate and weaknesses in the real estate market;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our ability to successfully execute our business strategy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our ability to attract and retain key personnel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The success and costs of our expansion into the Charlotte, North Carolina, Greensboro, North Carolina and Atlanta, Georgia Markets
and into potential new markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Risk with respect to future mergers or acquisitions, including our ability to successfully expand and integrate the businesses and
operations that we acquire and realize the anticipated benefits of the mergers or acquisitions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Changes in the interest rate environment which could reduce anticipated or actual margins;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Changes in political conditions or the legislative or regulatory environment, including new governmental initiatives affecting the
financial services industry;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Changes in economic conditions resulting in, among other things, a deterioration in credit quality;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Changes occurring in business conditions and inflation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Increased cybersecurity risk, including potential business disruptions or financial losses;</TD></TR></TABLE>

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

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<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: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Changes in technology;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The adequacy of the level of our allowance for loan losses and the amount of loan loss provisions required in future periods;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Examinations by our regulatory authorities, including the possibility that the regulatory authorities may, among other things, require
us to increase our allowance for loan losses or write-down assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The rate of delinquencies and amounts of loans charged-off;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The rate of loan growth in recent years and the lack of seasoning of a portion of our loan portfolio;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our ability to maintain appropriate levels of capital and to comply with our capital ratio requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Adverse changes in asset quality and resulting credit risk-related losses and expenses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Changes in accounting standards, rules and interpretations and the related impact on our financial statements, including the effects
from our adoption of the current expected credit losses (&ldquo;CECL&rdquo;) model on January 1, 2022;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Risks associated with actual or potential litigation or investigations by customers, regulatory agencies or others;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The continuing impact of COVID-19 and its variants on our business, including the impact of the actions taken by governmental authorities
to try and contain the virus or address the impact of the virus on the United States economy and the resulting effect of these items on
our operations, liquidity and capital position, and on the financial conditions of our borrowers and other customers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The potential effects of events beyond our control that may have a destabilizing effect on financial markets and the economy, such
as epidemics and pandemics (including COVID-19), war or terrorist activities, the Russian invasion of Ukraine, disruptions in our customers&rsquo;
supply chains, disruptions in transportation, essential utility outages or trade disputes and related tariffs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some of the factors that could cause actual results
to differ from those expressed or implied in forward-looking statements are incorporated by reference under &ldquo;Risk Factors&rdquo;
in this prospectus and may be described in any prospectus supplement and in the &ldquo;Risk Factors&rdquo; and other sections of the documents
that we incorporate by reference into this prospectus, including our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q
and in our other reports filed with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual outcomes may vary materially from those anticipated. All subsequent written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties.
You should not place undue reliance on our forward-looking statements. Each forward-looking statement speaks only as of the date of the
particular statement, and we undertake no duty to update any forward-looking statement.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">Under the shelf registration statement of which this
prospectus is a part, we may sell up to $50,000,000 of securities, consisting of one or any combination or combinations of securities,
described in this prospectus in one or more offerings. This prospectus provides you with a general description of the securities we may
offer. This prospectus describes the securities that may be offered. We may offer any of the following securities or any combination of
these securities from time to time:</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">This prospectus, including the following summary, describes
the general terms that may apply to the securities. The specific terms of any particular securities that we may offer will be described
in a separate supplement to this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may offer several different types of debt securities.
For any particular debt securities we offer, the applicable prospectus supplement will describe the terms of the debt securities, and
will include for each series of debt securities, the initial public offering price, designation, priority, aggregate principal amount
(including whether determined by reference to an index), currency, denomination, premium, maturity, interest rate (including whether fixed,
floating or otherwise), time of payment of any interest, any terms for mandatory or optional redemption and other terms. We will issue
senior and subordinated debt under separate indentures to be entered into by and between us and a bank or trust company, or other qualified
trustee, that we select to act as trustee. Debt securities may be convertible into shares of our common stock or preferred stock, as described
in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Preferred Stock and Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may offer preferred stock in one or more series.
The applicable prospectus supplement will describe for each offer of preferred stock the specific designation of the series offered; the
aggregate number of shares offered; the rate and periods, or manner of calculating the rate and periods, for dividends, if any; the stated
value and liquidation preference amount, if any; the redemption, liquidation and voting rights, if any; and any other specific terms.
We may also offer depositary shares, each of which would represent an interest in a fractional share of preferred stock. We will issue
the depositary shares under one or more deposit agreements to be entered into between us and one or more depositaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may offer shares of our common stock and the applicable
prospectus supplement will describe the terms of any such offer.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may issue purchase contracts, including contracts
obligating holders to purchase from us, and obligating us to sell to holders, a fixed or varying number of shares of common stock, preferred
stock, depositary shares or debt securities at a future date or dates. The consideration per share of common stock, preferred stock, depositary
shares or debt securities may be fixed at the time that purchase contracts are issued or may be determined by reference to a specific
formula set forth in the purchase contracts. Any purchase contract may include anti-dilution provisions to adjust the number of shares
issuable pursuant to such purchase contract upon the occurrence of certain events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The purchase contracts may be issued separately or
as a part of units with one or more other securities. These contracts, and the holders&rsquo; obligations to purchase shares of our common
stock, preferred stock, depositary shares or debt securities under the purchase contracts may be secured by cash, certificates of deposit,
U.S. government securities that will mature prior to or simultaneously with, the maturity of the purchase contract, standby letters of
credit from an affiliated U.S. bank that is FDIC-insured or other collateral satisfactory to the Federal Reserve. The purchase contracts
may require us to make periodic payments to holders of the purchase units, or vice versa, and such payments may be unsecured or prefunded
and may be paid on a current or on a deferred basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Any one or more of the above securities, common stock
or the purchase contracts or other collateral may be pledged as security for the holders&rsquo; obligations to purchase or sell, as the
case may be, the common stock, preferred stock, depositary shares or debt securities under the purchase contracts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We also may offer two or more of the securities described
in this prospectus in the form of a &ldquo;unit,&rdquo; including pursuant to a unit agreement. The unit may be transferable only as a
whole, or the securities comprising a unit may, as described in the prospectus supplement, be separated and transferred by the holder
separately. There may or may not be an active market for units or the underlying securities, and not all the securities comprising a unit
may be listed or traded on a securities exchange or market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may offer warrants to purchase our senior debt securities,
subordinated debt securities, preferred stock, depositary shares, common stock or any combination of these securities, either independently
or together with any other securities. For any particular warrants we offer, the applicable prospectus supplement will describe:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the underlying securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the expiration date;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the exercise price or the manner of determining the exercise price;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount and kind, or the manner of determining the amount and kind, of securities to be delivered upon exercise;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date after which the warrants are separately transferable;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any provisions for adjustments in the exercise price or the number of securities issuable upon exercise of the warrants; and</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other specific terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may issue the warrants under one or more warrant
agreements between us and one or more warrant agents. The warrant agents will act solely as our agents in connection with the warrants
and will not assume any obligation or relationship of agency for or on behalf of holders or beneficial owners of warrants.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may offer rights to our existing shareholders to
purchase additional shares of our common stock or any series of our preferred stock. For any particular subscription rights, the applicable
prospectus supplement will describe the terms of such rights, including the period during which such rights may be exercised, the manner
of exercising such rights, the transferability of such rights and the number of shares of common stock or preferred stock that may be
purchased in connection with each right and the subscription price for the purchase of such common stock or preferred stock. In connection
with a rights offering, we may enter into a separate agreement with one or more underwriters or standby purchasers to purchase any shares
of our common stock or preferred stock not subscribed for in the rights offering by existing shareholders, which will be described in
the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If any securities are to be listed or quoted on a securities
exchange or quotation system, the applicable prospectus supplement will so indicate. Our common stock is listed on The NASDAQ Global Market
and trades under the symbol &ldquo;SFST&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_006"></A>SOUTHERN FIRST BANCSHARES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We are a bank holding company organized in 1999 and
headquartered in Greenville, South Carolina. We serve as the bank holding company for Southern First Bank, which began operations in 2000.
Through our bank, we offer a wide range of traditional banking products and services to individuals and small to mid-size businesses throughout
our primary market areas of Greenville, Columbia, and Charleston, South Carolina, Atlanta, Georgia, and Greensboro, Charlotte, and Raleigh,
North Carolina including commercial and consumer loan and deposit services, as well as mortgage services. We serve these markets with
a client-focused structure called relationship teams, which provides each client with a specific banker contact and support team responsible
for all of the client&rsquo;s banking needs. The purpose of this structure is to provide a consistent and superior level of professional
service, and we believe it provides us with a distinct competitive advantage. Our principal executive offices are located at 6 Verdae
Boulevard, Greenville, South Carolina 29607. Our telephone number is (864) 679-9000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Unless otherwise specified in a prospectus supplement
accompanying this prospectus, we currently intend to use the net proceeds from the sale of the securities offered under this prospectus
for general corporate purposes. General corporate purposes may include repayment of debt or the interest payment thereon, capital expenditures,
possible acquisitions, investments, and any other purposes that we may specify in any prospectus supplement. We may invest the net proceeds
temporarily until we use them for their stated purpose. We cannot predict whether the proceeds invested will yield a favorable return.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may sell securities offered under this prospectus:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through underwriters or dealers;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through agents;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>directly to one or more purchasers; or</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through a combination of any of these methods for sale.</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in">The distribution of the securities may be effected
from time to time in one or more transactions at a fixed price or prices, which may be changed from time to time, or at negotiated prices.
For each type and series of securities offered, the applicable prospectus supplement will set forth the terms of the offering, including,
without limitation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the public offering price;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the names of any underwriters, dealers or agents;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the purchase price of the securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the use of proceeds to us from the sale of the securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any underwriting discounts, agency fees, or other compensation payable to underwriters or agents;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any discounts or concessions allowed or re-allowed or repaid to dealers; and</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the securities exchanges on which the securities will be listed, if any.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If underwriters are used in an offering, we will execute
an underwriting agreement with such underwriters and will specify the name of each underwriter and the terms of the transaction (including
any underwriting discounts and other terms constituting compensation of the underwriters and any dealers) in a prospectus supplement.
If we use underwriters in any sale of securities offered under this prospectus, the underwriters will buy the securities for their own
account. The underwriters may then resell the securities in one or more transactions at a fixed public offering price or at varying prices
determined at the time of sale or thereafter. The underwriters may sell the securities directly or through underwriting syndicates managed
by managing underwriters. The obligations of the underwriters to purchase the securities will be subject to certain conditions. The underwriters
will be obligated to purchase all the securities offered if they purchase any securities. The offering price and any discounts or concessions
allowed or re-allowed or paid to dealers may be changed from time to time. Any such underwriter will be identified and any such compensation
received from us will be described in the applicable prospectus supplement. We may also reimburse the underwriter or agent for certain
fees and legal expenses incurred by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">In connection with an offering, underwriters and their
affiliates may engage in transactions to stabilize, maintain or otherwise affect the market price of the securities in accordance with
applicable law. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters
may discontinue any of the activities at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Underwriters or agents may make sales in privately
negotiated transactions and/or any other method permitted by law, including sales deemed to be an &ldquo;at-the-market&rdquo; offering
as defined in Rule 415 promulgated under the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;), which includes sales made directly
on The NASDAQ Global Market, the existing trading market for our common stock, or sales made to or through a market maker other than on
an exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If we use dealers in any sale of securities offered
under this prospectus, the securities will be sold to such dealers as principals. The dealers may then resell the securities to the public
at varying prices to be determined by such dealers at the time of resale. If agents are used in any sale of securities offered under this
prospectus, they will generally use their reasonable best efforts to solicit purchases for the period of their appointment. If securities
offered under this prospectus are sold directly, no underwriters, dealers or agents would be involved. We are not making an offer of securities
in any state that does not permit such an offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Underwriters, dealers and agents that participate in
any distribution of securities may be deemed to be underwriters as defined in the Securities Act. Any discounts, commissions or profit
they receive when they resell the securities may be treated as underwriting discounts and commissions under the Securities Act. We expect
that any agreements we may enter into with underwriters, dealers and agents will include provisions indemnifying them against certain
civil liabilities, including certain liabilities under the Securities Act, or providing for contributions with respect to payments that
they may be required to make.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may authorize underwriters, dealers or agents to
solicit offers from certain institutions whereby the institution contractually agrees to purchase the securities offered under this prospectus
from us on a future date at a specific price. This type of contract may be made only with institutions that we specifically approve. Such
institutions could include banks, insurance companies, pension funds, investment companies and educational and charitable institutions.
The underwriters, dealers or agents will not be responsible for the validity or performance of these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Sales of securities offered under this prospectus also
may be effected by us from time to time in one or more types of transactions (which may, without limitation, include block transactions,
special offerings, exchange distributions, secondary distributions, purchases by a broker or dealer, or other direct sales by us to one
or more purchasers) on The NASDAQ Global Market or any other national securities exchange or automated trading and quotation system on
which our common stock or other securities are listed, in the over-the-counter market, in transactions otherwise than on such exchanges
and systems or the over-the-counter market, including negotiated transactions, through options transactions relating to the shares, or
a combination of such methods of sale, at market prices prevailing at the time of sale, at negotiated prices or at fixed prices. Such
transactions may or may not involve brokers or dealers. Any shares of our common stock offered under this prospectus will be listed on
The NASDAQ Global Market, subject to notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Each issue of a new series of debt securities, preferred
stock, depositary shares, purchase contracts, units, warrants and rights will be a new issue of securities with no established trading
market, except as indicated in the applicable prospectus supplement. It has not been established whether the underwriters, if any, of
the securities offered under this prospectus will make a market in these securities. If a market in any series of debt securities, preferred
stock, depositary shares, purchase contracts, units, warrants and rights is made by any such underwriters, such market-making may be discontinued
at any time without notice. We can give no assurance as to the liquidity of the trading market of these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">In order to facilitate the offering of any of the securities
offered under this prospectus, the underwriters with respect to any such offering may, as described in the prospectus supplement, engage
in transactions that stabilize, maintain or otherwise affect the price of the securities or any other securities the prices of which may
be used to determine payments on these securities. Specifically, the underwriters may over-allot in connection with the offering, creating
a short position in these securities for their own accounts. In addition, to cover over-allotments or to stabilize the price of these
securities or of any other securities, the underwriters may bid for, and purchase, these securities or any other securities in the open
market. Finally, in any offering of the securities offered under this prospectus through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing these securities in the offering, if
the syndicate repurchases previously distributed securities in transactions to cover syndicate short positions, in stabilization transactions
or otherwise. Any of these activities may stabilize or maintain the market price of these securities above independent market levels.
The underwriters are not required to engage in these activities, and may end any of these activities at any time, all as described in
the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If so indicated in the applicable prospectus supplement,
one or more firms, which we refer to as &ldquo;remarketing firms,&rdquo; acting as principals for their own accounts or as agents for
us, may offer and sell the securities offered under this prospectus as part of a remarketing upon their purchase, in accordance with their
terms. We will identify any remarketing firm, the terms of its agreement, if any, with us and its compensation in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Remarketing firms, agents, underwriters and dealers
may be entitled under agreements with us to indemnification by or contribution from us against some civil liabilities, including liabilities
under the Securities Act, and may be customers of, engage in transactions with or perform services for us in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Any person participating in the distribution of securities
will be subject to applicable provisions of the Exchange Act and the rules and regulations under the Exchange Act, including without limitation,
Regulation M, which may limit the timing of transactions involving the securities offered under this prospectus. Furthermore, Regulation
M may restrict the ability of any person engaged in the distribution of such securities to engage in market-making activities with respect
to the particular securities being distributed. All of the above may affect the marketability of the securities offered under this prospectus
and the ability of any person or entity to engage in market-making activities with respect to such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Under the securities law of various states, the securities
offered under this prospectus may be sold in those states only through registered or licensed brokers or dealers. In addition, in various
states the securities offered under this prospectus may not be offered and sold unless such state securities have been registered or qualified
for sale in the state or an exemption from such registration or qualification is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B>SECURITIES WE MAY OFFER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">This prospectus contains summary descriptions of the
debt securities, the preferred stock, the depositary shares, the common stock, the purchase contracts, the units, the warrants, and the
rights that we may offer from time to time. These summary descriptions are not meant to be complete descriptions of each security. The
particular terms of any security will be described in the accompanying prospectus supplement and other offering material. The accompanying
prospectus supplement may add, update or change the terms and conditions of the securities as described in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_009"></A>DESCRIPTION OF DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may issue senior debt securities or subordinated
debt securities. The senior debt securities and the subordinated debt securities will be issued under separate indentures to be entered
into between us and a bank or trust company, or other trustee that is qualified to act under the Trust Indenture Act of 1939, which we
select to act as trustee. A copy of the form of each indenture has been filed as an exhibit to the registration statement of which this
prospectus forms a part. We use the term &ldquo;indentures&rdquo; to refer to both the senior indenture and the subordinated indenture.
The indentures may be modified by one or more supplemental indentures, which we will incorporate by reference as an exhibit to the registration
statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The following description and any description in a
prospectus supplement is a summary only and is subject to, and qualified in its entirety by reference to the terms and provisions of the
indentures and any supplemental indentures that we file with the SEC in connection with an issuance of any series of debt securities.
You should read all of the provisions of the indentures, including the definitions of certain terms, as well as any supplemental indentures
that we file with the SEC in connection with the issuance of any series of debt securities. These summaries set forth certain general
terms and provisions of the securities to which any prospectus supplement may relate. The specific terms and provisions of a series of
debt securities and the extent to which the general terms and provisions may also apply to a particular series of debt securities will
be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Since we are a holding company, our right, and accordingly,
the right of our creditors and shareholders, including the holders of the securities offered by this prospectus and any prospectus supplement,
to participate in any distribution of assets of any of our subsidiaries upon its liquidation, reorganization or similar proceeding is
subject to the prior claims of creditors of that subsidiary, except to the extent that our claims as a creditor of the subsidiary may
be recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Terms of the Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Unless otherwise described in a prospectus supplement,
the following general terms and provisions will apply to the debt securities. The securities will be not be secured by any of our assets.
Neither the indentures nor the securities will limit or otherwise restrict the amounts of other indebtedness which we may incur, or the
amount of other securities that we may issue. Although the total amount of debt securities we may offer under this prospectus will be
limited to $50,000,000 in aggregate principal amount, the indentures do not limit the principal amount of any particular series of securities.
All of the securities issued under each of the indentures will rank equally and ratably with any additional securities issued under the
same indenture. The subordinated debt securities will be subordinated as described below under &ldquo;Subordination.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Each prospectus supplement will specify the particular
terms of the securities offered. These terms may include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the title of the securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any limit on the aggregate principal amount of the securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the priority of payments on the securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the issue price or prices (which may be expressed as a percentage of the aggregate principal amount) of the securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date or dates, or the method of determining the dates, on which the securities will mature;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the interest rate or rates of the securities, or the method of determining those rates;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the interest payment dates, the dates on which payment of any interest will begin and the regular record dates;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the securities will be issuable in temporary or permanent global form and, if so, the identity of the depositary for such
global security, or the manner in which any interest payable on a temporary or permanent global security will be paid;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any terms relating to the conversion of the securities into our common stock or preferred stock or other securities offered hereby,
including, without limitation, the time and place at which such securities may be converted, the conversion price and any adjustments
to the conversion price and any other provisions that may applicable;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any covenants that may restrict our ability to create, assume or guarantee indebtedness for borrowed money that is secured by a pledge,
lien or other encumbrance, that condition or restrict our ability to merge or consolidate with any other person or to sell, lease or convey
all or substantially all of our assets to any other person or that otherwise impose restrictions or requirements on us;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any sinking fund or similar provisions applicable to the securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any mandatory or optional redemption provisions applicable to the securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the denomination or denominations in which securities are authorized to be issued;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether any of the securities will be issued in bearer form and, if so, any limitations on issuance of such bearer securities (including
exchanges for registered securities of the same series);</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information with respect to book-entry procedures;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether any of the securities will be issued as original issue discount securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each office or agency where securities may be presented for registration of transfer, exchange or conversion;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the method of determining the amount of any payments on the securities which are linked to an index;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if other than U.S. dollars, the currency or currencies in which payments on the securities will be payable, and whether the holder
may elect payment to be made in a different currency;</TD></TR></TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if other than the trustee, the identity of the registrar and/or paying agent;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any defeasance of certain obligations by us pertaining to the series of securities; and</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other specific terms of the securities, which terms may modify or delete any provision of the applicable indenture insofar as
it applies to the securities offered; provided, that no terms of the indentures may be modified or deleted if they are required under
the Trust Indenture Act of 1939 and that any modification or deletion of the rights, duties or immunities of an indenture trustee shall
have been consented to in writing by the trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Some of our debt securities may be issued as original
issue discount securities. Original issue discount securities bear no interest or bear interest at below-market rates and will be sold
at a discount below their stated principal amount. The prospectus supplement will also contain any special tax, accounting or other information
relating to original issue discount securities or relating to certain other kinds of securities that may be offered, including securities
linked to an index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Acceleration of Maturity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If an event of default in connection with any outstanding
series of securities occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the outstanding securities
of that series may declare the principal amount due and payable immediately. If the securities of that series are original issue discount
securities, the holders of at least 25% in principal amount of those securities may declare the portion of the principal amount specified
in the terms of that series of securities to be due and payable immediately. In either case, a written notice may be given to us, and
to the trustee, if notice is given by the holders instead of the trustee. Subject to certain conditions, the declaration of acceleration
may be revoked, and past defaults (except uncured payment defaults and certain other specified defaults) may be waived, by the holders
of not less than a majority of the principal amount of securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">You should refer to the prospectus supplement relating
to each series of securities for the particular provisions relating to acceleration of the maturity upon the occurrence and continuation
of an event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Registration and Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Unless otherwise indicated in the applicable prospectus
supplement, each series of the offered securities will be issued in registered form only, without coupons. The indentures will also allow
us to issue the securities in bearer form only, or in both registered and bearer form. Any securities issued in bearer form will have
interest coupons attached, unless they are issued as zero-coupon securities. Securities in bearer form will not be offered, sold, resold
or delivered in connection with their original issuance in the United States or to any United States person other than to offices of certain
United States financial institutions located outside the United States. Unless otherwise indicated in the applicable prospectus supplement,
the senior debt securities and subordinated debt securities we are offering will be issued in denominations of $1,000 or an integral multiple
of $1,000. No service charge will be made for any transfer or exchange of the securities, but we may require payment of an amount sufficient
to cover any tax or other governmental charge payable in connection with a transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Payment and Paying Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We will pay principal, interest and any premium on
fully registered securities in the designated currency or currency unit at the office of a designated paying agent. At our option, payment
of interest on fully registered securities may also be made by check mailed to the persons in whose names the securities are registered
on the days specified in the indentures or any prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We will pay principal, interest and any premium on
bearer securities in the designated currency or currency unit at the office of a designated paying agent or agents outside of the United
States. Payments will be made at the offices of the paying agent in the United States only if the designated currency is U.S. dollars
and payment outside of the United States is illegal or effectively precluded. If any amount payable on a security or coupon remains unclaimed
at the end of two years after such amount became due and payable, the paying agent will release any unclaimed amounts, and the holder
of the security or coupon will look only to us for payment.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The designated paying agent in the United States for
the securities we are offering is provided in the indentures that are or will be deemed incorporated by reference into this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The securities of a series may be issued in whole or
in part in the form of one or more global certificates (&ldquo;Global Securities&rdquo;) that will be deposited with a depositary that
we will identify in a prospectus supplement. Global Securities may be issued in either registered or bearer form and in either temporary
or permanent form. All Global Securities in bearer form will be deposited with a depositary outside the United States. Unless and until
it is exchanged in whole or in part for individual certificates evidencing securities in definitive form represented thereby, a Global
Security may not be transferred except as a whole by the depositary to a nominee of that depositary or by a nominee of that depositary
to a depositary or another nominee of that depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The specific terms of the depositary arrangements for
each series of securities will be described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Each indenture provides that modifications and amendments
may be made by us and the trustee with the consent of the holders of a majority in principal amount of the outstanding securities of each
series affected by the amendment or modification. However, no modification or amendment may, without the consent of each holder affected:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the stated maturity date of the security;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the principal amount, any rate of interest, or any additional amounts in respect of any security, or reduce the amount of any
premium payable upon the redemption of any security;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the time or place of payment, currency or currencies in which any security or any premium or interest thereon is payable;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>impair the holders&rsquo; rights to institute suit for the enforcement of any payment on or after the stated maturity date of any
security, or in the case of redemption, on or after the redemption date;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the percentage in principal amount of securities required to consent to any modification, amendment or waiver under the indenture;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>modify, except under limited circumstances, any provision of the applicable indenture relating to modification and amendment of the
indenture, waiver of compliance with conditions and defaults thereunder or the right of a majority of holders to take action under the
applicable indenture;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>adversely affect any rights of conversion;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the case of the subordinated indenture, alter the provisions regarding subordination of the subordinated debt securities in any
way that would be adverse to the holders of those securities;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the principal amount of original issue discount securities which could be declared due and payable upon an acceleration of
their maturity; or</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change our obligation to pay any additional amounts.</TD></TR></TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The holders of a majority in principal amount of the
outstanding securities of any series may waive compliance by us and the trustee with certain provisions of the applicable indenture. The
holders of a majority in principal amount of the outstanding securities of any series may waive any past default under the applicable
indenture with respect to that series, except a default in the payment of the principal, or any premium, interest, or additional amounts
payable on a security of that series or in respect of a covenant or provision which under the terms of the applicable indenture cannot
be modified or amended, without the consent of each affected holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">With the trustee, we may modify and amend any indenture
without the consent of any holder for any of the following purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to name a successor entity to us;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to add to our covenants for the benefit of the holders of all or any series of securities;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to add to the events of default;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue,
authentication and delivery of securities, as set forth in the applicable indenture;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to establish the form or terms of securities of any series and any related coupons;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to provide for the acceptance of appointment by a successor trustee;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to make provision for the conversion rights of the holders of the securities in certain events;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to cure any ambiguity, defect or inconsistency in the applicable indenture, provided that such action is not inconsistent with the
provisions of that indenture and does not adversely affect the interests of the applicable holders;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to modify, eliminate or add to the provisions of any indenture to conform our or the trustee&rsquo;s obligations under the applicable
indenture to the Trust Indenture Act; or</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to make any other changes that apply only to debt securities to be issued thereafter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Calculation of Outstanding Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">To calculate whether the holders of a sufficient principal
amount of the outstanding securities have given any request, demand, authorization, direction, notice, consent or waiver under any indenture:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In the case of original issue discount securities, the principal amount that may be included in the calculation is the amount of principal
that would be declared to be due and payable upon a declaration of acceleration according to the terms of that original issue discount
security as of the date of the calculation.</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any securities owned by us, or owned by any other obligor of the securities or any affiliate of ours or any other obligor, should
be disregarded and deemed not to be outstanding for purposes of the calculation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Additional Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Other than the duty to act with the required standard
of care during an event of default, the trustee is not obligated to exercise any of its rights or powers under the applicable indenture
at the request or direction of any of the holders of the securities, unless the holders have offered the trustee reasonable indemnification.
Each indenture provides that the holders of a majority in principal amount of outstanding securities of any series may, in certain circumstances,
direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or other
power conferred on the trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">No holder of a security of any series will have the
right to institute any proceeding for any remedy under the applicable indenture, unless:</P>

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

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the holders of at least 25% in principal amount of the outstanding securities of a series have made a written request, and offered
indemnity satisfactory to the trustee, to the trustee to institute a proceeding for remedy;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the trustee has failed to institute the proceeding within 60 days after its receipt of such notice, request and offer of indemnity;
and</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the trustee has not received a direction during such 60 day period inconsistent with such request from the holders of a majority in
principal amount of the outstanding securities of that series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">However, the holder of any security will have an absolute
and unconditional right to receive payment of the principal, any premium, any interest or any additional amounts in respect of such security
on or after the date expressed in such security and to institute suit for the enforcement of any such payment. We are required to file
annually with the trustee a certificate of no default, or specifying any default that exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Transactions with the Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We and our subsidiaries may maintain deposit accounts
and conduct various banking and other transactions with an indenture trustee. The trustee and its subsidiaries may maintain deposit accounts
and conduct various banking transactions with us and our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Conversion Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The applicable prospectus supplement relating to any
convertible debt securities will describe the terms on which those securities are convertible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The following will be events of default under the senior
indenture with respect to the senior debt securities of a series:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>failure to pay any interest or any additional amounts on any senior debt security of that series when due, and continuance of such
default for 30 days;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>failure to pay principal of, or any premium on, any senior debt security of that series when due;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>failure to deposit any sinking fund payment for a senior debt security of that series when due;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>failure to perform any of our other covenants or warranties in the senior indenture or senior debt securities (other than a covenant
or warranty included in that indenture solely for the benefit of a different series of senior debt securities), which has continued for
90 days after written notice as provided in the senior indenture;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>acceleration of indebtedness in a principal amount specified in a supplemental indenture for money borrowed by us under the senior
indenture, and the acceleration is not annulled, or the indebtedness is not discharged, within a specified period after written notice
is given according to the senior indenture;</TD></TR></TABLE>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>certain events in bankruptcy, insolvency or reorganization of us or Southern First Bank; and</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other event of default regarding that series of senior debt securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Unless otherwise described in the prospectus supplement
applicable to a particular series of subordinated debt securities, events of default under the subordinated indenture are limited to certain
events of bankruptcy, insolvency or reorganization of us or Southern First Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">There is no right of acceleration of the payment of
principal of a series of subordinated debt securities upon a default in the payment of principal or interest, nor upon a default in the
performance of any covenant or agreement in the subordinated debt securities of a particular series or in the applicable indenture. In
the event of a default in the payment of interest or principal, the holders of senior debt will be entitled to be paid in full before
any payment can be made to holders of subordinated debt securities. However, a holder of a subordinated debt security (or the trustee
under the applicable indenture on behalf of all of the holders of the affected series) may, subject to certain limitations and conditions,
seek to enforce overdue payments of interest or principal on the subordinated debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The senior debt securities will be unsecured and will
rank equally among themselves and with all of our other unsecured and non-subordinated debt, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The subordinated debt securities will be unsecured
and will be subordinate and junior in right of payment, to the extent and in the manner set forth below, to the prior payment in full
of all of the Company&rsquo;s senior debt, as more fully described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If any of the following circumstances has occurred,
payment in full of all principal, premium, if any, and interest must be made or provided for with respect to all outstanding senior debt
before we can make any payment or distribution of principal, premium, if any, any additional amounts or interest on the subordinated debt
securities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceeding relating to us or to our property
has been commenced;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any voluntary or involuntary liquidation, dissolution or other winding up relating to us has been commenced, whether or not such event
involves our insolvency or bankruptcy;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any of our subordinated debt security of any series is declared or otherwise becomes due and payable before its maturity date because
of any event of default under the subordinated indenture, provided that such declaration has not been rescinded or annulled as provided
in the subordinated indenture; or</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any default with respect to senior debt which permits its holders to accelerate the maturity of the senior debt has occurred and is
continuing, and either (a) notice of such default has been given to us and to the trustee and judicial proceedings are commenced in respect
of such default within 180 days after notice in the case of a default in the payment of principal or interest, or within 90 days after
notice in the case of any other default, or (b) any judicial proceeding is pending with respect to any such default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_010"></A>DESCRIPTION OF PREFERRED STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">For purposes of this section, the terms &ldquo;we,&rdquo;
&ldquo;our&rdquo; and &ldquo;us&rdquo; refer only to Southern First Bancshares, Inc. and not to its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The following outlines the general provisions of the
shares of preferred stock, par value $0.01 per share, which we may offer from time to time. The specific terms of a series of preferred
stock will be described in the applicable prospectus supplement relating to that series of preferred stock. The following description
of the preferred stock and any description of preferred stock in a prospectus supplement is only a summary and is subject to and qualified
in its entirety by reference to the articles of amendment to our amended and restated articles of incorporation relating to the particular
series of preferred stock, a copy of which we will file with the SEC in connection with the sale of any series of preferred stock.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Under our amended and restated articles of incorporation,
our board of directors is authorized, without shareholder approval, to adopt resolutions providing for the issuance of up to 10,000,000
shares of preferred stock, par value $0.01 per share, in one or more series. As of the date of this prospectus, no shares of our preferred
stock are issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Our board of directors may fix the voting powers, designations,
preferences, rights, qualifications, limitations and restrictions of each series of preferred stock that we may offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">In addition, as described under &ldquo;Description
of Depositary Shares,&rdquo; we may, instead of offering full shares of any series of preferred stock, offer depositary shares evidenced
by depositary receipts, each representing a fraction of a share of the particular series of preferred stock issued and deposited with
a depositary. The fraction of a share of preferred stock which each depositary share represents will be set forth in the prospectus supplement
relating to such depositary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The prospectus supplement relating to a particular
series of preferred stock will contain a description of the specific terms of that series, including, as applicable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the title, designation, number of shares and stated or liquidation value of the preferred stock;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dividend amount or rate or method of calculation, the payment dates for dividends and the place or places where the dividends
will be paid, whether dividends will be cumulative or noncumulative, and, if cumulative, the dates from which dividends will begin to
accrue;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any conversion or exchange rights;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the preferred stock will be subject to redemption and the redemption price and other terms and conditions relative to the
redemption rights;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any liquidation rights;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any sinking fund provisions;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any voting rights;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the exchange or market, if any, where the preferred stock will be listed or traded; and</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other rights, preferences, privileges, limitations and restrictions that are not inconsistent with the terms of our amended and
restated articles of incorporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Upon the issuance and payment for shares of preferred
stock, the shares will be fully paid and nonassessable. Except as otherwise may be specified in the prospectus supplement relating to
a particular series of preferred stock, holders of preferred stock will not have any preemptive or subscription rights to acquire any
class or series of our capital stock and each series of preferred stock will rank on a parity in all respects with each other series of
our preferred stock and prior to our common stock as to dividends and any distribution of our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The authorization of the preferred stock could have
the effect of making it more difficult or time consuming for a third party to acquire a majority of our outstanding voting stock or otherwise
effect a change of control. Shares of the preferred stock may also be sold to third parties that indicate that they would support the
board of directors in opposing a hostile takeover bid. The availability of the preferred stock could have the effect of delaying a change
of control and of increasing the consideration ultimately paid to our shareholders. The board of directors may authorize the issuance
of preferred stock for capital-raising activities, acquisitions, joint ventures or other corporate purposes that have the effect of making
an acquisition of the Company more difficult or costly, as could also be the case if the board of directors were to issue additional common
stock for such purposes. See &ldquo;Anti-Takeover Effects of Certain Articles of Incorporation Provisions.&rdquo;</P>

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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If so specified in the applicable prospectus supplement,
a series of preferred stock may be redeemable at any time, in whole or in part, at our option, and may be mandatorily redeemable or convertible.
Restrictions, if any, on the repurchase or redemption by us of any series of our preferred stock will be described in the applicable prospectus
supplement relating to that series. Generally, any redemption of our preferred stock will be subject to prior Federal Reserve approval.
Any partial redemption of a series of preferred stock would be made in the manner described in the applicable prospectus supplement relating
to that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Upon the redemption date of shares of preferred stock
called for redemption or upon our earlier call and deposit of the redemption price, all rights of holders of the preferred stock called
for redemption will terminate, except for the right to receive the redemption price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Holders of each series of preferred stock will be entitled
to receive cash dividends only when, as and if declared by our board of directors out of funds legally available for dividends. The rates
or amounts and dates of payment of dividends will be described in the applicable prospectus supplement relating to each series of preferred
stock. Dividends will be payable to holders of record of preferred stock on the record dates fixed by our board of directors. Dividends
on any series of preferred stock may be cumulative or noncumulative, as described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Our board of directors may not declare, pay or set
apart funds for payment of dividends on a particular series of preferred stock unless full dividends on any other series of preferred
stock that ranks equally with or senior to such series of preferred stock with respect to the payments of dividends have been paid or
sufficient funds have been set apart for payment for either of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all prior dividend periods of each such series of preferred stock that pay dividends on a cumulative basis; or</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the immediately preceding dividend period of each such series of preferred stock that pays dividends on a noncumulative basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Partial dividends declared on shares of any series
of preferred stock and other series of preferred stock ranking on an equal basis as to dividends will be declared pro rata. A pro rata
declaration means that the ratio of dividends declared per share to accrued dividends per share will be the same for all series of preferred
stock of equal priority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Liquidation Preference</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">In the event of the liquidation, dissolution or winding-up
of us, holders of each series of preferred stock will have the right to receive distributions upon liquidation in the amount described
in the applicable prospectus supplement relating to each series of preferred stock, plus an amount equal to any accrued but unpaid dividends.
These distributions will be made before any distribution is made on our common stock or on any securities ranking junior to such preferred
stock upon liquidation, dissolution or winding-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">However, holders of the shares of preferred stock will
not be entitled to receive the liquidation price of their shares until we have paid or set aside an amount sufficient to pay in full the
liquidation preference of any class or series of our capital stock ranking senior as to rights upon liquidation, dissolution or winding
up. Unless otherwise provided in the applicable prospectus supplement, neither a consolidation or merger of the Company&nbsp;with or into
another corporation nor a merger of another corporation with or into the Company nor a sale or transfer of all or part of the Company&rsquo;s
assets for cash or securities will be considered a liquidation, dissolution or winding up of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If the liquidation amounts payable to holders of preferred
stock of all series ranking on a parity regarding liquidation are not paid in full, the holders of the preferred stock of these series
will have the right to a ratable portion of our available assets up to the full liquidation preference. Holders of these series of preferred
stock or such other securities will not be entitled to any other amounts from us after they have received their full liquidation preference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Conversion and Exchange </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The prospectus supplement will indicate whether and
on what terms the shares of any future series of preferred stock will be convertible into or exchangeable for shares of any other class,
series or security of&nbsp;the Company or any other corporation or any other property (including whether the conversion or exchange is
mandatory, at the option of the holder or our option, the period during which conversion or exchange may occur, the initial conversion
or exchange price or rate and the circumstances or manner in which the amount of common or preferred stock or other securities issuable
upon conversion or exchange may be adjusted). It will also indicate for preferred stock convertible into common stock, the number of shares
of common stock to be reserved in connection with, and issued upon conversion of, the preferred stock (including whether the conversion
or exchange is mandatory, the initial conversion or exchange price or rate and the circumstances or manner in which the amount of common
stock issuable upon conversion or exchange may be adjusted) at the option of the holder or our option and the period during which conversion
or exchange may occur.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The holders of shares of preferred stock will have
no voting rights, except:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>as otherwise stated in the applicable prospectus supplement;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>as otherwise stated in the articles of amendment to our amended and restated articles of incorporation establishing the series of
such preferred stock; and</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>as otherwise required by applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The transfer agent, registrar, dividend paying agent
and depositary, if any, for any preferred stock offering will be stated in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_011"></A>DESCRIPTION OF DEPOSITARY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The following briefly summarizes the general provisions
of the depositary shares representing a fraction of a share of preferred stock of a specific series, or &ldquo;depositary shares,&rdquo;
and depositary receipts (as defined below) that we may issue from time to time and which would be important to holders of depositary receipts.
The specific terms of any depositary shares or depositary receipts, including pricing and related terms, will be disclosed in the applicable
prospectus supplement. The prospectus supplement will also state whether any of the general provisions summarized below apply or not to
the depositary shares or depositary receipts being offered. The following description and any description in a prospectus supplement is
a summary only and is subject to, and qualified in its entirety by reference to the terms and provisions of the deposit agreement(s),
which we will file with the SEC in connection with an issuance of depositary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Description of Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may offer depositary shares evidenced by receipts
for such depositary shares, which we sometimes refer to as &ldquo;depositary receipts.&rdquo; Each depositary receipt represents a fraction
of a share of the particular series of preferred stock issued and deposited with a depositary. The fraction of a share of preferred stock
which each depositary share represents will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We will deposit the shares of any series of preferred
stock represented by depositary shares according to the provisions of a deposit agreement to be entered into between us and a bank or
trust company, which we will select as our preferred stock depositary, and which may be the same institution that serves as an indenture
trustee. The depositary must have its principal office in the United States and have combined capital and surplus of at least $50,000,000.
We will name the depositary in the applicable prospectus supplement. Each owner of a depositary share will be entitled to all the rights
and preferences of the underlying preferred stock in proportion to the applicable fraction of a share of preferred stock represented by
the depositary share. These rights include dividend, voting, redemption, conversion and liquidation rights. The depositary will send the
holders of depositary shares all reports and communications that we deliver to the depositary and which we are required to furnish to
the holders of depositary shares. We may issue depositary receipts in temporary, definitive or book-entry form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Withdrawal of Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">A holder of depositary shares may receive the number
of whole shares of the series of preferred stock and any money or other property represented by the holder&rsquo;s depositary receipts
after surrendering the depositary receipts at the corporate trust office of the depositary. Partial shares of preferred stock will not
be issued. If the surrendered depositary shares exceed the number of depositary shares that represent the number of whole shares of preferred
stock the holder wishes to withdraw, then the depositary will deliver to the holder at the same time a new depositary receipt evidencing
the excess number of depositary shares. Once the holder has withdrawn the preferred stock, the holder will not be entitled to re-deposit
such preferred stock under the deposit agreement or to receive depositary shares in exchange for such preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Dividends and Other Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Holders of depositary shares of any series will receive
their pro rata share of cash dividends or other cash distributions received by the depositary on the preferred stock of that series held
by it. Each holder will receive these distributions in proportion to the number of depositary shares owned by the holder. The depositary
will distribute only whole United States dollars and cents. The depositary will add any fractional cents not distributed to the next sum
received for distribution to record holders of depositary shares. In the event of a non-cash distribution, the depositary will distribute
property to the record holders of depositary shares, unless the depositary determines that it is not feasible to make such a distribution.
If this occurs, the depositary, with our approval, may sell the property and distribute the net proceeds from the sale to the holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Redemption of Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">If a series of preferred stock represented by depositary
shares is subject to redemption, then we will give the necessary proceeds to the depositary. The depositary will then redeem the depositary
shares using the funds they received from us for the preferred stock. The depositary will notify the record holders of the depositary
shares to be redeemed not less than 30 days nor more than 60 days before the date fixed for redemption at the holders&rsquo; addresses
appearing in the depositary&rsquo;s books. The redemption price per depositary share will be equal to the redemption price payable per
share for the applicable series of the preferred stock and any other amounts per share payable with respect to that series of preferred
stock multiplied by the fraction of a share of preferred stock represented by one depositary share. Whenever we redeem shares of a series
of preferred stock held by the depositary, the depositary will redeem the depositary shares representing the shares of preferred stock
on the same day. If fewer than all the depositary shares of a series are to be redeemed, the depositary shares will be selected by lot,
ratably or by such other equitable method as we and the depositary may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Upon and after the redemption of shares of the underlying
series of preferred stock, the depositary shares called for redemption will no longer be considered outstanding. Therefore, all rights
of holders of the depositary shares will then cease, except that the holders will still be entitled to receive any cash payable upon the
redemption and any money or other property to which the holder was entitled at the time of redemption.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Upon receipt of notice of any meeting at which the
holders of preferred stock of the related series are entitled to vote, the depositary will notify holders of depositary shares of the
upcoming vote and arrange to deliver our voting materials to the holders. The record date for determining holders of depositary shares
that are entitled to vote will be the same as the record date for the related series of preferred stock. The materials the holders will
receive will (1) describe the matters to be voted on and (2) explain how the holders, on a certain date, may instruct the depositary to
vote the shares of preferred stock underlying the depositary shares. For instructions to be valid, the depositary must receive them on
or before the date specified. The depositary will attempt, as far as practical, to vote the shares as instructed by the holder. We will
cooperate with the depositary to enable it to vote as instructed by holders of depositary shares. If any holder does not instruct the
depositary how to vote the holder&rsquo;s shares, the depositary will abstain from voting those shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The depositary will convert or exchange all depositary
shares on the same day that the preferred stock underlying the depositary shares is converted or exchanged. In order for the depositary
to do so, we will deposit with the depositary any other preferred stock, common stock or other securities into which the preferred stock
is to be converted or for which it will be exchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The exchange or conversion rate per depositary share
will be equal to the exchange or conversion rate per share of preferred stock, multiplied by the fraction of a share of preferred stock
represented by one depositary share. All amounts per depositary share payable by us for dividends that have accrued on the preferred stock
to the exchange or conversion date that have not yet been paid shall be paid in appropriate amounts on the depositary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The depositary shares, as such, cannot be converted
or exchanged into other preferred stock, common stock, securities of another issuer or any other of our securities or property. Nevertheless,
if so specified in the applicable prospectus supplement, a holder of depositary shares may be able to surrender the depositary receipts
to the depositary with written instructions asking the depositary to instruct us to convert or exchange the preferred stock represented
by the depositary shares into other shares of preferred stock or common stock or to exchange the preferred stock for securities of another
issuer. If the depositary shares carry this right, we would agree that, upon the payment of applicable fees and taxes, if any, we will
cause the conversion or exchange of the preferred stock using the same procedures as we use for the delivery of preferred stock. If a
holder is only converting part of the depositary shares represented by a depositary receipt, new depositary receipts will be issued for
any depositary shares that are not converted or exchanged.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may agree with the depositary to amend the deposit
agreement and the form of depositary receipt without consent of the holder at any time. However, if the amendment adds or increases fees
or charges payable by holders of the depositary shares or prejudices an important right of holders, it will only become effective with
the approval of holders of at least a majority of the affected depositary shares then outstanding. If an amendment becomes effective,
holders are deemed to agree to the amendment and to be bound by the amended deposit agreement if they continue to hold their depositary
receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The deposit agreement will automatically terminate
if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all outstanding depositary shares have been redeemed and all amounts payable upon redemption have been paid;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each share of preferred stock held by the depositary has been converted into or exchanged for common stock, other preferred stock
or other securities; or</TD></TR></TABLE>

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

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<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a final distribution in respect of the preferred stock held by the depositary has been made to the holders of depositary receipts
in connection with our liquidation, dissolution or winding-up.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may also terminate the deposit agreement at any
time. Upon such event, the depositary will give notice of termination to the holders not less than 30 days before the termination date.
Once depositary receipts are surrendered to the depositary, it will send to each holder the number of whole and fractional shares of the
series of preferred stock underlying that holder&rsquo;s depositary receipts, provided that, at our election we may pay cash in lieu of
fractional shares of preferred stock that may be issuable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Charges of Depositary and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We will pay all transfer and other taxes and governmental
charges in connection with the establishment of the depositary arrangements. We will pay all charges and fees of the depositary for the
initial deposit of the preferred stock, the depositary&rsquo;s services and redemption of the preferred stock. Holders of depositary shares
will pay transfer and other taxes and governmental charges and the charges that are provided in the deposit agreement to be for the holder&rsquo;s
account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Limitations on Our Obligations and Liability to Holders of Depositary
Receipts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The deposit agreement will limit our obligations and
the obligations of the depositary. It will also limit our liability and the liability of the depositary as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We and the depositary will only be obligated to take the actions specifically set forth in the deposit agreement in good faith;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We and the depositary will not be liable if either is prevented or delayed by law or circumstances beyond our or its control from
performing our or its obligations under the deposit agreement;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We and the depositary will not be liable if either exercises discretion permitted under the deposit agreement;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We and the depositary will have no obligation to become involved in any legal or other proceeding related to the depositary receipts
or the deposit agreement on behalf of the holders of depositary receipts or any other party, unless we and the depositary are provided
with satisfactory indemnity; and</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We and the depositary will be permitted to rely upon any written advice of counsel or accountants and on any documents we believe
in good faith to be genuine and to have been signed or presented by the proper party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">In the deposit agreement, we will agree to indemnify
the depositary under certain circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The depositary may resign at any time by notifying
us of its election to do so. In addition, we may remove the depositary at any time. Such resignation or removal will take effect when
we appoint a successor depositary and it accepts the appointment. We must appoint the successor depositary within 60 days after delivery
of the notice of resignation or removal and the new depositary must be a bank or trust company having its principal office in the United
States and having a combined capital and surplus of at least $50,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_012"></A>DESCRIPTION OF COMMON STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">For purposes of this section, the terms &ldquo;we,&rdquo;
&ldquo;our&rdquo; and &ldquo;us&rdquo; refer only to Southern First Bancshares, Inc. and not its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The following description of shares of our common stock,
par value $0.01 per share, is a summary only and is subject to, and is qualified by reference to, applicable provisions of the South Carolina
Business Corporation Act (the &ldquo;Business Corporation Act&rdquo;), our amended and restated articles of incorporation, as amended,
and our amended and restated bylaws, which are incorporated by reference into this prospectus. You should refer to, and read this summary
together with, our amended and restated articles of incorporation, as amended, and amended and restated bylaws to review all of the terms
of our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">As of the date of this prospectus, our amended and
restated articles of incorporation, as amended, provide that we may issue up to 10,000,000 shares of common stock, par value of $0.01
per share. As of April 11, 2023, 8,047,975 shares of our common stock were issued and outstanding.
All outstanding shares of our common stock are fully paid and nonassessable. Our common stock is listed on The NASDAQ Global Market under
the symbol &ldquo;SFST&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Each outstanding share of our common stock entitles
the holder to one vote on all matters submitted to a vote of common shareholders, including the election of directors. The holders of
our common stock possess exclusive voting power, except as otherwise provided by law or by articles of amendment establishing any series
of our preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">There is no cumulative voting in the election of directors.
The holders of a majority of the votes cast by our common shareholders can elect all of the directors then standing for election by the
common shareholders. When a quorum is present at any meeting, questions brought before the meeting will be decided by the vote of the
holders of a majority of the shares present and voting on such matter, whether in person or by proxy, except when the meeting concerns
matters requiring the vote of a greater number of affirmative votes under applicable South Carolina law or our amended and restated articles
of incorporation. Our amended and restated articles of incorporation provide certain provisions that may limit shareholders&rsquo; ability
to effect a change in control as described under the section below entitled &ldquo;Anti-Takeover Effects of Certain Articles of Incorporation
Provisions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Dividends, Liquidation and Other Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Holders of shares of common stock are entitled to receive
dividends only when, as and if approved by our board of directors from funds legally available for the payment of dividends. Our shareholders
are entitled to share ratably in our assets legally available for distribution to our shareholders in the event of our liquidation, dissolution
or winding up, voluntarily or involuntarily, after payment of, or adequate provision for, all of our known debts and liabilities. These
rights are subject to the preferential rights of any series of our preferred stock that may then be outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Holders of shares of our common stock have no preference,
conversion, exchange, sinking fund or redemption rights and have no preemptive rights to subscribe for any of our securities. Our board
of directors may issue additional shares of our common stock or rights to purchase shares of our common stock without the approval of
our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Subject to compliance with applicable federal and state
securities laws, our common stock may be transferred without any restrictions or limitations. The transfer agent and registrar for shares
of our common stock is Computershare.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_013"></A>DESCRIPTION OF PURCHASE CONTRACTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We also may issue purchase contracts, including contracts
obligating holders to purchase from us, and obligating us to sell to holders, a fixed or varying number of shares of common stock, preferred
stock, depositary shares or debt securities at a future date or dates. The consideration per share of common stock, preferred stock, depositary
shares or debt securities may be fixed at the time that the purchase contracts are issued or may be determined by reference to a specific
formula set forth in the purchase contracts. Any purchase contract may include anti-dilution provisions to adjust the number of shares
issuable pursuant to such purchase contract upon the occurrence of certain events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The purchase contracts may be issued separately or
as a part of units consisting of a purchase contract, debt securities and preferred securities. These contracts, and the holders&rsquo;
obligations to purchase shares of our common stock, preferred stock, depositary shares or debt securities under the purchase contracts
may be secured by cash, certificates of deposit, U.S. government securities that will mature prior to or simultaneously with, the maturity
of the purchase contract, standby letters of credit from an affiliated U.S. bank that is FDIC-insured or other collateral satisfactory
to the Federal Reserve. The purchase contracts may require us to make periodic payments to holders of the purchase units, or vice versa,
and such payments may be unsecured or prefunded and may be paid on a current or on a deferred basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Any one or more of the above securities, common stock
or the purchase contracts or other collateral may be pledged as security for the holders&rsquo; obligations to purchase or sell, as the
case may be, the common stock or preferred stock under the purchase contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_014"></A>DESCRIPTION OF UNITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We also may offer two or more of the securities described
in this prospectus in the form of a &ldquo;unit&rdquo;, including pursuant to a unit agreement. The unit may be transferable only as a
whole, or the securities comprising a unit may, as described in the prospectus supplement, be separated and transferred by the holder
separately. There may or may not be an active market for units or the underlying securities, and not all the securities comprising a unit
may be listed or traded on a securities exchange or market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">For purposes of this section, the terms &ldquo;we,&rdquo;
&ldquo;our&rdquo; and &ldquo;us&rdquo; refer only to Southern First Bancshares, Inc. and not to its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may issue warrants in one or more series to purchase
senior debt securities, subordinated debt securities, preferred stock, depositary shares, common stock or any combination of these securities.
Warrants may be issued independently or together with any underlying securities and may be attached to or separate from the underlying
securities. We will issue each series of warrants under a separate warrant agreement to be entered into between us and a warrant agent.
The warrant agent will act solely as our agent in connection with the warrants of such series and will not assume any obligation or relationship
of agency for or on behalf of holders or beneficial owners of warrants. The following outlines some of the general terms and provisions
of the warrants. Further terms of the warrants and the applicable warrant agreement will be stated in the applicable prospectus supplement.
The following description and any description of the warrants in a prospectus supplement are not complete and are subject to and qualified
in their entirety by reference to the terms and provisions of the warrant agreement, which we will file with the SEC in connection with
the issuance of any warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The applicable prospectus supplement will describe
the terms of any warrants, including the following, as may be applicable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the title of the warrants;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the total number of warrants to be issued;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the consideration for which we will issue the warrants, including the applicable currency or currencies;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>anti-dilution provisions to adjust the number of shares of our common stock or other securities to be delivered upon exercise of the
warrants;</TD></TR></TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation and terms of the underlying securities purchasable upon exercise of the warrants;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price at which and the currency or currencies in which investors may purchase the underlying securities purchasable upon exercise
of the warrants;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dates on which the right to exercise the warrants will commence and expire;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the procedures and conditions relating to the exercise of the warrants;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the warrants will be in registered or bearer form;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information with respect to book-entry registration and transfer procedures, if any;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the minimum or maximum amount of warrants which may be exercised at any one time;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation and terms of the underlying securities with which the warrants are issued and the number of warrants issued with each
underlying security;</TD></TR></TABLE>

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date on and after which the warrants and securities issued with the warrants will be separately transferable;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a discussion of material United States federal income tax considerations;</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the identity of the warrant agent; and</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other terms of the warrants, including terms, procedures and limitations relating to the exchange, transfer and exercise of the
warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Warrant certificates may be exchanged for new warrant
certificates of different denominations, and warrants may be exercised at the warrant agent&rsquo;s corporate trust office or any other
office indicated in the applicable prospectus supplement. Prior to the exercise of their warrants, holders of warrants exercisable for
debt securities will not have any of the rights of holders of the debt securities purchasable upon such exercise and will not be entitled
to payments of principal (or premium, if any) or interest, if any, on the debt securities purchasable upon such exercise. Prior to the
exercise of their warrants, holders of warrants exercisable for shares of common stock, preferred stock or depositary shares will not
have any rights of holders of the common stock, preferred stock or depositary shares purchasable upon such exercise, including any rights
to vote such shares or to receive any distributions or dividends thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Exercise of Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">A warrant will entitle the holder to purchase for cash
an amount of securities at an exercise price that will be stated in, or that will be determinable as described in, the applicable prospectus
supplement. Warrants may be exercised at any time prior to the close of business on the expiration date and in accordance with the procedures
set forth in the applicable prospectus supplement. Upon and after the close of business on the expiration date, unexercised warrants will
be void and have no further force, effect or value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Enforceability of Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The holders of warrants, without the consent of the
warrant agent, may, on their own behalf and for their own benefit, enforce, and may institute and maintain any suit, action or proceeding
against us to enforce their rights to exercise and receive the securities purchasable upon exercise of their warrants.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">For purpose of this section, the terms &ldquo;we&rdquo;,
&ldquo;our&rdquo;, &ldquo;our&rdquo; and &ldquo;us&rdquo; refer only to Southern First Bancshares, Inc. and not to its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The following briefly summarizes the general provisions
of rights that we may offer to purchase additional shares of our common stock or any series of preferred stock, which we may issue. The
following description and any description in a prospectus supplement is a summary only and is subject to, and qualified in its entirety
by reference to the terms and provisions of the rights, which we will file with the SEC in connection with an issuance of rights to holders
of our common stock or any series of our preferred stock. The specific terms of any rights, including the period during which the rights
may be exercised, the manner of exercising such rights, and the transferability of rights, will be disclosed in the applicable prospectus
supplement. Although we may issue rights, in our sole discretion, we have no obligation to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may distribute rights, which may or may not be transferable,
to the holders of our common stock or any series of our preferred stock as of a record date set by our board of directors, at no cost
to such holders. Each holder will be given the right to purchase a specified number of whole shares of our common stock or preferred stock
for every share of our common stock or a series of preferred stock that the holder thereof owned on such record date, as set forth in
the applicable prospectus supplement. Unless otherwise provided in an applicable prospectus supplement, no fractional rights or rights
to purchase fractional shares will be distributed in any rights offering. The rights will be evidenced by rights certificates, which may
be in definitive or book-entry form. Each right will entitle the holder to purchase shares of our common stock or a series of preferred
stock at a rate and price per share to be established by our board of directors, as set forth in the applicable prospectus supplement.
If holders of rights wish to exercise their rights, they must do so before the expiration date of the rights offering, as set forth in
the applicable prospectus supplement. Upon the expiration date, the rights will expire and will no longer be exercisable, unless, in our
sole discretion prior to the expiration date, we extend the rights offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Exercise Price</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Our board of directors will determine the exercise
price or prices for the rights based upon a number of factors, including, without limitation, our business prospects; our capital requirements;
the price or prices at which an underwriter or standby purchasers may be willing to purchase shares that remain unsold in the rights offering;
and general conditions in the securities markets, especially for securities of financial institutions. The subscription price may or may
not reflect the actual or long-term fair value of the common stock or preferred stock offered in the rights offering. We provide no assurances
as to the market values or liquidity of any rights issued, or as to whether or not the market prices of the common stock or preferred
stock subject to the rights will be more or less than the rights&rsquo; exercise price during the term of the rights or after the rights
expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Exercising Rights; Fees and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The manner of exercising rights will be set forth in
the applicable prospectus supplement. Any subscription agent or escrow agent will be set forth in the applicable prospectus supplement.
We will pay all fees charged by any subscription agent and escrow agent in connection with the distribution and exercise of rights. Rights
holders will be responsible for paying all other commissions, fees, taxes or other expenses incurred in connection with their transfer
of rights that are transferable. Neither we nor the subscription agent will pay such expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Expiration of Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The applicable prospectus supplement will set forth
the expiration date and time (&ldquo;Expiration Date&rdquo;) for exercising rights. If holders of rights do not exercise their rights
prior to such time, their rights will expire and will no longer be exercisable and will have no value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We will extend the Expiration Date as required by applicable
law and may, in our sole discretion, extend the Expiration Date. If we elect to extend the Expiration Date, we will issue a press release
announcing such extension prior to the scheduled Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Withdrawal and Termination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may withdraw the rights offering at any time prior
to the Expiration Date for any reason. We may terminate the rights offering, in whole or in part, at any time before completion of the
rights offering if there is any judgment, order, decree, injunction, statute, law or regulation entered, enacted, amended or held to be
applicable to the rights offering that in the sole judgment of our board of directors would or might make the rights offering or its completion,
whether in whole or in part, illegal or otherwise restrict or prohibit completion of the rights offering. We may waive any of these conditions
and choose to proceed with the rights offering even if one or more of these events occur. If we terminate the rights offering, in whole
or in part, all affected rights will expire without value, and all subscription payments received by the subscription agent will be returned
promptly without interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Rights of Subscribers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Holders of rights will have no rights as shareholders
with respect to the shares of common stock or preferred stock for which the rights may be exercised until they have exercised their rights
by payment in full of the exercise price and in the manner provided in the prospectus supplement, and such shares of common stock or preferred
stock, as applicable, have been issued to such persons. Holders of rights will have no right to revoke their subscriptions or receive
their monies back after they have completed and delivered the materials required to exercise their rights and have paid the exercise price
to the subscription agent. All exercises of rights are final and cannot be revoked by the holder of rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Regulatory Limitations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We will not be required to issue any person or group
of persons shares of our common stock or preferred stock pursuant to the rights offering if, in our sole opinion, such person would be
required to give prior notice to or obtain prior approval from, any state or federal governmental authority to own or control such shares
if, at the time the rights offering is scheduled to expire, such person has not obtained such clearance or approval in form and substance
reasonably satisfactory to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Standby Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We may enter into one or more separate agreements with
one or more standby underwriters or other persons to purchase, for their own account or on our behalf, any shares of our common stock
or preferred stock not subscribed for in the rights offering. The terms of any such agreements will be described in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_017"></A>ANTI-TAKEOVER EFFECTS OF CERTAIN ARTICLES OF INCORPORATION
PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Our amended and restated articles of incorporation,
as amended, which we refer to herein as our articles, contain certain provisions that make it more difficult to acquire control of us
by means of a tender offer, open market purchase, a proxy fight or otherwise. These provisions are designed to encourage persons seeking
to acquire control of us to negotiate with our directors. We believe that, as a general rule, the interests of our shareholders would
be best served if any change in control results from negotiations with our directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Our amended and restated articles of incorporation,
as amended, provide for a staggered board, to which approximately one-third of our board of directors is elected each year at our annual
meeting of shareholders. Accordingly, our directors serve three-year terms rather than one-year terms. The provisions of our articles
regarding the staggered board of directors have the effect of making it more difficult for shareholders to change the composition of our
board of directors. At least two annual meetings of shareholders, instead of one, will generally be required to effect a change in a majority
of our board of directors. Such a delay may help ensure that our directors, if confronted by a holder attempting to force a proxy contest,
a tender or exchange offer, or an extraordinary corporate transaction, would have sufficient time to review the proposal as well as any
available alternatives to the proposal and to act in what they believe to be the best interests of our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The provisions of our articles regarding the staggered
board of directors could also have the effect of discouraging a third party from initiating a proxy contest, making a tender offer or
otherwise attempting to obtain control of us, even though such an attempt might be beneficial to us and our shareholders. The staggered
board of directors could thus increase the likelihood that incumbent directors will retain their positions. In addition, because the staggered
board of directors may discourage accumulations of large blocks of our stock by purchasers whose objective is to take control of us and
remove a majority of our board of directors, the staggered board of directors could tend to reduce the likelihood of fluctuations in the
market price of our common stock that might result from accumulations of large blocks of our common stock for such a purpose. Accordingly,
our shareholders could be deprived of certain opportunities to sell their shares at a higher market price than might otherwise be the
case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The authorization of the preferred stock could have
the effect of making it more difficult or time consuming for a third party to acquire a majority of our outstanding voting stock or otherwise
effect a change of control. Shares of the preferred stock may also be sold to third parties that indicate that they would support the
board of directors in opposing a hostile takeover bid. The availability of the preferred stock could have the effect of delaying a change
of control and of increasing the consideration ultimately paid to our shareholders. The board of directors may authorize the issuance
of preferred stock for capital-raising activities, acquisitions, joint ventures or other corporate purposes that have the effect of making
an acquisition of us more difficult or costly, as could also be the case if the board of directors were to issue additional common stock
for such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The South Carolina business combinations statute provides
that a 10% or greater shareholder of a resident domestic corporation cannot engage in a &ldquo;business combination&rdquo; (as defined
in the statute) with such corporation for a period of two years following the date on which the 10% shareholder became such, unless the
business combination or the acquisition of shares is approved by a majority of the disinterested members of such corporation&rsquo;s board
of directors before the 10% shareholder&rsquo;s share acquisition date. This statute further provides that at no time (even after the
two-year period subsequent to such share acquisition date) may the 10% shareholder engage in a business combination with the relevant
corporation unless certain approvals of the board of directors or disinterested shareholders are obtained or unless the consideration
given in the combination meets certain minimum standards set forth in the statute. The law is very broad in its scope and is designed
to inhibit unfriendly acquisitions, but it does not apply to corporations whose articles of incorporation contain a provision electing
not to be covered by the law. Our articles do not contain such a provision, though our articles could be amended to include such a provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">None of our shares, whether common or preferred, have
any preemptive rights, redemption privileges, sinking fund privileges or conversion rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_018"></A>VALIDITY OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Unless otherwise indicated in the applicable prospectus
supplement, certain legal matters with respect to the securities will be passed upon for us by our counsel, Nelson Mullins Riley &amp;
Scarborough LLP. Any underwriters will be represented by their own legal counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_019"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The consolidated financial statements incorporated
in this prospectus, by reference from our Annual Report on Form 10-K for the year ended December 31, 2022, have been audited by Elliott
Davis, LLC, an independent registered public accounting firm, as stated in their report. Such report is incorporated herein by reference
in reliance upon such report given on the authority of such firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><A NAME="a_020"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We are subject to the informational requirements of
the Exchange Act, and file with the SEC proxy statements, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. Our SEC filings are available to the public from the SEC&rsquo;s web site at <I>www.sec.gov</I> or on our website at <I>www.southernfirst.com</I>
under the &ldquo;Investor Relations&rdquo; tab. Information on, or that can be accessible through, our website does not constitute a part
of, and is not incorporated by reference in, this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">This prospectus, which is a part of a registration
statement on Form S-3 that we have filed with the SEC under the Securities Act, omits certain information set forth in the registration
statement. Accordingly, for further information, you should refer to the registration statement and its exhibits on file with the SEC.
Furthermore, statements contained in this prospectus concerning any document filed as an exhibit are not necessarily complete and, in
each instance, we refer you to the copy of such document filed as an exhibit to the registration statement.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The following is an itemized statement of the estimated
fees and expenses in connection with the issuance and distribution of the securities registered hereby:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 12pt Times New Roman, Times, Serif; width: 60%">
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 87%"><FONT STYLE="font-size: 10pt">SEC registration fee</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt;"><B>5,510</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Printing and mailing</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Accounting fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">________________</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Under our bylaws, each of our directors has
the right to be indemnified by us to the maximum extent permitted by law against (i) reasonable expenses incurred in connection with any
threatened, pending or completed civil, criminal, administrative, investigative or arbitrative action, suit or proceeding seeking to hold
the director liable by reason of his or her actions in such capacity and (ii) reasonable payments made by the director in satisfaction
of any judgment, money decree, fine, penalty or settlement for which he or she became liable in such action, suit or proceeding. This
right to indemnification includes the right to the advancement of reasonable expenses by us, to the maximum extent permitted by law. Under
our bylaws, each of our officers who are not directors is entitled to the same indemnification rights, including the right to the advancement
of reasonable expenses, which are provided to our directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Pursuant to the Business Corporation Act, a
South Carolina corporation has the power to indemnify its directors and officers provided that they act in good faith and reasonably believe
that their conduct was lawful and in the corporate interest (or not opposed thereto), as set forth in the Business Corporation Act. Under
the Business Corporation Act, unless limited by its articles of incorporation, a corporation must indemnify a director or officer who
is wholly successful, on the merits or otherwise, in the defense of any proceeding to which he or she was a party because he or she is
or was a director or officer, against reasonable expenses incurred by the director or officer in connection with the proceeding. Our articles
of incorporation do not contain any such limitations. The Business Corporation Act permits a corporation to pay for or reimburse reasonable
expenses in advance of final disposition of an action, suit or proceeding only upon (i) the director&rsquo;s certification that he or
she acted in good faith and in the corporate interest (or not opposed thereto), (ii) the director furnishing a written undertaking to
repay the advance if it is ultimately determined that he or she did not meet this standard of conduct, and (iii) a determination is made
that the facts then known to those making the determination would not preclude indemnification under the Business Corporation Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Under our articles of incorporation, no director
will be liable to us or our shareholders for monetary damages for breach of his or her fiduciary duty as a director, to the maximum extent
permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The Business Corporation Act also empowers a
corporation to provide insurance for directors and officers against liability arising out of their positions, even though the insurance
coverage may be broader than the corporation&rsquo;s power to indemnify. We maintain directors&rsquo; and officers&rsquo; liability insurance
for the benefit of our directors and officers.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0pt; white-space: nowrap; border-bottom: black 1pt solid; width: 9%; padding-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="padding-top: 0pt; width: 1%; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: center; width: 90%; padding-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Exhibit</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement for Debt Securities**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement for Preferred Stock or Depositary Shares**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">1.3</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement for Common Stock**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">1.4</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement for Purchase Contracts**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">1.5</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement for Units**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">1.6</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Standby Underwriting Agreement for Rights**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090009/000095014499009181/0000950144-99-009181.txt">Amended
    and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 of the Company&rsquo;s Registration Statement on
    Form SB-2 filed on July 27, 1999)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090009/000109000909000016/exhibit3-1.htm">Articles
    of Amendment to the Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 of the Company&rsquo;s
    Current Report on Form 8-K filed on March 3, 2009)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090009/000109000908000023/ex3-4.htm">Amended
    and Restated Bylaws dated March 18, 2008 (incorporated by reference to Exhibit 3.4 of the Company&rsquo;s Annual Report on Form 10-K
    filed on March 24, 2008)</A></FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090009/000095014499009181/0000950144-99-009181.txt">Specimen
    Common Stock Certificate (incorporated by reference to Exhibit 4.2 of the Company&rsquo;s Registration Statement on Form SB-2 filed
    on July 27, 1999)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">See Exhibits 3.1, 3.2 and 3.3 for provisions of the Amended and Restated
    Articles of Incorporation, as amended, and Amended and Restated Bylaws, which define the rights of the shareholders</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1090009/000120677419002477/sfb3577278-ex101.htm"><FONT STYLE="font-size: 10pt">Description of the Company&rsquo;s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.1 of the Company&rsquo;s Annual Report on Form 10-K filed on February 13, 2023)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Articles of Amendment Establishing a Series of Preferred Stock**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><A HREF="sfst4187341-ex45.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Senior Indenture</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Senior Note**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><A HREF="sfst4187341-ex47.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Subordinated Indenture</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Subordinated Debt Security**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.9</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Unit Agreement**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.10</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Warrant Agreement**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.11</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Rights Agreement**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.12</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><A HREF="sfst4187341-ex412.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Deposit Agreement</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.13</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form of Purchase Contract Agreement**</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4.14</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><A HREF="sfst4187341-ex412.htm"><FONT STYLE="font-size: 10pt">Form of Depositary Receipt (included in Exhibit 4.12)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: bottom; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; vertical-align: top; padding-bottom: 0pt"><A HREF="sfst4187341-ex51.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Nelson Mullins Riley &amp; Scarborough LLP</FONT></A></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 9%"><FONT STYLE="font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 90%"><FONT STYLE="font-size: 10pt">Opinion of Nelson Mullins Riley &amp; Scarborough LLP as
    to certain U.S. federal income tax matters**</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">23.1</FONT></P></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"><A HREF="sfst4187341-ex231.htm" STYLE="-sec-extract: exhibit">Consent of Elliott Davis, LLC</A></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="sfst4187341-ex51.htm"><FONT STYLE="font-size: 10pt">Consent of Nelson Mullins Riley &amp; Scarborough LLP (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="#POA"><FONT STYLE="font-size: 10pt">Powers of Attorney (included on the signature page of this registration statement)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">25.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Form T-1 Statement of Eligibility to act as trustee under the Senior
    Indenture*</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">25.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Form T-1 Statement of Eligibility to act as trustee under the Subordinated
    Indenture*</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">107</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="sfst4187341-ex107.htm" STYLE="-sec-extract: exhibit">Filing Fee Table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 6pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif">* &nbsp;&nbsp;To be filed separately pursuant to Trust Indenture Act Section 305(b)(2)</P>

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt">** To be filed, if necessary, by amendment or as an exhibit to a report
filed under the Securities Exchange Act of 1934 and incorporated by reference</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The undersigned Registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to include
any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><I>Provided, however</I>, that paragraphs (a)(1)(i),
(a)(1)(ii) and (a)(1)(iii) of the above do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the registrants pursuant to section 13 or section 15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of
prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining
any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each prospectus
filed by a Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus
was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule
430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by
Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier
of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining
liability of a Registrant under the Securities Act of 1933, as amended, to any purchaser in the initial distribution of the securities,
the undersigned Registrants undertake that in a primary offering of securities of the undersigned Registrants pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned Registrants will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any preliminary
prospectus or prospectus of an undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any free
writing prospectus relating to the offering prepared by or on behalf of an undersigned Registrant or used or referred to by an undersigned
Registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about an undersigned Registrant
or its securities provided by or on behalf of an undersigned Registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other
communication that is an offer in the offering made by an undersigned Registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for purposes of determining
any liability under the Securities Act of 1933, as amended, each filing of the Registrant&rsquo;s annual report pursuant to Section 13(a)
or Section 15(d) of the Securities Exchange Act of 1934, as amended, (and, where applicable, each filing of an employee benefit plan&rsquo;s
annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Insofar as indemnification for liabilities arising
under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of each Registrant pursuant
to the provisions described in Item 15 above, or otherwise, each Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by a Registrant of expenses incurred or
paid by a director, officer or controlling person of a Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, that Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final
adjudication of such issue.</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Act
of 1933, Southern First Bancshares, Inc. 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 Greenville, State of South Carolina,&nbsp;on&nbsp;April&nbsp;17,&nbsp;2023.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="padding-right: 0pt; vertical-align: top; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0pt; white-space: nowrap; padding-left: 0pt"><FONT STYLE="font-size: 10pt"><B>SOUTHERN FIRST BANCSHARES, INC.</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 0pt; vertical-align: top; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0pt; white-space: nowrap; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; vertical-align: top; padding-left: 0pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0pt; border-bottom: black 1pt solid; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;/s/ R. Arthur Seaver, Jr.</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 0pt; width: 50%; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; width: 3%; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; vertical-align: top; width: 2%; padding-left: 0pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 0pt; width: 30%; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;R. Arthur Seaver, Jr.</FONT></TD>
    <TD STYLE="padding-right: 0pt; width: 15%; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; vertical-align: top; padding-left: 0pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Know all men by these presents, that each person whose
signature appears below constitutes and appoints R. Arthur Seaver, Jr.&nbsp;and Calvin C. Hurst and each of them, his true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to
sign any and all amendments (including pre-effective and post-effective amendments) to this Registration Statement and to sign any registration
statement (and any post-effective amendments thereto) effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933,
and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorney-in-fact and agent 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 to all intents and purposed as he might or could do in person, hereby ratifying and confirming
that said attorney-in-fact, agent or his substitutes may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Act
of 1933, this Registration Statement has been signed by the following persons in the capacities indicated below in the City of Greenville,
State of South Carolina, on April 17, 2023.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    </B></FONT></TD>
    <TD STYLE="padding: 0pt; width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Capacity
    </B></FONT></TD>
    <TD STYLE="padding: 0pt; width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature
    </B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R.
    Arthur Seaver, Jr.</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Executive Officer; Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    R. Arthur Seaver, Jr.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Andrew Borrmann</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Financial and Accounting Officer</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    D. Andrew Borrmann</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James
    B. Orders, III</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Board of Directors</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    James B. Orders, III</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew
    B. Cajka, Jr.</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Andrew B. Cajka, Jr.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark
    A. Cothran</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Mark A. Cothran</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leighton
    M. Cubbage</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Leighton M. Cubbage</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anne
    S. Ellefson</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Anne S. Ellefson</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    G. Ellison</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David G. Ellison</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terry
    Grayson-Caprio</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Terry Grayson-Caprio</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tecumseh
    Hooper, Jr.</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Tecumseh Hooper, Jr.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rudolph
    G. Johnstone, III, M.D.</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Rudolph G. Johnstone, III, M.D.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ray
    A. Lattimore</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Ray A. Lattimore</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anna
    T. Locke</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Anna T. Locke</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William
    A. Maner, IV</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    William A. Maner, IV</FONT></TD></TR>
  </TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>2
<FILENAME>sfst4187341-ex45.htm
<DESCRIPTION>FORM OF SENIOR INDENTURE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SOUTHERN
FIRST BANCSHARES, INC.</FONT></P>

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

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

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

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

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

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

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 10pt">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif; width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    ONE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFINITIONS
    AND OTHER PROVISIONS OF GENERAL APPLICATION</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    101.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    102.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
    Certificate and Opinions</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    103.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Documents Delivered to Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    104.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts
    of Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    105.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices,
    Etc., to Trustee and Company</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    106.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    to Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    107.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Language
    of Notices</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    108.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict
    With Trust Indenture Act</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    109.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Headings and Table of Contents</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    110.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors
    and Assigns</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    111.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separability
    Clause</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    112.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits
    of Indenture</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    113.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
    Law</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    114.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Holidays</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TWO</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITIES
    FORMS</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    201.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forms
    Generally</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    202.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Trustee&rsquo;s Certificate of Authentication</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    203.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    in Global Form</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    THREE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    SECURITIES</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    301.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    Unlimited; Issuable in Series</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    302.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    303.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    in Foreign Countries</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    304.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution,
    Authentication, Delivery and Dating</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    305.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary
    Securities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    306.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration,
    Transfer and Exchange</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    307.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated,
    Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    308.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Interest; Interest Rights Preserved</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    309.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Persons
    Deemed Owners</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    310.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellations</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    311.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computation
    of Interest</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    312.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cusip
    Numbers</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FOUR</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SATISFACTION
    AND DISCHARGE</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    401.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction
    and Discharge of Indenture</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    402.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
    of Trust Money</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    403.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FIVE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REMEDIES</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    501.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events
    of Default</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    502.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration
    of Maturity; Rescission and Annulment</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    503.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection
    of Indebtedness and Suits for Enforcement by Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
</TABLE>




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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 10pt">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    504.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee
    May File Proofs of Claim</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    505.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee
    May Enforce Claims Without Possession of Securities or Coupons</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    506.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
    of Money Collected</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    507.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitations
    on Suits</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    508.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unconditional
    Right of Holders to Receive Principal, Premium, Interest and Additional Amounts</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    509.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restoration
    of Rights and Remedies</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    510.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
    and Remedies Cumulative</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    511.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay
    or Omission Not Waiver</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    512.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control
    of Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    513.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Past Defaults</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    514.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Stay or Extension Laws</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    SIX</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    TRUSTEE</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    601.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of Defaults</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    602.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Rights of Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    603.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Responsible for Recitals or Issuance Securities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    604.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    Hold Securities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    605.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
    Held in Trust</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    606.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
    and Reimbursement</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    607.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    Trustee Required; Eligibility; Conflicting Interests</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    608.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation
    and Removal; Appointment of Successor</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    609.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance
    of Appointment by Successor</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    610.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger,
    Conversion, Consolidation or Succession to Business</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    611.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
    of Authenticating Agent</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    SEVEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOLDERS&rsquo;
    LISTS AND REPORTS BY TRUSTEE AND COMPANY</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    701.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    to Furnish Trustee Names and Addresses of Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    702.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preservation
    of Information; Communications to Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    703.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
    by Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    704.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
    by Company</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    EIGHT</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATION,
    MERGER AND SALES</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    801.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    May Consolidate etc., Only on Certain Terms</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    802.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor
    Corporation Substituted for Company</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    NINE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUPPLEMENTAL
    INDENTURES</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    901.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
    Indentures Without Consent of Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    902.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
    Indentures with Consent of Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    903.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
    of Supplemental Indentures</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    904.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Supplemental Indentures</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    905.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conformity
    with Trust Indenture Act</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    906.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
    in Securities to Supplemental Indentures</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVENANTS</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1001.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Principal, Premium, if any, and Interest</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1002.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance
    of Office or Agency</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1003.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
    for Securities Payments to be Held in Trust</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1004.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    Amounts</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
</TABLE>





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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 10pt">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1005.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    as to Compliance; Notice of Certain Defaults</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1006.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
    on Liens</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1007.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
    on Certain Acquisitions</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1008.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Taxes and Other Claim</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1009.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    Existence</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1010.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Certain Covenants</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1011.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation
    of Original Issue Discount</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    ELEVEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDEMPTION
    OF SECURITIES</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1101.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
    of Article</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1102.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Election
    to Redeem; Notice to Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1103.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection
    by Trustee of Securities to be Redeemed</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1104.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of Redemption</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1105.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit
    of Redemption Price</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1106.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Payable on Redemption Date</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1107.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Redeemed in Part</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1108.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
    Arrangements on Call for Redemption</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TWELVE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SINKING
    FUNDS</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1201.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
    of Article</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1202.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction
    of Sinking Fund Payments with Securities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1203.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
    of Securities for Sinking Fund</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    THIRTEEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPAYMENT
    AT THE OPTION OF HOLDERS</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1301.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
    of Article</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FOURTEEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEETINGS
    OF HOLDERS</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1401.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purposes
    for Which Meetings May Be Called</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1402.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call,
    Notice and Place of Meetings</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1403.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
    Entitled to Vote at Meetings</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1404.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quorum;
    Action</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1405.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination
    of Voting Rights; Conduct and Adjournment of Meetings</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1406.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counting
    Votes and Recording Action of Meeting</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FIFTEEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONVERSION</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1501.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
    Privilege</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1502.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manner
    of Exercise of Convertible Privilege</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1503.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    Adjustment Upon Conversion</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1504.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
    Price</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1505.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment
    of Conversion Price</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1506.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Reclassifications, Consolidations, Mergers or Sales on Conversion Privilege</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1507.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    on Conversions</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1508.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    to Reserve Common Stock</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1509.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclaimer
    by Trustee of Responsibility for Certain Matters</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1510.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    to Give Notice of Certain Events</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  </TABLE>

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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SOUTHERN
FIRST BANCSHARES, INC.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 60%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
    Indenture Act Section</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture
    Section</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    310</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (a) (1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (a) (2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (a) (5)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(b)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    311</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(a)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">604</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(b)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">604</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (b) (2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    312</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(a)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">701,
    702 (a)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(b)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702
    (a)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(c)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702
    (b)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    313</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(a)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703
    (a), 703 (b)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (b) (2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(c)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703
    (c)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(d)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703
    (c)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    314</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(a)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">704</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (c) (1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (c) (2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (c) (3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(e)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    315</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(a)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(b)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">601</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(c)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(d)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (d) (1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
    (2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
    (3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(e)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    316</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(a)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (a) (1) (A)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">512</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (a) (1) (B)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">513</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(b)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">508</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(c)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    317</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (a) (1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">505</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    (a) (2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">504</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(b)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1003</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    318</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(a)</P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note: This reconciliation
and tie shall not, for any purpose, be deemed to be a part of this Senior Indenture.</FONT></P>


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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SENIOR
INDENTURE, dated as of __________, 20__, is made by and between Southern First Bancshares, Inc., a corporation duly organized and existing
under the laws of the State of South Carolina (the &ldquo;Company&rdquo;), having its principal office at 6 Verdae Boulevard, Greenville,
South Carolina 29607, and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
having its principal office at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
not in its individual capacity but solely as Trustee (the &ldquo;Trustee&rdquo;).</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
terms used principally in certain Articles hereof are defined in those Articles.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Additional
Amounts</I>&rdquo; means any additional amounts which are required hereby or by any Security, under circumstances specified herein or
therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such Holders.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Board
Resolution</I>&rdquo; means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly
adopted by the Board of Directors, or a duly authorized committee thereof, and to be in full force and effect on the date of such certification,
and delivered to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Business
Day</I>&rdquo;, except as may otherwise be provided herein or in any Security, means any day, other than a Saturday or a Sunday, that
is neither a Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to
close.</FONT></P>

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Indenture</I>&rdquo;
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and with respect to any Security shall include the terms of such Securities
established as contemplated by Section 301; PROVIDED, HOWEVER, that, if at any time more than one Person is acting as Trustee under this
instrument, &ldquo;INDENTURE&rdquo; shall mean, with respect to any one or more series of Securities for which such Person is Trustee,
this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular series of Securities
for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions or terms which relate
solely to other series of Securities for which such Person is Trustee, regardless of when such terms or provisions were adopted, and
exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such
Person had become such Trustee but to which such Person, as such Trustee, was not a party.</FONT></P>

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Trustee</I>&rdquo;
means the Person named as the &ldquo;Trustee&rdquo; in the first paragraph of this instrument until a successor Trustee shall have become
such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo;
shall mean each Person who is then a Trustee hereunder; PROVIDED, HOWEVER, that if at any time there is more than one such Person, &ldquo;Trustee&rdquo;
shall mean each such Person and as used with respect to the Securities of any series shall mean the Trustee with respect to the Securities
of that series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>United
States</I>&rdquo;, except as otherwise provided herein or in any Security, means the United States of America (including the States and
the District of Columbia) , its territories and possessions and other areas subject to its jurisdiction.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>United
States Alien</I>&rdquo;, except as otherwise provided herein or in any Security, means any Person who, for United States Federal income
tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust,
or a foreign partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation,
a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>U.S.
Depository</I>&rdquo; or &ldquo;<I>Depository</I>&rdquo; means, with respect to any Security issuable or issued in the form of one or
more global Securities, the Person designated as U.S. Depository by the Company pursuant to Section 301, which must be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and, if so provided pursuant to Section 301 with respect to any Security,
any successor to such Person. If at any time there is more than one such Person, &ldquo;U.S. Depository&rdquo; or &ldquo;Depository&rdquo;
shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect to such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Vice
President</I>&rdquo;, with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or
a word or words added before or after the title &ldquo;Vice President&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Voting
Stock</I>&rdquo; means stock of a corporation of the class or classes having general voting power under ordinary circumstances to elect
at least a majority of the board of directors, managers or trustees of such corporation provided that, for the purposes hereof, stock
which carries only the right to vote conditionally on the happening of an event shall not be considered voting stock whether or not such
event shall have happened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 102.
Compliance Certificates and Opinions</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officers&rsquo; Certificate stating that all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions
precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of
such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture and in any applicable Security
(except Section 1005) shall include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein and
in any applicable Security relating thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such condition or covenant has been complied with; and&rsquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 103.
Form of Documents Delivered to Trustee</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate
or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by,
an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company
unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture or any Security, they may, but need not, be consolidated and form one instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 104.
Acts of Holders</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or
by agent duly appointed in writing. If, but only if, Securities of a series are issuable as Bearer Securities, any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities of such series
may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either
in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held in accordance
with the provisions of Article Fourteen, or a combination of such instruments and any such record. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and,
where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the &ldquo;Act&rdquo; of the Holders signing such instrument or instruments
and so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding
by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture
Act) conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in
this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 1406.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Without
limiting the generality of this Section 104, unless otherwise established in or pursuant to a Board Resolution or set forth or determined
in an Officers&rsquo; Certificate, or established in one or more indentures supplemental hereto, pursuant to Section 301, a Holder, including
a U.S. Depository that is a Holder of a global Security, may make, give or take, by a proxy, or proxies, duly appointed in writing, any
request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken
by Holders, and a U.S. Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of
interests in any such global Security through such U.S. Depository&rsquo;s standing instructions and customary practices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee shall fix a record date, which shall be not more than 30 days prior to the first solicitation of such Holders, for the purpose
of determining the Persons who are beneficial owners of interest in any permanent global Security held by a U.S. Depository entitled
under the procedures of such U.S. Depository to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If
such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be
entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not
such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other
action shall be valid or effective if made, given or taken more than 90 days after such record date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the Trustee
deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee may in any instance require
further proof with respect to any of the matters referred to in this Section.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement and the
date of termination of holding the same, shall be proved by the Security Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership, principal amount and serial numbers of Bearer Securities held by any Person, and the date of the commencement and the date
of termination of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed, as depositary,
by any Bank, banker or other depositary reasonably acceptable to the Company, wherever situated, if such certificate shall be deemed
by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited
to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such
Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume
that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later date issued in respect
of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other Person, or (3) such Bearer
Security is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding. The principal amount
and serial numbers of Bearer Securities held by the Person so executing such instrument or writing and the date of the commencement and
the date of termination of holding the same may also be proved in any other manner which the Trustee deems sufficient.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall solicit from the Holders of any Registered Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may at its option, by Board Resolutions, fix in advance a record date, which shall be not more than
30 days prior to the first solicitation of such Holders, for the determination of Holders of Registered Securities entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If
such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before
or after such record date, but only the Holders of Registered Securities of record at the close of business on such record date shall
be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose
the Outstanding Securities shall be computed as of such record date; provided no such authorization, agreement or consent of the Holders
of Registered Securities shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not
later than six months after the record date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying Agent or the
Company in reliance thereon, whether or not notation of such action is made upon such Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 105.
Notices, Etc., to Trustee and Company</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at its Corporate Trust Office, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Treasurer at the address of its
principal office specified in the first paragraph of this Indenture or at any other address previously furnished in writing to a Responsible
Officer of the Trustee by the Company.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 106.
Notice to Holders; Waiver</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise expressly provided herein or in any Security, where this Indenture provides for notice to Holders of any event,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
notice shall be sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to each
Holder of a Registered Security affected by such event, at his address as it appears in the Security Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such Notice; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
notice shall be sufficiently given to Holders of Bearer Securities, if any, if published in an Authorized Newspaper and, if such Securities
are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the Company shall advise
the Trustee that such stock exchange so requires, on a Business Day at least twice, the first such publication to be not earlier than
the earliest date and not later than the latest date prescribed for the giving of such notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in
any notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other
Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice
which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In the case by reason
of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause
it shall be impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders
of Bearer Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to such Holders for every
purpose hereunder. Neither failure to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in
any notice so published, shall affect the sufficiency of any notice mailed to Holders of Registered Securities as provided above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 107.
Language of Notices</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
request, demand, authorization, direction, notice, consent, election or waiver required or permitted under this Indenture shall be in
the English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 108.
Conflict With Trust Indenture Act</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any provision hereof limits, qualifies or conflicts with the duties imposed pursuant to Section 318(c) of the Trust Indenture Act, such
imposed duties shall control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 109.
Effect of Headings and Table of Contents</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 110.
Successors and Assigns</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or&nbsp;not.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 111.
Separability Clause</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case any provision in this Indenture, any Security or any Coupon shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 112.
Benefits of Indenture</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nothing
in this Indenture, any Security or any Coupon, express or implied, shall give to any Person, other than the parties hereto, any Security
Registrar, any Paying Agent and their successors hereunder and the Holders of Securities or Coupon, any benefit or any legal or equitable
right, remedy or claim under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 113.
Governing Law</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Indenture, the Securities and the Coupons shall be governed by and construed in accordance with the laws of the State of New York applicable
to agreements made or instruments entered into and, in each case, performed in said state.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 114.
Legal Holidays</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security, or the last day on which a Holder has the
right to convert these Securities, is not a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture,
any Security or Coupon other than a provision in any Security or any Coupon that specifically states that such provision shall apply
in lieu of this Section) payment of interest or any Additional Amounts or principal (and premium, if any) or conversion of the Securities
need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, or the last such
day of conversion, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption
Date or Stated Maturity, as the case may be.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECURITIES
FORMS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 201.
Forms Generally</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Registered Security, Bearer Security, Coupon and temporary global Security issued pursuant to this Indenture shall be in the form established
by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, shall have appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto and may have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined
by the officers executing such Security, as evidenced by their execution of such Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive
Securities and definitive Coupons shall be printed, lithographed or engraved or produced by any combination of these methods on a steel
engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing
such Securities or Coupons, as evidenced by their execution of such Securities or Coupons.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 202.
Form of Trustee&rsquo;s Certificate of Authentication</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to Section 611, the Trustee&rsquo;s certificate of authentication shall be in substantially the following form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
certificate represents Securities of the series designated therein referred to in the within-mentioned Indenture.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    </FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-bottom: 0pt; margin-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</FONT></P>
    <P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">not in its
    individual capacity but solely as Trustee</FONT></P></TD>
    </TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-indent: 0.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-indent: 0.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: 0.5in; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-top: Black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Signatory </FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 203.
Securities in Global Form</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
Securities of a series are issuable in global form, any such Security may provide that it shall represent the aggregate amount of Outstanding
Securities of such series from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities
represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form
to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented
thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered
pursuant to Section 304 or 305 with respect thereto. Subject to the provisions of Section 304 and, if applicable, Section 305, the Trustee
shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Company Order. If a Company Order pursuant to Section 304 or 305 has been, or simultaneously is,
delivered, any instructions by the Company with respect to a Security in global form shall be in writing but need not comply with Section
102 and need not be accompanied by an Opinion of Counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of the immediately preceding sentence shall apply to any Security represented by a Security in global form if such Security
was never issued and sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions
(which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal
amount of Securities represented thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the provisions of Section 308, unless otherwise specified as contemplated by Section 301, payment of principal of and any premium and
interest on any Security in permanent global form shall be made to the Person or Persons specified therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the provisions of Section 309 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company
and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security
(i) in the case of a permanent global Security in registered form, the Holder of such permanent global Security in registered form, or
(ii) in the case of a permanent global Security in bearer form, the Person or Persons specified pursuant to Section 301.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>THE
SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 301.
Amount Unlimited; Issuable in Series</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Securities may be issued in one or more series. There shall be established in or pursuant to one or more Board Resolutions, and set forth
in an Officers&rsquo; Certificate, or established in one or more indentures supplemental hereto,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
title of the Securities and the series in which such Securities shall be included;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
limit upon the aggregate principal amount of the Securities of such title or the Securities of such series which may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 305, 306, 307, 906, 1107 or 1502 or the terms of such Securities);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
Securities of the series are to be issuable as Registered Securities, Bearer Securities or both and, if the Securities are to be issuable
exclusively or alternatively as Bearer Securities, whether the Bearer Securities are to be issuable with Coupons, without Coupons or
both, and any restrictions applicable to the offer, sale delivery or conversion of the Bearer Securities and the terms, if any, upon
which Bearer Securities may be exchanged for Registered Securities and vice versa;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
any Securities of the series are to be issuable initially or otherwise in global form and, if so, (i) whether beneficial owners of interests
in any such global Security may exchange such interest for Securities of such series and of like tenor of any authorized form and denomination
and the circumstances under which any such exchanges may occur, if other than in the manner specified in Section 306, (ii) the name of
the depository or the U.S. Depository, as the case may be, with respect to any global Security and (iii) the manner in which interest
payable on a global Security will be paid;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date as of which any Bearer Securities of the series and any global Security representing Outstanding Securities of the series shall
be dated if other than the date of original issuance of the first Security of the series to be issued;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
Securities of the series are to be issuable as Bearer Securities, whether interest in respect of any portion of a temporary Bearer Security
in global form (representing all of the Outstanding Bearer Securities of the series) payable in respect of an Interest Payment Date prior
to the exchange of such temporary Bearer Security for definitive Securities of the series shall be paid to any clearing organization
with respect to the portion of such temporary Bearer Security held for its account and, in such event, the terms and conditions (including
any certification requirements) upon which any such interest payment received by a clearing organization will be credited to the Persons
entitled to interest payable on such Interest Payment Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date or dates, or the method, if any, by which such date or dates shall be determined, on which the principal of such Securities is payable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
rate or rates at which such Securities shall bear interest, if any, or the method, if any, by which such rate or rates are to be determined,
the date or dates, if any, from which such interest shall accrue or the method, if any, by which such date or dates are to be determined,
the Interest Payment Dates, if any, on which such interest shall be payable and the Regular Record Date, if any, for the interest payable
on Registered Securities on any Interest Payment Date, whether and under what circumstances Additional Amounts on such Securities or
any of them shall be payable, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day
months;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
place or places, if any, where the principal of (and premium, if any) and interest (including Additional Amounts), if any, on such Securities
shall be payable, any Registered Securities of the series may be surrendered for registration of transfer, Securities of the series may
be surrendered for exchange or conversion and notices or demands to or upon the Company in respect of the Securities of the series and
this Indenture may be served;</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the Securities of the series or any of them are to be redeemable at the option of the Company and, if so, the period or periods within
which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part,
at the option of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the Company is obligated to redeem, or purchase Securities of the series or any of them pursuant to any sinking fund or at the option
of any Holder thereof and, if so, the period or periods within which, the price or prices at which and the other terms and conditions
upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and any provisions for the
remarketing of the Securities of the series so redeemed or purchased;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
denominations in which Registered Securities of the series, if any, shall be issuable if other than denominations of $1,000 and any integral
multiple thereof, and the denominations in which Bearer Securities of the series, if any, shall be issuable if other than the denomination
of $5,000;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than the principal amount thereof, the portion of the principal amount of the Securities of the series of any of them which shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or the method by which such portion is to
be determined;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than such coin or currency of the United States of America as at the time of payment is legal tender for payment of public or private
debts, the coin or currency, composite currencies or currency unit or units in which payment of the principal of (and premium, if any)
or interest, if any, on or any Additional Amounts in respect of the Securities of the series or any of them shall be payable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the principal of (and premium, if any) or interest, if any, on or any Additional Amounts in respect of the Securities of the series or
any of them are to be payable, at the election of the Company or a Holder thereof, in a coin or currency, composite currencies or currency
unit or units other than that in which the Securities of the series or any of them are stated to be payable, the period or periods within
which, and the terms and conditions upon which, such election may be made;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the amount of payments of principal of (and premium, if any) or interest (including Additional Amounts), if any, on the Securities of
the series may be determined with reference to an index, formula or other method (which index, formula or method may be based, without
limitation, on one or more currencies, currency units, composite currencies, commodities, equity indices or other indices), and, if so,
the terms and conditions upon which and the manner in which such amounts shall be determined and paid or payable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the principal of (and premium, if any) or interest (including Additional Amounts), if any, on the Securities of the series are to be
payable, at the election of the Company or any Holder thereof or otherwise, in a currency or currencies, currency unit or units or composite
currency or currencies other than that in which such Securities or any of them are denominated or stated to be payable, the period or
periods within which, and the other terms and conditions upon which, such election, if any, may be made, and the time and manner of determining
the exchange rate between the currency or currencies, currency unit or units or composite currency or currencies in which such Securities
or any of them are denominated or stated to be payable and the currency or currencies, currency unit or units or composite currency or
currencies in which such Securities or any of them are to be so payable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to the Securities of
the series or any of them, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants
set forth herein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
applicability, if any, of Section 403 to the Securities of the series and any provisions in modification of, in addition to or in lieu
of any of the provisions of Section 403;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Securities of the series or any of them are to be issued upon the exercise of warrants, the time, manner and place for such Securities
to be authenticated and delivered;</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security
of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms
of such certificates, documents or conditions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
there is more than one Trustee, the identity of the Trustee and, if not the Trustee, the identity of each Security Registrar, Paying
Agent and/or Authenticating Agent with respect to the Securities of the series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
any of the Securities of a series shall be issued as Original Issue Discount Securities; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other terms of the Securities of the series or any of them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
Securities of any one series and Coupons appertaining to Bearer Securities of such series, if any, shall be substantially identical except
as to denomination and the rate or rates of interest, if any, and Stated Maturity, the date from which interest, if any, shall accrue
and except as may otherwise be provided by the Company in or pursuant to one or more Board Resolutions and set forth in such Officers&rsquo;
Certificate or in any indenture or indentures supplemental hereto pertaining to such series of Securities. All Securities of any one
series need not be issued at the same time and, unless otherwise so provided by the Company, a series may be reopened for issuances of
additional Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the terms of the Securities of any series were established by action taken by or pursuant to a Board Resolution, the Board Resolution
shall be delivered to the Trustee at or prior to the delivery of the Officers&rsquo; Certificate setting forth the terms of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 302.
Denominations</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise established with respect to any Securities pursuant to Section 301, the Registered Securities of each series, if any, denominated
in Dollars shall be issuable in registered form without coupons in denominations of $1,000 and any integral multiple thereof, and the
Bearer Securities of each series, if any, denominated in Dollars shall be issuable in the denomination of $1,000. Securities not denominated
in Dollars shall be issuable in such denominations as are established with respect to such Securities pursuant to Section 301.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 303.
Securities in Foreign Countries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whenever
this Indenture provides for (i) any action by, or the determination of any of the rights of, Holders of Securities of any series in which
not all of such Securities are denominated in the same currency, or (ii) any distribution to Holders of Securities, in the absence of
any provision to the contrary in the form of Security of any particular series, any amount in respect of any Security denominated in
a currency other than United States dollars shall be treated for any such action or distribution as that amount of United States dollars
that could be obtained for such amount on such reasonable basis of exchange and as of the record date with respect to Registered Securities
of such series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date, such
other date reasonably proximate to the date of such action, determination of rights or distribution) as the Company may specify in a
written notice to the Trustee or, in the absence of such written notice, as the Trustee may determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 304.
Execution, Authentication, Delivery and Dating</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Securities and any Coupons appertaining thereto shall be executed on behalf of the Company by its Chairman of the Board of Directors,
Deputy Chairman, one of its Vice Chairmen, its President or one of its Vice Presidents under its corporate seal reproduced thereon and
attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities and any Coupons
appertaining thereto may be manual or facsimile.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
and Coupons bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series,
together with any Coupons appertaining thereto, executed by the Company, to the Trustee for authentication, and, provided that the Board
Resolution or Resolutions and Officers&rsquo; Certificate or supplemental indenture or indentures with respect to such Securities referred
to in Section 301 and a Company Order for the authentication and delivery of such Securities, has been delivered to the Trustee, the
Trustee in accordance with the Company Order and subject to the provisions hereof of such Securities shall authenticate and deliver such
Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such
Securities and any Coupons appertaining thereto, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(b)
of the Trust Indenture Act) shall be fully protected in relying upon,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Opinion of Counsel stating, to the effect</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the form or forms and terms of such Securities and Coupons, if any, have been established in conformity with the provisions of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
all conditions precedent to the authentication and delivery of such Securities and Coupons, if any, appertaining thereto, have been complied
with and that such Securities, and Coupons, when completed by appropriate insertion and executed and delivered by the Company to the
Trustee for authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel, will constitute legally valid and binding obligations of the
Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer or other similar laws affecting the enforcement of creditors&rsquo; rights generally, and subject to general principles
of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and will entitle the Holders thereof to the
benefits of the Indenture; such Opinion of Counsel need express no opinion as to the availability of equitable remedies;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
all laws and requirements in respect of the execution and delivery by the Company of such Securities and Coupons, if any, have been complied
with; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to such other matters as the Trustee may reasonably request; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Officers&rsquo; Certificate stating that, to the best knowledge of the Persons executing such certificate, no Event of Default with respect
to any of the Securities shall have occurred and be continuing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and an
Officers&rsquo; Certificate at the time of issuance of each Security, but such opinion and certificate, with appropriate modifications
to cover future issuances, shall be delivered at or before the time of issuance of the first Security of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee shall not be required to authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee&rsquo;s own rights, duties or immunities under the Securities and this
Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee
to personal liability to existing Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Registered Security shall be dated the date of its authentication. Each Bearer Security and any temporary Bearer Security in global form
shall be dated as of the date specified as contemplated by Section 301.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
Security or Coupon shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears
on such Security a certificate of authentication substantially in the form provided for in section 202 or 611 executed by or on behalf
of the Trustee by the manual signature of one of its authorized officers, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Except as permitted by Section
307 or 308, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant Coupons for interest then matured
have been detached and cancelled.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 305.
Temporary Securities</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pending
the preparation of definitive Securities of any series, the Company may execute and deliver to the Trustee and, upon Company Order the
Trustee shall authenticate and deliver, in the manner provided in Section 304, temporary Securities of such series which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued, in registered form or, if authorized, in bearer form with one or more Coupons or without
Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing
such Securities may determine, as conclusively evidenced by their execution of such Securities. In the case of Securities of any series,
such temporary Securities may be in global form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
in the case of temporary Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary
Securities of any series are issued, the Company shall cause definitive Securities of such series to be prepared without unreasonable
delay. After the preparation of definitive Securities of any series, the temporary Securities of such series, if any, shall be exchangeable
upon request for definitive Securities of such series containing identical terms and provisions upon surrender of the temporary Securities
of such series at an office or agency of the Company maintained for such purpose pursuant to Section 1002, without charge to any Holder.
Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any unmatured Coupons appertaining
thereto), the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of authorized denominations of the same series containing identical terms and provisions; PROVIDED, HOWEVER, that no definitive
Bearer Security, except as provided pursuant to Section 301, shall be delivered in exchange for a temporary Registered Security; and
PROVIDED, FURTHER, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance
with the conditions set forth herein or therein. Unless otherwise specified as contemplated by Section 301 with respect to a temporary
global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under
this Indenture as definitive Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 306.
Registration, Transfer and Exchange</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">With
respect to the Registered Securities of each series, if any, the Company shall cause to be kept, at an office or agency of the Company
maintained pursuant to Section 1002, a register (each such register being herein sometimes referred to as the &ldquo;Security Register&rdquo;)
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Registered
Securities of each series and of transfers of the Registered Securities of such series. In the event that the Trustee shall not be the
Security Registrar, it shall have the right to examine the Security Register at all reasonable times. [Southern First Bancshares, Inc.]
is hereby initially appointed as Security Registrar for each series of Securities. In the event that [Southern First Bancshares, Inc.]
shall cease to be Security Registrar with respect to a series of Securities, the Trustee shall have the right to examine the Security
Register for such series at all reasonable times.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company maintained for
such series pursuant to Section 1002, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Registered Securities of the same series of any authorized denominations, of a like aggregate
principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series containing
identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities
to be exchanged at any such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute,
and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
specified as contemplated by Section 301 with respect to Securities of any series, at the option of the Holder, Bearer Securities of
such series may be exchanged for Registered Securities of such series containing identical terms and provisions, of any authorized denominations
and aggregate principal amount, upon surrender of the Bearer Securities to be exchanged at any such office or agency for such series,
with all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce
any such unmatured Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer Securities
are accompanied by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount of such missing Coupon
or Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there is furnished to
them such Security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such Holder
shall be entitled to receive the amount of such payment; PROVIDED, HOWEVER, that, except as otherwise provided in Section 1002, interest
represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency for such series
located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such
office or agency in exchange for a Registered Security of such series and like tenor after the close of business at such office or agency
on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or
(ii) any Special Record Date and before the opening of business at such office or agency on the related date for payment of Defaulted
Interest, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date or proposed date of payment,
as the case may be (or, if such Coupon is so surrendered with such Bearer Security, such Coupon shall be returned to the person so surrendering
the Bearer Security), and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed
date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be
payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
specified as contemplated by Section 301 with respect to Securities of any series, at the option of the Holder, Registered Securities
of such series may be exchanged for Bearer Securities upon such terms and conditions as may be provided pursuant hereto with respect
to such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whenever
any Securities are so surrendered for exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute,
and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 301, any global Security of any series shall be exchangeable
for Securities of such series only if (i) the Securities Depository is at any time unwilling or unable or ineligible to continue as Securities
Depository and a successor depository is not appointed by the Company within 90 days of the date the Company is so notified in writing,
(ii) the Company executes and delivers to the Trustee a Company Order to the effect that such global Security shall be so exchangeable,
or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If the beneficial owners of interests in
a global Security are entitled to exchange such interests for Securities of such series and of like tenor and principal amount of any
authorized form and denomination, as specified as contemplated by Section 301, then without unnecessary delay but in any event not later
than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities of
that series in aggregate principal amount equal to the principal amount of such global Security, executed by the Company. On or after
the earliest date on which such interests may be so exchanged, such global Security shall be surrendered from time to time by the U.S.
Depository or such other depository as shall be specified in the Company Order with respect thereto, and in accordance with instructions
given to the Trustee and the U.S. Depository or such other depository, as the case may be (which instructions shall be in writing but
need not comply with Section 102 or be accompanied by an Opinion of Counsel), as shall be specified in the Company Order with respect
thereto to the Trustee, as the Company&rsquo;s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities
of the same series without charge. The Trustee shall authenticate and make available for delivery, in exchange for each portion of such
surrendered global Security, a like aggregate principal amount of definitive Securities of the same series of authorized denominations
and of like tenor as the portion of such global Security to be exchanged which (unless the Securities of such series are not issuable
both as Bearer Securities and as Registered Securities, in which case the definitive Securities exchanged for the global Security shall
be issuable only in the form in which the Securities are issuable, as specified as contemplated by Section 301) shall be in the form
of Bearer Securities or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof; PROVIDED,
HOWEVER, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities
of such series to be redeemed and ending on the relevant Redemption Date; and provided, further, that (unless otherwise specified as
contemplated by Section 301) no Bearer Security delivered in exchange for a portion of a global Security shall be mailed or otherwise
delivered to any location in the United States. Promptly following any such exchange in part, such global Security shall be returned
by the Trustee to such Depository or the U.S. Depository, as the case may be, or such other Depository or U.S. Depository referred to
above in accordance with the instructions of the Company referred to above. If a Registered Security is issued in exchange for any portion
of a global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and
before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before
the opening of business at such office or agency on the related proposed date for payment of interest or Defaulted Interest, as the case
may be, interest will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such
Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the
Person to whom interest in respect of such portion of such global Security is payable in accordance with the provisions of this Indenture.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
Securities endorsed thereon issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the
Company evidencing the same debt, and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered
upon such registration of transfer or exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Every
Registered Security presented or surrendered for registration of transfer or for exchange, redemption or conversion shall (if so required
by the Company or the Security Registrar for such series of Security presented) be duly endorsed, or be accompanied by a written instrument
of transfer in form satisfactory to the Company and such Security Registrar duly executed by the Holder thereof or his attorney duly
authorized in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
service charge shall be made for any registration of transfer or exchange, redemption or conversion of Securities, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Securities, other than exchanges pursuant to Section 305, 906 or 1107 not involving any transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise specified as contemplated by Section 301, the Company shall not be required (i) to issue, register the transfer of or exchange
any Securities of any series during a period beginning at the opening of business 15 days before the day of the selection for redemption
of Securities of such series under Section 1103 and ending at the close of business on the day of such selection, or (ii) to register
the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except in the case of any Security
to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security so selected for redemption except,
to the extent provided with respect to such Security, that such a Bearer Security may be exchanged for a Registered Security of that
series, provided that such Registered Security shall be immediately surrendered for redemption with written instruction for payment consistent
with the provisions of this Indenture or (iv) to issue, register the transfer of or exchange any Security which, in accordance with its
terms specified as contemplated by Section 301, has been surrendered for repayment at the option of the Holder, except the portion, if
any, of such Security not to be repaid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 307.
Mutilated, Destroyed, Lost and Stolen Securities</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any mutilated Security or a Security with a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions
of this Section 307, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of
the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with
Coupons corresponding to the Coupons, if any, appertaining to the surrendered Security.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
there be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security
or Coupon, and (ii) such Security or indemnity as may be required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security or Coupon has been acquired by a bona fide purchaser,
the Company shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon appertains with all appurtenant
Coupons not destroyed, lost or stolen, a new Security of the same series containing identical terms and of like principal amount and
bearing a number not contemporaneously outstanding, with Coupons corresponding to the Coupons, if any, appertaining to such destroyed,
lost or stolen Security or to the Security to which such destroyed, lost or stolen Coupon appertains.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing provisions of this Section 307, in case any such mutilated, destroyed, lost or stolen Security or Coupon has become or
is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or Coupon;
PROVIDED, HOWEVER, that payment of principal of (and premium, if any) and any interest on Bearer Securities shall, except as otherwise
provided in Section 1002, be payable only at an office or agency located outside the United States and, unless otherwise specified as
contemplated by Section 301, any interest on Bearer Securities shall be payable only upon presentation and surrender of the Coupons appertaining
thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Every
new Security of any series, with its Coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security
and its Coupons, if any, or the destroyed, lost or stolen Coupon shall constitute a separate obligation of the Company, whether or not
the destroyed, lost or stolen Security and its Coupons, if any, or the destroyed, lost or stolen Coupon shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that series and their Coupons, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 308.
Payment of Interest; Interest Rights Preserved</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise specified as contemplated by Section 301, interest on any Registered Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities)
is registered as of the close of business on the Regular Record Date for such interest. In case a Bearer Security of any series is surrendered
in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment for such
series) on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment
Date, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date and interest will not be payable
on such Interest Payment Date in respect of the Registered Security issued in exchange of such Bearer Security, but will be payable only
to the Holder of such Coupon when due in accordance with the provisions of this Indenture.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
interest on any Registered Security of any series which shall be payable, but shall not be punctually paid or duly provided for, on any
Interest Payment Date for such Registered Security (herein called &ldquo;Defaulted Interest&rdquo;) shall forthwith cease to be payable
to the Holder on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the
Company, at its election in each case, as provided in Clause (1) or (2) below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities affected (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Registered Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall
make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment. Money will be held in
trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon, the Trustee shall fix
a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company shall cause
notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid,
to each Holder of such Registered Securities at his address as it appears in the Security Register not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed
as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Registered Securities (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following
Clause (2). In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such series in exchange
for a Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the
opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall
be surrendered without the Coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed
date of payment in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder
of such Coupon when due in accordance with the provisions of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any Securities
exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by
the Company to the Trustee of the proposed payment pursuant to this Clause, such payment shall be deemed practicable by the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the option of the Company, interest on Registered Securities of any series that bear interest may be paid by mailing a check to the address
of the person entitled thereto as such address shall appear in the Security Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the foregoing provisions of this Section and Section 306, each Security delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 309.
Persons Deemed Owners</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prior
to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose
of receiving payment of principal of (and premium, if any), and (subject to Sections 306 and 308) interest on or any Additional Amounts
with respect to, such Registered Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered
Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to
the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, the Trustee and any agent of the Company or the Trustee may treat the bearer of any Bearer Security and the bearer of any Coupon
as the absolute owner of such Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all other
purposes whatsoever, whether or not any payment with respect to such Security or Coupon be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the contrary.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 310.
Cancellation</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
Securities and Coupons surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee or the Security Registrar, be delivered to the Trustee or the Security
Registrar, and any such Securities and Coupons and Securities and Coupons surrendered directly to the Trustee or the Security Registrar
for any such purpose shall be promptly cancelled by the Trustee or the Security Registrar, as the case may be. The Company may at any
time deliver to the Trustee or the Security Registrar for cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee
or the Security Registrar, as the case may be. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled
as provided in this Section, except as expressly permitted by this Indenture or as otherwise specified as contemplated by Section 301.
All cancelled Securities and Coupons held by the Trustee or the Security Registrar shall be returned to the Company by the Trustee or
the Security Registrar, as the case may be, upon a Company Order. The Trustee shall promptly notify the Company of all cancelled Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 311.
Computation of Interest</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be
computed on the basis of 360-day year of twelve 30-day months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 312.
CUSIP Numbers</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company in issuing the Securities may use &ldquo;CUSIP&rdquo; numbers (if then generally in use), and if so, the Trustee shall use &ldquo;CUSIP&rdquo;
numbers in notices of redemption as a convenience to Holders; PROVIDED that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the &ldquo;CUSIP&rdquo; numbers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SATISFACTION
AND DISCHARGE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 401.
Satisfaction and Discharge of Indenture</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the direction of the Company by a Company Order, this Indenture shall cease to be of further effect with respect to any series of Securities
specified in such Company Order (except as to any surviving rights of registration of transfer or exchange of Securities of such series
herein expressly provided for and any right to receive Additional Amounts, as provided in Section 1004), and the Trustee, on receipt
of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture as to such series, when</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (i) Coupons appertaining
to Bearer Securities of such series surrendered for exchange for Registered Securities of such series and maturing after such exchange,
whose surrender is not required or has been waived as provided in Section 306, (ii) Securities and Coupons of such series which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 307, (iii)&nbsp;Coupons appertaining to Securities
of such series called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided in
Section 1107, and (iv) Securities and Coupons of such series for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have
been delivered to the Trustee for cancellation; or</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Securities of such series and, in the case of (i) or (ii) below, any such Coupons appertaining thereto not theretofore delivered to the
Trustee for cancellation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;have
become due and payable, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will
become due and payable at their Stated Maturity within one year and such Securities are not convertible into other Securities, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
redeemable at the option of the Company, such Securities are not convertible into other Securities and are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">and
the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust
for the purpose, lawful money of the United States Government Obligations which through the payment of interest and principal or other
amounts in respect thereof in accordance with their terms will provide not later than the opening of business on the due dates of any
payment of principal (and premium, if any) and interest, or any Additional Amounts with respect thereto, or a combination thereof, in
an amount sufficient to pay and discharge the entire indebtedness on such Securities and Coupons not theretofore delivered to the Trustee
for cancellation, for principal (and premium, if any) and interest, or any Additional Amounts with respect thereto, to the date of such
deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event there are two or more Trustees hereunder, then the effectiveness of any such instrument shall be conditioned upon receipt of
such instruments from all Trustees hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 606 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section
402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 402.
Application of Trust Money</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 or this section
402 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the Coupons and this Indenture, to
the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal (and premium, if any) and any interest or any Additional Amounts for whose payment
such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required
by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
monies deposited with the Trustee pursuant to Section 401 (and held by it or any Paying Agent) for the payment of Securities subsequently
converted shall be returned to the Company upon Company Request.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 403.
Satisfaction, Discharge and Defeasance of Securities of Any Series</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
pursuant to Section 301 provision is made for defeasance of Securities of any series pursuant to Section 403, the Company shall be deemed
to have paid and discharged the entire indebtedness on all the Outstanding Securities of such series and the Trustee, at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and discharge of such indebtedness, when</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
                                            respect to all Outstanding Securities of such series and any Coupons appertaining thereto,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has deposited or caused to be deposited with the Trustee, as trust funds in trust for such purpose, an amount sufficient to pay
and discharge the entire indebtedness on all Outstanding Securities of such series for principal (and premium, if any), any Additional
Amounts, and interest to the Stated Maturity or any Redemption Date as contemplated by the penultimate paragraph of this Section 403,
as the case may be; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any series of Securities which are denominated in United States dollars, the Company has deposited or caused to be deposited
with the Trustee, as obligations in trust for such purpose, such amount of direct obligations of, or obligations the timely payment of
the principal of and interest on which are fully guaranteed by, the United States of America and which are not callable at the option
of the issuer thereof as will, together with the income to accrue thereon without consideration of any reinvestment thereof, be sufficient
to pay and discharge the entire indebtedness on all Outstanding Securities of such series for principal (and premium, if any), any Additional
Amounts, and interest to the stated Maturity or any Redemption Date as contemplated by the penultimate paragraph of this Section 403;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has properly fulfilled such other means of satisfaction and discharge as is specified, as contemplated by Section 301, to be
applicable to the Securities of such series; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered to the Trustee a certificate signed by a nationally recognized firm of Independent Public Accountants certifying
as to the sufficiency of the amounts deposited pursuant to subsections (A) (i) or (ii) of this Section for payment of the principal (and
premium, if any) and interest on the dates such payments are due, an Officers&rsquo; Certificate and an Opinion of Counsel, each such
Certificate and opinion stating that no Event of Default or event which with notice or lapse of time or both would become an Event of
Default with respect to such Securities shall have occurred and all conditions precedent herein provided for relating to the satisfaction
and discharge of the entire indebtedness on all Outstanding Securities of any such series have been complied with; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered to the Trustee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
ruling from the Internal Revenue Service or an opinion of independent counsel that the holders of the Securities of such series will
not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be
subject to Federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit,
defeasance and discharge had not occurred; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Securities of such series are then listed on the Nasdaq Global Market, an Opinion of Counsel that the Securities of such series will
not be delisted as a result of the exercise of this option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any deposits
with the Trustee referred to in subsection (1) (A) of this Section shall be irrevocable and shall be made under the terms of an escrow
trust agreement in form and substance satisfactory to the Trustee. If any Outstanding Securities of such series are to be redeemed prior
to their Stated Maturity, whether pursuant to any optional redemption or repayment provisions or in accordance with any mandatory sinking
fund requirement, the Company shall make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the satisfaction of the conditions set forth in this Section 403 with respect to all the Outstanding Securities of any series, the terms
and conditions of such series, including the terms and conditions with respect thereto set forth in this Indenture, other than the provisions
of Sections 306, 307, and 1002, other than the right of Holders of Securities and any Coupons of such series to receive, from the trust
fund described in this Section, payment of the principal (and premium, if any) of, the interest on or any Additional Amounts with respect
to such Securities and Coupons (if any) appertaining thereto when such payments are due, other than any right of conversion of such Securities
and the rights, powers, duties and immunities of the Trustee hereunder, shall no longer be binding upon, or applicable to, the Company
except those responsibilities and obligations which by the terms of the Indenture survive the termination of the Indenture; PROVIDED
that the Company shall not be discharged from any payment obligations in respect of Securities of such series which are deemed not to
be Outstanding under clause (iii) of the definition thereof if such obligations continue to be valid obligations of the Company under
applicable law.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 501.
Events of Default</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Event
of Default&rdquo;, wherever used herein with respect to Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or be effected by operation of law pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the payment of any interest upon or any Additional Amounts payable in respect of any Security of such series when such interest becomes
or Additional Amounts become due and payable, and continuance of such default for a period of 30 days; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the payment of the principal of (and premium, if any, on) any Security of that series when it becomes due and payable at Maturity;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the performance, or breach, of any covenant or warranty of the Company in this Indenture or the Securities (other than a covenant
or warranty a default in the performance or the breach of which is elsewhere in this Section specifically dealt with or which has been
expressly included in this Indenture solely for the benefit of a series of Securities other than such series), and continuance of such
default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee
or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a &ldquo;Notice of Default&rdquo;
hereunder; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
any event of default as defined in any mortgage, indenture or instrument under which there may be issued, or by which there may be secured
or evidenced, any indebtedness of the Company or the Subsidiary Bank for money borrowed, whether such indebtedness now exists or shall
hereafter be created, shall happen and shall result in such indebtedness in principal amount in excess of $25,000,000 becoming or being
declared due and payable prior to the date on which it would otherwise become due and payable, and such acceleration shall not be rescinded
or annulled, or such indebtedness shall not have been discharged, within a period of 30 days after there shall have been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount
of the outstanding Securities of such series, a written notice specifying such event of default and requiring the Company to cause such
acceleration to be rescinded or annulled or to cause such indebtedness to be discharged and stating that such notice is a &ldquo;Notice
of Default&rdquo; hereunder; or</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or the Subsidiary Bank in
an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, and adjudging it a bankrupt
or insolvent or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or
the Subsidiary Bank or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and such decree
or order shall remain unstayed and in effect for a period of 60 consecutive days; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or the Subsidiary Bank shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or shall consent to the entry of an order for relief in any involuntary case under any such law, or shall consent
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official)
of the Company or the Subsidiary Bank or for any substantial part of its property, or shall make any general assignment for the benefit
of creditors, or shall fail generally to pay its debts as they become due or shall take any corporate action in furtherance of any of
the foregoing; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other Event of Default provided with respect to Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 502.
Acceleration of Maturity; Rescission and Annulment</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an Event of Default with respect to Securities of any series at the time outstanding occurs and is continuing, then the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal of all the Securities
of that series, or such lesser amount as may be provided for in the Securities of that series, to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or such
lesser amount shall become immediately due and payable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree
for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a
majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind
and annul such declaration and its consequences if</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has paid or deposited with the Trustee a sum sufficient to pay</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
overdue installments of interest on and any Additional Amounts payable in respect of all Securities of such&nbsp;series,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal of (and premium, if any, on) any Securities of such series which have become due otherwise than by such declaration of acceleration
and interest thereon at the rate or rates borne by or provided for in such Securities,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent that payment of such interest is lawful, interest upon overdue installments of interest or any Additional Amounts at the rate
or rates borne by or provided for in such Securities, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel as provided in Section 606 hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Events of Default with respect to Securities of such series, other than the non-payment of the principal of Securities of that series
which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
such rescission shall affect any subsequent default or impair any right consequent thereon.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 503.
Collection of Indebtedness and Suits For Enforcement By Trustee</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company covenants that if</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
is made in the payment of any installment of interest on or any Additional Amounts payable in respect of any Security when such interest
or Additional Amounts shall have become due and payable and such default continues for a period of 30 days, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
is made in the payment of the principal of (or premium, if any, on) any Security at its Maturity,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">then the Company
will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities and any Coupons appertaining thereto,
the whole amount then due and payable on such Securities and Coupons for principal (and premium, if any) and interest or Additional Amounts,
if any, with interest upon the overdue principal (and premium, if any) and, to the extent that payment of such interest shall be legally
enforceable, upon overdue installments of interest or any Additional Amounts, at the rate or rates borne by or provided for in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final
decree, and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such series and any Coupons appertaining thereto by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 504.
Trustee May File Proofs of Claim</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company
for the payment of any overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
file and prove a claim for the whole amount or such lesser amount as may be provided for in the Securities of such series, of principal
(and premium, if any) and interest and any Additional Amounts owing and unpaid in respect of the Securities and any Coupons appertaining
thereto and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) and of the Holders
allowed in such judicial proceeding, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the&nbsp;same;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Holder of Securities or Coupons to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders of Securities or Coupons, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under
Section 606.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a
Security or Coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or Coupons or the rights
of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or Coupon in any such
proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 505.
Trustee May Enforce Claims Without Possession of Securities or Coupons</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
rights of action and claims under this Indenture or any of the Securities or coupons may be prosecuted and enforced by the Trustee without
the possession of any of the Securities or Coupons or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision
for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be
for the ratable benefit of the Holders of the Security and Coupon in respect of which such judgment has been recovered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 506.
Application of Money Collected</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal (and premium, if any), interest or any Additional Amounts, upon
presentation of the Securities or Coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">FIRST:</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
                                            the payment of all amounts due the Trustee and any predecessor Trustee under Section 606;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECOND:</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
                                            the payment of the amounts then due and unpaid upon the Securities and Coupons for principal
                                            (and premium, if any) and interest or any Additional Amounts payable in respect of which
                                            or for the benefit of which such money has been collected, ratably, without preference or
                                            priority of any kind, according to the aggregate amounts due and payable on such Securities
                                            and Coupons for principal (and premium, if any), interest or any Additional Amounts, respectively;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
balance, if any, to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 507.
Limitation on Suits</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
Holder of any Security of any series or any related Coupons shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Holder or Holders have offered indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred
in compliance with such request;</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of such series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">it being understood
and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any
other series, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of all such Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 508.
Unconditional Right of Holders to Receive Principal, Premium, Interest and Additional Amounts</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
any other provision in this Indenture, the Holder of any Security or coupon shall have the right, which is absolute and unconditional,
to receive payment of the principal of (and premium, if any) and (subject to Sections 306 and 308) interest on or any Additional Amounts
in respect of such Security or payment of such Coupon on the respective Stated Maturity or Maturities specified in such Security or Coupon
(or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 509.
Restoration of Rights and Remedies</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the Trustee or any Holder of a Security or Coupon has instituted any proceeding to enforce any right or remedy under this Indenture and
such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder,
then and in every such case the Company, the Trustee and each such Holder shall, subject to any determination in such proceeding, be
restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each
such Holder shall continue as though no such proceeding had been instituted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 510.
Rights and Remedies Cumulative</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the
last paragraph of Section 307, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of a Security or
Coupon is intended to be exclusive of any other right or remedy, and every right and remedy, to the extent permitted by law, shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 511.
Delay or Omission Not Waiver</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
delay or omission of the Trustee or of any Holder of any Security or coupon to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Trustee or to the Holders of Securities or Coupons may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders of Securities or Coupons, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 512.
Control by Holders</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Securities of such series and any Coupons appertaining thereto, PROVIDED that</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
direction shall not be in conflict with any rule of law or with this Indenture,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
direction is not unduly prejudicial to the rights of other Holders of Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 513.
Waiver of Past Defaults</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Holders of not less than a majority in principal amount of the outstanding Securities of any series may on behalf of the Holders of all
the Securities of such series and any Coupons appertaining thereto waive any past default hereunder with respect to such series and its
consequences, except a default</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the payment of the principal of (and premium, if any) or interest on or Additional Amounts payable in respect of any Security of such
series or any Coupons appertaining thereto, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of
each Outstanding Security of such series affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon any such
waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 514.
Waiver of Stay or Extension Laws</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>THE
TRUSTEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 601.
Notice of Defaults</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Within
90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit to the
Holders in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, notice of such default hereunder known
to a Responsible Officer of the Trustee, unless such default shall have been cured or waived; PROVIDED, HOWEVER, that, except in the
case of a default in the payment of the principal of (or premium, if any) or interest on, or any Additional Amounts with respect to,
any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee
shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee
of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests
of the Holders of Securities and Coupons of such series; and PROVIDED further, that in the case of default of the character specified
in Section 501(4) with respect to Securities of such series, no such notice to Holders shall be given until at least 60 days after the
occurrence thereof. For the purpose of this Section, the term &ldquo;default&rdquo; means any event which is, or after notice or lapse
of time or both would become, an Event of Default, with respect to Securities of such series.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 602.
Certain Rights of Trustee</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the provisions of Sections 315(a) through 315(d) of the Trust Indenture Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, or other paper or document reasonably
believed by it to be genuine and to have been signed or presented by the proper party or parties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or a Company Order (other than
delivery of any Security, together with any Coupons appertaining thereto to the Trustee for authentication and delivery pursuant to Section
304 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced
by a Board Resolution or Board Resolutions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, conclusively rely upon an Officers&rsquo; Certificate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities of any series or any Coupons appertaining thereto pursuant to this Indenture, unless such Holders
shall have offered to the Trustee reasonable Security or indemnity satisfactory to it against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or
by agent or attorney at the sole cost to the Company and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be liable for any action taken, suffered, omitted to be taken by it in good faith and reasonably believed by it to
be authorized or within the discretion or rights or powers conferred upon it by this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be deemed to have knowledge or notice of any default or Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a default or Event of Default is received by
the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other
Person employed to act hereunder.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 603.
Not Responsible for Recitals or Issuance of Securities</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
recitals contained herein and, in the Securities, except the Trustee&rsquo;s certificate of authentication, and in any coupons shall
be taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or Coupons, except that
the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its
obligations hereunder and that the statements made by it in a Statement of Eligibility and Qualification on Form T-l supplied to the
Company are true and accurate, subject to the qualifications set forth therein. The Trustee or any Authenticating Agent shall not be
accountable for the use or application by the Company of Securities or the proceeds thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 604.
May Hold Securities</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other Person that may be an agent of the Trustee or
the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and Coupons and, subject to Sections
310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar or such other Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 605.
Money Held in Trust</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Money
held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law and shall be held
uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 606.
Compensation and Reimbursement</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company agrees</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
pay to the Trustee from time to time such compensation for all services rendered by it hereunder as shall be mutually agreed upon by
the Company and the Trustee in writing (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable
expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its
negligence or bad faith; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
indemnify each of the Trustee and any predecessor Trustee and its agents for, and to hold them harmless against, any loss, liability,
claim, damage or expense including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred
without negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise
or performance of any of their powers or duties hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
Security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities
of any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal
of (or premium, if any) or interest on Securities. When the Trustee incurs expenses or renders services after an Event of Default occurs,
the expenses and compensation for the services of the Trustee are intended to constitute expenses of administration under any bankruptcy
law or any similar federal or state law for the relief of debtors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of this Section 606 shall survive the termination of this Indenture and the resignation or removal of the Trustee.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 607.
Corporate Trustee Required; Eligibility; Conflicting Interests</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
shall at all times be a Trustee hereunder that is a corporation permitted by Section 310(a) (1) and (5) of the Trust Indenture Act to
act as trustee under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section 310(a)
(2) of the Trust Indenture Act) of at least $50,000,000. If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. If the
Trustee has or shall acquire any conflicting interest, as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities
of any series, the Trustee shall take such action as is required pursuant to said Section 310 (b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 608.
Resignation and Removal; Appointment of Successor</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee pursuant to Section 609.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within 30
days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of
competent jurisdiction for the appointment of a successor Trustee with respect to such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series, delivered to the Trustee and the Company. If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee being removed
may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect
to the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act after written request
therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company or by any
such Holder of a Security, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">then, in any
such case, (a) the Company, by or pursuant to Board Resolution, may remove the Trustee with respect to all Securities, or (b) subject
to Section 315(c) of the Trust Indenture Act any Holder of a Security who has been a bona fide Holder of a Security of any series for
at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company, by or pursuant to Board Resolutions, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 609. If, within one
year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of Section 609, become the successor Trustee with respect to the Securities of such series
and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of
any series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner required by
Section 609, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage
prepaid, to the Holders of Registered Securities, if any, of such series as their names and addresses appear in the Security Register
and, if Securities of such series are issued as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper
in each Place of Payment located outside the United States. Each notice shall include the name of the successor Trustee with respect
to the Securities of such series and the address of its Corporate Trust Office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 609.
Acceptance of Appointment by Successor</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall
execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company and/or
the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section
606.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust
or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any notice given to, or received
by, or any act or failure to act on the part of any other Trustee hereunder, and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee
shall with respect to the Securities of that or those series to which the appointment of such successor Trustee relates have no further
responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under
this Indenture other than as hereinafter expressly set forth, and each such successor Trustee without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture,
the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case
may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 610.
Merger, Conversion, Consolidation or Succession to Business</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall
be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 611.
Appointment of Authenticating Agent</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee may appoint an Authenticating Agent or Authenticating Agents, which may be an Affiliate of the Company, with respect to one or
more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of that or those series
issued upon original issue or exchange, registration of transfer or partial redemption thereof or pursuant to Section 307, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee&rsquo;s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Authenticating Agent shall be acceptable to the Company and, except as specified as contemplated by Section 301, shall at all times be
a corporation that would be permitted by Section 310(a) (1) and (5) of the Trust Indenture Act to be able to act as a trustee under an
indenture qualified under the Trust Indenture Act, is authorized under applicable law and by its charter to act as such and that has
a combined capital and surplus (computed in accordance with Section 310(a) (2) of the Trust Indenture Act) of not less than $50,000,000.
If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this Section. If the Authenticating Agent has or shall
acquire any conflicting interest, as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities of any series,
the Authenticating Agent shall take action as is required pursuant to said Section 310 (b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such
corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part
of the Trustee or the Authenticating Agent.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Company and shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered
Securities, if any, of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in
the Security Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at least
once in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal office if such office is located
outside the United States. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company agrees to pay each Authenticating Agent from time to time reasonable compensation for its services under this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of Sections 309, 603 and 604 shall be applicable to each Authenticating Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon,
in addition to or in lieu of the Trustee&rsquo;s certificate of authentication, an alternate certificate of authentication in the following
form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
certificate represents Securities of the series designated herein referred to in the within-mentioned Indenture.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; margin-bottom: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: </FONT></TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">not in its individual capacity but solely as Trustee</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.5in; width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="text-indent: 0.5in; width: 53%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As Authenticating Agent </FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory </FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
all of the Securities of any series may not be originally issued at one time, and if the Trustee does not have an office capable of authenticating
Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated
upon original issuance, the Trustee, if so requested in writing (which writing need not comply with Section 102) by the Company, shall
appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by the Company with
respect to such series of Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>HOLDERS&rsquo;
LISTS AND REPORTS BY TRUSTEE AND COMPANY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 701.
Company to Furnish Trustee Names and Addresses of Holders</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
accordance with Section 312(a) of the Trust Indenture Act, the Company will furnish or cause to be furnished to the Trustee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;semi-annually,
not later than 15 days after the Regular Record Date for interest for each series of Securities, a list, in such form as the Trustee
may reasonably require, of the names and addresses of the Holders of Registered Securities of such series as of such Regular Record Date,
or if there is no Regular Record Date for interest for such series of Securities, semi-annually, upon such dates as are set forth in
the Board Resolution or indenture supplemental hereto authorizing such series, and</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time such list is furnished,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>provided,
however</I>, that so long as the Trustee is the Security Registrar no such list shall be required to be furnished.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 702.
Preservation of Information; Communications to Holders</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
Holder of Securities or Coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company
nor the Trustee nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the disclosure of any such information
as to the names and addresses of the Holders of Securities in accordance with Section 312 of the Trust Indenture Act, regardless of the
source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 703.
Reports by Trustee</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
60 days after May 15 of each year commencing with the year following the first issuance of Securities pursuant to Section 301, if required
by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit pursuant to Section 313(c) of the Trust Indenture Act a brief
report dated as of such May 15 with respect to any of the events specified in said Section 313(a) which may have occurred since the later
of the immediately preceding May 15 and the date of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports
pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections 313(c) and (d) of the Trust Indenture
Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 704.
Reports by Company</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, pursuant to Section 314(a) of the Trust Indenture Act, shall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
with the Trustee, within 15 days after the Company actually files the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant to either
of said Sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time
to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to
Section 13 of the Securities Exchange Act of 1934 in respect of a Security listed and registered on a national Securities exchange as
may be prescribed from time to time in such rules and regulations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional
information, documents and reports with respect to compliance by the Company with respect to compliance by such obligor with the conditions
and covenants of this Indenture as may be required from time to time by such rules and regulations; and</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transmit
within 30 days after the actual filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of the Trust
Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1)
and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transmit
within 90 days of December 31 of each year to the Trustee, a brief certificate from the principal executive officer, principal financial
officer or principal accounting officer of the Company as to his or her knowledge of such obligor&rsquo;s compliance with all conditions
and covenants under the Indenture as determined without regard to any period of grace or requirement of notice provided under the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee&rsquo;s receipt of such
shall not constitute constructive or other notice of any information contained therein or determinable from information contained therein,
including the Company&rsquo;s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officers&rsquo; Certificates).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONSOLIDATION,
MERGER AND SALES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 801.
Company May Consolidate Etc., Only on Certain Terms</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nothing
contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with or into any other
Person or Persons (whether or not affiliated with the Company), or successive consolidations or mergers in which the Company or its successor
or successors shall be a party or parties, or shall prevent any conveyance, transfer or lease of the property of the Company as an entirety
or substantially as an entirety, to any other Person (whether or not affiliated with the Company); PROVIDED, HOWEVER, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
case the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially
as an entirety to any Person, the entity formed by such consolidation or into which the Company is merged or the Person which acquires
by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly
assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed and delivered by
the successor Person to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium,
if any) and interest on or any Additional Amounts in respect of all the Securities and the performance of every other covenant of this
Indenture on the part of the Company to be performed or observed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a
result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default,
and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the successor Person has delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating
that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all
conditions precedent herein provided for relating to such transaction have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 802.
Successor Corporation Substituted for Company</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
any consolidation or merger or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety
to any Person in accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or
to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter,
except in the case of a lease to another Person, the predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities and the Coupons.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SUPPLEMENTAL
INDENTURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 901.
Supplemental Indentures Without Consent of Holders</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Without
the consent of any Holders of Securities or Coupons, the Company, when authorized by Board Resolutions, and the Trustee, at any time
and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the
following purposes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company herein
and in the Securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be
for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit
of such series) or to surrender any right or power herein conferred upon the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change
or eliminate any restrictions on the payment of principal (or premium, if any) on Registered Securities or of principal (or premium,
if any) or any interest on Bearer Securities, to permit Registered Securities to be exchanged for Bearer Securities or to permit or facilitate
the issuance of Securities in uncertified form, PROVIDED any such action shall not adversely affect the interests of the Holders of Securities
of any series or any Coupons appertaining thereto in any material respect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
establish the form or terms of Securities of any series and any Coupons appertaining thereto as permitted by Sections 201 and 301;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 609 (b);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein,
or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with
the provisions of this Indenture and which shall not adversely affect the interest of the Holders of Securities of any series or any
related coupons in any material respect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue, authentication
and delivery of Securities, as herein set forth;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add any additional Events of Default;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to conform the obligations of the Company
and the Trustee under this Indenture to the obligations imposed on such Persons hereunder pursuant to the Trust Indenture Act or under
any similar federal statute hereafter enacted and rules or regulations of the Commission thereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
make provisions with respect to the conversion rights of Holders of Convertible Securities pursuant to the requirements of Section 1506;
or</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to, change or eliminate any of the provisions of this Indenture in respect to one or more series of Securities; provided, however,
that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series issued prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such pre-existing
series of any Security with respect to the application of such provision to such pre-existing series of a Security or (ii) shall become
effective only when there is no such pre-existing series of a Security outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 902.
Supplemental Indentures with Consent of Holders</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">With
the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by Board Resolutions,
and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities
of such series under this Indenture; PROVIDED, HOWEVER, that no such supplemental Indenture shall, without the consent of the Holder
of each Outstanding Security affected thereby, shall</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change
the Stated Maturity of the principal of, or any installment of interest on, any Security, or reduce the principal amount thereof or the
rate of interest thereon or any Additional Amounts payable in respect thereof, or any premium payable upon the redemption thereof, or
change the obligation of the Company to pay Additional Amounts pursuant to Section 1004 (except as contemplated by Section 801(1) and
permitted by Section 901(1)), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change the Place of Payment, coin or currency
in which any Security or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of
any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements of Section 1404 for
quorum or voting, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify
any of the provisions of this section, or Sections 512, 513 or Section 1011, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may, but shall not be obligated to, fix a record date for the purposes of determining the Persons entitled to consent to any
indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only
such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders after such record
date; PROVIDED, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior
to the date which is 90 days after such record date, any such consent previously given shall automatically and without further action
by any Holder be cancelled and of no further effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such
series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders
of Securities of any other series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
shall not be necessary for any Act of Holders of Securities under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 903.
Execution of Supplemental Indentures</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trust created by this Indenture, the Trustee shall be provided with, and (subject to Section 315 of the
Trust Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that it complies with the terms of this Indenture. The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects the Trustee&rsquo;s own rights, duties or immunities under
this Indenture or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 904.
Effect of Supplemental Indentures</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated
and delivered hereunder and of any Coupons appertaining thereto shall be bound thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 905.
Conformity with Trust Indenture Act</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Every
supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 906.
Reference in Securities to Supplemental Indentures</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.
If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company,
to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange
for Outstanding Securities of such series.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1001.
Payment of Principal, Premium, If Any, and Interest</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company covenants and agrees for the benefit of the Holders of each series of Securities that it will duly and punctually pay the principal
of (and premium, if any), interest on or any Additional Amounts payable in respect of the Securities of that series in accordance with
the terms of such series of Securities, any Coupons appertaining thereto and this Indenture. Any interest due on and any Additional Amounts
payable in respect of Bearer Securities on or before Maturity, other than Additional Amounts, if any, payable as provided in Section
1004 in respect of principal of (or premium, if any, on) such a Security, shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they severally mature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1002.
Maintenance of Office or Agency</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of such series (but
not Bearer Securities, except as otherwise provided below, unless such Place of Payment is located outside the United States) may be
presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities
of a series are issuable as Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable thereto, an
office or agency in a Place of Payment for such series which is located outside the United States where Securities of such series and
the related Coupons may be presented and surrendered for payment (including payment of any Additional Amounts payable on Securities of
such series pursuant to Section 1004); PROVIDED, HOWEVER, that if the Securities of such series are listed on The Stock Exchange of the
United Kingdom and the Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange located outside the United States
and such stock exchange shall so require, the Company will maintain a Paying Agent in London, Luxembourg or any other required city located
outside the United States, as the case may be, so long as the Securities of such series are listed on such exchange. The Company will
give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the
Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, except that Bearer
Securities of that series and the related Coupons may be presented and surrendered for payment (including payment of any Additional Amounts
payable on Bearer Securities of that series pursuant to Section 1004) at the place specified for the purpose pursuant to Section 301,
and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise specified as contemplated by Section 301, no payment of principal, premium or interest on Bearer Securities shall be made
at any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer to
an account maintained with a bank located in the United States; PROVIDED, HOWEVER, payment of principal of and any premium and interest
in U.S. dollars (including Additional Amounts payable in respect thereof) on any Bearer Security may be made at the Corporate Trust Office
or any office or agency designated by the Company if (but only if) payment of the full amount of such principal, premium, interest or
Additional Amounts at all offices outside the United States maintained for the purpose by the Company in accordance with this Indenture
is illegal or effectively precluded by exchange controls or other similar restrictions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; PROVIDED, HOWEVER, that no
such designation or rescission shall in any manner relieve the Company of their obligation to maintain an office or agency in each Place
of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency. Unless otherwise specified as contemplated by Section
301, the Company hereby designates as the Place of Payment for each series the Corporate Trust Office of the Trustee. Pursuant to Section
301(9) of this Indenture, the Company may subsequently appoint a place or places where such Securities may be payable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1003.
Money for Securities Payments to Be Held in Trust</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date
of the principal of (and premium, if any), or interest on, any of the Securities of that series, segregate and hold in trust for the
benefit of the Person entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action
or failure so to act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal
of (and premium, if any), or interest on, any Securities of that series, deposit with any Paying Agent a sum sufficient to pay the principal
(and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument
in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hold
all sums held by it for the payment of the principal of (and premium, if any) or interest on Securities of that series in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;give
the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment
of principal (and premium, if any) or interest on the Securities of that series; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so
held in trust by such Paying Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay,
or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums
to be held by the Trustee upon the same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon
such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such
money.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise provided hereby or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of (and premium, if any) or interest and Additional Amounts on any Security of any series and
remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to
the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security
or any Coupon appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or such Paying Agent, before being required to make any such repayment, may
at the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment for such series or to be
mailed to Holders of Registered Securities for such series, or both, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication or mailing nor shall it be later than two years
after such principal (and premium, if any) or interest has become due and payable, any unclaimed balance of such money then remaining
will be repaid to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1004.
Additional Amounts</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Securities of a series provide for the payment of Additional Amounts, the Company agrees to pay to the Holder of any such Security
of any such series or any Coupon appertaining thereto Additional Amounts as provided therein. Whenever in this Indenture there is mentioned,
in any context, the payment of the principal of (or premium, if any) or interest on, or in respect of, any Security of any series or
any related Coupon or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to
include mention of the payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the
extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms and express
mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional
Amounts in those provisions hereof where such express mention is not made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise provided herein or pursuant hereto, if the Securities of a series provide for the payment of Additional Amounts, at least
10 days prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities of that series shall
not bear interest prior to Maturity, the first day on which a payment of principal (and premium, if any, is made)), and at least 10 days
prior to each date of payment of principal (and premium, if any) or interest if there has been any change with respect to the matters
set forth in the below-mentioned Officers&rsquo; Certificate, the Company will furnish the Trustee and the principal Paying Agent or
Paying Agents, if other than the Trustee, an Officers&rsquo; Certificate instructing the Trustee and such Paying Agent or Paying Agents
whether such payment of principal (and premium, if any) of or interest on the Securities of that series shall be made to Holders of Securities
of that series or the Coupons appertaining thereto who are United States Aliens without withholding for or on account of any tax, assessment
or other governmental charge described in the Securities of that series. If any such withholding shall be required, then such Officers&rsquo;
Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities or Coupons
and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by this Section. The Company covenants
to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred
without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance
on any Officers&rsquo; Certificate furnished pursuant to this Section.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1005.
Statement as to Compliance; Notice of Certain Defaults</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will, in addition to the reports required by Section 704(4), deliver to the Trustee, within 120 days after the end of each fiscal
year (which on the date hereof ends on December 31), commencing December 31, 2013, a written statement, which need not comply with Section
102, signed by the Chairman of the Board of Directors, a Deputy Chairman, Vice Chairman, the President or a Vice President and by the
Treasurer or an Assistant Treasurer of the Company, stating, as to each signer thereof, that</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
review of the activities of the Company during such year and of performance under this Indenture has been made under his supervision,
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the best of his knowledge, based on such review, (a) the Company has fulfilled all of its obligations under this Indenture throughout
such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to him and the
nature and status thereof, and (b) no event has occurred and is continuing which is, or after notice or lapse of time or both would become,
an Event of Default, or, if such an event has occurred and is continuing, specifying each such event known to him and the nature and
status thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will deliver to the Trustee as soon as possible, and in any event, within five days after the occurrence thereof, written notice
of any event which after notice or lapse of time or both would become an Event of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1006.
Limitation on Liens</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will not pledge, mortgage or hypothecate, or permit to exist any pledge, mortgage or hypothecation or other lien upon, any shares
of Capital Stock of the Subsidiary Bank to secure any indebtedness for borrowed money without making effective provisions whereby the
Securities shall be equally and ratably secured with any and all such indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case the Company shall propose to pledge, mortgage, or hypothecate any such shares of Capital Stock at any time owned by it to secure
any indebtedness, the Company will prior thereto give written notice thereof to the Trustee and will prior to or simultaneously with
such pledge, mortgage or hypothecation, by supplemental indenture delivered to the Trustee, in form satisfactory to it, effectively secure
all the Securities equally and ratably with such indebtedness, by pledge, mortgage or hypothecation of such shares of Capital Stock.
Such supplemental indenture shall contain the provisions concerning the possession, control, release and substitution of mortgaged and
pledged property and Securities and other appropriate matters which are required or are permitted by the Trust Indenture Act (as in effect
at the date of execution of such supplemental indenture) to be included in a secured indenture qualified under said Trust Indenture Act,
and may also contain such additional and amendatory provisions permitted by said Trust Indenture Act as the Company and the Trustee shall
deem advisable or appropriate or as the Trustee shall deem necessary in connection with such pledge, mortgage or hypothecation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1007.
Limitation on Certain Acquisitions</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will not (a) acquire Capital Stock of any corporation or (b) acquire substantially all the assets and liabilities of any corporation,
if, immediately upon giving effect to such acquisition, the Company would not then be in full compliance with all the terms, conditions
and covenants contained in this Indenture.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1008.
Payment of Taxes and Other Claims</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments
and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company
or any Subsidiary, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the
property of the Company or any subsidiary; PROVIDED, HOWEVER, that the Company shall not be required to pay or discharge or cause to
be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith
by appropriate proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1009.
Corporate Existence</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence, rights (charter and statutory) and franchises and the corporate existence, rights (charter and statutory) and franchises of
the Subsidiary Bank; PROVIDED, HOWEVER, that the Company shall not be required to preserve any such corporate existence, right or franchise
if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and
its Subsidiaries considered as a whole and that the loss thereof is not disadvantageous in any material respect to the Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1010.
Waiver of Certain Covenants</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 1006, 1007 and 1008
with respect to the Securities of any series if before the time for such compliance the Holders of at least a majority in principal amount
of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally
waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties
of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1011.
Calculation of Original Issue Discount</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original
issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such
other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986,
as amended from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REDEMPTION
OF SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1101.
Applicability of Article</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Redemption
of Securities of any series at the option of the Company as permitted or required by the terms of such Securities shall be made in accordance
with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1102.
Election to Redeem; Notice To Trustee</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
election of the Company to redeem any Securities shall be evidenced by Board Resolution. In case of any redemption at the election of
the Company of the Securities of any series, with the same issue date, interest rate and Stated Maturity, the Company shall, at least
60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1103.
Selection by Trustee of Securities to be Redeemed</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
less than all the Securities of any series with the same issue date, interest rate, Stated Maturity and other terms are to be redeemed,
the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the
Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate
and which may provide for the selection for redemption of portions of the principal amount of Registered Securities of such series; PROVIDED,
HOWEVER, that no such partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not
redeemed to less than the minimum denomination for a Security of such series established herein pursuant hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Convertible Security selected for partial redemption is converted in part before termination of the conversion right with respect
to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion
selected for redemption. Securities which have been converted during a selection of Securities to be redeemed shall be treated by the
Trustee as Outstanding for the purpose of such selection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which
has been or is to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1104.
Notice of Redemption</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notice
of redemption shall be given in the manner provided in Section 106, not less than 30 nor more than 60 days prior to the Redemption Date,
unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice
by mailing in the manner herein provided to the Holder of any Registered Securities designated for redemption as a whole or in part,
or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities
or portion thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
notice that is mailed to the Holder of any Registered Securities in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not such Holder receives the notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
notices of redemption shall state:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Redemption Date,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Redemption Price,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
less than all outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the
principal amount) of the particular Securities to be redeemed,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
case any Registered Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after
the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Registered Security
or Registered Securities of authorized denominations for the principal amount thereof remaining unredeemed,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of Convertible Securities, the Conversion Price then in effect, the date on which the right to convert the principal amount
of the Securities or the portions thereof to be redeemed will terminate and the place or places where such Securities may be surrendered
for conversion,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed only, as to Bearer Securities,
against tender of such Security and any Coupons appertaining thereto, and, if applicable, that interest thereon and Additional Amounts,
if any, shall cease to accrue on and after said date,</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
place or places where such Securities, together, in the case of Bearer Securities with all Coupons appertaining thereto, if any, maturing
after the Redemption Date, are to be surrendered for payment of the Redemption Price,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the redemption is for a sinking fund, if such is the case, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
CUSIP number, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
notice of redemption published as contemplated by Section 106 need not identify particular Registered Securities to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notice
of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company&rsquo;s request,
by the Trustee in the name and at the expense of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1105.
Deposit of Redemption Price</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price
of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts with respect
thereto, all the Securities or portions thereof which are to be redeemed on that date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Convertible Security or portion thereof called for redemption is converted pursuant to Article Fifteen, any money deposited with
the Trustee or so segregated and held in trust for the redemption of such Security or portion thereof shall (subject to any right of
the Holder of the Security on a Regular Record Date preceding such conversion to receive interest) be paid to the Company upon Company
Request or, if then held by the Company, shall be discharged from such trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1106.
Securities Payable on Redemption Date</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption
Price and accrued interest) such Securities shall cease to bear interest and the Coupons for such interest appertaining to any Bearer
Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for redemption
in accordance with said notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security
shall be paid by the Company at the Redemption Price, together with accrued interest (or any Additional Amounts) to the Redemption Date;
PROVIDED, HOWEVER, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall
be payable only upon presentation and surrender of coupons for such interest (at an office or agency located outside the United States
except as otherwise provided in Section 1002), and PROVIDED, FURTHER, that installments of interest on Registered Securities whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the Regular Record Dates according to their terms and the provisions of Section 308.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date,
such Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing Coupons, or
the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there be furnished to them such Security
or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall
surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption
Price, such Holder shall be entitled to receive the amount so deducted; PROVIDED, HOWEVER, that interest (or any Additional Amounts)
represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside
of the United States except as otherwise provided in Section 1002.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1107.
Securities Redeemed in Part</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
Registered Security which is to be redeemed only in part shall be surrendered at any office or agency of the Company maintained for that
purpose pursuant to Section 1002 (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing)
and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a
new Registered Security or Securities of the same series, containing identical terms and provisions, of any authorized denomination as
requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security
so surrendered. If a Security in global form is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver
to the U.S. Depository or other depository for such Security in global form as shall be specified in the Company Order with respect thereto
to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange for the unredeemed portion
of the principal of the Security in global form so surrendered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1108.
Conversion Arrangements on Call for Redemption</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
anything to the contrary contained in this Indenture, in connection with any redemption of Convertible Securities of any series, the
Company, by an agreement with one or more investment bankers or other purchasers, may arrange for such purchasers to purchase all such
Convertible Securities called for redemption (the &ldquo;Called Securities&rdquo;) which are either (i) surrendered for redemption or
(ii) not duly surrendered for redemption or conversion prior to the close of business on the Redemption Date, and to convert the same
into shares of Common Stock, by the purchasers&rsquo; depositing with the Trustee (acting as Paying Agent with respect to the deposit
of such amount and as conversion agent with respect to the conversion of such Called Securities), in trust for the Holders of the Called
Securities, on or prior to the Redemption Date in the manner agreed to by the Company and such purchasers, an amount sufficient to pay
the Redemption Price, payable by the Company on redemption of such Called Securities. In connection with any such arrangement for purchase
and conversion, the Trustee as Paying Agent shall pay on or after the Redemption Date such amounts so deposited by the purchasers in
exchange for Called Securities surrendered for redemption prior to the close of business on the Redemption Date and for all Called Securities
surrendered after such Redemption Date. Notwithstanding anything to the contrary contained in this Article Eleven, the obligation of
the Company to pay the Redemption Price of such Called Securities shall be satisfied and discharged to the extent such amount is so paid
by such purchasers. However, nothing in this Section 1108 shall in any way relieve the Company of the obligation to pay such Redemption
Price on all Called Securities to the extent such amount is not so paid by said purchasers. For all purposes of this Indenture, any Called
Securities surrendered by the Holders for redemption, and any Called Securities not duly surrendered for redemption or conversion prior
to the close of business on the Redemption Date, shall be deemed acquired by such purchasers from such Holders and surrendered by such
purchasers for conversion and shall in all respects be deemed to have been converted, all as of immediately prior to the close of business
on the Redemption Date, subject to the deposit by the purchasers of the above amount as aforesaid. Nothing in this Section 1108 shall
in any way limit the right of any Holder of a Security to convert his Security pursuant to the terms of this Indenture and of such Security
at any time prior to the close of business on the Redemption Date applicable thereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SINKING
FUNDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1201.
Applicability of Article</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise
permitted or required by any form of Security of such series issued pursuant to this Indenture.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a &ldquo;mandatory
sinking fund payment&rdquo;, and any payment in excess of such minimum amount provided for by the terms of Securities of such series
is herein referred to as an &ldquo;optional sinking fund payment&rdquo;. If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1202.
Satisfaction of Sinking Fund Payments with Securities</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series to be made
pursuant to the terms of such Securities as provided for by the terms of such series (1) deliver Outstanding Securities of such series
(other than any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have been
released to the Company), together in the case of any Bearer Securities of such series with all unmatured Coupons appertaining thereto,
and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant to the terms
of such series of Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
PROVIDED that such series of Securities have not been previously so credited. Such Securities shall be received and credited for such
purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and
the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities of any series
in lieu of cash payments pursuant to this Section 1202, the principal amount of Securities of such series to be redeemed in order to
exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except
upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking
fund payment, PROVIDED, HOWEVER, that the Trustee or such Paying Agent shall at the request of the Company from time to time pay over
and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee
of Securities of that series purchased by the Company having an unpaid principal amount equal to the cash payment requested to be released
to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1203.
Redemption of Securities for Sinking Fund</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not
less than 75 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers&rsquo;
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series,
the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that series pursuant to Section 1202, and the optional amount, if any, to be added in cash
to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore
delivered. If such Officers&rsquo; Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking
fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before each such sinking
fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified
in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner
provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 1106 and 1107.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REPAYMENT
AT THE OPTION OF HOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1301.
Applicability of Article</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
of any series which are repayable at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with
the terms of the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder
to require repayment of Securities before their Stated Maturity, for purposes of Section 310, shall not operate as a payment, redemption
or satisfaction of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender
the same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this
Article Thirteen, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by an agreement
with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such Securities on or
before the close of business on the repayment date an amount not less than the repayment price payable by the Company on repayment of
such Securities, and the obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged to
the extent such payment is so paid by such purchasers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>MEETINGS
OF HOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1401.
Purposes for Which Meetings May Be Called</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
meeting of Holders of Securities of such series may be called at any time and from time to time pursuant to this Article to make, give
or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made,
given or taken by Holders of Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1402.
Call, Notice and Place of Meetings</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1401, to be held at
such time and at such place in the Principle Office of the Trustee, or, if Securities of such series are to be issued as Bearer Securities,
in London, as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and
the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided
in Section 106, not less than 21 nor more than 180 days prior to the date fixed for the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case at any time the Company, pursuant to Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding Securities
of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified
in Section 1401, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount
above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for such purposes
by giving notice thereof as provided in subsection (a) of this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1403.
Persons Entitled to Vote at Meetings</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding
Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding
Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting
of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of
the Trustee and its counsel and any representatives of the Company and its counsel.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1404.
Quorum; Action</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series. In the absence of a quorum within 30 minutes after the time appointed for any such meeting,
the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may
be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting.
In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than
10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of
any adjourned meeting shall be given as provided in section 1402 (a), except that such notice need be given only once not less than five
days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state
expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute
a quorum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum
is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding
Securities of that series; PROVIDED, HOWEVER, that, except as limited by the proviso to Section 902, any resolution with respect to any
request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides may be made,
given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities
of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall
be binding on all the Holders of Securities of such series and the Coupons appertaining thereto, whether or not present or represented
at the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1405.
Determination of Voting Rights; Conduct and Adjournment of Meetings</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of
Holders of Securities of such series in regard to proof of the holding of Securities of such series and of the appointment of proxies
and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 104 and the
appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature of the person executing the
proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to certify to the holding of Bearer Securities.
Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without
the proof specified in Section 104 or other proof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders of Securities as provided in Section 1402(b), in which case the Company or the Holders of Securities of the
series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of Securities
of such series held or represented by him; PROVIDED, HOWEVER, that no vote shall be cast or counted at any meeting in respect of any
Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall
have no right to vote, except as a Holder of a Security of such series or proxy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
meeting of Holders of Securities of any series duly called pursuant to Section 1402 at which a quorum is present may be adjourned from
time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the
meeting; and the meeting may be held as so adjourned without further notice.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1406.
Counting Votes and Recording Action of Meetings</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts
and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file
with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
record, at least in triplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary
of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing
that said notice was given as provided in Section 1402 and, if applicable, Section 1404. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to
the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed
and verified shall be conclusive evidence of the matters therein stated</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1501.
Conversion Privilege</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to and upon compliance with the provisions of this Article Fifteen and the terms of the Convertible Securities of the series proposed
to be converted, at the option of the Holder, any Convertible Security or any portion of the principal amount thereof which is $1,000
or an integral multiple thereof, may be converted into shares of Common Stock, as said shares shall be constituted at the Date of Conversion,
at the Conversion Price for such Convertible Securities of such series in effect at the Date of Conversion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1502.
Manner of Exercise of Convertible Privilege</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
order to exercise the conversion privilege, the Holder of any Convertible Security to be converted shall surrender such Convertible Security
to the Company at its office or agency, together with the conversion notice in the form provided on the Securities (or separate written
notice) duly executed, and, if so required by the Company, accompanied by instruments of transfer, in form satisfactory to the Company
and to the Trustee, duly executed by the Holder or by his duly authorized attorney in writing. Any registered Convertible Security so
surrendered during the period from the close of business on the Regular Record Date preceding an Interest Payment Date for such registered
Convertible Security to the opening of business on such Interest Payment Date shall (unless any such registered Convertible Security
or the portion thereof being converted shall have been called for redemption on a Redemption Date during such period, in which event
no interest shall be payable with respect to such registered Convertible Security or portion thereof, as the case may be, following such
Redemption Date) also be accompanied by payment in Clearing House funds or other funds acceptable to the Company of an amount equal to
the interest payable on such Interest Payment Date on the principal amount of such registered Convertible Security then being converted;
provided, however, that no such payment need be made if there shall exist, at the time of conversion, a default in the payment of interest
on the Convertible Securities of such series. Except as provided in the immediately preceding sentence, no adjustment shall be made for
interest accrued on any Convertible Security that shall be converted or for dividends on any shares of Common Stock that shall be delivered
upon the conversion of such Convertible Securities. The funds so delivered to such office or agency shall be paid to the Company on or
after such Interest Payment Date, unless the Company shall default in the payment of the interest due on such Interest Payment Date,
in which event such funds shall be repaid to the Person who delivered the same. As promptly as practicable after the surrender of any
Convertible Security for conversion as aforesaid, the Company shall deliver at said office or agency to such Holder, or on his written
order, a certificate or certificates for the number of full shares deliverable upon the conversion of such Convertible Security or portion
thereof and a check or cash in respect of any fraction of a share of Common Stock otherwise deliverable upon such conversion, all as
provided in this Article Fifteen, together with a Convertible Security or Convertible Securities of the same series in principal amount
equal to the unconverted and unredeemed portion, if any, of the Convertible Security so converted in accordance with Section 306 hereof.
Such conversion shall be deemed to have been effected on the date on which such notice shall have been received at said office or agency
and such Convertible Security shall have been surrendered as aforesaid, and the Person or Persons in whose name or names any certificate
or certificates for shares of Common Stock shall be deliverable upon such conversion shall be deemed to have become on said date the
Holder or Holders of record of the shares represented thereby, provided, however, that any such surrender on any date when the stock
transfer books of the Company shall be closed shall constitute the Person or Persons in whose name or names the certificates are to be
delivered as the record Holder or Holders thereof for all purposes on the next succeeding day on which such stock transfer books are
open, but such conversion shall be at the Conversion Price in effect on the date of such surrender.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1503.
Cash Adjustment Upon Conversion</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company shall not be required to deliver fractions of shares of Common Stock upon conversions of Convertible Securities. If more than
one Convertible Security shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall be
deliverable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Securities so surrendered.
If any fractional interest in a share of Common Stock would be deliverable upon the conversion of any Convertible Security or Securities,
the Company shall make an adjustment therefor in cash equal to the current market value of such fractional interest computed to the nearest
cent either on the basis of the last reported sale price regular way of the Common Stock on the Nasdaq Global Market (or, if not listed
on the Nasdaq Global Market, then on such other exchange on which the shares of Common Stock are listed as the Company may designate)
on the last Business Day prior to the Date of Conversion or, if there shall not have been a sale on such last Business Day, on the basis
of the average of the bid and asked quotations therefor on such exchange on such last Business Day or, if the Common Stock shall not
then be listed on any exchange, at the highest bid quotation in the over-the- counter market on such last Business Day as reported by
the National Association of Securities Dealers through NASDAQ, its automated system for reporting quotes, or its successor or such other
generally accepted source of publicly reported bid and asked quotations as the Company may reasonably designate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1504.
Conversion Price</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Conversion Price applicable to any series of Convertible Securities shall be the initial Conversion Price set forth on the Officers&rsquo;
Certificate or supplemental indenture establishing such series adjusted as provided in this Article Fifteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1505.
Adjustment of Conversion Price</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Conversion Price applicable to any series of Convertible Securities shall be adjusted from time to time as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time or from time to time while the Securities of any series are outstanding, (i) pay a dividend on its
Common Stock in shares of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a larger number of shares, or (iii)
combine its outstanding Common Stock into a smaller number of shares, the Conversion Price for such series in effect immediately prior
thereto shall be adjusted so that the Holder of any Security of such series thereafter surrendered for conversion shall be entitled to
receive the number of shares of Common Stock or other securities of the Company which he would have owned or have been entitled to receive
after the happening of any of the events described above, had such Convertible Security of such series been converted immediately prior
to the happening of such event. An adjustment made pursuant to this subdivision (a) shall become effective, in the case of a dividend,
on the payment date retroactively to immediately after the opening of business on the day following the record date for the determination
of shareholders entitled to receive such dividend, subject to the provisions of paragraph (g) of this Section 1505, and shall become
effective in the case of a subdivision or combination immediately after the opening of business on the day following the day when such
subdivision or combination, as the case may be, becomes effective.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time or from time to time while the Convertible Securities of any series are outstanding, issue rights
or warrants to all holders of its shares of Common Stock entitling them (for a period expiring within 45 days of the record date mentioned
below) to subscribe for or purchase shares of Common Stock at a price per share less than the current market price per share of Common
Stock (as defined in paragraph (d) below) at such record date, the Conversion Price of any series of Convertible Securities in effect
immediately prior to the issuance of such rights or warrants shall be adjusted as follows: the number of shares of Common Stock into
which $1,000 principal amount of Convertible Securities of such series was theretofore convertible shall be multiplied by a fraction,
of which the numerator shall be the number of shares of Common Stock outstanding immediately prior to such record date plus the number
of additional shares of Common Stock offered for subscription or purchase, and of which the denominator shall be the number of shares
of Common Stock outstanding immediately prior to such record date plus the number of shares which the aggregate offering price of the
total number of shares so offered would purchase at such current market price; and the Conversion Price for such series of Convertible
Securities shall be adjusted by dividing $1,000 by the new number of shares into which $1,000 principal amount of Securities of such
series shall be convertible as aforesaid. Such adjustment shall become effective on the date of such issuance retroactively to immediately
after the opening of business on the day following the record date for the determination of shareholders entitled to receive such rights
or warrants, subject to the provisions of paragraph (g) of this Section 1505. In determining whether any rights or warrants entitle the
holders to subscribe for or purchase shares of Common Stock at less than such current market price, and in determining the aggregate
offering price of such shares, there shall be taken into account any consideration received by the Company for such rights or warrants,
the value of such consideration, if other than cash, to be determined by the Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time from time to time while the Convertible Securities of any series are outstanding, distribute to all
holders of shares of its Common Stock evidences of its indebtedness or securities or assets (excluding cash dividends or cash distributions
payable out of consolidated net earnings or retained earnings) or rights or warrants to subscribe for shares of Common Stock at a price
per share less than the current market price per share of Common Stock, determined in the manner set forth in paragraph (d) below, but
excluding rights or warrants referred to in paragraph (b) above, the Conversion Price for such series of Convertible Securities in effect
immediately prior to such distribution shall be adjusted by multiplying the number of shares of Common Stock into which $1,000 principal
amount of Convertible Securities of such series of Convertible Securities was theretofore convertible by a fraction, of which the numerator
shall be the current market price per share of Common Stock (as defined in paragraph (d) below) on the record date for such distribution,
and of which the denominator shall be such current market price per share of the Common Stock, less the then fair market value (as determined
by the Board of Directors of the Company, whose determination shall be conclusive) of the portion of such evidences of indebtedness,
securities or assets or of such subscription rights or warrants so distributed applicable to one share of Common Stock; and the Conversion
Price for such series of Convertible Securities shall be adjusted by dividing $1,000 by the new number of shares into which $1,000 principal
amount of Convertible Securities of such series shall be convertible as aforesaid. Such adjustment shall become effective on the date
of such distribution retroactively to immediately after the opening of business on the day following the record date for the determination
of shareholders entitled to receive such distribution, subject to the provisions of paragraph (g) of this Section 1505. For the purposes
of this paragraph (c) consolidated net earnings or retained earnings shall be computed by adding thereto all charges against retained
earnings on account of dividends paid in shares of Common Stock in respect of which the Conversion Price has been adjusted, all as determined
by Independent Public Accountants, whose determination shall be conclusive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of any computation under paragraphs (b) and (c) above, the current market price per share of Common Stock at any date shall
be deemed to be the average of the market values of the shares of Common Stock for the ten consecutive Business Days immediately preceding
the day in question. The market value of the Common Stock for each day shall be determined as provided in Section 1503 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may make such reductions in the Conversion Price for any series of Convertible Securities, in addition to those required by paragraphs
(a), (b) and (c) of this Section as it considers to be advisable in order that any event treated for Federal income tax purposes as a
dividend of stock or stock rights shall not be taxable to the recipients.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as herein otherwise provided, no adjustment in the Conversion Price for any series of Convertible Securities shall be made by reason
of the issuance, in exchange for cash, property or services, of shares of Common Stock, or any securities convertible into or exchangeable
for shares of Common Stock, or carrying the right to purchase any of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive any dividend
or any subscription or purchase rights or any distribution and shall, thereafter and before the distribution to shareholders of any such
dividend, subscription or purchase rights or distribution, legally abandon its plan to pay or deliver such dividend, subscription or
purchase rights or distribution, then no adjustment of the Conversion Price for any series of Convertible Securities shall be required
by reason of the taking of such record.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
adjustment in the Conversion Price for any series of Convertible Securities shall be required unless such adjustment would require an
increase or decrease of at least 1% in such price; provided, however, that any adjustments which by reason of this paragraph (h) are
not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Article
Fifteen shall be made to the nearest cent or to the nearest one-hundredth of a share, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the Conversion Price for any series of Convertible Securities is adjusted as herein provided, the Company shall (i) forthwith place on
file at the Principal Office of the Trustee an Officers&rsquo; Certificate showing in detail the facts requiring such adjustment and
the Conversion Price after such adjustment and shall exhibit the same from time to time to any Holder of Convertible Securities of such
series desiring an inspection thereof, and (ii) cause a notice stating that such adjustment has been effected and the adjusted Conversion
Price to be mailed to the Holders of registered Convertible Securities of such series at their last addresses as they shall appear on
the Security Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may delete, modify or vary any of the provisions applicable to conversion of the Convertible Securities of any series, or may
add new provisions applicable thereto, all as may be contained in the Board Resolutions and Officers&rsquo; Certificate or supplemental
indenture establishing such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1506.
Effect of Reclassifications, Consolidations, Mergers or Sales on Conversion Privilege</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case of any reclassification or change of outstanding shares of the class of Common Stock issuable upon conversion of the Convertible
Securities (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of
a subdivision or combination), or in case of any merger or consolidation of the Company with one or more other corporations (other than
a merger or consolidation in which the Company is the continuing corporation and which does not result in any reclassification or change
of outstanding shares of Common Stock issuable upon conversion of the Securities), or in case of the merger of the Company into another
corporation, or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially
as an entirety, the Holder of Convertible Securities then outstanding shall have the right to convert such Convertible Security into
the kind and amount of shares of capital stock or other securities and property, including cash, receivable upon such reclassification,
change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock into which such Convertible Security
might have been converted immediately prior to such reclassification, change, consolidation, merger, sale or conveyance. In any such
case the Company, or such successor or purchasing corporation, as the case may be, shall execute with the Trustee one or more supplemental
indentures (which shall conform to the Trust Indenture Act of 1939 as in force at the date of the execution of such supplemental indenture)
containing provisions to the effect set forth above in this Section 1506 and providing further for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Article Fifteen; and any such adjustment which shall be approved
by the Board of Directors and set forth in such supplemental indenture or supplemental indentures shall be conclusive for all purposes
of this Section, and the Trustee shall not be under any responsibility to determine the correctness of any provision contained in such
supplemental indenture or supplemental indentures relating to either the kind or amount of shares of stock or securities or property
receivable by Holders of Securities of any series upon the conversion of their Convertible Securities after any such reclassification,
change, consolidation, merger, sale or conveyance.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
above provisions of this Section 1506 shall similarly apply to successive reclassifications, changes, consolidations, mergers, sales
and conveyances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1507.
Taxes on Conversions</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
issue of stock certificates on conversions of Convertible Securities shall be made without charge to the converting Holder of Convertible
Securities for any tax in respect of the issue thereof. The Company shall not, however, be required to pay any tax which may be payable
in respect of any transfer involved in the issue and delivery of shares in any name other than that of the Holder of any registered Convertible
Security converted, and the Company shall not be required to issue or deliver any such stock certificate unless and until the Person
or Persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction
of the Company that such tax has been paid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1508.
Company to Reserve Common Stock</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company shall at all times reserve and keep available out of the aggregate of its authorized but unissued shares or its issued shares
held in its treasury, or both, for the purpose of effecting the conversion of the Securities, such number of its duly authorized shares
of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any shares of Common Stock reserved or to be reserved for the purpose of conversion of Securities hereunder require registration with
or approval of any governmental authority under any Federal or State law before such shares may be validly delivered upon conversion,
then the Company covenants that it will in good faith and as expeditiously as possible endeavor to secure registration or approval, as
the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company covenants that all shares of Common Stock which may be delivered upon conversion of Convertible Securities shall upon delivery
be fully paid and nonassessable by the Company and free from all taxes, liens and charges with respect to the issue or delivery thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1509.
Disclaimer by Trustee of Responsibility for Certain Matters</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Neither
the Trustee nor any conversion agent shall at any time be under any duty or responsibility to any Holder of Convertible Securities of
any series to determine whether any facts exist which may require any adjustment of the Conversion Price for such series, or with respect
to the nature or extent of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture
provided to be employed, in making the same, subject, however, to the provisions of Sections 315(a) through 315(b) of the Trust Indenture
Act. Neither the Trustee nor any conversion agent shall be accountable with respect to the validity or value (or the kind or amount)
of any shares of Common Stock, or of any securities or property which may at any time be issued or delivered upon the conversion of any
Convertible Security; and neither of them makes any representation with respect thereto. Neither the Trustee nor any conversion agent
shall be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any shares of Common Stock
or stock certificates or other securities or property upon the surrender of any Security for the purpose of conversion or, subject to
Sections 315(a) through 315(b) of the Trust Indenture Act, to comply with any of the covenants of the Company contained in this Article
Sixteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
recourse may be taken with respect to the obligations of the Company or the Trustee against the Trustee in its individual capacity.</FONT></P>



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<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section 1510.
Company to Give Notice of Certain Events</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the Company shall pay any dividend or make any distribution to the holders of shares of Common Stock otherwise than in cash charged against
consolidated net earnings or retained earnings of the Company and its consolidated net earnings or retained earnings of the Company and
its consolidated subsidiaries or in Common Stock; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the Company shall offer for subscription or purchase, pro rata, to the holders of shares of Common Stock any additional shares of stock
of any class or any securities convertible into or exchangeable for stock of any class; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
any reclassification or change in outstanding shares of the class of Common Stock issuable upon the conversion of the Securities (other
than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or
combination), or of any merger or consolidation of the Company with, or merger of the Company into, another corporation (other than a
merger or consolidation in which the Company is the continuing corporation and which does not result in any reclassification or change
of outstanding shares of Common Stock issuable upon conversion of the Securities), or of any sale or conveyance to another corporation
of the property of the Company as an entirety or substantially as an entirety;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">then, and in
any one or more of such events, the Company will give to the Trustee and each conversion agent written notice thereof at least fifteen
days prior to (i) the record date fixed with respect to any of the events specified in (1) and (2) above, and (ii) the effective date
of any of the events specified in (3) above; and shall mail promptly a copy of such notice to the Holders of registered Convertible Securities
at their last addresses as they shall appear upon the Security Register. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOUTHERN FIRST BANCSHARES, INC.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], not in its individual capacity<BR>
 but solely as Trustee</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.7
<SEQUENCE>3
<FILENAME>sfst4187341-ex47.htm
<DESCRIPTION>FORM OF SUBORDINATED INDENTURE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



<P STYLE="margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit
4.7</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 50pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SOUTHERN
FIRST BANCSHARES, INC.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 30%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-bottom: 0pt; margin-top: 30pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SUBORDINATED
INDENTURE</FONT></P>

<P STYLE="margin-top: 30pt; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 30pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subordinated
Debt Securities</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TABLE
OF CONTENTS</B></FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 10pt">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    ONE</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFINITIONS
    AND OTHER PROVISIONS OF GENERAL APPLICATION</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; width: 5%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    101.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    102.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
    Certificates and Opinions</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    103.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Documents Delivered to Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    104.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts
    of Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    105.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices,
    Etc., to Trustee and Company</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    106.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    to Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    107.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Language
    of Notices</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    108.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict
    With Trust Indenture Act</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    109.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Headings and Table of Contents</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    110.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors
    and Assigns</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    111.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separability
    Clause</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    112.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits
    Of Indenture</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    113.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
    Law</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    114.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Holidays</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TWO</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITIES
    FORMS</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    201.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forms
    Generally</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    202.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Trustee&rsquo;s Certificate of Authentication</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    203.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    in Global Form</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    THREE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    SECURITIES</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    301.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    Unlimited, Issuable in Series</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    302.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    303.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    in Foreign Countries</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    304.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution,
    Authentication, Delivery and Dating</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    305.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary
    Securities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    306.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration,
    Transfer and Exchange</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    307.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated,
    Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    308.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Interest; Interest Rights Preserved</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    309.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
    Deemed Owners</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    310.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    311.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computation
    of Interest</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    312.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cusip
    Numbers</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FOUR</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SATISFACTION
    AND DISCHARGE</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    401.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction
    and Discharge of Indenture</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    402.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
    of Trust Money</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    403.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction,
    Discharge and Defeasance of Securities of Any Series</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FIVE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REMEDIES</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    501.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events
    of Default</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    502.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration
    of Maturity; Rescission and Annulment</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    503.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection
    of Indebtedness and Suits For Enforcement By Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    504.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee
    May File Proofs of Claim</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    505.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee
    May Enforce Claims Without Possession of Securities or Coupons</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    506.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
    of Money Collected</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    507.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitations
    on Suits</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    508.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unconditional
    Right of Holders to Receive Principal, Premium, Interest and Additional Amounts</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 10pt">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    509.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restoration
    of Rights and Remedies</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    510.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
    and Remedies Cumulative</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    511.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay
    or Omission Not Waiver</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    512.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control
    By Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    513.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Past Defaults</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    514.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Stay or Extension Laws</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    SIX</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    TRUSTEE</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    601.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of Defaults</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    602.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Rights of Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    603.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Responsible for Recitals or Issuance of Securities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    604.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    Hold Securities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    605.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
    Held In Trust</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    606.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
    and Reimbursement</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    607.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    Trustee required; Eligibility; Conflicting Interests</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    608.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation
    and Removal; Appointment of Successor</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    609.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance
    of Appointment By Successor</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    610.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger,
    Conversion, Consolidation or Succession to Business</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    611.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
    of Authenticating Agent</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    SEVEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOLDERS&rsquo;
    LISTS AND REPORTS BY TRUSTEE AND COMPANY</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    701.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    to Furnish Trustee Names and Addresses of Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    702.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preservation
    of Information; Communications to Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    703.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
    By Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    704.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
    By Company</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    EIGHT</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATION,
    MERGER AND SALES</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    801.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    May Consolidate Etc., Only on Certain Terms</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    802.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor
    Corporation Substituted For Company</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    NINE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUPPLEMENTAL
    INDENTURES</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    901.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
    Indentures Without Consent of Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    902.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
    Indentures With Consent of Holders</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    903.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
    of Supplemental Indentures</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    904.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Supplemental Indentures</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    905.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conformity
    With Trust Indenture Act</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    906.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
    in Securities to Supplemental Indentures</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    907.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordination
    Unimpaired</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVENANTS</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1001.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Principal, Premium, If Any, and Interest</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1002.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance
    of Office or Agency</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1003.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
    For Securities Payments to Be Held in Trust</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1004.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    Amounts</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1005.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    As To Compliance; Notice of Certain Defaults</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1006.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Taxes and Other Claims</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1007.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    Existence</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1008.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Certain Covenants</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1009.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation
    of Original Issue Discount</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    ELEVEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDEMPTION
    OF SECURITIES</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1101.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
    of Article</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1102.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Election
    To Redeem; Notice To Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1103.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection
    By Trustee of Securities To Be Redeemed</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 10pt">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1104.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of Redemption</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1105.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit
    of Redemption Price</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1106.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Payable on Redemption Date</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1107.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Redeemed in Part</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1108.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
    Arrangements on Call for Redemption</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TWELVE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SINKING
    FUNDS</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1201.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
    of Article</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1202.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction
    of Sinking Fund Payments With Securities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1203.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
    of Securities For Sinking Fund</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    THIRTEEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPAYMENT
    AT THE OPTION OF HOLDERS</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1301.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
    of Article</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FOURTEEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEETINGS
    OF HOLDERS</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1401.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purposes
    for Which Meetings May Be Called</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1402.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call,
    Notice and Place of Meetings</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1403.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
    Entitled To Vote At Meetings</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1404.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quorum;
    Action</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1405.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination
    of Voting Rights; Conduct and Adjournment of Meetings</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1406.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counting
    Votes and Recording Action of Meetings</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FIFTEEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBORDINATION</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1501.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Subordinated To Senior Indebtedness</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1502.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subrogation</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1503.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligation
    Of Company Unconditional</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1504.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    On Securities Permitted</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1505.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effectuation
    Of Subordination by Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1506.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Knowledge
    Of Trustee</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1507.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s
    Relation To Senior Indebtedness</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1508.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
    Of Holders Of Senior Indebtedness Not Impaired</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    SIXTEEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONVERSION</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1601.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
    Privilege</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1602.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manner
    of Exercise of Convertible Privilege</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1603.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    Adjustment Upon Conversion</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1604.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
    Price</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1605.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment
    of Conversion Price</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1606.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Reclassifications, Consolidations, Merges or Sales on Conversions</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1607.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    on Conversions</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1608.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    to Reserve Common Stock</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1609.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclaimer
    by Trustee of Responsibility for Certain Matters</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: right; white-space: nowrap; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1610.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    to Give Notice of Certain Events</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SOUTHERN
FIRST BANCSHARES, INC.</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Trust Indenture Act Section</U></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Indenture
    Section</U></FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0in; text-align: left; font-family: Times New Roman, Times, Serif; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    310(a) (1)</FONT></TD>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
(5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    311(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">604</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">604</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    (2)</Font></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    312(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">701,
    702(a)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702(a)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702(b)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    313(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703(a),
    703(b)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    (2)</Font></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703(c)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703(c)</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    314(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">704</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
    (2)</Font></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
    (3)</Font></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    315(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">601</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
    (2)&nbsp;</Font></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
    (3)&nbsp;</Font></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    316(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    (1) (A)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">512</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
(1) (B)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">513</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">508</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    317(a) (1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">505</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    (2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">504</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1003</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 0in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    318(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note:
This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Subordinated Indenture.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SUBORDINATED
INDENTURE, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20 is
made by and between SOUTHERN FIRST BANCSHARES, INC., a corporation duly organized and existing under the laws of the State of South Carolina
(the &ldquo;Company&rdquo;), having its principal office at 6 Verdae Boulevard, Greenville, South Carolina 29607 and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
having its principal office at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], not in its individual capacity
but solely as Trustee (the &ldquo;Trustee&rdquo;).</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">NOW,
THEREFORE, THIS INDENTURE WITNESSETH:</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
101. Definitions</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            terms defined in this Article have the meanings assigned to them in this Article, and include
                                            the plural as well as the singular;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            other terms used herein which are defined in the Trust Indenture Act, either directly or
                                            by reference therein, have the meanings assigned to them therein;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            accounting terms not otherwise defined herein have the meanings assigned to them in accordance
                                            with generally accepted accounting principles and, except as otherwise herein expressly provided,
                                            the term &ldquo;generally accepted accounting principles&rdquo; with respect to any computation
                                            required or permitted hereunder shall mean such accounting principles as are generally accepted
                                            at the date of such computation;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            words &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereto&rdquo; and &ldquo;hereunder&rdquo;
                                            and other words of similar import refer to this Indenture as a whole and not to any particular
                                            Article, Section or other subdivision;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            word &ldquo;or&rdquo; is not exclusive;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            words in the singular include the plural and all words in the plural include the singular;
                                            and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            word &ldquo;including&rdquo; means &ldquo;including without limitations.&rdquo;</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certain
terms used principally in certain Articles hereof are defined in those Articles.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Additional
Amounts</I>&rdquo; means any additional amounts which are required hereby or by any Security, under circumstances specified herein or
therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such Holders.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Board
Resolution</I>&rdquo; means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly
adopted by the Board of Directors, or a duly authorized committee thereof, and to be in full force and effect on the date of such certification,
and delivered to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Business
Day</I>&rdquo; except as may otherwise be provided herein or in any Security, means any day, other than a Saturday or a Sunday, that
is neither a Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to
close.</FONT></P>

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Indenture</I>&rdquo;
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and with respect to any Security shall include the terms of such Securities
established as contemplated by Section 301; PROVIDED, HOWEVER, that, if at any time more than one Person is acting as Trustee under this
instrument, &ldquo;INDENTURE&rdquo; shall mean, with respect to any one or more series of Securities for which such Person is Trustee,
this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular series of Securities
for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions or terms which relate
solely to other series of Securities for which such Person is Trustee, regardless of when such terms or provisions were adopted, and
exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such
Person had become such Trustee but to which such Person, as such Trustee, was not a party.</FONT></P>

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Senior
Indebtedness</I>&rdquo; means: (i) the principal and any premium or interest for money borrowed or purchased by the Company; (ii) the
principal and any premium or interest for money borrowed or purchased by another Person and guaranteed by the Company; (iii) any deferred
obligation for the payment of the purchase price of property or assets evidenced by a note or similar agreement; (iv) an obligation arising
from direct credit substitutes; and (v) any obligation associated with derivative products such as interest and foreign exchange rate
contracts, commodity contracts and similar arrangements; in each case, whether outstanding on the date this Indenture becomes effective,
or created, assumed or incurred after that date. Senior Indebtedness excludes any indebtedness that: (a) expressly states that it is
junior to, or ranks equally in right of payment with, the Securities; or (b) is identified as junior to, or equal in right of payment
with, the Securities in any Board Resolution or in any supplemental indenture.</FONT></P>

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

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

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

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

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Trustee</I>&rdquo;
means the Person named as the &ldquo;Trustee&rdquo; in the first paragraph of this instrument until a successor Trustee shall have become
such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo;
shall mean each Person who is then a Trustee hereunder; PROVIDED, HOWEVER, that if at any time there is more than one such Person, &ldquo;Trustee&rdquo;
shall mean each such Person and as used with respect to the Securities of any series shall mean the Trustee with respect to the Securities
of that series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>United
States</I>&rdquo;, except as otherwise provided herein or in any Security, means the United States of America (including the States and
the District of Columbia), its territories and possessions and other areas subject to its jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>United
States Alien</I>&rdquo;, except as otherwise provided herein or in any Security, means any Person who, for United States Federal income
tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust,
or a foreign partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation,
a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>U.S.
Depository</I>&rdquo; or &ldquo;Depository&rdquo; means, with respect to any Security issuable or issued in the form of one or more global
Securities, the Person designated as U.S. Depository by the Company pursuant to Section 301, which must be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and, if so provided pursuant to Section 301 with respect to any Security, any
successor to such Person. If at any time there is more than one such Person, &ldquo;U.S. Depository&rdquo; or &ldquo;Depository&rdquo;
shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect to such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Vice
President</I>&rdquo;, with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or
a word or words added before or after the title &ldquo;Vice President&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<I>Voting
Stock</I>&rdquo; means stock of a corporation of the class or classes having general voting power under ordinary circumstances to elect
at least a majority of the board of directors, managers or trustees of such corporation provided that, for the purposes hereof, stock
which carries only the right to vote conditionally on the happening of an event shall not be considered voting stock whether or not such
event shall have happened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
102. Compliance Certificates and Opinions.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officers&rsquo; Certificate stating that all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions
precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of
such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture and in any applicable Security
(except Section 1005) shall include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            statement that each individual signing such certificate or opinion has read such condition
                                            or covenant and the definitions herein and in any applicable Security relating thereto;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            brief statement as to the nature and scope of the examination or investigation upon which
                                            the statements or opinions contained in such certificate or opinion are based;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            statement that, in the opinion of each such individual, he has made such examination or investigation
                                            as is necessary to enable him to express an informed opinion as to whether or not such condition
                                            or covenant has been complied with; and</FONT></TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            statement as to whether, in the opinion of each such individual, such condition or covenant
                                            has been complied with.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
103. Form of Documents Delivered to Trustee.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate
or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by,
an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company
unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture or any Security, they may, but need not, be consolidated and form one instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
104. Acts of Holders.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or
by agent duly appointed in writing. If, but only if, Securities of a series are issuable as Bearer Securities, any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities of such series
may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either
in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held in accordance
with the provisions of Article Fourteen, or a combination of such instruments and any such record. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and,
where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the &ldquo;Act&rdquo; of the Holders signing such instrument or instruments
and so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding
by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture
Act) conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in
this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 1406.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Without
limiting the generality of this Section 104, unless otherwise established in or pursuant to a Board Resolution or set forth or determined
in an Officers&rsquo; Certificate, or established in one or more indentures supplemental hereto, pursuant to Section 301, a Holder, including
a U.S. Depository that is a Holder of a global Security, may make, give or take, by a proxy, or proxies, duly appointed in writing, any
request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken
by Holders, and a U.S. Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of
interests in any such global Security through such U.S. Depository&rsquo;s standing instructions and customary practices.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee shall fix a record date, which shall be not more than 30 days prior to the first solicitation of such Holders, for the purpose
of determining the Persons who are beneficial owners of interest in any permanent global Security held by a U.S. Depository entitled
under the procedures of such U.S. Depository to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If
such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be
entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not
such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other
action shall be valid or effective if made, given or taken more than 90 days after such record date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the Trustee
deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee may in any instance require
further proof with respect to any of the matters referred to in this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement and the
date of termination of holding the same, shall be proved by the Security Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership, principal amount and serial numbers of Bearer Securities held by any Person, and the date of the commencement and the date
of termination of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed, as depositary,
by any Bank, banker or other depositary reasonably acceptable to the Company, wherever situated, if such certificate shall be deemed
by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited
to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such
Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume
that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later date issued in respect
of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other Person, or (3) such Bearer
Security is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding. The principal amount
and serial numbers of Bearer Securities held by the Person so executing such instrument or writing and the date of the commencement and
the date of termination of holding the same may also be proved in any other manner which the Trustee deems sufficient.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall solicit from the Holders of any Registered Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may at its option, by Board Resolutions, fix in advance a record date, which shall be not more than
30 days prior to the first solicitation of such Holders, for the determination of Holders of Registered Securities entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If
such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before
or after such record date, but only the Holders of Registered Securities of record at the close of business on such record date shall
be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose
the Outstanding Securities shall be computed as of such record date; provided no such authorization, agreement or consent of the Holders
of Registered Securities shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not
later than six months after the record date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying Agent or the
Company in reliance thereon, whether or not notation of such action is made upon such Security.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
105. Notices, Etc., to Trustee and Company.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at its Corporate Trust Office, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Treasurer at the address of its
principal office specified in the first paragraph of this Indenture or at any other address previously furnished in writing to a Responsible
Officer of the Trustee by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
106. Notice to Holders; Waiver.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise expressly provided herein or in any Security, where this Indenture provides for notice to Holders of any event,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
notice shall be sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to each
Holder of a Registered Security affected by such event, at his address as it appears in the Security Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such Notice; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
notice shall be sufficiently given to Holders of Bearer Securities, if any, if published in an Authorized Newspaper and, if such Securities
are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the Company shall advise
the Trustee that such stock exchange so requires, on a Business Day at least twice, the first such publication to be not earlier than
the earliest date and not later than the latest date prescribed for the giving of such notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in
any notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other
Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice
which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In the case by reason
of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause
it shall be impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders
of Bearer Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to such Holders for every
purpose hereunder. Neither failure to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in
any notice so published, shall affect the sufficiency of any notice mailed to Holders of Registered Securities as provided above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
107. Language of Notices.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
request, demand, authorization, direction, notice, consent, election or waiver required or permitted under this Indenture shall be in
the English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
108. Conflict with Trust Indenture Act.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any provision hereof limits, qualifies or conflicts with the duties imposed pursuant to Section 318(c) of the Trust Indenture Act, such
imposed duties shall control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
109. Effect of Headings and Table of Contents.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
110. Successors and Assigns.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
111. Separability Clause.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case any provision in this Indenture, any Security or any Coupon shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
112. Benefits of Indenture.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nothing
in this Indenture, any Security or any Coupon, express or implied, shall give to any Person, other than the parties hereto, any Security
Registrar, any Paying Agent and their successors hereunder and the Holders of Securities or Coupon, any benefit or any legal or equitable
right, remedy or claim under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
113. Governing Law.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Indenture, the Securities and the Coupons shall be governed by and construed in accordance with the laws of the State of New York applicable
to agreements made or instruments entered into and, in each case, performed in said state.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
114. Legal Holidays.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security, or the last day on which a Holder has the
right to convert these Securities, is not a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture,
any Security or Coupon other than a provision in any Security or any Coupon that specifically states that such provision shall apply
in lieu of this Section) payment of interest or any Additional Amounts or principal (and premium, if any) or conversion of the Securities
need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, or the last such
day of conversion, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption
Date or Stated Maturity, as the case may be.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECURITIES
FORMS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
201. Forms Generally.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Registered Security, Bearer Security, Coupon and temporary global Security issued pursuant to this Indenture shall be in the form established
by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, shall have appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto and may have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined
by the officers executing such Security, as evidenced by their execution of such Security.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive
Securities and definitive Coupons shall be printed, lithographed or engraved or produced by any combination of these methods on a steel
engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing
such Securities or Coupons, as evidenced by their execution of such Securities or Coupons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
202. Form of Trustee&rsquo;s Certificate of Authentication.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to Section 611, the Trustee&rsquo;s certificate of authentication shall be in substantially the following form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
certificate represents Securities of the series designated therein referred to in the within-mentioned Indenture.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: </FONT></TD>
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],<BR>
not in its individual capacity but solely as Trustee</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 20pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
203. Securities in Global Form.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
Securities of a series are issuable in global form, any such Security may provide that it shall represent the aggregate amount of Outstanding
Securities of such series from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities
represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form
to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented
thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered
pursuant to Section 304 or 305 with respect thereto. Subject to the provisions of Section 304 and, if applicable, Section 305, the Trustee
shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Company Order. If a Company Order pursuant to Section 304 or 305 has been, or simultaneously is,
delivered, any instructions by the Company with respect to a Security in global form shall be in writing but need not comply with Section
102 and need not be accompanied by an Opinion of Counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of the immediately preceding sentence shall apply to any Security represented by a Security in global form if such Security
was never issued and sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions
(which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal
amount of Securities represented thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the provisions of Section 308, unless otherwise specified as contemplated by Section 301, payment of principal of and any premium and
interest on any Security in permanent global form shall be made to the Person or Persons specified therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the provisions of Section 309, and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company
and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security
(i) in the case of a permanent global Security in registered form, the Holder of such permanent global Security in registered form, or
(ii) in the case of a permanent global Security in bearer form, the Person or Persons specified pursuant to Section 301.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>THE
SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
301. Amount Unlimited; Issuable in Series.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. The Securities shall
be subordinated in right of payment to Senior Indebtedness as provided in Article Fifteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Securities may be issued in one or more series. There shall be established in or pursuant to one or more Board Resolutions, and set forth
in an Officers&rsquo; Certificate, or established in one or more indentures supplemental hereto,</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            title of the Securities and the series in which such Securities shall be included;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            limit upon the aggregate principal amount of the Securities of such title or the Securities
                                            of such series which may be authenticated and delivered under this Indenture (except for
                                            Securities authenticated and delivered upon registration of transfer of, or in exchange for,
                                            or in lieu of, other Securities of the series pursuant to Section 305, 306, 307, 906, 1107
                                            or 1502 or the terms of such Securities);</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                            Securities of the series are to be issuable as Registered Securities, Bearer Securities or
                                            both and, if the Securities are to be issuable exclusively or alternatively as Bearer Securities,
                                            whether the Bearer Securities are to be issuable with Coupons, without Coupons or both, and
                                            any restrictions applicable to the offer, sale delivery or conversion of the Bearer Securities
                                            and the terms, if any, upon which Bearer Securities may be exchanged for Registered Securities
                                            and vice versa;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                            any Securities of the series are to be issuable initially or otherwise in global form and,
                                            if so, (i) whether beneficial owners of interests in any such global Security may exchange
                                            such interest for Securities of such series and of like tenor of any authorized form and
                                            denomination and the circumstances under which any such exchanges may occur, if other than
                                            in the manner specified in Section 306, (ii) the name of the depository or the U.S. Depository,
                                            as the case may be, with respect to any global Security and (iii) the manner in which interest
                                            payable on a global Security will be paid;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            date as of which any Bearer Securities of the series and any global Security representing
                                            Outstanding Securities of the series shall be dated if other than the date of original issuance
                                            of the first Security of the series to be issued;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            Securities of the series are to be issuable as Bearer Securities, whether interest in respect
                                            of any portion of a temporary Bearer Security in global form (representing all of the Outstanding
                                            Bearer Securities of the series) payable in respect of an Interest Payment Date prior to
                                            the exchange of such temporary Bearer Security for definitive Securities of the series shall
                                            be paid to any clearing organization with respect to the portion of such temporary Bearer
                                            Security held for its account and, in such event, the terms and conditions (including any
                                            certification requirements) upon which any such interest payment received by a clearing organization
                                            will be credited to the Persons entitled to interest payable on such Interest Payment Date;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            date or dates, or the method, if any, by which such date or dates shall be determined, on
                                            which the principal of such Securities is payable;</FONT></TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            rate or rates at which such Securities shall bear interest, if any, or the method, if any,
                                            by which such rate or rates are to be determined, the date or dates, if any, from which such
                                            interest shall accrue or the method, if any, by which such date or dates are to be determined,
                                            the Interest Payment Dates, if any, on which such interest shall be payable and the Regular
                                            Record Date, if any, for the interest payable on Registered Securities on any Interest Payment
                                            Date, whether and under what circumstances Additional Amounts on such Securities or any of
                                            them shall be payable, and the basis upon which interest shall be calculated if other than
                                            that of a 360-day year of twelve 30-day months;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            place or places, if any, where the principal of (and premium, if any) and interest (including
                                            Additional Amounts), if any, on such Securities shall be payable, any Registered Securities
                                            of the series may be surrendered for registration of transfer, Securities of the series may
                                            be surrendered for exchange or conversion and notices or demands to or upon the Company in
                                            respect of the Securities of the series and this Indenture may be served;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                            the Securities of the series or any of them are to be redeemable at the option of the Company
                                            and, if so, the period or periods within which, the price or prices at which and the other
                                            terms and conditions upon which such Securities may be redeemed, in whole or in part, at
                                            the option of the Company;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(11)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                            the Company is obligated to redeem, or purchase Securities of the series or any of them pursuant
                                            to any sinking fund or at the option of any Holder thereof and, if so, the period or periods
                                            within which, the price or prices at which and the other terms and conditions upon which
                                            such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation,
                                            and any provisions for the remarketing of the Securities of the series so redeemed or purchased;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            denominations in which Registered Securities of the series, if any, shall be issuable if
                                            other than denominations of $1,000 and any integral multiple thereof, and the denominations
                                            in which Bearer Securities of the series, if any, shall be issuable if other than the denomination
                                            of $5,000;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            other than the principal amount thereof, the portion of the principal amount of the Securities
                                            of the series of any of them which shall be payable upon declaration of acceleration of the
                                            Maturity thereof pursuant to Section 502 or the method by which such portion is to be determined;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(14)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            other than such coin or currency of the United States of America as at the time of payment
                                            is legal tender for payment of public or private debts, the coin or currency, composite currencies
                                            or currency unit or units in which payment of the principal of (and premium, if any) or interest,
                                            if any, on or any Additional Amounts in respect of the Securities of the series or any of
                                            them shall be payable;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the principal of (and premium, if any) or interest, if any, on or any Additional Amounts
                                            in respect of the Securities of the series or any of them are to be payable, at the election
                                            of the Company or a Holder thereof, in a coin or currency, composite currencies or currency
                                            unit or units other than that in which the Securities of the series or any of them are stated
                                            to be payable, the period or periods within which, and the terms and conditions upon which,
                                            such election may be made;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(16)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                            the amount of payments of principal of (and premium, if any) or interest (including Additional
                                            Amounts), if any, on the Securities of the series may be determined with reference to an
                                            index, formula or other method (which index, formula or method may be based, without limitation,
                                            on one or more currencies, currency units, composite currencies, commodities, equity indices
                                            or other indices), and, if so, the terms and conditions upon which and the manner in which
                                            such amounts shall be determined and paid or payable;</FONT></TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                            the principal of (and premium, if any) or interest (including Additional Amounts), if any,
                                            on the Securities of the series are to be payable, at the election of the Company or any
                                            Holder thereof or otherwise, in a currency or currencies, currency unit or units or composite
                                            currency or currencies other than that in which such Securities or any of them are denominated
                                            or stated to be payable, the period or periods within which, and the other terms and conditions
                                            upon which, such election, if any, may be made, and the time and manner of determining the
                                            exchange rate between the currency or currencies, currency unit or units or composite currency
                                            or currencies in which such Securities or any of them are denominated or stated to be payable
                                            and the currency or currencies, currency unit or units or composite currency or currencies
                                            in which such Securities or any of them are to be so payable;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            deletions from, modifications of or additions to the Events of Default or covenants of the
                                            Company with respect to the Securities of the series or any of them, whether or not such
                                            Events of Default or covenants are consistent with the Events of Default or covenants set
                                            forth herein;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            applicability, if any, of Section 403 to the Securities of the series and any provisions
                                            in modification of, in addition to or in lieu of any of the provisions of Section 403;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(20)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the Securities of the series or any of them are to be issued upon the exercise of warrants,
                                            the time, manner and place for such Securities to be authenticated and delivered;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(21)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the Securities of the series are to be issuable in definitive form (whether upon original
                                            issue or upon exchange of a temporary Security of such series) only upon receipt of certain
                                            certificates or other documents or satisfaction of other conditions, then the form and terms
                                            of such certificates, documents or conditions;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(22)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            there is more than one Trustee, the identity of the Trustee and, if not the Trustee, the
                                            identity of each Security Registrar, Paying Agent and/or Authenticating Agent with respect
                                            to the Securities of the series;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(23)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                            any of the Securities of a series shall be issued as Original Issue Discount Securities;
                                            and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(24)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            other terms of the Securities of the series or any of them.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
Securities of any one series and Coupons appertaining to Bearer Securities of such series, if any, shall be substantially identical except
as to denomination and the rate or rates of interest, if any, and Stated Maturity, the date from which interest, if any, shall accrue
and except as may otherwise be provided by the Company in or pursuant to one or more Board Resolutions and set forth in such Officers&rsquo;
Certificate or in any indenture or indentures supplemental hereto pertaining to such series of Securities. All Securities of any one
series need not be issued at the same time and, unless otherwise so provided by the Company, a series may be reopened for issuances of
additional Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the terms of the Securities of any series were established by action taken by or pursuant to a Board Resolution, the Board Resolution
shall be delivered to the Trustee at or prior to the delivery of the Officers&rsquo; Certificate setting forth the terms of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
302. Denominations.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise established with respect to any Securities pursuant to Section 301, the Registered Securities of each series, if any, denominated
in Dollars shall be issuable in registered form without coupons in denominations of $1,000 and any integral multiple thereof, and the
Bearer Securities of each series, if any, denominated in Dollars shall be issuable in the denomination of $1,000. Securities not denominated
in Dollars shall be issuable in such denominations as are established with respect to such Securities pursuant to Section 301.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
303. Securities in Foreign Countries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whenever
this Indenture provides for (i) any action by, or the determination of any of the rights of, Holders of Securities of any series in which
not all of such Securities are denominated in the same currency, or (ii) any distribution to Holders of Securities, in the absence of
any provision to the contrary in the form of Security of any particular series, any amount in respect of any Security denominated in
a currency other than United States dollars shall be treated for any such action or distribution as that amount of United States dollars
that could be obtained for such amount on such reasonable basis of exchange and as of the record date with respect to Registered Securities
of such series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date, such
other date reasonably proximate to the date of such action, determination of rights or distribution) as the Company may specify in a
written notice to the Trustee or, in the absence of such written notice, as the Trustee may determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
304. Execution, Authentication, Delivery and Dating.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Securities and any Coupons appertaining thereto shall be executed on behalf of the Company by its Chairman of the Board of Directors,
Deputy Chairman, one of its Vice Chairmen, its President or one of its Vice Presidents under its corporate seal reproduced thereon and
attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities and any Coupons
appertaining thereto may be manual or facsimile.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
and Coupons bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series,
together with any Coupons appertaining thereto, executed by the Company, to the Trustee for authentication, and, provided that the Board
Resolution or Resolutions and Officers&rsquo; Certificate or supplemental indenture or indentures with respect to such Securities referred
to in Section 301 and a Company Order for the authentication and delivery of such Securities, has been delivered to the Trustee, the
Trustee in accordance with the Company Order and subject to the provisions hereof of such Securities shall authenticate and deliver such
Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such
Securities and any Coupons appertaining thereto, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(b)
of the Trust Indenture Act) shall be fully protected in relying upon,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Opinion of Counsel stating, to the effect</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.9in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            the form or forms and terms of such Securities and Coupons, if any, have been established
                                            in conformity with the provisions of this Indenture;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            all conditions precedent to the authentication and delivery of such Securities and Coupons,
                                            if any, appertaining thereto, have been complied with and that such Securities, and Coupons,
                                            when completed by appropriate insertion and executed and delivered by the Company to the
                                            Trustee for authentication pursuant to this Indenture, and authenticated and delivered by
                                            the Trustee and issued by the Company in the manner and subject to any conditions specified
                                            in such Opinion of Counsel, will constitute legally valid and binding obligations of the
                                            Company, enforceable against the Company in accordance with their terms, subject to bankruptcy,
                                            insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting
                                            the enforcement of creditors&rsquo; rights generally, and subject to general principles of
                                            equity (regardless of whether enforcement is sought in a proceeding in equity or at law)
                                            and will entitle the Holders thereof to the benefits of the Indenture; such Opinion of Counsel
                                            need express no opinion as to the availability of equitable remedies;</FONT></TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.9in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(C)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            all laws and requirements in respect of the execution and delivery by the Company of such
                                            Securities and Coupons, if any, have been complied with; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(D)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">as
                                            to such other matters as the Trustee may reasonably request; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Officers&rsquo; Certificate stating that, to the best knowledge of the Persons executing such certificate, no Event of Default with respect
to any of the Securities shall have occurred and be continuing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and an
Officers&rsquo; Certificate at the time of issuance of each Security, but such opinion and certificate, with appropriate modifications
to cover future issuances, shall be delivered at or before the time of issuance of the first Security of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee shall not be required to authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee&rsquo;s own rights, duties or immunities under the Securities and this
Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee
to personal liability to existing Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Registered Security shall be dated the date of its authentication. Each Bearer Security and any temporary Bearer Security in global form
shall be dated as of the date specified as contemplated by Section 301.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
Security or Coupon shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears
on such Security a certificate of authentication substantially in the form provided for in Section 202 or 611 executed by or on behalf
of the Trustee by the manual signature of one of its authorized officers, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Except as permitted by Section
307 or 308, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant Coupons for interest then matured
have been detached and cancelled.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
305. Temporary Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pending
the preparation of definitive Securities of any series, the Company may execute and deliver to the Trustee and, upon Company Order the
Trustee shall authenticate and deliver, in the manner provided in Section 304, temporary Securities of such series which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued, in registered form or, if authorized, in bearer form with one or more Coupons or without
Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing
such Securities may determine, as conclusively evidenced by their execution of such Securities. In the case of Securities of any series,
such temporary Securities may be in global form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
in the case of temporary Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary
Securities of any series are issued, the Company shall cause definitive Securities of such series to be prepared without unreasonable
delay. After the preparation of definitive Securities of any series, the temporary Securities of such series, if any, shall be exchangeable
upon request for definitive Securities of such series containing identical terms and provisions upon surrender of the temporary Securities
of such series at an office or agency of the Company maintained for such purpose pursuant to Section 1002, without charge to any Holder.
Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any unmatured Coupons appertaining
thereto), the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of authorized denominations of the same series containing identical terms and provisions; PROVIDED, HOWEVER, that no definitive
Bearer Security, except as provided pursuant to Section 301, shall be delivered in exchange for a temporary Registered Security; and
PROVIDED, FURTHER, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance
with the conditions set forth herein or therein. Unless otherwise specified as contemplated by Section 301 with respect to a temporary
global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under
this Indenture as definitive Securities of such series.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
306. Registration, Transfer and Exchange.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">With
respect to the Registered Securities of each series, if any, the Company shall cause to be kept, at an office or agency of the Company
maintained pursuant to Section 1002, a register (each such register being herein sometimes referred to as the &ldquo;Security Register&rdquo;)
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Registered
Securities of each series and of transfers of the Registered Securities of such series. In the event that the Trustee shall not be the
Security Registrar, it shall have the right to examine the Security Register at all reasonable times. [Southern First Bancshares, Inc.]
is hereby initially appointed as Security Registrar for each series of Securities. In the event that [Southern First Bancshares, Inc.]
shall cease to be Security Registrar with respect to a series of Securities, the Trustee shall have the right to examine the Security
Register for such series at all reasonable times.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company maintained for
such series pursuant to Section 1002, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Registered Securities of the same series of any authorized denominations, of a like aggregate
principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series containing
identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities
to be exchanged at any such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute,
and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
specified as contemplated by Section 301 with respect to Securities of any series, at the option of the Holder, Bearer Securities of
such series may be exchanged for Registered Securities of such series containing identical terms and provisions, of any authorized denominations
and aggregate principal amount, upon surrender of the Bearer Securities to be exchanged at any such office or agency for such series,
with all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce
any such unmatured Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer Securities
are accompanied by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount of such missing Coupon
or Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there is furnished to
them such Security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such Holder
shall be entitled to receive the amount of such payment; PROVIDED, HOWEVER, that, except as otherwise provided in Section 1002, interest
represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency for such series
located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such
office or agency in exchange for a Registered Security of such series and like tenor after the close of business at such office or agency
on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or
(ii) any Special Record Date and before the opening of business at such office or agency on the related date for payment of Defaulted
Interest, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date or proposed date of payment,
as the case may be (or, if such Coupon is so surrendered with such Bearer Security, such Coupon shall be returned to the person so surrendering
the Bearer Security), and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed
date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be
payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
specified as contemplated by Section 301 with respect to Securities of any series, at the option of the Holder, Registered Securities
of such series may be exchanged for Bearer Securities upon such terms and conditions as may be provided pursuant hereto with respect
to such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whenever
any Securities are so surrendered for exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute,
and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 301, any global Security of any series shall be exchangeable
for Securities of such series only if (i) the Securities Depository is at any time unwilling or unable or ineligible to continue as Securities
Depository and a successor depository is not appointed by the Company within 90 days of the date the Company is so notified in writing,
(ii) the Company executes and delivers to the Trustee a Company Order to the effect that such global Security shall be so exchangeable,
or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If the beneficial owners of interests in
a global Security are entitled to exchange such interests for Securities of such series and of like tenor and principal amount of any
authorized form and denomination, as specified as contemplated by Section 301, then without unnecessary delay but in any event not later
than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities of
that series in aggregate principal amount equal to the principal amount of such global Security, executed by the Company. On or after
the earliest date on which such interests may be so exchanged, such global Security shall be surrendered from time to time by the U.S.
Depository or such other depository as shall be specified in the Company Order with respect thereto, and in accordance with instructions
given to the Trustee and the U.S. Depository or such other depository, as the case may be (which instructions shall be in writing but
need not comply with Section 102 or be accompanied by an Opinion of Counsel), as shall be specified in the Company Order with respect
thereto to the Trustee, as the Company&rsquo;s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities
of the same series without charge. The Trustee shall authenticate and make available for delivery, in exchange for each portion of such
surrendered global Security, a like aggregate principal amount of definitive Securities of the same series of authorized denominations
and of like tenor as the portion of such global Security to be exchanged which (unless the Securities of such series are not issuable
both as Bearer Securities and as Registered Securities, in which case the definitive Securities exchanged for the global Security shall
be issuable only in the form in which the Securities are issuable, as specified as contemplated by Section 301) shall be in the form
of Bearer Securities or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof; PROVIDED,
HOWEVER, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities
of such series to be redeemed and ending on the relevant Redemption Date; and provided, further, that (unless otherwise specified as
contemplated by Section 301) no Bearer Security delivered in exchange for a portion of a global Security shall be mailed or otherwise
delivered to any location in the United States. Promptly following any such exchange in part, such global Security shall be returned
by the Trustee to such Depository or the U.S. Depository, as the case may be, or such other Depository or U.S. Depository referred to
above in accordance with the instructions of the Company referred to above. If a Registered Security is issued in exchange for any portion
of a global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and
before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before
the opening of business at such office or agency on the related proposed date for payment of interest or Defaulted Interest, as the case
may be, interest will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such
Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the
Person to whom interest in respect of such portion of such global Security is payable in accordance with the provisions of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
Securities endorsed thereon issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the
Company evidencing the same debt, and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered
upon such registration of transfer or exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Every
Registered Security presented or surrendered for registration of transfer or for exchange, redemption or conversion shall (if so required
by the Company or the Security Registrar for such series of Security presented) be duly endorsed, or be accompanied by a written instrument
of transfer in form satisfactory to the Company and such Security Registrar duly executed by the Holder thereof or his attorney duly
authorized in writing.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
service charge shall be made for any registration of transfer or exchange, redemption or conversion of Securities, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Securities, other than exchanges pursuant to Section 305, 906 or 1107 not involving any transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise specified as contemplated by Section 301, the Company shall not be required (i) to issue, register the transfer of or exchange
any Securities of any series during a period beginning at the opening of business 15 days before the day of the selection for redemption
of Securities of such series under Section 1103 and ending at the close of business on the day of such selection, or (ii) to register
the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except in the case of any Security
to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security so selected for redemption except,
to the extent provided with respect to such Security, that such a Bearer Security may be exchanged for a Registered Security of that
series, provided that such Registered Security shall be immediately surrendered for redemption with written instruction for payment consistent
with the provisions of this Indenture or (iv) to issue, register the transfer of or exchange any Security which, in accordance with its
terms specified as contemplated by Section 301, has been surrendered for repayment at the option of the Holder, except the portion, if
any, of such Security not to be repaid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
307. Mutilated, Destroyed, Lost and Stolen Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any mutilated Security or a Security with a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions
of this Section 307, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of
the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with
Coupons corresponding to the Coupons, if any, appertaining to the surrendered Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
there be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security
or Coupon, and (ii) such Security or indemnity as may be required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security or Coupon has been acquired by a bona fide purchaser,
the Company shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon appertains with all appurtenant
Coupons not destroyed, lost or stolen, a new Security of the same series containing identical terms and of like principal amount and
bearing a number not contemporaneously outstanding, with Coupons corresponding to the Coupons, if any, appertaining to such destroyed,
lost or stolen Security or to the Security to which such destroyed, lost or stolen Coupon appertains.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing provisions of this Section 307, in case any such mutilated, destroyed, lost or stolen Security or Coupon has become or
is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or Coupon;
PROVIDED, HOWEVER, that payment of principal of (and premium, if any) and any interest on Bearer Securities shall, except as otherwise
provided in Section 1002, be payable only at an office or agency located outside the United States and, unless otherwise specified as
contemplated by Section 301, any interest on Bearer Securities shall be payable only upon presentation and surrender of the Coupons appertaining
thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Every
new Security of any series, with its Coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security
and its Coupons, if any, or the destroyed, lost or stolen Coupon shall constitute a separate obligation of the Company, whether or not
the destroyed, lost or stolen Security and its Coupons, if any, or the destroyed, lost or stolen Coupon shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that series and their Coupons, if any.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
308. Payment of Interest; Interest Rights Preserved.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise specified as contemplated by Section 301, interest on any Registered Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities)
is registered as of the close of business on the Regular Record Date for such interest. In case a Bearer Security of any series is surrendered
in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment for such
series) on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment
Date, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date and interest will not be payable
on such Interest Payment Date in respect of the Registered Security issued in exchange of such Bearer Security, but will be payable only
to the Holder of such Coupon when due in accordance with the provisions of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
interest on any Registered Security of any series which shall be payable, but shall not be punctually paid or duly provided for, on any
Interest Payment Date for such Registered Security (herein called &ldquo;Defaulted Interest&rdquo;) shall forthwith cease to be payable
to the Holder on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the
Company, at its election in each case, as provided in Clause (1) or (2) below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities affected (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Registered Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall
make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment. Money will be held in
trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon, the Trustee shall fix
a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company shall cause
notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid,
to each Holder of such Registered Securities at his address as it appears in the Security Register not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed
as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Registered Securities (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following
Clause (2). In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such series in exchange
for a Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the
opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall
be surrendered without the Coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed
date of payment in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder
of such Coupon when due in accordance with the provisions of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any Securities
exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by
the Company to the Trustee of the proposed payment pursuant to this Clause, such payment shall be deemed practicable by the Trustee.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the option of the Company, interest on Registered Securities of any series that bear interest may be paid by mailing a check to the address
of the person entitled thereto as such address shall appear in the Security Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the foregoing provisions of this Section and Section 306, each Security delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
309. Persons Deemed Owners.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prior
to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose
of receiving payment of principal of (and premium, if any), and (subject to Sections 306 and 308) interest on or any Additional Amounts
with respect to, such Registered Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered
Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to
the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, the Trustee and any agent of the Company or the Trustee may treat the bearer of any Bearer Security and the bearer of any Coupon
as the absolute owner of such Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all other
purposes whatsoever, whether or not any payment with respect to such Security or Coupon be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
310. Cancellation.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
Securities and Coupons surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee or the Security Registrar, be delivered to the Trustee or the Security
Registrar, and any such Securities and Coupons and Securities and Coupons surrendered directly to the Trustee or the Security Registrar
for any such purpose shall be promptly cancelled by the Trustee or the Security Registrar, as the case may be. The Company may at any
time deliver to the Trustee or the Security Registrar for cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee
or the Security Registrar, as the case may be. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled
as provided in this Section, except as expressly permitted by this Indenture or as otherwise specified as contemplated by Section 301.
All cancelled Securities and Coupons held by the Trustee or the Security Registrar shall be returned to the Company by the Trustee or
the Security Registrar, as the case may be, upon a Company Order. The Trustee shall promptly notify the Company of all cancelled Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
311. Computation of Interest.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be
computed on the basis of 360-day year of twelve 30-day months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
312. Cusip Numbers.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company in issuing the Securities may use &ldquo;CUSIP&rdquo; numbers (if then generally in use), and if so, the Trustee shall use &ldquo;CUSIP&rdquo;
numbers in notices of redemption as a convenience to Holders; PROVIDED that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the &ldquo;CUSIP&rdquo; numbers.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SATISFACTION
AND DISCHARGE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
401. Satisfaction and Discharge of Indenture.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the direction of the Company by a Company Order, this Indenture shall cease to be of further effect with respect to any series of Securities
specified in such Company Order (except as to any surviving rights of registration of transfer or exchange of Securities of such series
herein expressly provided for and any right to receive Additional Amounts, as provided in Section 1004), and the Trustee, on receipt
of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture as to such series, when</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">either</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            Securities of such series theretofore authenticated and delivered and all Coupons appertaining
                                            thereto (other than (i) Coupons appertaining to Bearer Securities of such series surrendered
                                            for exchange for Registered Securities of such series and maturing after such exchange, whose
                                            surrender is not required or has been waived as provided in Section 306, (ii) Securities
                                            and Coupons of such series which have been destroyed, lost or stolen and which have been
                                            replaced or paid as provided in Section 307, (iii) Coupons appertaining to Securities of
                                            such series called for redemption and maturing after the relevant Redemption Date, whose
                                            surrender has been waived as provided in Section 1107, and (iv) Securities and Coupons of
                                            such series for whose payment money has theretofore been deposited in trust or segregated
                                            and held in trust by the Company and thereafter repaid to the Company or discharged from
                                            such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation;
                                            or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            Securities of such series and, in the case of (i) or (ii) below, any such Coupons appertaining
                                            thereto not theretofore delivered to the Trustee for cancellation</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">have
                                            become due and payable, or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">will
                                            become due and payable at their Stated Maturity within one year and such Securities are not
                                            convertible into other Securities, or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            redeemable at the option of the Company, such Securities are not convertible into other Securities
                                            and are to be called for redemption within one year under arrangements satisfactory to the
                                            Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense,
                                            of the Company,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">and the
Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for
the purpose, lawful money of the United States Government Obligations which through the payment of interest and principal or other amounts
in respect thereof in accordance with their terms will provide not later than the opening of business on the due dates of any payment
of principal (and premium, if any) and interest, or any Additional Amounts with respect thereto, or a combination thereof, in an amount
sufficient to pay and discharge the entire indebtedness on such Securities and Coupons not theretofore delivered to the Trustee for cancellation,
for principal (and premium, if any) and interest, or any Additional Amounts with respect thereto, to the date of such deposit (in the
case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Company has paid or caused to be paid all other sums payable hereunder by the Company; and</FONT></TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Company has delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel,
                                            each stating that all conditions precedent herein provided for relating to the satisfaction
                                            and discharge of this Indenture as to such series have been complied with.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event there are two or more Trustees hereunder, then the effectiveness of any such instrument shall be conditioned upon receipt of
such instruments from all Trustees hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 606 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section
402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
402. Application of Trust Money.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 or this section
402 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the Coupons and this Indenture, to
the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal (and premium, if any) and any interest or any Additional Amounts for whose payment
such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required
by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
monies deposited with the Trustee pursuant to Section 401 (and held by it or any Paying Agent) for the payment of Securities subsequently
converted shall be returned to the Company upon Company Request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
403. Satisfaction, Discharge and Defeasance of Securities of Any Series.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
pursuant to Section 301 provision is made for defeasance of Securities of any series pursuant to Section 403, the Company shall be deemed
to have paid and discharged the entire indebtedness on all the Outstanding Securities of such series and the Trustee, at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and discharge of such indebtedness, when</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">either</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">with
                                            respect to all Outstanding Securities of such series and any Coupons appertaining thereto,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Company has deposited or caused to be deposited with the Trustee, as trust funds in trust
                                            for such purpose, an amount sufficient to pay and discharge the entire indebtedness on all
                                            Outstanding Securities of such series for principal (and premium, if any), any Additional
                                            Amounts, and interest to the Stated Maturity or any Redemption Date as contemplated by the
                                            penultimate paragraph of this Section 403, as the case may be; or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">with
                                            respect to any series of Securities which are denominated in United States dollars, the Company
                                            has deposited or caused to be deposited with the Trustee, as obligations in trust for such
                                            purpose, such amount of direct obligations of, or obligations the timely payment of the principal
                                            of and interest on which are fully guaranteed by, the United States of America and which
                                            are not callable at the option of the issuer thereof as will, together with the income to
                                            accrue thereon without consideration of any reinvestment thereof, be sufficient to pay and
                                            discharge the entire indebtedness on all Outstanding Securities of such series for principal
                                            (and premium, if any), any Additional Amounts, and interest to the stated Maturity or any
                                            Redemption Date as contemplated by the penultimate paragraph of this Section 403; or</FONT></TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Company has properly fulfilled such other means of satisfaction and discharge as is specified,
                                            as contemplated by Section 301, to be applicable to the Securities of such series; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Company has paid or caused to be paid all other sums payable hereunder with respect to the
                                            Outstanding Securities of such series; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Company has delivered to the Trustee a certificate signed by a nationally recognized firm
                                            of Independent Public Accountants certifying as to the sufficiency of the amounts deposited
                                            pursuant to subsections (A) (i) or (ii) of this Section for payment of the principal (and
                                            premium, if any) and interest on the dates such payments are due, an Officers&rsquo; Certificate
                                            and an Opinion of Counsel, each such Certificate and opinion stating that no Event of Default
                                            or event which with notice or lapse of time or both would become an Event of Default with
                                            respect to such Securities shall have occurred and all conditions precedent herein provided
                                            for relating to the satisfaction and discharge of the entire indebtedness on all Outstanding
                                            Securities of any such series have been complied with; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Company has delivered to the Trustee</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            ruling from the Internal Revenue Service or an opinion of independent counsel that the holders
                                            of the Securities of such series will not recognize income, gain or loss for Federal income
                                            tax purposes as a result of such deposit, defeasance and discharge and will be subject to
                                            Federal income tax on the same amount and in the same manner and at the same times, as would
                                            have been the case if such deposit, defeasance and discharge had not occurred; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the Securities of such series are then listed on the Nasdaq Global Market, an Opinion of
                                            Counsel that the Securities of such series will not be delisted as a result of the exercise
                                            of this option.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
deposits with the Trustee referred to in subsection (1) (A) of this Section shall be irrevocable and shall be made under the terms of
an escrow trust agreement in form and substance satisfactory to the Trustee. If any Outstanding Securities of such series are to be redeemed
prior to their Stated Maturity, whether pursuant to any optional redemption or repayment provisions or in accordance with any mandatory
sinking fund requirement, the Company shall make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the satisfaction of the conditions set forth in this Section 403 with respect to all the Outstanding Securities of any series, the terms
and conditions of such series, including the terms and conditions with respect thereto set forth in this Indenture, other than the provisions
of Sections 306, 307, and 1002, other than the right of Holders of Securities and any Coupons of such series to receive, from the trust
fund described in this Section, payment of the principal (and premium, if any) of, the interest on or any Additional Amounts with respect
to such Securities and Coupons (if any) appertaining thereto when such payments are due, other than any right of conversion of such Securities
and the rights, powers, duties and immunities of the Trustee hereunder, shall no longer be binding upon, or applicable to, the Company
except those responsibilities and obligations which by the terms of the Indenture survive the termination of the Indenture; PROVIDED
that the Company shall not be discharged from any payment obligations in respect of Securities of such series which are deemed not to
be Outstanding under clause (iii) of the definition thereof if such obligations continue to be valid obligations of the Company under
applicable law.</FONT></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
501. Events of Default.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Event
of Default&rdquo;, wherever used herein with respect to Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or be effected by operation of law pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or the Subsidiary Bank in
an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, and adjudging it a bankrupt
or insolvent or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or
the Subsidiary Bank or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and such decree
or order shall remain unstayed and in effect for a period of 60 consecutive days; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or the Subsidiary Bank shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or shall consent to the entry of an order for relief in any involuntary case under any such law, or shall consent
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official)
of the Company or the Subsidiary Bank or for any substantial part of its property, or shall make any general assignment for the benefit
of creditors, or shall fail generally to pay its debts as they become due or shall take any corporate action in furtherance of any of
the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such series and any related Coupons by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
502. Acceleration of Maturity; Rescission and Annulment.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an Event of Default with respect to Securities of any series at the time outstanding occurs and is continuing, then the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal of all the Securities
of that series, or such lesser amount as may be provided for in the Securities of that series, to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or such
lesser amount shall become immediately due and payable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree
for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a
majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind
and annul such declaration and its consequences if</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
Company has paid or deposited with the Trustee a sum sufficient to pay</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            overdue installments of interest on and any Additional Amounts payable in respect of all
                                            Securities of such series,</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            principal of (and premium, if any, on) any Securities of such series which have become due
                                            otherwise than by such declaration of acceleration and interest thereon at the rate or rates
                                            borne by or provided for in such Securities,</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(C)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            the extent that payment of such interest is lawful, interest upon overdue installments of
                                            interest or any Additional Amounts at the rate or rates borne by or provided for in such
                                            Securities, and</FONT></TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(D)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses,
                                            disbursements and advances of the Trustee, its agents and counsel as provided in Section
                                            606 hereof; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            Events of Default with respect to Securities of such series, have been cured or waived as
                                            provided in Section 513.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
such rescission shall affect any subsequent default or impair any right consequent thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
503. Collection of Indebtedness and Suits for Enforcement by Trustee.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company covenants that if</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">default
                                            is made in the payment of any installment of interest on or any Additional Amounts payable
                                            in respect of any Security when such interest or Additional Amounts shall have become due
                                            and payable and such default continues for a period of 30 days, or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">default
                                            is made in the payment of the principal of (or premium, if any, on) any Security at its Maturity,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">then the Company
will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities and any Coupons appertaining thereto,
the whole amount then due and payable on such Securities and Coupons for principal (and premium, if any) and interest or Additional Amounts,
if any, with interest upon the overdue principal (and premium, if any) and, to the extent that payment of such interest shall be legally
enforceable, upon overdue installments of interest or any Additional Amounts, at the rate or rates borne by or provided for in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final
decree, and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such series and any Coupons appertaining thereto by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
504. Trustee May File Proofs of Claim.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company
for the payment of any overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            file and prove a claim for the whole amount or such lesser amount as may be provided for
                                            in the Securities of such series, of principal (and premium, if any) and interest and any
                                            Additional Amounts owing and unpaid in respect of the Securities and any Coupons appertaining
                                            thereto and to file such other papers or documents as may be necessary or advisable in order
                                            to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
                                            disbursements and advances of the Trustee, its agents or counsel) and of the Holders allowed
                                            in such judicial proceeding, and</FONT></TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            collect and receive any moneys or other property payable or deliverable on any such claims
                                            and to distribute the same;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Holder of Securities or Coupons to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders of Securities or Coupons, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under
Section 606.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a
Security or Coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or Coupons or the rights
of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or Coupon in any such
proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
505. Trustee May Enforce Claims Without Possession of Securities or Coupons.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
rights of action and claims under this Indenture or any of the Securities or coupons may be prosecuted and enforced by the Trustee without
the possession of any of the Securities or Coupons or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision
for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be
for the ratable benefit of the Holders of the Security and Coupon in respect of which such judgment has been recovered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
506. Application of Money Collected.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal (and premium, if any), interest or any Additional Amounts, upon
presentation of the Securities or Coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">FIRST:</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
                                            the payment of all amounts due the Trustee and any predecessor Trustee under Section 606;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECOND:</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
                                            the payment of the amounts then due and unpaid upon the Securities and Coupons for principal
                                            (and premium, if any) and interest or any Additional Amounts payable in respect of which
                                            or for the benefit of which such money has been collected, ratably, without preference or
                                            priority of any kind, according to the aggregate amounts due and payable on such Securities
                                            and Coupons for principal (and premium, if any), interest or any Additional Amounts, respectively;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">THIRD:</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            balance, if any, to the Company.</FONT></TD></TR></TABLE>

<BR>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
507. Limitation on Suits.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
Holder of any Security of any series or any related Coupons shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">such
                                            Holder has previously given written notice to the Trustee of a continuing Event of Default
                                            with respect to the Securities of such series;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Holders of not less than 25% in principal amount of the Outstanding Securities of that series
                                            shall have made written request to the Trustee to institute proceedings in respect of such
                                            Event of Default in its own name as Trustee hereunder;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">such
                                            Holder or Holders have offered indemnity reasonably satisfactory to the Trustee against the
                                            costs, expenses and liabilities to be incurred in compliance with such request;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee for 60 days after its receipt of such notice, request and offer of indemnity has
                                            failed to institute any such proceeding; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">no
                                            direction inconsistent with such written request has been given to the Trustee during such
                                            60-day period by the Holders of a majority in principal amount of the Outstanding Securities
                                            of such series;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">it being understood
and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any
other series, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of all such Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
508. Unconditional Right of Holders to Receive Principal, Premium, Interest and Additional Amounts.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
any other provision in this Indenture, the Holder of any Security or coupon shall have the right, which is absolute and unconditional,
to receive payment of the principal of (and premium, if any) and (subject to Sections 306 and 308) interest on or any Additional Amounts
in respect of such Security or payment of such Coupon on the respective Stated Maturity or Maturities specified in such Security or Coupon
(or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
509. Restoration of Rights and Remedies.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the Trustee or any Holder of a Security or Coupon has instituted any proceeding to enforce any right or remedy under this Indenture and
such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder,
then and in every such case the Company, the Trustee and each such Holder shall, subject to any determination in such proceeding, be
restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each
such Holder shall continue as though no such proceeding had been instituted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
510. Rights and Remedies Cumulative.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the
last paragraph of Section 307, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of a Security or
Coupon is intended to be exclusive of any other right or remedy, and every right and remedy, to the extent permitted by law, shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
511. Delay or Omission Not Waiver.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
delay or omission of the Trustee or of any Holder of any Security or coupon to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Trustee or to the Holders of Securities or Coupons may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders of Securities or Coupons, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
512. Control by Holders.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Securities of such series and any Coupons appertaining thereto, PROVIDED that</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">such
                                            direction shall not be in conflict with any rule of law or with this Indenture,</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee may take any other action deemed proper by the Trustee which is not inconsistent
                                            with such direction, and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">such
                                            direction is not unduly prejudicial to the rights of other Holders of Securities of such
                                            series.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
513. Waiver of Past Defaults.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Holders of not less than a majority in principal amount of the outstanding Securities of any series may on behalf of the Holders of all
the Securities of such series and any Coupons appertaining thereto waive any past default hereunder with respect to such series and its
consequences, except a default</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the payment of the principal of (and premium, if any) or interest on or Additional Amounts
                                            payable in respect of any Security of such series or any Coupons appertaining thereto, or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            respect of a covenant or provision hereof which under Article Nine cannot be modified or
                                            amended without the consent of the Holder of each Outstanding Security of such series affected.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
514. Waiver of Stay or Extension Laws.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>THE
TRUSTEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
601. Notice of Defaults.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Within
90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit to the
Holders in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, notice of such default hereunder known
to a Responsible Officer of the Trustee, unless such default shall have been cured or waived; PROVIDED, HOWEVER, that, except in the
case of a default in the payment of the principal of (or premium, if any) or interest on, or any Additional Amounts with respect to,
any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee
shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee
of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests
of the Holders of Securities and Coupons of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
602. Certain Rights of Trustee.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the provisions of Sections 315(a) through 315(d) of the Trust Indenture Act:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee may conclusively rely and shall be protected in acting or refraining from acting
                                            upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
                                            direction, consent, order, bond, debenture, note, or other paper or document reasonably believed
                                            by it to be genuine and to have been signed or presented by the proper party or parties;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            request or direction of the Company mentioned herein shall be sufficiently evidenced by a
                                            Company Request or a Company Order (other than delivery of any Security, together with any
                                            Coupons appertaining thereto to the Trustee for authentication and delivery pursuant to Section
                                            304 which shall be sufficiently evidenced as provided therein) and any resolution of the
                                            Board of Directors may be sufficiently evidenced by a Board Resolution or Board Resolutions;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whenever
                                            in the administration of this Indenture the Trustee shall deem it desirable that a matter
                                            be proved or established prior to taking, suffering or omitting any action hereunder, the
                                            Trustee (unless other evidence be herein specifically prescribed) may, in the absence of
                                            bad faith on its part, conclusively rely upon an Officers&rsquo; Certificate;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion
                                            of Counsel shall be full and complete authorization and protection in respect of any action
                                            taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee shall be under no obligation to exercise any of the rights or powers vested in it
                                            by this Indenture at the request or direction of any of the Holders of Securities of any
                                            series or any Coupons appertaining thereto pursuant to this Indenture, unless such Holders
                                            shall have offered to the Trustee reasonable Security or indemnity satisfactory to it against
                                            the costs, expenses and liabilities which might be incurred by it in compliance with such
                                            request or direction;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee shall not be bound to make any investigation into the facts or matters stated in
                                            any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
                                            consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion,
                                            may make such further inquiry or investigation into such facts or matters as it may see fit,
                                            and, if the Trustee shall determine to make such further inquiry or investigation, it shall
                                            be entitled to examine the books, records and premises of the Company, personally or by agent
                                            or attorney at the sole cost to the Company and shall incur no liability or additional liability
                                            of any kind by reason of such inquiry or investigation;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
                                            either directly or by or through agents or attorneys and the Trustee shall not be responsible
                                            for any misconduct or negligence on the part of any agent or attorney appointed with due
                                            care by it hereunder;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee shall not be liable for any action taken, suffered, omitted to be taken by it in
                                            good faith and reasonably believed by it to be authorized or within the discretion or rights
                                            or powers conferred upon it by this Indenture;</FONT></TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee shall not be deemed to have knowledge or notice of any default or Event of Default
                                            unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
                                            notice of any event which is in fact such a default or Event of Default is received by the
                                            Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities
                                            and this Indenture; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            rights, privileges, protections, immunities and benefits given to the Trustee, including,
                                            without limitation, its right to be indemnified, are extended to, and shall be enforceable
                                            by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other
                                            Person employed to act hereunder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
603. Not Responsible for Recitals or Issuance of Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
recitals contained herein and in the Securities, except the Trustee&rsquo;s certificate of authentication, and in any coupons shall be
taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or Coupons, except that
the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its
obligations hereunder and that the statements made by it in a Statement of Eligibility and Qualification on Form T-l supplied to the
Company are true and accurate, subject to the qualifications set forth therein. The Trustee or any Authenticating Agent shall not be
accountable for the use or application by the Company of Securities or the proceeds thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
604. May Hold Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other Person that may be an agent of the Trustee or
the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and Coupons and, subject to Sections
310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar or such other Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
605. Money Held In Trust.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Money
held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law and shall be held
uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
606. Compensation and Reimbursement.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company agrees</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            pay to the Trustee from time to time such compensation for all services rendered by it hereunder
                                            as shall be mutually agreed upon by the Company and the Trustee in writing (which compensation
                                            shall not be limited by any provision of law in regard to the compensation of a trustee of
                                            an express trust);</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">except
                                            as otherwise expressly provided herein, to reimburse the Trustee upon its request for all
                                            reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance
                                            with any provision of this Indenture (including the reasonable compensation and the reasonable
                                            expenses and disbursements of its agents and counsel), except any such expense, disbursement
                                            or advance as may be attributable to its negligence or bad faith; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            indemnify each of the Trustee and any predecessor Trustee and its agents for, and to hold
                                            them harmless against, any loss, liability, claim, damage or expense including taxes (other
                                            than taxes based upon, measured by or determined by the income of the Trustee) incurred without
                                            negligence or bad faith on their part, arising out of or in connection with the acceptance
                                            or administration of the trust or trusts hereunder, including the costs and expenses of defending
                                            themselves against any claim or liability in connection with the exercise or performance
                                            of any of their powers or duties hereunder.</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
Security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities
of any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal
of (or premium, if any) or interest on Securities. When the Trustee incurs expenses or renders services after an Event of Default occurs,
the expenses and compensation for the services of the Trustee are intended to constitute expenses of administration under any bankruptcy
law or any similar federal or state law for the relief of debtors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of this Section 606 shall survive the termination of this Indenture and the resignation or removal of the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
607. Corporate Trustee Required; Eligibility; Conflicting Interests.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
shall at all times be a Trustee hereunder that is a corporation permitted by Section 310(a) (1) and (5) of the Trust Indenture Act to
act as trustee under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section 310(a)
(2) of the Trust Indenture Act) of at least $50,000,000. If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. If the
Trustee has or shall acquire any conflicting interest, as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities
of any series, the Trustee shall take such action as is required pursuant to said Section 310(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
608. Resignation and Removal; Appointment of Successor.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee pursuant to Section 609.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within 30
days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of
competent jurisdiction for the appointment of a successor Trustee with respect to such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series, delivered to the Trustee and the Company. If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee being removed
may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect
to the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.9in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of
                                            the Trust Indenture Act after written request therefor by the Company or by any Holder of
                                            a Security who has been a bona fide Holder of a Security for at least six months, or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee shall cease to be eligible under Section 607 and shall fail to resign after written
                                            request therefor by the Company or by any such Holder of a Security, or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or
                                            a receiver of the Trustee or of its property shall be appointed or any public officer shall
                                            take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
                                            conservation or liquidation,</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">then, in any
such case, (a) the Company, by or pursuant to Board Resolution, may remove the Trustee with respect to all Securities, or (b) subject
to Section 315(c) of the Trust Indenture Act any Holder of a Security who has been a bona fide Holder of a Security of any series for
at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company, by or pursuant to Board Resolutions, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 609. If, within one
year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of Section 609, become the successor Trustee with respect to the Securities of such series
and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of
any series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner required by
Section 609, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage
prepaid, to the Holders of Registered Securities, if any, of such series as their names and addresses appear in the Security Register
and, if Securities of such series are issued as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper
in each Place of Payment located outside the United States. Each notice shall include the name of the successor Trustee with respect
to the Securities of such series and the address of its Corporate Trust Office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
609. Acceptance of Appointment by Successor.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall
execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company and/or
the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section
606.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3)&nbsp;shall add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust
or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any notice given to, or received
by, or any act or failure to act on the part of any other Trustee hereunder, and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee
shall with respect to the Securities of that or those series to which the appointment of such successor Trustee relates have no further
responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under
this Indenture other than as hereinafter expressly set forth, and each such successor Trustee without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture,
the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case
may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
610. Merger, Conversion, Consolidation or Succession to Business.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall
be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
611. Appointment of Authenticating Agent.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee may appoint an Authenticating Agent or Authenticating Agents, which may be an Affiliate of the Company, with respect to one or
more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of that or those series
issued upon original issue or exchange, registration of transfer or partial redemption thereof or pursuant to Section 307, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee&rsquo;s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Authenticating Agent shall be acceptable to the Company and, except as specified as contemplated by Section 301, shall at all times be
a corporation that would be permitted by Section 310(a) (1) and (5) of the Trust Indenture Act to be able to act as a trustee under an
indenture qualified under the Trust Indenture Act, is authorized under applicable law and by its charter to act as such and that has
a combined capital and surplus (computed in accordance with Section 310(a) (2) of the Trust Indenture Act) of not less than $50,000,000.
If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this Section. If the Authenticating Agent has or shall
acquire any conflicting interest, as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities of any series,
the Authenticating Agent shall take action as is required pursuant to said Section 310 (b).</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such
corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part
of the Trustee or the Authenticating Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Company and shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered
Securities, if any, of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in
the Security Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at least
once in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal office if such office is located
outside the United States. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company agrees to pay each Authenticating Agent from time to time reasonable compensation for its services under this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of Sections 309, 603 and 604 shall be applicable to each Authenticating Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon,
in addition to or in lieu of the Trustee&rsquo;s certificate of authentication, an alternate certificate of authentication in the following
form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
certificate represents Securities of the series designated herein referred to in the within-mentioned Indenture.</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 90%; margin-bottom: 10pt">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in">Dated:
    [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">not in its individual capacity but solely as Trustee</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As Authenticating
Agent</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; border-top: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
all of the Securities of any series may not be originally issued at one time, and if the Trustee does not have an office capable of authenticating
Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated
upon original issuance, the Trustee, if so requested in writing (which writing need not comply with Section 102) by the Company, shall
appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by the Company with
respect to such series of Securities.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>HOLDERS&rsquo;
LISTS AND REPORTS BY TRUSTEE AND COMPANY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
701. Company to Furnish Trustee Names and Addresses of Holders. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
accordance with Section 312(a) of the Trust Indenture Act, the Company will furnish or cause to be furnished to the Trustee</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">semi-annually,
                                            not later than 15 days after the Regular Record Date for interest for each series of Securities,
                                            a list, in such form as the Trustee may reasonably require, of the names and addresses of
                                            the Holders of Registered Securities of such series as of such Regular Record Date, or if
                                            there is no Regular Record Date for interest for such series of Securities, semi-annually,
                                            upon such dates as are set forth in the Board Resolution or indenture supplemental hereto
                                            authorizing such series, and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">at
                                            such other times as the Trustee may request in writing, within 30 days after the receipt
                                            by the Company of any such request, a list of similar form and content as of a date not more
                                            than 15 days prior to the time such list is furnished,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>provided,
however,</I> that so long as the Trustee is the Security Registrar no such list shall be required to be furnished.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
702. Preservation of Information; Communications to Holders.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
Holder of Securities or Coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company
nor the Trustee nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the disclosure of any such information
as to the names and addresses of the Holders of Securities in accordance with Section 312 of the Trust Indenture Act, regardless of the
source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
703. Reports by Trustee.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
60 days after May 15 of each year commencing with the year following the first issuance of Securities pursuant to Section 301, if required
by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit pursuant to Section 313(c) of the Trust Indenture Act a brief
report dated as of such May 15 with respect to any of the events specified in said Section 313(a) which may have occurred since the later
of the immediately preceding May 15 and the date of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports
pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections 313(c) and (d) of the Trust Indenture
Act.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
704. Reports by Company.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, pursuant to Section 314(a) of the Trust Indenture Act, shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">file
                                            with the Trustee, within 15 days after the Company actually files the same with the Commission,
                                            copies of the annual reports and of the information, documents and other reports (or copies
                                            of such portions of any of the foregoing as the Commission may from time to time by rules
                                            and regulations prescribe) which the Company may be required to file with the Commission
                                            pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the
                                            Company is not required to file information, documents or reports pursuant to either of said
                                            Sections, then it shall file with the Trustee and the Commission, in accordance with rules
                                            and regulations prescribed from time to time by the Commission, such of the supplementary
                                            and periodic information, documents and reports which may be required pursuant to Section
                                            13 of the Securities Exchange Act of 1934 in respect of a Security listed and registered
                                            on a national Securities exchange as may be prescribed from time to time in such rules and
                                            regulations;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">file
                                            with the Trustee and the Commission, in accordance with rules and regulations prescribed
                                            from time to time by the Commission, such additional information, documents and reports with
                                            respect to compliance by the Company with respect to compliance by such obligor with the
                                            conditions and covenants of this Indenture as may be required from time to time by such rules
                                            and regulations; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">transmit
                                            within 30 days after the actual filing thereof with the Trustee, in the manner and to the
                                            extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information,
                                            documents and reports required to be filed by the Company pursuant to paragraphs (1) and
                                            (2) of this Section as may be required by rules and regulations prescribed from time to time
                                            by the Commission; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">transmit
                                            within 90 days of December 31 of each year to the Trustee, a brief certificate from the principal
                                            executive officer, principal financial officer or principal accounting officer of the Company
                                            as to his or her knowledge of such obligor&rsquo;s compliance with all conditions and covenants
                                            under the Indenture as determined without regard to any period of grace or requirement of
                                            notice provided under the Indenture.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee&rsquo;s receipt of such
shall not constitute constructive or other notice of any information contained therein or determinable from information contained therein,
including the Company&rsquo;s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officers&rsquo; Certificates).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONSOLIDATION,
MERGER AND SALES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
801. Company May Consolidate Etc., Only on Certain Terms.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nothing
contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with or into any other
Person or Persons (whether or not affiliated with the Company), or successive consolidations or mergers in which the Company or its successor
or successors shall be a party or parties, or shall prevent any conveyance, transfer or lease of the property of the Company as an entirety
or substantially as an entirety, to any other Person (whether or not affiliated with the Company); PROVIDED, HOWEVER, that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            case the Company shall consolidate with or merge into another Person or convey, transfer
                                            or lease its properties and assets substantially as an entirety to any Person, the entity
                                            formed by such consolidation or into which the Company is merged or the Person which acquires
                                            by conveyance or transfer, or which leases, the properties and assets of the Company substantially
                                            as an entirety shall be a corporation organized and existing under the laws of the United
                                            States of America, any State thereof or the District of Columbia and shall expressly assume,
                                            by an indenture (or indentures, if at such time there is more than one Trustee) supplemental
                                            hereto, executed and delivered by the successor Person to the Trustee, in form satisfactory
                                            to the Trustee, the due and punctual payment of the principal of (and premium, if any) and
                                            interest on or any Additional Amounts in respect of all the Securities and the performance
                                            of every other covenant of this Indenture on the part of the Company to be performed or observed;</FONT></TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">immediately
                                            after giving effect to such transaction and treating any indebtedness which becomes an obligation
                                            of the Company or a Subsidiary as a result of such transaction as having been incurred by
                                            the Company or such Subsidiary at the time of such transaction, no Event of Default, and
                                            no event which, after notice or lapse of time or both, would become an Event of Default,
                                            shall have happened and be continuing; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">each
                                            of the Company and the successor Person has delivered to the Trustee an Officers&rsquo; Certificate
                                            and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer
                                            or lease and such supplemental indenture comply with this Article and that all conditions
                                            precedent herein provided for relating to such transaction have been complied with.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
802. Successor Corporation Substituted for Company.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
any consolidation or merger or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety
to any Person in accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or
to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter,
except in the case of a lease to another Person, the predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities and the Coupons.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SUPPLEMENTAL
INDENTURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
901. Supplemental Indentures Without Consent of Holders.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Without
the consent of any Holders of Securities or Coupons, the Company, when authorized by Board Resolutions, and the Trustee, at any time
and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the
following purposes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            evidence the succession of another Person to the Company, and the assumption by any such
                                            successor of the covenants of the Company herein and in the Securities;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            add to the covenants of the Company for the benefit of the Holders of all or any series of
                                            Securities (and if such covenants are to be for the benefit of less than all series of Securities,
                                            stating that such covenants are expressly being included solely for the benefit of such series)
                                            or to surrender any right or power herein conferred upon the Company;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            add to or change any of the provisions of this Indenture to provide that Bearer Securities
                                            may be registrable as to principal, to change or eliminate any restrictions on the payment
                                            of principal (or premium, if any) on Registered Securities or of principal (or premium, if
                                            any) or any interest on Bearer Securities, to permit Registered Securities to be exchanged
                                            for Bearer Securities or to permit or facilitate the issuance of Securities in uncertified
                                            form, PROVIDED any such action shall not adversely affect the interests of the Holders of
                                            Securities of any series or any Coupons appertaining thereto in any material respect;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            establish the form or terms of Securities of any series and any Coupons appertaining thereto
                                            as permitted by Sections 201 and 301;</FONT></TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            evidence and provide for the acceptance of appointment hereunder by a successor Trustee with
                                            respect to the Securities of one or more series and to add to or change any of the provisions
                                            of this Indenture as shall be necessary to provide for or facilitate the administration of
                                            the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 609(b);</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            cure any ambiguity, to correct or supplement any provision herein which may be defective
                                            or inconsistent with any other provision herein, or to make any other provisions with respect
                                            to matters or questions arising under this Indenture which shall not be inconsistent with
                                            the provisions of this Indenture and which shall not adversely affect the interest of the
                                            Holders of Securities of any series or any related coupons in any material respect;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            add to, delete from or revise the conditions, limitations and restrictions on the authorized
                                            amount, terms or purposes of issue, authentication and delivery of Securities, as herein
                                            set forth;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            add any additional Events of Default;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary
                                            to conform the obligations of the Company and the Trustee under this Indenture to the obligations
                                            imposed on such Persons hereunder pursuant to the Trust Indenture Act or under any similar
                                            federal statute hereafter enacted and rules or regulations of the Commission thereunder;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            make provisions with respect to the conversion rights of Holders of Convertible Securities
                                            pursuant to the requirements of Section 1606; or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(11)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            add to, change or eliminate any of the provisions of this Indenture in respect to one or
                                            more series of Securities; provided, however, that any such addition, change or elimination
                                            (i) shall neither (A) apply to any Security of any series issued prior to the execution of
                                            such supplemental indenture and entitled to the benefit of such provision nor (B)&nbsp;modify
                                            the rights of the Holder of any such pre-existing series of any Security with respect to
                                            the application of such provision to such pre-existing series of a Security or (ii) shall
                                            become effective only when there is no such pre-existing series of a Security outstanding.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
902. Supplemental Indentures with Consent of Holders.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">With
the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by Board Resolutions,
and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities
of such series under this Indenture; PROVIDED, HOWEVER, that no such supplemental Indenture shall, without the consent of the Holder
of each Outstanding Security affected thereby, shall</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">change
                                            the Stated Maturity of the principal of, or any installment of interest on, any Security,
                                            or reduce the principal amount thereof or the rate of interest thereon or any Additional
                                            Amounts payable in respect thereof, or any premium payable upon the redemption thereof, or
                                            change the obligation of the Company to pay Additional Amounts pursuant to Section 1004 (except
                                            as contemplated by Section 801(1) and permitted by Section 901(1)), or reduce the amount
                                            of the principal of an Original Issue Discount Security that would be due and payable upon
                                            a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change
                                            the Place of Payment, coin or currency in which any Security or any premium or the interest
                                            thereon is payable, or impair the right to institute suit for the enforcement of any such
                                            payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after
                                            the Redemption Date), or</FONT></TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">reduce
                                            the percentage in principal amount of the Outstanding Securities of any series, the consent
                                            of whose Holders is required for any such supplemental indenture, or the consent of whose
                                            Holders is required for any waiver (of compliance with certain provisions of this Indenture
                                            or certain defaults hereunder and their consequences) provided for in this Indenture, or
                                            reduce the requirements of Section 1404 for quorum or voting, or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">modify
                                            any of the provisions of this section, or Sections 512, 513 or Section 1011, except to increase
                                            any such percentage or to provide that certain other provisions of this Indenture cannot
                                            be modified or waived without the consent of the Holder of each Outstanding Security affected
                                            thereby.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may, but shall not be obligated to, fix a record date for the purposes of determining the Persons entitled to consent to any
indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only
such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders after such record
date; PROVIDED, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior
to the date which is 90 days after such record date, any such consent previously given shall automatically and without further action
by any Holder be cancelled and of no further effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such
series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders
of Securities of any other series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
shall not be necessary for any Act of Holders of Securities under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
903. Execution of Supplemental Indentures.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trust created by this Indenture, the Trustee shall be provided with, and (subject to Section 315 of the
Trust Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that it complies with the terms of this Indenture. The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects the Trustee&rsquo;s own rights, duties or immunities under
this Indenture or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
904. Effect of Supplemental Indentures.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated
and delivered hereunder and of any Coupons appertaining thereto shall be bound thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
905. Conformity with Trust Indenture Act.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Every
supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
906. Reference in Securities to Supplemental Indentures.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.
If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company,
to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange
for Outstanding Securities of such series.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
907. Subordination Unimpaired.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
supplemental indenture entered into under this Article Nine shall modify, directly or indirectly, the provisions of Article Fifteen or
the definition of Senior Indebtedness in Section 101 in any manner that might alter or impair the subordination of the Securities with
respect to Senior Indebtedness then outstanding, unless each holder of such Senior Indebtedness has consented thereto in writing.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1001. Payment of Principal, Premium, If Any, and Interest.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company covenants and agrees for the benefit of the Holders of each series of Securities that it will duly and punctually pay the principal
of (and premium, if any), interest on or any Additional Amounts payable in respect of the Securities of that series in accordance with
the terms of such series of Securities, any Coupons appertaining thereto and this Indenture. Any interest due on and any Additional Amounts
payable in respect of Bearer Securities on or before Maturity, other than Additional Amounts, if any, payable as provided in Section
1004 in respect of principal of (or premium, if any, on) such a Security, shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they severally mature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1002. Maintenance of Office or Agency.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of such series (but
not Bearer Securities, except as otherwise provided below, unless such Place of Payment is located outside the United States) may be
presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities
of a series are issuable as Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable thereto, an
office or agency in a Place of Payment for such series which is located outside the United States where Securities of such series and
the related Coupons may be presented and surrendered for payment (including payment of any Additional Amounts payable on Securities of
such series pursuant to Section 1004)&#9;; PROVIDED, HOWEVER, that if the Securities of such series are listed on The Stock Exchange
of the United Kingdom and the Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange located outside the United
States and such stock exchange shall so require, the Company will maintain a Paying Agent in London, Luxembourg or any other required
city located outside the United States, as the case may be, so long as the Securities of such series are listed on such exchange. The
Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If
at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, except
that Bearer Securities of that series and the related Coupons may be presented and surrendered for payment (including payment of any
Additional Amounts payable on Bearer Securities of that series pursuant to Section 1004) at the place specified for the purpose pursuant
to Section 301, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise specified as contemplated by Section 301, no payment of principal, premium or interest on Bearer Securities shall be made
at any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer to
an account maintained with a bank located in the United States; PROVIDED, HOWEVER, payment of principal of and any premium and interest
in U.S. dollars (including Additional Amounts payable in respect thereof) on any Bearer Security may be made at the Corporate Trust Office
or any office or agency designated by the Company if (but only if) payment of the full amount of such principal, premium, interest or
Additional Amounts at all offices outside the United States maintained for the purpose by the Company in accordance with this Indenture
is illegal or effectively precluded by exchange controls or other similar restrictions.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; PROVIDED, HOWEVER, that no
such designation or rescission shall in any manner relieve the Company of their obligation to maintain an office or agency in each Place
of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency. Unless otherwise specified as contemplated by Section
301, the Company hereby designates as the Place of Payment for each series the Corporate Trust Office of the Trustee. Pursuant to Section
301(9) of this Indenture, the Company may subsequently appoint a place or places where such Securities may be payable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1003. Money for Securities Payments to Be Held in Trust.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date
of the principal of (and premium, if any), or interest on, any of the Securities of that series, segregate and hold in trust for the
benefit of the Person entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action
or failure so to act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal
of (and premium, if any), or interest on, any Securities of that series, deposit with any Paying Agent a sum sufficient to pay the principal
(and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument
in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">hold
                                            all sums held by it for the payment of the principal of (and premium, if any) or interest
                                            on Securities of that series in trust for the benefit of the Persons entitled thereto until
                                            such sums shall be paid to such Persons or otherwise disposed of as herein provided;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">give
                                            the Trustee notice of any default by the Company (or any other obligor upon the Securities
                                            of that series) in the making of any payment of principal (and premium, if any) or interest
                                            on the Securities of that series; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">at
                                            any time during the continuance of any such default, upon the written request of the Trustee,
                                            forthwith pay to the Trustee all sums so held in trust by such Paying Agent.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay,
or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums
to be held by the Trustee upon the same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon
such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such
money.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise provided hereby or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of (and premium, if any) or interest and Additional Amounts on any Security of any series and
remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to
the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security
or any Coupon appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or such Paying Agent, before being required to make any such repayment, may
at the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment for such series or to be
mailed to Holders of Registered Securities for such series, or both, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication or mailing nor shall it be later than two years
after such principal (and premium, if any) or interest has become due and payable, any unclaimed balance of such money then remaining
will be repaid to the Company.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1004. Additional Amounts.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Securities of a series provide for the payment of Additional Amounts, the Company agrees to pay to the Holder of any such Security
of any such series or any Coupon appertaining thereto Additional Amounts as provided therein. Whenever in this Indenture there is mentioned,
in any context, the payment of the principal of (or premium, if any) or interest on, or in respect of, any Security of any series or
any related Coupon or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to
include mention of the payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the
extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms and express
mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional
Amounts in those provisions hereof where such express mention is not made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise provided herein or pursuant hereto, if the Securities of a series provide for the payment of Additional Amounts, at least
10 days prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities of that series shall
not bear interest prior to Maturity, the first day on which a payment of principal (and premium, if any, is made)), and at least 10 days
prior to each date of payment of principal (and premium, if any) or interest if there has been any change with respect to the matters
set forth in the below-mentioned Officers&rsquo; Certificate, the Company will furnish the Trustee and the principal Paying Agent or
Paying Agents, if other than the Trustee, an Officers&rsquo; Certificate instructing the Trustee and such Paying Agent or Paying Agents
whether such payment of principal (and premium, if any) of or interest on the Securities of that series shall be made to Holders of Securities
of that series or the Coupons appertaining thereto who are United States Aliens without withholding for or on account of any tax, assessment
or other governmental charge described in the Securities of that series. If any such withholding shall be required, then such Officers&rsquo;
Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities or Coupons
and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by this Section. The Company covenants
to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred
without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance
on any Officers&rsquo; Certificate furnished pursuant to this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1005. Statement as to Compliance; Notice of Certain Defaults.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will, in addition to the reports required by Section 704(4), deliver to the Trustee, within 120 days after the end of each fiscal
year (which on the date hereof ends on December 31), commencing December 31, 2013, a written statement, which need not comply with Section
102, signed by the Chairman of the Board of Directors, a Deputy Chairman, Vice Chairman, the President or a Vice President and by the
Treasurer or an Assistant Treasurer of the Company, stating, as to each signer thereof, that</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.9in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            review of the activities of the Company during such year and of performance under this Indenture
                                            has been made under his supervision, and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            the best of his knowledge, based on such review, (a) the Company has fulfilled all of its
                                            obligations under this Indenture throughout such year, or, if there has been a default in
                                            the fulfillment of any such obligation, specifying each such default known to him and the
                                            nature and status thereof, and (b) no event has occurred and is continuing which is, or after
                                            notice or lapse of time or both would become, an Event of Default, or, if such an event has
                                            occurred and is continuing, specifying each such event known to him and the nature and status
                                            thereof.</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will deliver to the Trustee as soon as possible, and in any event, within five days after the occurrence thereof, written notice
of any event which after notice or lapse of time or both would become an Event of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1006. Payment of Taxes and Other Claims.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments
and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company
or any Subsidiary, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the
property of the Company or any subsidiary; PROVIDED, HOWEVER, that the Company shall not be required to pay or discharge or cause to
be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith
by appropriate proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1007. Corporate Existence.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence, rights (charter and statutory) and franchises and the corporate existence, rights (charter and statutory) and franchises of
the Subsidiary Bank; PROVIDED, HOWEVER, that the Company shall not be required to preserve any such corporate existence, right or franchise
if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and
its Subsidiaries considered as a whole and that the loss thereof is not disadvantageous in any material respect to the Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1008. Waiver of Certain Covenants.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 1006 with respect to
the Securities of any series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance
with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee
in respect of any such term, provision or condition shall remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1009. Calculation of Original Issue Discount.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original
issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (ii)&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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REDEMPTION
OF SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1101. Applicability of Article.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Redemption
of Securities of any series at the option of the Company as permitted or required by the terms of such Securities shall be made in accordance
with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1102. Election to Redeem; Notice to Trustee.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
election of the Company to redeem any Securities shall be evidenced by Board Resolution. In case of any redemption at the election of
the Company of the Securities of any series, with the same issue date, interest rate and Stated Maturity, the Company shall, at least
60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1103. Selection by Trustee of Securities To Be Redeemed.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
less than all the Securities of any series with the same issue date, interest rate, Stated Maturity and other terms are to be redeemed,
the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the
Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate
and which may provide for the selection for redemption of portions of the principal amount of Registered Securities of such series; PROVIDED,
HOWEVER, that no such partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not
redeemed to less than the minimum denomination for a Security of such series established herein pursuant hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Convertible Security selected for partial redemption is converted in part before termination of the conversion right with respect
to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion
selected for redemption. Securities which have been converted during a selection of Securities to be redeemed shall be treated by the
Trustee as Outstanding for the purpose of such selection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which
has been or is to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1104. Notice of Redemption.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notice
of redemption shall be given in the manner provided in Section 106, not less than 30 nor more than 60 days prior to the Redemption Date,
unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice
by mailing in the manner herein provided to the Holder of any Registered Securities designated for redemption as a whole or in part,
or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities
or portion thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
notice that is mailed to the Holder of any Registered Securities in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not such Holder receives the notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
notices of redemption shall state:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Redemption Date,</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Redemption Price,</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            less than all outstanding Securities of any series are to be redeemed, the identification
                                            (and, in the case of partial redemption, the principal amount) of the particular Securities
                                            to be redeemed,</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            case any Registered Security is to be redeemed in part only, the notice which relates to
                                            such Security shall state that on and after the Redemption Date, upon surrender of such Security,
                                            the Holder of such Security will receive, without charge, a new Registered Security or Registered
                                            Securities of authorized denominations for the principal amount thereof remaining unredeemed,</FONT></TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the case of Convertible Securities, the Conversion Price then in effect, the date on which
                                            the right to convert the principal amount of the Securities or the portions thereof to be
                                            redeemed will terminate and the place or places where such Securities may be surrendered
                                            for conversion,</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            on the Redemption Date the Redemption Price will become due and payable upon each such Security
                                            to be redeemed only, as to Bearer Securities, against tender of such Security and any Coupons
                                            appertaining thereto, and, if applicable, that interest thereon and Additional Amounts, if
                                            any, shall cease to accrue on and after said date,</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            place or places where such Securities, together, in the case of Bearer Securities with all
                                            Coupons appertaining thereto, if any, maturing after the Redemption Date, are to be surrendered
                                            for payment of the Redemption Price,</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            the redemption is for a sinking fund, if such is the case, and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            CUSIP number, if any.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
notice of redemption published as contemplated by Section 106 need not identify particular Registered Securities to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notice
of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company&rsquo;s request,
by the Trustee in the name and at the expense of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1105. Deposit of Redemption Price.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price
of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts with respect
thereto, all the Securities or portions thereof which are to be redeemed on that date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Convertible Security or portion thereof called for redemption is converted pursuant to Article Fifteen, any money deposited with
the Trustee or so segregated and held in trust for the redemption of such Security or portion thereof shall (subject to any right of
the Holder of the Security on a Regular Record Date preceding such conversion to receive interest) be paid to the Company upon Company
Request or, if then held by the Company, shall be discharged from such trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1106. Securities Payable on Redemption Date.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption
Price and accrued interest) such Securities shall cease to bear interest and the Coupons for such interest appertaining to any Bearer
Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for redemption
in accordance with said notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security
shall be paid by the Company at the Redemption Price, together with accrued interest (or any Additional Amounts) to the Redemption Date;
PROVIDED, HOWEVER, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall
be payable only upon presentation and surrender of coupons for such interest (at an office or agency located outside the United States
except as otherwise provided in Section 1002), and PROVIDED, FURTHER, that installments of interest on Registered Securities whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the Regular Record Dates according to their terms and the provisions of Section 308.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date,
such Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing Coupons, or
the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there be furnished to them such Security
or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall
surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption
Price, such Holder shall be entitled to receive the amount so deducted; PROVIDED, HOWEVER, that interest (or any Additional Amounts)
represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside
of the United States except as otherwise provided in Section 1002.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1107. Securities Redeemed in Part.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
Registered Security which is to be redeemed only in part shall be surrendered at any office or agency of the Company maintained for that
purpose pursuant to Section 1002 (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing)
and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a
new Registered Security or Securities of the same series, containing identical terms and provisions, of any authorized denomination as
requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security
so surrendered. If a Security in global form is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver
to the U.S. Depository or other depository for such Security in global form as shall be specified in the Company Order with respect thereto
to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange for the unredeemed portion
of the principal of the Security in global form so surrendered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1108. Conversion Arrangements on Call for Redemption.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
anything to the contrary contained in this Indenture, in connection with any redemption of Convertible Securities of any series, the
Company, by an agreement with one or more investment bankers or other purchasers, may arrange for such purchasers to purchase all such
Convertible Securities called for redemption which are either (i) surrendered for redemption or (ii) not duly surrendered for redemption
or conversion prior to the close of business on the Redemption Date, and to convert the same into shares of Common Stock, by the purchasers&rsquo;
depositing with the Trustee (acting as Paying Agent with respect to the deposit of such amount and as conversion agent with respect to
the conversion of such Called Securities), in trust for the Holders of the Called Securities, on or prior to the Redemption Date in the
manner agreed to by the Company and such purchasers, an amount sufficient to pay the Redemption Price, payable by the Company on redemption
of such Called Securities. In connection with any such arrangement for purchase and conversion, the Trustee as Paying Agent shall pay
on or after the Redemption Date such amounts so deposited by the purchasers in exchange for Called Securities surrendered for redemption
prior to the close of business on the Redemption Date and for all Called Securities surrendered after such Redemption Date. Notwithstanding
anything to the contrary contained in this Article Eleven, the obligation of the Company to pay the Redemption Price of such Called Securities
shall be satisfied and discharged to the extent such amount is so paid by such purchasers. However, nothing in this Section 1108 shall
in any way relieve the Company of the obligation to pay such Redemption Price on all Called Securities to the extent such amount is not
so paid by said purchasers. For all purposes of this Indenture, any Called Securities surrendered by the Holders for redemption, and
any Called Securities not duly surrendered for redemption or conversion prior to the close of business on the Redemption Date, shall
be deemed acquired by such purchasers from such Holders and surrendered by such purchasers for conversion and shall in all respects be
deemed to have been converted, all as of immediately prior to the close of business on the Redemption Date, subject to the deposit by
the purchasers of the above amount as aforesaid. Nothing in this Section 1108 shall in any way limit the right of any Holder of a Security
to convert his Security pursuant to the terms of this Indenture and of such Security at any time prior to the close of business on the
Redemption Date applicable thereto.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SINKING
FUNDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1201. Applicability of Article.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise
permitted or required by any form of Security of such series issued pursuant to this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a &ldquo;mandatory
sinking fund payment&rdquo;, and any payment in excess of such minimum amount provided for by the terms of Securities of such series
is herein referred to as an &ldquo;optional sinking fund payment&rdquo;. If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1202. Satisfaction of Sinking Fund Payments with Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series to be made
pursuant to the terms of such Securities as provided for by the terms of such series (1) deliver Outstanding Securities of such series
(other than any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have been
released to the Company), together in the case of any Bearer Securities of such series with all unmatured Coupons appertaining thereto,
and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant to the terms
of such series of Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
PROVIDED that such series of Securities have not been previously so credited. Such Securities shall be received and credited for such
purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and
the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities of any series
in lieu of cash payments pursuant to this Section 1202, the principal amount of Securities of such series to be redeemed in order to
exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except
upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking
fund payment, PROVIDED, HOWEVER, that the Trustee or such Paying Agent shall at the request of the Company from time to time pay over
and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee
of Securities of that series purchased by the Company having an unpaid principal amount equal to the cash payment requested to be released
to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1203. Redemption of Securities for Sinking Fund.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not
less than 75 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers&rsquo;
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series,
the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that series pursuant to Section 1202, and the optional amount, if any, to be added in cash
to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore
delivered. If such Officers&rsquo; Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking
fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before each such sinking
fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified
in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner
provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 1106 and 1107.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REPAYMENT
AT THE OPTION OF HOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1301. Applicability of Article.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
of any series which are repayable at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with
the terms of the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder
to require repayment of Securities before their Stated Maturity, for purposes of Section 310, shall not operate as a payment, redemption
or satisfaction of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender
the same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this
Article Thirteen, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by an agreement
with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such Securities on or
before the close of business on the repayment date an amount not less than the repayment price payable by the Company on repayment of
such Securities, and the obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged to
the extent such payment is so paid by such purchasers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>MEETINGS
OF HOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1401. Purposes for Which Meetings May Be Called.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
meeting of Holders of Securities of such series may be called at any time and from time to time pursuant to this Article to make, give
or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made,
given or taken by Holders of Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1402. Call, Notice and Place of Meetings.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1401, to be held at
such time and at such place in the Principle Office of the Trustee, or, if Securities of such series are to be issued as Bearer Securities,
in London, as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and
the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided
in Section 106, not less than 21 nor more than 180 days prior to the date fixed for the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case at any time the Company, pursuant to Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding Securities
of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified
in Section 1401, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount
above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for such purposes
by giving notice thereof as provided in subsection (a) of this Section.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1403. Persons Entitled to Vote at Meetings.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding
Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding
Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting
of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of
the Trustee and its counsel and any representatives of the Company and its counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1404. Quorum; Action.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series. In the absence of a quorum within 30 minutes after the time appointed for any such meeting,
the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may
be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting.
In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than
10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of
any adjourned meeting shall be given as provided in section 1402 (a), except that such notice need be given only once not less than five
days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state
expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute
a quorum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum
is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding
Securities of that series; PROVIDED, HOWEVER, that, except as limited by the proviso to Section 902, any resolution with respect to any
request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides may be made,
given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities
of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall
be binding on all the Holders of Securities of such series and the Coupons appertaining thereto, whether or not present or represented
at the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1405. Determination of Voting Rights; Conduct and Adjournment of Meetings.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of
Holders of Securities of such series in regard to proof of the holding of Securities of such series and of the appointment of proxies
and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 104 and the
appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature of the person executing the
proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to certify to the holding of Bearer Securities.
Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without
the proof specified in Section 104 or other proof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders of Securities as provided in Section 1402(b), in which case the Company or the Holders of Securities of the
series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of Securities
of such series held or represented by him; PROVIDED, HOWEVER, that no vote shall be cast or counted at any meeting in respect of any
Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall
have no right to vote, except as a Holder of a Security of such series or proxy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
meeting of Holders of Securities of any series duly called pursuant to Section 1402 at which a quorum is present may be adjourned from
time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the
meeting; and the meeting may be held as so adjourned without further notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1406. Counting Votes and Recording Action of Meetings.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts
and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file
with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
record, at least in triplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary
of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing
that said notice was given as provided in Section 1402 and, if applicable, Section 1404. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to
the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed
and verified shall be conclusive evidence of the matters therein stated.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1501. Securities Subordinated to Senior Indebtedness.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company covenants and agrees, and each Holder of Securities, by its acceptance thereof, likewise covenants and agrees, that the indebtedness
evidenced by the Securities and the payment of the principal of (and premium, if any) and interest on and any Additional Amounts payable
in respect thereof is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the
prior payment in full of Senior Indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Anything
in this Indenture or in the Securities of any series to the contrary notwithstanding, the indebtedness evidenced by the Securities shall
be subordinate and junior in right of payment, to the extent and in the manner hereinafter set forth, to all Senior Indebtedness:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
                                            the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation,
                                            reorganization, arrangement or other similar proceedings in connection therewith, relative
                                            to the Company or to its property, and in the event of any proceedings for voluntary liquidation,
                                            dissolution or other winding-up of the Company, whether or not involving insolvency or bankruptcy,
                                            then the holders of Senior Indebtedness shall be entitled to receive payment in full of all
                                            principal, premium and interest on all Senior Indebtedness before the Holders of the Securities
                                            are entitled to receive any payment on account of principal, premium, if any, interest or
                                            Additional Amounts upon the Securities, and to that end (but subject to the power of a court
                                            of competent jurisdiction to make other equitable provisions reflecting the rights conferred
                                            in the Securities upon Senior Indebtedness and the Holders thereof with respect to the subordinated
                                            indebtedness represented by the Securities and the Holders hereof by a lawful plan of reorganization
                                            under applicable bankruptcy law) the holders of Senior Indebtedness shall be entitled to
                                            receive for application in payment thereof any payment or distribution of any kind or character,
                                            whether in cash or property or securities, which may be payable or deliverable in any such
                                            proceedings in respect of the Securities after giving effect to any concurrent payment or
                                            distribution in respect of such Senior Indebtedness, except securities which are subordinate
                                            and junior in right of payment to the payment of all Senior Indebtedness then outstanding;</FONT></TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
                                            the event that any Security of any series is declared or otherwise becomes due and payable
                                            before its expressed maturity because of the occurrence of an Event of Default hereunder
                                            (under circumstances when the provisions of the foregoing clause (1) or the following clause
                                            (3) shall not be applicable), the holders of Senior Indebtedness outstanding at the time
                                            such Security so becomes due and payable because of such occurrence of an Event of Default
                                            hereunder shall, so long as such declaration has not been rescinded and annulled pursuant
                                            to Section 502, be entitled to receive payment in full of all principal of, and premium and
                                            interest on, all such Senior Indebtedness before the Holders of the Securities of such series
                                            are entitled to receive any payment on account of principal of, premium, if any, or interest
                                            and Additional Amounts on the Securities of such series. However, nothing herein shall prevent
                                            the Holders of Securities from seeking any remedy allowed at law or at equity so long as
                                            any judgment or decree obtained thereby makes provision for enforcing this clause; and</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
                                            the event that any default shall occur and be continuing with respect to any Senior Indebtedness
                                            permitting the holders of such Senior Indebtedness to accelerate the maturity thereof, if
                                            either</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">notice
                                            of such default, in writing or by telegram, shall have been given to the Company and to the
                                            Trustee, provided that judicial proceedings shall be commenced in respect of such default
                                            within 180 days in the case of a default in payment of principal or interest and within 90
                                            days in the case of any other default after the giving of such notice, and provided further
                                            that only one such notice shall be given pursuant to this Section 1601(3) in any twelve months
                                            period, or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">judicial
                                            proceedings shall be pending in respect of such default, the Holders of the Securities and
                                            the Trustee for their benefit shall not be entitled to receive any payment on account of
                                            principal, premium, if any, or interest and Additional Amounts thereon (including any such
                                            payment which would cause such default) unless payment in full of all principal of, and premium
                                            and interest on, such Senior Indebtedness shall have been made or provided for. The Trustee,
                                            forthwith upon receipt of any notice received by it pursuant to this Section 1601(3), shall,
                                            as soon as practicable, send a notice thereof to each Holder of Securities at the time outstanding
                                            as the names and addresses of such Holders appear on the Security Register.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case despite the foregoing provisions, any payment or distribution shall, in any such event, be paid or delivered to any Holder of the
Securities or to the Trustee for their benefit before all Senior Indebtedness shall have been paid in full, such payment or distribution
shall be held in trust for and so paid and delivered to the holders of Senior Indebtedness (or their duly authorized representatives)
until all Senior Indebtedness shall have been paid in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company shall give written notice to the Trustee within five days after the occurrence of any insolvency, bankruptcy, receivership, liquidation,
reorganization, arrangement or similar proceeding of the Company within the meaning of this Section 1601. Upon any payment or distribution
of assets of the Company referred to in this Article Fifteen, the Trustee, subject to the provisions of Section 315(a) through 315(b)
of the Trust Indenture Act, and the Holders of the Securities shall be entitled to rely upon a certificate of the trustee in bankruptcy,
receiver, assignee for the benefit of creditors or other liquidating agent making such payment or distribution, delivered to the Trustee
or to the Holders of Securities, for the purpose of ascertaining the persons entitled to participate in such distribution, the holders
of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article Fifteen.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Trustee shall be entitled to conclusively rely on the delivery to it of a written notice by a person representing himself to be a holder
of Senior Indebtedness (or a trustee or agent on behalf of such holder) to establish that such notice has been given by a holder of Senior
Indebtedness (or a trustee or agent on behalf of any such holder). In the event that the Trustee determines, in good faith, that further
evidence is required with respect to the right of any person as a holder of Senior Indebtedness to participate in any payment or distribution
pursuant to this Section 1601, the Trustee may request such person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness held by such person, as to the extent to which such person is entitled to participate in such
payment or distribution, and as to other facts pertinent to the rights of such person under this Section 1601, and if such evidence is
not furnished, the Trustee may defer any payment to such person pending judicial determination as to the right of such person to receive
such payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1502. Subrogation.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the payment in full of all Senior Indebtedness to which the indebtedness evidenced by the Securities is in the circumstances subordinated
as provided in Section 1601, the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Indebtedness
to receive payments or distributions of cash, property or securities of the Company applicable to such Senior Indebtedness until all
amounts owing on the Securities shall be paid in full. As between the Company, its creditors other than holders of such Senior Indebtedness,
and the Holders of the Securities, no such payment or distribution made to the holders of such Senior Indebtedness by virtue of this
Article Fifteen which otherwise would have been made to the Holders of the Securities shall be deemed to be a payment by the Company
on account of such Senior Indebtedness, it being understood that the provisions of this Article Fifteen are and are intended solely for
the purpose of defining the relative rights of the Holders of the Securities on the one hand, and the holders of the Senior Indebtedness,
on the other hand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1503. Obligation of Company Unconditional.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nothing
contained in this Article Fifteen or elsewhere in this Indenture or in the Securities,</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">is
                                            intended to or shall impair as between its creditors other than the holders of Senior Indebtedness
                                            and the Holders of the Securities, the obligation of the Company which is absolute and unconditional,
                                            to pay to the Holders of the Securities the principal of (and premium, if any), interest
                                            on, or any Additional Amounts with respect to, the Securities as and when the same shall
                                            become due and payable in accordance with their terms, or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">is
                                            intended to or shall affect the relative rights of the Holders of the Securities and creditors
                                            of the Company other than the holders of Senior Indebtedness, or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">prevent
                                            the Trustee or the Holder of any Security from exercising all remedies otherwise permitted
                                            by applicable law upon default under this Indenture, subject to the rights, if any, under
                                            this Article Fifteen of the holders of Senior Indebtedness in respect of cash, property or
                                            securities of the Company received upon the exercise of any such Upon any payment or distribution
                                            of assets of the Company referred to in this Article Fifteen, the Trustee and the Holders
                                            of the Securities shall be entitled to rely upon any order or decree made by any court of
                                            competent jurisdiction in which any such dissolution, winding up, liquidation or reorganization
                                            proceeding affecting the affairs of the Company is pending or upon a certificate of the trustee
                                            in bankruptcy, receiver, assignee for the benefit of creditors, liquidating trustee or agent
                                            or other person making any payment or distribution, delivered to the Trustee or to the Holders
                                            of the Securities, for the purpose of ascertaining the persons entitled to participate in
                                            such payment or distribution, the holders of the Senior Indebtedness and other indebtedness
                                            of the Company the amount thereof or payable thereon, the amount paid or distributed thereon
                                            and all other facts pertinent thereto or to this Article Fifteen.</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1504. Payment on Securities Permitted.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nothing
contained in this Article Fifteen or elsewhere in this Indenture, or in any of the Securities, shall affect the obligation of the Company
to make, or prevent the Company from making payment of the principal of (or premium, if any), interest or any Additional Amounts on the
Securities in accordance with the provisions hereof and thereof, except as otherwise provided in this Article Fifteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1505. Effectuation of Subordination by Trustee.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Holder of Securities, by his or her acceptance thereof, authorizes and directs the Trustee in his or her behalf to take such action as
may be necessary or appropriate to effectuate the subordination provided in this Article Fifteen and appoints the Trustee his or her
attorney-in-fact for any and all such purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1506. Knowledge of Trustee.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the provisions of this Article Fifteen or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts which would prohibit the making of any payment of monies to or by the Trustee, or the taking of any other
action by the Trustee, unless and until the Trustee shall have received written notice thereof from the Company, any Holder of the Securities,
any paying agent of the Company or the holder or representative of any class of Senior Indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1507. Trustee&rsquo;s Relation to Senior Indebtedness.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise provided in the Trust Indenture Act, the Trustee shall be entitled to all the rights set forth in this Article Fifteen with
respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing
in this Indenture shall deprive the Trustee of any of its rights as such holder. Notwithstanding anything in this Indenture or in the
Securities of any series, nothing in this Article Fifteen shall apply to or limit claims of or payment to the Trustee under or pursuant
to Sections 506 and 606.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">With
respect to holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article Fifteen, and no implied covenants or obligations with respect to the holders of Senior
Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Indebtedness and the Trustee shall not be liable to any holder of Senior Indebtedness if it shall pay over or deliver
to Holders, the Company or any other Person monies or assets to which any holder of Senior Indebtedness shall be entitled by virtue of
this Article Fifteen or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
recourse may be taken with respect to the obligations of the Issuer or the Trustee against the Trustee in its individual capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1508. Rights of Holders of Senior Indebtedness Not Impaired.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
right of any present or future holder of any Senior Indebtedness to enforce the subordination herein shall at any time or in any way
be prejudiced or impaired by any act or failure to act on the part of the Company or by any non-compliance by the Company with the terms,
provisions or covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with.</FONT></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1601. Conversion Privilege.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to and upon compliance with the provisions of this Article Fifteen and the terms of the Convertible Securities of the series proposed
to be converted, at the option of the Holder, any Convertible Security or any portion of the principal amount thereof which is $1,000
or an integral multiple thereof, may be converted into shares of Common Stock, as said shares shall be constituted at the Date of Conversion,
at the Conversion Price for such Convertible Securities of such series in effect at the Date of Conversion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1602. Manner of Exercise of Convertible Privilege.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
order to exercise the conversion privilege, the Holder of any Convertible Security to be converted shall surrender such Convertible Security
to the Company at its office or agency, together with the conversion notice in the form provided on the Securities (or separate written
notice) duly executed, and, if so required by the Company, accompanied by instruments of transfer, in form satisfactory to the Company
and to the Trustee, duly executed by the Holder or by his duly authorized attorney in writing. Any registered Convertible Security so
surrendered during the period from the close of business on the Regular Record Date preceding an Interest Payment Date for such registered
Convertible Security to the opening of business on such Interest Payment Date shall (unless any such registered Convertible Security
or the portion thereof being converted shall have been called for redemption on a Redemption Date during such period, in which event
no interest shall be payable with respect to such registered Convertible Security or portion thereof, as the case may be, following such
Redemption Date) also be accompanied by payment in Clearing House funds or other funds acceptable to the Company of an amount equal to
the interest payable on such Interest Payment Date on the principal amount of such registered Convertible Security then being converted;
provided, however, that no such payment need be made if there shall exist, at the time of conversion, a default in the payment of interest
on the Convertible Securities of such series. Except as provided in the immediately preceding sentence, no adjustment shall be made for
interest accrued on any Convertible Security that shall be converted or for dividends on any shares of Common Stock that shall be delivered
upon the conversion of such Convertible Securities. The funds so delivered to such office or agency shall be paid to the Company on or
after such Interest Payment Date, unless the Company shall default in the payment of the interest due on such Interest Payment Date,
in which event such funds shall be repaid to the Person who delivered the same. As promptly as practicable after the surrender of any
Convertible Security for conversion as aforesaid, the Company shall deliver at said office or agency to such Holder, or on his written
order, a certificate or certificates for the number of full shares deliverable upon the conversion of such Convertible Security or portion
thereof and a check or cash in respect of any fraction of a share of Common Stock otherwise deliverable upon such conversion, all as
provided in this Article Fifteen, together with a Convertible Security or Convertible Securities of the same series in principal amount
equal to the unconverted and unredeemed portion, if any, of the Convertible Security so converted in accordance with Section 306 hereof.
Such conversion shall be deemed to have been effected on the date on which such notice shall have been received at said office or agency
and such Convertible Security shall have been surrendered as aforesaid, and the Person or Persons in whose name or names any certificate
or certificates for shares of Common Stock shall be deliverable upon such conversion shall be deemed to have become on said date the
Holder or Holders of record of the shares represented thereby, provided, however, that any such surrender on any date when the stock
transfer books of the Company shall be closed shall constitute the Person or Persons in whose name or names the certificates are to be
delivered as the record Holder or Holders thereof for all purposes on the next succeeding day on which such stock transfer books are
open, but such conversion shall be at the Conversion Price in effect on the date of such surrender.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1603. Cash Adjustment Upon Conversion.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company shall not be required to deliver fractions of shares of Common Stock upon conversions of Convertible Securities. If more than
one Convertible Security shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall be
deliverable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Securities so surrendered.
If any fractional interest in a share of Common Stock would be deliverable upon the conversion of any Convertible Security or Securities,
the Company shall make an adjustment therefor in cash equal to the current market value of such fractional interest computed to the nearest
cent either on the basis of the last reported sale price regular way of the Common Stock on the Nasdaq Global Market (or, if not listed
on the Nasdaq Global Market, then on such other exchange on which the shares of Common Stock are listed as the Company may designate)
on the last Business Day prior to the Date of Conversion or, if there shall not have been a sale on such last Business Day, on the basis
of the average of the bid and asked quotations therefor on such exchange on such last Business Day or, if the Common Stock shall not
then be listed on any exchange, at the highest bid quotation in the over-the- counter market on such last Business Day as reported by
the National Association of Securities Dealers through NASDAQ, its automated system for reporting quotes, or its successor or such other
generally accepted source of publicly reported bid and asked quotations as the Company may reasonably designate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1604. Conversion Price.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Conversion Price applicable to any series of Convertible Securities shall be the initial Conversion Price set forth on the Officers&rsquo;
Certificate or supplemental indenture establishing such series adjusted as provided in this Article Fifteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1605. Adjustment of Conversion Price.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Conversion Price applicable to any series of Convertible Securities shall be adjusted from time to time as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time or from time to time while the Securities of any series are outstanding, (i) pay a dividend on its
Common Stock in shares of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a larger number of shares, or (iii)
combine its outstanding Common Stock into a smaller number of shares, the Conversion Price for such series in effect immediately prior
thereto shall be adjusted so that the Holder of any Security of such series thereafter surrendered for conversion shall be entitled to
receive the number of shares of Common Stock or other securities of the Company which he would have owned or have been entitled to receive
after the happening of any of the events described above, had such Convertible Security of such series been converted immediately prior
to the happening of such event. An adjustment made pursuant to this subdivision (a) shall become effective, in the case of a dividend,
on the payment date retroactively to immediately after the opening of business on the day following the record date for the determination
of shareholders entitled to receive such dividend, subject to the provisions of paragraph (g) of this Section 1605, and shall become
effective in the case of a subdivision or combination immediately after the opening of business on the day following the day when such
subdivision or combination, as the case may be, becomes effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time or from time to time while the Convertible Securities of any series are outstanding, issue rights
or warrants to all holders of its shares of Common Stock entitling them (for a period expiring within 45 days of the record date mentioned
below) to subscribe for or purchase shares of Common Stock at a price per share less than the current market price per share of Common
Stock (as defined in paragraph (d) below) at such record date, the Conversion Price of any series of Convertible Securities in effect
immediately prior to the issuance of such rights or warrants shall be adjusted as follows: the number of shares of Common Stock into
which $1,000 principal amount of Convertible Securities of such series was theretofore convertible shall be multiplied by a fraction,
of which the numerator shall be the number of shares of Common Stock outstanding immediately prior to such record date plus the number
of additional shares of Common Stock offered for subscription or purchase, and of which the denominator shall be the number of shares
of Common Stock outstanding immediately prior to such record date plus the number of shares which the aggregate offering price of the
total number of shares so offered would purchase at such current market price; and the Conversion Price for such series of Convertible
Securities shall be adjusted by dividing $1,000 by the new number of shares into which $1,000 principal amount of Securities of such
series shall be convertible as aforesaid. Such adjustment shall become effective on the date of such issuance retroactively to immediately
after the opening of business on the day following the record date for the determination of shareholders entitled to receive such rights
or warrants, subject to the provisions of paragraph (g) of this Section 1605. In determining whether any rights or warrants entitle the
holders to subscribe for or purchase shares of Common Stock at less than such current market price, and in determining the aggregate
offering price of such shares, there shall be taken into account any consideration received by the Company for such rights or warrants,
the value of such consideration, if other than cash, to be determined by the Board of Directors.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time from time to time while the Convertible Securities of any series are outstanding, distribute to all
holders of shares of its Common Stock evidences of its indebtedness or securities or assets (excluding cash dividends or cash distributions
payable out of consolidated net earnings or retained earnings) or rights or warrants to subscribe for shares of Common Stock at a price
per share less than the current market price per share of Common Stock, determined in the manner set forth in paragraph (d) below, but
excluding rights or warrants referred to in paragraph (b) above, the Conversion Price for such series of Convertible Securities in effect
immediately prior to such distribution shall be adjusted by multiplying the number of shares of Common Stock into which $1,000 principal
amount of Convertible Securities of such series of Convertible Securities was theretofore convertible by a fraction, of which the numerator
shall be the current market price per share of Common Stock (as defined in paragraph (d) below) on the record date for such distribution,
and of which the denominator shall be such current market price per share of the Common Stock, less the then fair market value (as determined
by the Board of Directors of the Company, whose determination shall be conclusive) of the portion of such evidences of indebtedness,
securities or assets or of such subscription rights or warrants so distributed applicable to one share of Common Stock; and the Conversion
Price for such series of Convertible Securities shall be adjusted by dividing $1,000 by the new number of shares into which $1,000 principal
amount of Convertible Securities of such series shall be convertible as aforesaid. Such adjustment shall become effective on the date
of such distribution retroactively to immediately after the opening of business on the day following the record date for the determination
of shareholders entitled to receive such distribution, subject to the provisions of paragraph (g) of this Section 1605. For the purposes
of this paragraph (c) consolidated net earnings or retained earnings shall be computed by adding thereto all charges against retained
earnings on account of dividends paid in shares of Common Stock in respect of which the Conversion Price has been adjusted, all as determined
by Independent Public Accountants, whose determination shall be conclusive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of any computation under paragraphs (b) and (c) above, the current market price per share of Common Stock at any date shall
be deemed to be the average of the market values of the shares of Common Stock for the ten consecutive Business Days immediately preceding
the day in question. The market value of the Common Stock for each day shall be determined as provided in Section 1603 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may make such reductions in the Conversion Price for any series of Convertible Securities, in addition to those required by paragraphs
(a), (b) and (c) of this Section as it considers to be advisable in order that any event treated for Federal income tax purposes as a
dividend of stock or stock rights shall not be taxable to the recipients.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as herein otherwise provided, no adjustment in the Conversion Price for any series of Convertible Securities shall be made by reason
of the issuance, in exchange for cash, property or services, of shares of Common Stock, or any securities convertible into or exchangeable
for shares of Common Stock, or carrying the right to purchase any of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive any dividend
or any subscription or purchase rights or any distribution and shall, thereafter and before the distribution to shareholders of any such
dividend, subscription or purchase rights or distribution, legally abandon its plan to pay or deliver such dividend, subscription or
purchase rights or distribution, then no adjustment of the Conversion Price for any series of Convertible Securities shall be required
by reason of the taking of such record.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
adjustment in the Conversion Price for any series of Convertible Securities shall be required unless such adjustment would require an
increase or decrease of at least 1% in such price; provided, however, that any adjustments which by reason of this paragraph (h) are
not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Article
Fifteen shall be made to the nearest cent or to the nearest one-hundredth of a share, as the case may be.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the Conversion Price for any series of Convertible Securities is adjusted as herein provided, the Company shall (i) forthwith place on
file at the Principal Office of the Trustee an Officers&rsquo; Certificate showing in detail the facts requiring such adjustment and
the Conversion Price after such adjustment and shall exhibit the same from time to time to any Holder of Convertible Securities of such
series desiring an inspection thereof, and (ii) cause a notice stating that such adjustment has been effected and the adjusted Conversion
Price to be mailed to the Holders of Registered Convertible Securities of such series at their last addresses as they shall appear on
the Security Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may delete, modify or vary any of the provisions applicable to conversion of the Convertible Securities of any series, or may
add new provisions applicable thereto, all as may be contained in the Board Resolutions and Officers&rsquo; Certificate or supplemental
indenture establishing such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1606. Effect of Reclassifications, Consolidations, Mergers or Sales on Conversion Privilege.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case of any reclassification or change of outstanding shares of the class of Common Stock issuable upon conversion of the Convertible
Securities (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of
a subdivision or combination), or in case of any merger or consolidation of the Company with one or more other corporations (other than
a merger or consolidation in which the Company is the continuing corporation and which does not result in any reclassification or change
of outstanding shares of Common Stock issuable upon conversion of the Securities), or in case of the merger of the Company into another
corporation, or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially
as an entirety, the Holder of Convertible Securities then outstanding shall have the right to convert such Convertible Security into
the kind and amount of shares of capital stock or other securities and property, including cash, receivable upon such reclassification,
change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock into which such Convertible Security
might have been converted immediately prior to such reclassification, change, consolidation, merger, sale or conveyance. In any such
case the Company, or such successor or purchasing corporation, as the case may be, shall execute with the Trustee one or more supplemental
indentures (which shall conform to the Trust Indenture Act of 1939 as in force at the date of the execution of such supplemental indenture)
containing provisions to the effect set forth above in this Section 1606 and providing further for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Article Fifteen; and any such adjustment which shall be approved
by the Board of Directors and set forth in such supplemental indenture or supplemental indentures shall be conclusive for all purposes
of this Section, and the Trustee shall not be under any responsibility to determine the correctness of any provision contained in such
supplemental indenture or supplemental indentures relating to either the kind or amount of shares of stock or securities or property
receivable by Holders of Securities of any series upon the conversion of their Convertible Securities after any such reclassification,
change, consolidation, merger, sale or conveyance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
above provisions of this Section 1606 shall similarly apply to successive reclassifications, changes, consolidations, mergers, sales
and conveyances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1607. Taxes on Conversions.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
issue of stock certificates on conversions of Convertible Securities shall be made without charge to the converting Holder of Convertible
Securities for any tax in respect of the issue thereof. The Company shall not, however, be required to pay any tax which may be payable
in respect of any transfer involved in the issue and delivery of shares in any name other than that of the Holder of any registered Convertible
Security converted, and the Company shall not be required to issue or deliver any such stock certificate unless and until the Person
or Persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction
of the Company that such tax has been paid.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1608. Company to Reserve Common Stock.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company shall at all times reserve and keep available out of the aggregate of its authorized but unissued shares or its issued shares
held in its treasury, or both, for the purpose of effecting the conversion of the Securities, such number of its duly authorized shares
of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any shares of Common Stock reserved or to be reserved for the purpose of conversion of Securities hereunder require registration with
or approval of any governmental authority under any Federal or State law before such shares may be validly delivered upon conversion,
then the Company covenants that it will in good faith and as expeditiously as possible endeavor to secure registration or approval, as
the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company covenants that all shares of Common Stock which may be delivered upon conversion of Convertible Securities shall upon delivery
be fully paid and nonassessable by the Company and free from all taxes, liens and charges with respect to the issue or delivery thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1609. Disclaimer by Trustee of Responsibility for Certain Matters.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Neither
the Trustee nor any conversion agent shall at any time be under any duty or responsibility to any Holder of Convertible Securities of
any series to determine whether any facts exist which may require any adjustment of the Conversion Price for such series, or with respect
to the nature or extent of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture
provided to be employed, in making the same, subject, however, to the provisions of Sections 315(a) through 315(b) of the Trust Indenture
Act. Neither the Trustee nor any conversion agent shall be accountable with respect to the validity or value (or the kind or amount)
of any shares of Common Stock, or of any securities or property which may at any time be issued or delivered upon the conversion of any
Convertible Security; and neither of them makes any representation with respect thereto. Neither the Trustee nor any conversion agent
shall be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any shares of Common Stock
or stock certificates or other securities or property upon the surrender of any Security for the purpose of conversion or, subject to
Sections 315(a) through 315(b) of the Trust Indenture Act, to comply with any of the covenants of the Company contained in this Article
Sixteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1610. Company to Give Notice of Certain Events.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            the Company shall pay any dividend or make any distribution to the holders of shares of Common
                                            Stock otherwise than in cash charged against consolidated net earnings or retained earnings
                                            of the Company and its consolidated net earnings or retained earnings of the Company and
                                            its consolidated subsidiaries or in Common Stock; or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            the Company shall offer for subscription or purchase, pro rata, to the holders of shares
                                            of Common Stock any additional shares of stock of any class or any securities convertible
                                            into or exchangeable for stock of any class; or</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">of
                                            any reclassification or change in outstanding shares of the class of Common Stock issuable
                                            upon the conversion of the Securities (other than a change in par value, or from par value
                                            to no par value, or from no par value to par value, or as a result of a subdivision or combination),
                                            or of any merger or consolidation of the Company with, or merger of the Company into, another
                                            corporation (other than a merger or consolidation in which the Company is the continuing
                                            corporation and which does not result in any reclassification or change of outstanding shares
                                            of Common Stock issuable upon conversion of the Securities), or of any sale or conveyance
                                            to another corporation of the property of the Company as an entirety or substantially as
                                            an entirety;</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">then, and in
any one or more of such events, the Company will give to the Trustee and each conversion agent written notice thereof at least fifteen
days prior to (i) the record date fixed with respect to any of the events specified in (1) and (2) above, and (ii) the effective date
of any of the events specified in (3) above; and shall mail promptly a copy of such notice to the Holders of Registered Convertible Securities
at their last addresses as they shall appear upon the Security Register. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOUTHERN FIRST BANCSHARES, INC.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.375in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.375in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],<BR>
 not in its individual capacity but solely as Trustee</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.375in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.375in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.12
<SEQUENCE>4
<FILENAME>sfst4187341-ex412.htm
<DESCRIPTION>FORM OF DEPOSIT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><B>Exhibit 4.12</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B>FORM OF DEPOSIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">This DEPOSIT AGREEMENT (&ldquo;<U>Deposit
Agreement</U>&rdquo;) is made and entered into as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;, by and among Southern First Bancshares, Inc., a South Carolina corporation,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
and all holders from time to time of Receipts (as hereinafter defined) issued hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">WHEREAS, it is desired to
provide, as hereinafter set forth in this Deposit Agreement, for the deposit of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shares of Preferred Stock (as hereinafter defined) with the Depositary (as hereinafter defined) for the purposes set forth in this Deposit
Agreement and for the issuance hereunder of the Receipts evidencing Depositary Shares (as hereinafter defined), on the date hereof representing
a fractional interest in the deposited Preferred Stock; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Receipts are
to be substantially in the form as set forth in <U>Exhibit A</U> annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Deposit Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the premises contained herein, it is agreed by and among the parties hereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B>ARTICLE I<BR>
<FONT STYLE="font-size: 10pt">DEFINITIONS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The following definitions
shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Articles of Amendment</U>&rdquo;
shall mean the Articles of Amendment filed by the Company with the Secretary of State of the State of South Carolina designating &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shares of preferred stock of the Company as Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Articles of Incorporation</U>&rdquo;
shall mean the Articles of Incorporation of the Company, as amended and supplemented from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company</U>&rdquo;
shall mean Southern First Bancshares, Inc., a South Carolina corporation, and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Corporate Office</U>&rdquo;
shall mean the corporate office of the Depositary at which at any particular time its business in respect of matters governed by this
Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Depositary</U>&rdquo;
shall mean &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and
any successor as depositary hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Depositary Share</U>&rdquo;
shall mean a 1/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fractional interest of a share of Preferred Stock deposited
with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect
of such share of Preferred Stock and held under this Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to
the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and
privileges of the Preferred Stock represented by such Depositary Share, including the dividend and distribution, voting, redemption, conversion
and liquidation rights contained in the Articles of Amendment.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange Event</U>&rdquo;
shall mean with respect to any Global Registered Receipt:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">(1) (A) the Global Receipt
Depository which is the holder of such Global Registered Receipt or Receipts notifies the Company that it is no longer willing or able
to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under
the Securities Exchange Act of 1934, as amended, and (B) the Company has not appointed a qualified successor Global Receipt Depository
within ninety (90) calendar days after the Company received such notice, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">(2) the Company in its sole
discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or more Global
Registered Receipts shall no longer be represented by such Global Receipt or Receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Global Receipt Depository</U>&rdquo;
shall mean, with respect to any Receipt issued hereunder, The Depository Trust Company (&ldquo;DTC&rdquo;) or such other entity designated
as Global Receipt Depository by the Company in or pursuant to this Deposit Agreement, which Person must be, to the extent required by
any applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Global Registered
Receipt</U>&rdquo; shall mean a global registered Receipt registered in the name of a nominee of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Letter of Representations</U>&rdquo;
shall mean any applicable agreement among the Company, the Depositary and a Global Receipt Depository with respect to such Global Receipt
Depository&rsquo;s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated
or otherwise modified from time to time and any successor agreement thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Preferred Stock</U>&rdquo;
shall mean shares of the Company&rsquo;s &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Receipt</U>&rdquo;
shall mean a Depositary Receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or temporary form, substantially
in the form set forth as Exhibit A hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>record date</U>&rdquo;
shall mean the date fixed pursuant to Section 4.04.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>record holder</U>&rdquo;
or &ldquo;<U>holder</U>&rdquo; as applied to a Receipt shall mean the person in whose name a Receipt is registered on the books maintained
by the Depositary for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>redemption date</U>&rdquo;
shall mean the date fixed for redemption of Preferred Stock and Depositary Shares contemplated in Section 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registrar</U>&rdquo;
shall mean &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, or
any bank or trust company appointed to register ownership and transfers of Receipts or the deposited Preferred Stock, as the case may
be, as herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
shall mean the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Signature Guarantee</U>&rdquo;
shall have the meaning as set forth in Section 2.04.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Special Damages</U>&rdquo;
shall have the meaning as set forth in Section 5.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer Agent</U>&rdquo;
shall mean &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
or any bank or trust company appointed to transfer the Receipts or the deposited Preferred Stock, as the case may be, as herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B>ARTICLE II<BR>
<FONT STYLE="font-size: 10pt">FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION
OF RECEIPTS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 2.01.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Form
and Transferability of Receipts</U></I>. Definitive Receipts shall be engraved or printed or lithographed with steel-engraved borders
and underlying tint and shall be substantially in the form set forth as Exhibit A to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon the written
order of the Company, delivered in compliance with Section 2.02, shall execute and deliver temporary Receipts which may be printed, lithographed,
typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced
by their execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to
be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for
definitive Receipts upon surrender of the temporary Receipts at the Corporate Office or such other offices, if any, as the Depositary
may designate, without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall
execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered
temporary Receipt or Receipts. Such exchange shall be made at the Company&rsquo;s expense and without any charge therefor. Until so exchanged,
the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred
Stock deposited, as definitive Receipts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Receipts shall be executed
by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary, provided that if a Registrar
(other than the Depositary) shall have been appointed, then such Receipts shall also be countersigned by manual signature of a duly authorized
signatory of such Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any
purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on its books each Receipt
executed as provided above and delivered as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Except as the Depositary may
otherwise determine, Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date
of their issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Receipts may be endorsed with
or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement
as may be required by the Company or required to comply with any applicable law or regulation or with the rules and regulations of any
securities exchange or interdealer quotation system upon which the Preferred Stock, the Depositary Shares or the Receipts may be listed
or quoted or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts are subject, in each case, as directed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Title to any Receipt (and
to the Depositary Shares evidenced by such Receipt) that is properly endorsed or accompanied by a properly executed instrument of transfer
or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that
until a Receipt shall be transferred on the books of the Registrar, the Depositary may, notwithstanding any notice to the contrary, treat
the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to dividends or
other distributions, the exercise of any redemption or voting rights or to any notice provided for in this Deposit Agreement and for all
other purposes.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Receipts may be issued
in the form of one or more Global Registered Receipts, in which case, the Depositary shall, in accordance with the other provisions of
this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts, which (i) shall represent
the aggregate number of Depositary Shares to be represented by such Receipts, (ii) shall be registered in the name of the Global Receipt
Depository therefor or its nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt
may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee
of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee
of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for
such Global Registered Receipt selected or approved by the Company or to a nominee of such successor Global Receipt Depository. Except
as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery
of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant
of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered Receipt held on
their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Company, the Depositary and any director,
officer, employee or agent of the Company or the Depositary as the holder of such Global Registered Receipt for all purposes whatsoever.
Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable
Global Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions
in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements,
and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit
Agreement, the Company and the Depositary shall give all such notices, payments and communications specified herein to be given to such
holders to the applicable Global Receipt Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">If an Exchange Event has occurred
with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the
Company for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall
execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate
principal amount equal to the principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Definitive registered Receipts
issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names and in such authorized denominations
as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the
Depositary in writing. The Depositary shall deliver such Receipts to the persons in whose names such Receipts are so registered.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything to
the contrary in this Deposit Agreement, should the Company determine that the Receipts should be issued as a Global Registered Receipt,
the parties hereto shall comply with the terms of each Letter of Representations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 2.02.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Deposit
of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof</U></I>. Concurrently with the execution of this Deposit Agreement,
the Company is delivering to the Depositary a certificate or certificates, registered in the name of the Depositary and evidencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Preferred Stock, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer
or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary
in accordance with the provisions of this Deposit Agreement and (ii) a written letter of instruction of the Company directing the Depositary
to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the Depositary
Shares representing such deposited Preferred Stock. The Depositary acknowledges receipt of the deposited Preferred Stock and related documentation
and agrees to hold such deposited Preferred Stock in an account to be established by the Depositary at the Corporate Office or at such
other office as the Depositary shall determine. The Company hereby appoints the Depositary as the Registrar and Transfer Agent for the
Preferred Stock deposited hereunder and the Depositary hereby accepts such appointment and, as such, will reflect changes in the number
of shares (including any fractional shares) of deposited Preferred Stock held by it by notation, book-entry or other appropriate method.
The Depositary also acknowledges that the Company may deposit additional shares of Preferred Stock from time to time after the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">If required by the Depositary,
Preferred Stock presented for deposit by the Company at any time, whether or not the register of stockholders of the Company is closed,
shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that will provide for the
prompt transfer to the Depositary or its nominee of any distribution or right to subscribe for additional Preferred Stock or to receive
other property that any person in whose name the Preferred Stock is or has been registered may thereafter receive upon or in respect of
such deposited Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Upon receipt by the Depositary
of a certificate or certificates for Preferred Stock deposited hereunder, together with the other documents specified above, and upon
registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement,
shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the Depositary referred
to in the first paragraph of this Section 2.02 a Receipt or Receipts for the number of whole Depositary Shares representing the Preferred
Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and
deliver such Receipt or Receipts at the Corporate Office, except that, at the request, risk and expense of any person requesting such
delivery, such delivery may be made at such other place as may be designated by such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Other than in the case of
splits, combinations or other reclassifications affecting the Preferred Stock, or in the case of distributions of Preferred Stock, if
any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Articles
of Amendment, as such may be amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Company shall deliver
to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its
obligations under this Deposit Agreement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
2.03.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Optional Redemption of Preferred Stock for Cash</U></I>.
Whenever the Company shall elect to redeem shares of deposited Preferred Stock for cash in accordance with the provisions of the Articles
of Amendment, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 30 days&rsquo; prior
written notice of the date of such proposed redemption and of the number of such shares of Preferred Stock held by the Depositary to
be redeemed and the applicable redemption price, as set forth in the Articles of Amendment, including the amount, if any, of accrued
and unpaid dividends thereon to and including the date fixed for redemption. The Depositary shall mail, first-class postage prepaid,
notice of the redemption of Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Preferred
Stock to be redeemed, not less than 30 nor more than 60 days prior to the date fixed for redemption of such Preferred Stock and Depositary
Shares (the &ldquo;redemption date&rdquo;), to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed,
at the addresses of such holders as the same appear on the records of the Depositary; provided that if the Depositary Shares are held
in the form of Global Registered Receipts through the Global Receipt Depositary, the Company may provide such notice of redemption in
any manner permitted by such Global Receipt Depositary. No failure to give such notice or any defect thereto or in the mailing thereof
shall affect the sufficiency of notice or validity of the proceedings for redemption except as to a holder to whom notice was defective
or not given. A redemption notice which has been mailed in the manner provided herein shall be conclusively presumed to have been duly
given on the date mailed whether or not the holder received the redemption notice. The Company shall provide the Depositary with such
notice, and each such notice shall state: the redemption date; the redemption price and accrued and unpaid dividends payable on the redemption
date; the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; if fewer than all the Depositary Shares
held by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; the place or places
where Receipts evidencing the Depositary Shares to be redeemed are to be surrendered for payment of the redemption price and accrued
and unpaid dividends payable on the redemption date; and that from and after the redemption date dividends in respect of the Preferred
Stock represented by the Depositary Shares to be redeemed will cease to accrue. If fewer than all of the outstanding Depositary Shares
are to be redeemed, the Depositary Shares to be redeemed shall be redeemed pro rata (as nearly as may be practicable without creating
fractional Depositary Shares) or by any other equitable method determined by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">In the event that notice of
redemption has been made as described in the immediately preceding paragraph and the Company shall then have paid or caused to be paid
in full to the Depositary the redemption price (determined pursuant to the Articles of Amendment) of the Preferred Stock deposited with
the Depositary to be redeemed (including any accrued and unpaid dividends to and including the redemption date), the Depositary shall
redeem the number of Depositary Shares representing such Preferred Stock so called for redemption by the Company and from and after the
redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in the
Company&rsquo;s notice provided for in the preceding paragraph), all dividends in respect of the shares of Preferred Stock called for
redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights
of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price plus all accrued and unpaid
dividends to and including the redemption date) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in
accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary
or applicable law shall so require), such Depositary Shares shall be redeemed at a redemption price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
Depositary Share plus all accrued and unpaid dividends to and including the redemption date. The foregoing shall be further subject to
the terms and conditions of the Articles of Amendment. In the event of any conflict between the provisions of this Deposit Agreement and
the provisions of the Articles of Amendment, the provisions of the Articles of Amendment will govern and the Company will instruct the
Depositary accordingly.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">If fewer than all of the Depositary
Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender
to the Depositary, together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares
called for redemption, a new Receipt evidencing such holder&rsquo;s Depositary Shares evidenced by such prior Receipt that are not called
for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Company acknowledges that
the bank accounts maintained by the Depositary in connection with the performance of the services described herein will be in the name
of the Depositary and that the Depositary may receive investment earnings in connection with the investment at the Depositary&rsquo;s
risk and for its benefit of funds held in those accounts from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 2.04.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Registration
of Transfers of Receipts</U></I>. The Company hereby appoints the Depositary as the Registrar and Transfer Agent for the Receipts and
the Depositary hereby accepts such appointment and, as such, the Depositary shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent or representative, properly endorsed
or accompanied by a properly executed instrument of transfer or endorsement and including a guarantee of the signature thereon by a participant
in a signature guarantee medallion program approved by the Securities Transfer Association (a &ldquo;<U>Signature Guarantee</U>&rdquo;),
together with evidence of the payment of any transfer taxes as may be required by applicable law. Upon such surrender, the Depositary
shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate
number of Depositary Shares evidenced by the Receipt or Receipts surrendered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 2.05.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Combinations
and Split-ups of Receipts</U></I>. Upon surrender of a Receipt or Receipts at the Corporate Office or such other office as the Depositary
may designate for the purpose of effecting a split up or combination of Receipts, subject to the terms and conditions of this Deposit
Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing the
same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
2.06.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Surrender of Receipts and Withdrawal of Preferred
Stock</U></I>. Any holder of a Receipt or Receipts may withdraw any or all of the whole shares of deposited Preferred Stock represented
by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary
Shares by surrendering such Receipt or Receipts at the Corporate Office or at such other office as the Depositary may designate for such
withdrawals. Fractional shares of Preferred Stock may not be withdrawn by any holder. After such surrender, without unreasonable delay,
the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the number
of whole shares of such Preferred Stock and all such money and other property, if any, represented by the Depositary Shares evidenced
by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares of Preferred Stock will not thereafter be
entitled to deposit such Preferred Stock hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by
the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number
of Depositary Shares representing the number of whole shares of deposited Preferred Stock to be withdrawn, the Depositary shall at the
same time, in addition to such number of whole shares of Preferred Stock and such money and other property, if any, to be withdrawn,
deliver to such holder, or (subject to Section 2.04) upon his order, a new Receipt or Receipts evidencing such excess number of Depositary
Shares. Delivery of such Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates,
documents of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly
endorsed or accompanied by a properly executed instrument of transfer or endorsement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">If the deposited Preferred
Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder of the
Receipt or Receipts being surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the Depositary a written
order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal
of such whole shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer or
endorsement in blank with a Signature Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Depositary shall deliver
the whole shares of deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares evidenced
by Receipts surrendered for withdrawal at the Corporate Office, except that, at the request, risk and expense of the holder surrendering
such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be designated
by such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
2.07.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Limitations on Execution and Delivery, Transfer,
Split-up, Combination</U></I>. As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or
exchange of any Receipt, the Depositary or the Company may require any or all of the following: (i)&nbsp;payment to it of a sum sufficient
for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any tax
or other governmental charge with respect thereto (including any such tax or charge with respect to the Preferred Stock being withdrawn);
(ii)&nbsp;the production of proof satisfactory to it as to the identity and genuineness of any signature (or the authority of any signature),
including a Signature Guarantee; and (iii)&nbsp;compliance with such regulations, if any, as the Depositary or the Company may establish
consistent with the provisions of this Deposit Agreement and as may be required by any securities exchange upon which the deposited Preferred
Stock, the Depositary Shares or the Receipts may be included for quotation or listed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The transfer of Receipts may
be refused, and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i)&nbsp;during
any period when the register of stockholders of the Company is closed or (ii)&nbsp;if any such action is deemed reasonably necessary or
advisable by the Depositary or the Company at any time or from time to time because of any requirement of applicable law or of any government
or governmental body or commission, or under any provision of this Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 2.08.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Lost
Receipts, etc</U>.</I> In case any Receipt shall be mutilated or destroyed or lost or stolen, the Depositary in its discretion may execute
and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution
for such destroyed, lost or stolen Receipt, provided that the holder thereof provides the Depositary with (i)&nbsp;evidence reasonably
satisfactory to the Depositary of such destruction, loss or theft of such Receipt, of the authenticity thereof and of his ownership thereof
and (ii)&nbsp;reasonable indemnification and the provision of an open penalty surety bond, in each case, satisfactory to the Depositary
and the Company and holding the Depositary and the Company harmless.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
2.09.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Cancellation and Destruction of Surrendered Receipts</U></I>.
All Receipts surrendered to the Depositary shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation,
the Depositary is authorized to destroy such Receipts so cancelled.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B>ARTICLE III<BR>
<FONT STYLE="font-size: 10pt">CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 3.01.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Filing
Proofs, Certificates and Other Information</U></I>. Any holder of a Receipt may be required from time to time to file such proof of residence
or other information and to execute such certificates as the Depositary or the Company may reasonably deem necessary or proper. The Depositary
or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal
of the deposited Preferred Stock represented by the Depositary Shares evidenced by any Receipt, the distribution of any distribution or
the sale of any rights or of the proceeds thereof, until such proof or other information is filed or such certificates are executed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
3.02.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Payment of Fees and Expenses</U></I>. Holders of
Receipts shall be obligated to make payments to the Depositary of certain fees and expenses, as provided in Section 5.08, or provide
evidence reasonably satisfactory to the Depositary that such fees and expenses have been paid. Until such payment is made, transfer of
any Receipt or any withdrawal of the Preferred Stock or money or other property, if any, represented by the Depositary Shares evidenced
by such Receipt may be refused, any distribution may be withheld, and any part or all of the Preferred Stock or other property represented
by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable
means to notify such holder a reasonable number of days prior to such sale). Any distribution so withheld and the proceeds of any such
sale may be applied to any payment of such fees or expenses, the holder of such Receipt remaining liable for any deficiency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 3.03.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Representations
and Warranties as to Preferred Stock</U></I>. In the case of the initial deposit of the Preferred Stock hereunder, the Company shall be
deemed thereby to represent and warrant that the Preferred Stock and each certificate therefor are valid and that such deposit has been
duly authorized. The Company hereby further represents and warrants that such Preferred Stock is validly issued, fully paid and non-assessable.
Such representations and warranties shall survive the deposit of the Preferred Stock and the issuance of Receipts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
3.04.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Representation and Warranty as to Receipts and Depositary
Shares</U></I>. The Company hereby represents and warrants that the Receipts, when issued, will evidence legal and valid interests in
the Depositary Shares and each Depositary Share will represent a legal and valid fractional interest in a share of deposited Preferred
Stock represented by such Depositary Share. Such representation and warranty shall survive the deposit of the Preferred Stock and the
issuance of Receipts evidencing the Depositary Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B>ARTICLE IV<BR>
<FONT STYLE="font-size: 10pt">THE PREFERRED STOCK; NOTICES</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
4.01.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Dividends and Other Cash Distributions</U></I>.
Whenever the Depositary shall receive any dividend or other cash distributions on the deposited Preferred Stock, including any cash received
upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary shall, subject to Section 3.02, distribute
to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable,
in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that,
in case the Company or the Depositary shall be required by law to withhold and shall withhold from any cash distribution in respect of
the Preferred Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available
for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make
available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of
Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest
thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of
Receipts then outstanding.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
4.02.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Distributions Other Than Cash</U></I>. Whenever
the Depositary shall receive any distribution other than cash on the deposited Preferred Stock, the Depositary shall, subject to Section
3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of the securities or other
property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the
Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing
such distribution. If in the opinion of the Depositary after consultation with the Company, such distribution cannot be made proportionately
among such record holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount
on account of taxes) the Depositary deems, after consultation with the Company, such distribution not to be feasible, the Depositary
may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution,
including the sale (at public or private sale) of the securities or other property thus received, or any part thereof, at such place
or places and upon such terms as the Depositary may deem proper. The net proceeds of any such sale shall, subject to Section 3.02, be
distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section
4.01 in the case of a distribution received in cash. The Depositary shall not be obligated hereunder to make any distribution of such
securities to the holders of Receipts unless the Company shall have provided to the Depositary, upon request of the Depositary, an opinion
of counsel stating that such securities have been registered under the Securities Act or do not need to be registered thereunder in order
to be freely transferable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
4.03.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Subscription Rights, Preferences or Privileges</U></I>.
If the Company shall at any time offer or cause to be offered with respect to the deposited Preferred Stock any rights, preferences or
privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, the offering
of such rights, preferences or privileges shall in each such instance be communicated to the Depositary and thereafter made available
by the Depositary to the record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record
holders of warrants representing such rights, preferences or privileges); provided, however, that (i) if at the time of issue or offer
of any such rights, preferences or privileges the Company determines upon advice of its legal counsel that it is not lawful or feasible
to make such rights, preferences or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (ii) if
and to the extent instructed by holders of Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary
shall then, if so instructed by the Company, and if applicable laws or the terms of such rights, preferences or privileges so permit,
sell such rights, preferences or privileges of such holders at public or private sale, at such place or places and upon such terms as
it may deem proper. The net proceeds of any such sale shall, subject to Section 3.01 and Section 3.02, be distributed by the Depositary
to the record holders of Receipts entitled thereto as provided by Section 4.01 in the case of a distribution received in cash. The Depositary
shall not be obligated hereunder to make any distribution of such rights, preferences or privileges, unless the Company shall have provided
to the Depositary, upon request of the Depositary, an opinion of counsel stating that such rights, preferences or privileges have been
registered under the Securities Act or do not need to be registered thereunder in order to be freely transferable.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 4.04.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Notice
of Distributions; Fixing of Record Date for Holders of Receipts</U></I>. Whenever any dividend or other cash distributions shall become
payable, any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect
to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders of such Preferred
Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any election on the part of the
Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance fix a record date (which shall be the
same date as the record date, if any, fixed by the Company with respect to the Preferred Stock) for the determination of the holders of
Receipts (a) who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the
sale thereof, (b) who shall be entitled to give instructions for the exercise of voting rights at any such meeting or to receive notice
of such meeting or (c) whose Depositary Shares are to be so redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
4.05.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Voting Rights</U>.</I> Upon receipt of notice of
any meeting at which the holders of deposited Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter,
mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (i) such information
as is contained in such notice of meeting, (ii) a statement that the holders of Receipts at the close of business on a specified record
date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to instruct the Depositary as to the
exercise of the voting rights pertaining to the amount of Preferred Stock represented by their respective Depositary Shares and (iii)
a brief statement as to the manner in which such instructions may be given. Upon the written request of a holder of a Receipt on such
record date, the Depositary shall vote or cause to be voted the amount of Preferred Stock represented by the Depositary Shares evidenced
by such Receipt in accordance with the instructions set forth in such request. To the extent any such instructions request the voting
of a fractional interest of a share of deposited Preferred Stock, the Depositary shall aggregate such interest with all other fractional
interests resulting from requests with the same voting instructions and shall vote the number of whole votes resulting from such aggregation
in accordance with the instructions received in such requests. The Company hereby agrees to take all reasonable action that may be reasonably
deemed necessary by the Depositary in order to enable the Depositary to vote such Preferred Stock or cause such Preferred Stock to be
voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will abstain from voting to the extent of
the Preferred Stock represented by the Depositary Shares evidenced by such Receipt. The Depositary shall not be required or allowed to
exercise discretion in voting any Preferred Stock represented by the Depositary Shares evidenced by such Receipt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
4.06.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Changes Affecting Preferred Stock; Reclassifications,
Recapitalizations, etc</U></I>. Upon any change in par or stated value, split-up, combination or any other reclassification of Preferred
Stock, or upon any recapitalization, reorganization, merger, amalgamation or consolidation affecting the Company or to which the Company
is a party, or upon the sale of all or substantially all of the Company&rsquo;s assets, the Depositary shall, upon the instructions of
the Company, (i) make such adjustments in (a) the fraction of an interest represented by one Depositary Share in one share of Preferred
Stock and (b) the ratio of the redemption price per Depositary Share to the redemption price of a share of Preferred Stock, in each case
as may be required by or as is consistent with the provisions of the Articles of Amendment to fully reflect the effects of such change
in liquidation preference, split-up, combination or other reclassification of stock, or of such recapitalization, reorganization, merger,
amalgamation, consolidation, or of such sale and (ii) treat any shares of stock or other securities or property (including cash) that
shall be received by the Depositary in exchange for or upon conversion of or in respect of the Preferred Stock as new deposited property
under this Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof
in the new deposited property so received in exchange for or upon conversion of or in respect of such Preferred Stock. In any such case
the Depositary may, in its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for the
surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property. Anything
to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the effective date of any such change
in par or stated value, split-up, combination or other reclassification of the Preferred Stock, or any such recapitalization, reorganization,
merger, amalgamation or consolidation, or any such sale of substantially all the assets of the Company to surrender such Receipts to
the Depositary with instructions to convert, exchange or surrender the Preferred Stock represented thereby only into or for, as the case
may be, the kind and amount of shares of stock and other securities and property and cash into which the deposited Preferred Stock evidenced
by such Receipts might have been converted or for which such Preferred Stock might have been exchanged or surrendered immediately prior
to the effective date of such transaction, subject to any subsequent change in par or stated value, split-up, combination or other reclassification
or any subsequent recapitalization, reorganization, merger, amalgamation or consolidation or sale of substantially all the assets. The
Company shall cause effective provision to be made in the charter of the resulting or surviving corporation (if other than the Company)
for protection of such rights as may be applicable upon exchange of the deposited Preferred Stock for securities or property or cash
of the surviving corporation in connection with the transactions set forth above. The Company shall cause any such surviving corporation
(if other than the Company) expressly to assume the obligations of the Company hereunder.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 4.07.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Inspection
of Reports</U></I>. The Depositary shall make available for inspection by holders of Receipts at the Corporate Office and at such other
places as the Depositary may from time to time deem advisable during normal business hours any reports and communications received from
the Company that are both received by the Depositary as the holder of the deposited Preferred Stock and made generally available to the
holders of the Preferred Stock. In addition, the Depositary shall transmit certain notices and reports to the holders of Receipts as provided
in Section 5.05.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
4.08.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Lists of Receipt Holders</U></I>. Promptly upon
reasonable request from time to time by the Company, the Depositary shall furnish to the Company a list, as of a recent date specified
by the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the
books of the Depositary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
4.09.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Withholding</U></I>. Notwithstanding any other provision
of this Deposit Agreement to the contrary, in the event that the Depositary determines that any distribution in property is subject to
any tax which the Depositary is obligated by applicable law to withhold, the Depositary may dispose of all or a portion of such property
in such amounts and in such manner as the Depositary reasonably deems necessary and practicable to pay such taxes, by public or private
sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such
taxes to the holders of Receipts entitled thereto in proportion to the number of Depositary Shares held by them, respectively; provided,
however, that in the event the Depositary determines that such distribution of property is subject to withholding tax only with respect
to some but not all holders of Receipts, the Depositary will use its best efforts (i) to sell only that portion of such property distributable
to such holders that is required to generate sufficient proceeds to pay such withholding tax and (ii) to effect any such sale in such
a manner so as to avoid affecting the rights of any other holders of Receipts to receive such distribution in property.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B>ARTICLE V<BR>
<FONT STYLE="font-size: 10pt">THE DEPOSITARY AND THE COMPANY</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
5.01.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Maintenance of Offices, Agencies and Transfer Books
by the Registrar</U></I>. The Depositary shall maintain at the Corporate Office facilities for the execution and delivery, transfer,
surrender and exchange, split-up, combination and redemption of Receipts and the withdrawal of Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Depositary shall keep
books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times shall be open for inspection
by the record holders of Receipts as provided by applicable law. The Depositary may close such books, at any time or from time to time,
when deemed expedient by it in connection with the performance of its duties hereunder. The Depositary may maintain such books in customary
electronic form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">If the Receipts or the Depositary
Shares evidenced thereby or the Preferred Stock represented by such Depositary Shares shall be listed on the Nasdaq Global Select Market
or any other stock exchange, or quoted on any interdealer quotation system, the Depositary will, at the request and expense of the Company,
arrange such facilities for the delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such
Preferred Stock as maybe required by applicable law or applicable stock exchange or quotation system regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
5.02.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Prevention or Delay in Performance by the Depositary
or the Company</U></I>. Neither the Depositary nor the Company shall incur any liability to any holder of any Receipt, if by reason of
any provision of any present or future law or regulation thereunder of the United States of America or of any other governmental authority
or, in the case of the Depositary or the Registrar, by reason of any provision, present or future, of the Articles of Incorporation or
the Articles of Amendment or, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the
Depositary, or the Company shall be prevented or forbidden from doing or performing any act or thing that the terms of this Deposit Agreement
provide shall be done or performed; nor shall the Depositary, the Registrar or the Company incur any liability to any holder of a Receipt
by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit
Agreement provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided
for in this Deposit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
5.03.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Obligations of the Depositary and the Company</U></I>.
The Depositary shall at all times act in good faith and shall use its best efforts within reasonable time limits to insure the accuracy
of all services performed pursuant to this Deposit Agreement. The Company assumes no obligation and shall not be subject to any liability
under this Deposit Agreement or any Receipt to holders of Receipts other than from acts or omissions arising out of conduct constituting
bad faith, gross negligence or willful misconduct in the performance of such duties as are specifically set forth in this Deposit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Company shall not be under
any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary
Shares or Receipts that in its reasonable opinion may involve it in expense or liability, unless indemnity reasonably satisfactory to
it against all expense and liability be furnished as often as may be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Company shall not be liable
for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any
holder of a Receipt or any other person believed by it in good faith to be competent to give such advice or information. The Company may
rely and shall be protected in acting upon any written notice, request, direction or other document believed by it in good faith to be
genuine and to have been signed or presented by the proper party or parties.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">In the event the Depositary
shall receive conflicting claims, requests or instructions from any holders of Receipts, on the one hand, and the Company, on the other
hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company, and shall be entitled
to the full indemnification set forth in Section 5.06 hereof in connection with any action so taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Depositary shall not be
responsible for any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner or effect of any
such vote made, as long as any such action or non-action is in good faith and does not result from gross negligence or willful misconduct
of the Depositary. The Depositary undertakes to perform such duties and only such duties as are specifically set forth in this Deposit
Agreement, and no implied covenants, obligations or liabilities shall be read into this Deposit Agreement against the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Depositary, its parent,
affiliate, or subsidiaries, may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or
Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates may be interested or contract
with or lend money to or otherwise act as fully or as freely as if it were not the Depositary hereunder. If so appointed, the Depositary
may also act as transfer agent or registrar of any of the securities of the Company and its affiliates, or act in any other capacity for
the Company or its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">It is intended that the Depositary
shall not be deemed to be an &ldquo;issuer&rdquo; of the securities under the federal securities laws or applicable state securities laws,
it being expressly understood and agreed that the Depositary is acting only in a ministerial capacity as Depositary for the deposited
Preferred Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable
to it under law or this Deposit Agreement in its capacity as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Depositary makes no representation
and has no responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under
the Securities Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its countersignature thereon) or any instruments
referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary
is responsible for its representations in this Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Company represents that
it has registered the deposited Preferred Stock and the Depositary Shares for sale in accordance with applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 5.04.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Resignation
and Removal of the Depositary; Appointment of Successor Depositary</U></I>. The Depositary may at any time resign as Depositary hereunder
by notice of its election to do so delivered to the Company, such resignation to take effect upon the appointment of a successor depositary
and its acceptance of such appointment as hereinafter provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Depositary may at any
time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment
of a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">In case at any time the Depositary
acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal,
as the case may be, appoint a successor depositary, which shall be a bank or trust company having its principal office in the United States
of America and having a combined capital and surplus of at least $50,000,000. If a successor depositary shall not have been appointed
in 60 days, the resigning Depositary may, at the expense of the Company, petition a court of competent jurisdiction to appoint a successor
depositary. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting
its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement,
and such predecessor, upon payment of all sums due it and on the written request of the Company, shall promptly execute and deliver an
instrument transferring to such successor all rights and powers of such predecessor hereunder, and shall duly assign, transfer and deliver
all rights, title and interest in the deposited Preferred Stock and any moneys or property held hereunder to such successor and shall
deliver to such successor a list of the record holders of all outstanding Receipts. Any successor depositary shall promptly mail notice
of its appointment to the record holders of Receipts.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Any corporation or other legal
entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of such Depositary without the
execution or filing of any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor
depositary or in the name of the successor depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
5.05.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Notices, Reports and Documents</U></I>. The Company
agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof transmit to the record holders
of Receipts, in each case at the address recorded in the Depositary&rsquo;s books, copies of all notices and reports (including financial
statements) required by law, by the rules of any national securities exchange or interdealer quotation system upon which the Preferred
Stock, the Depositary Shares or the Receipts are listed or quoted or by the Articles of Incorporation and the Articles of Amendment to
be furnished by the Company to holders of the deposited Preferred Stock and, if requested by the holder of any Receipt, a copy of this
Deposit Agreement, the form of Receipt, the Articles of Amendment and the form of Preferred Stock. Such transmission will be at the Company&rsquo;s
expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request.
In addition, the Depositary will transmit to the record holders of Receipts at the Company&rsquo;s expense such other documents as may
be requested by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 5.06.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Indemnification
by the Company</U></I>. The Company agrees to indemnify the Depositary against, and hold it harmless from, any claim, action, suit, penalty,
liability, costs and expenses (including reasonable attorneys&rsquo; fees) of any kind and nature whatsoever that may arise out of, or
in connection with, its acting as Depositary under this Deposit Agreement and the Receipts, except for any liability to the extent arising
out of the willful misconduct, gross negligence, or bad faith on the part of the Depositary. The obligations of the Company set forth
in this Section 5.06 shall survive any succession of any Depositary or termination of this Deposit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
5.07.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Damages</U></I>. The Depositary shall not be liable
for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated
profits (collectively, &ldquo;Special Damages&rdquo;), occasioned by breach of any provision of this Deposit Agreement by the Depositary
even if apprised of the possibility of such damages. The Company shall not be liable to the Depositary for Special Damages occasioned
by breach of any provision of this Deposit Agreement by the Company even if apprised of the possibility of such damages.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
5.08.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Fees, Charges and Expenses</U></I>. No charges and
expenses of the Depositary hereunder shall be payable by any person, except as provided in this Section 5.08. The Company shall pay all
transfer and other taxes and governmental charges arising solely from the existence of this Deposit Agreement. The Company shall also
pay all fees and expenses of the Depositary in connection with the initial deposit of the Preferred Stock and the initial issuance of
the Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option of the Company and all withdrawals
of the Preferred Stock by holders of Receipts. If a holder of Receipts requests the Depositary to perform duties not required under this
Deposit Agreement, the Depositary shall notify the holder of the expected cost of the performance of such duties prior to the performance
thereof. Upon approval of such cost by such holder, such holder will thereafter be liable for the charges and expenses related to such
performance. All other fees and expenses of the Depositary hereunder (including, in each case, fees and expenses of counsel) incident
to the performance of its obligations hereunder will be promptly paid by the Company. The Depositary shall present its statement for
fees and expenses to the Company every month or at such other intervals as the Company and the Depositary may agree.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 5.09.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Additional
Depositary Rights and Duties</U></I>. The Depositary shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: left">have no duties or obligations other than those specifically set forth herein. Depositary shall not be liable
for any improper payment made in accordance with the information provided by the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: left">not be obligated to take any legal action hereunder that might, in its judgment, involve any expense or liability,
unless it has been furnished with reasonable indemnity by the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: left">be able to rely on and shall be protected in acting on the written or oral instructions with respect to any
matter relating to its actions as Depositary specifically covered by this Deposit Agreement, of any officer of the Company authorized
to give instructions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: left">be able to rely on and shall be protected in acting upon any certificate, instrument, opinion, notice, letter,
telegram or any other document or security delivered to it and believed by it reasonably and in good faith to be genuine and to have been
signed by the proper party or parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: left">not be responsible for or liable in any respect on account of the identity, authority or rights of any person
executing or delivering or purporting to execute or deliver any document or property under this Deposit Agreement, and shall have no responsibility
with respect to the use or application of any property delivered by it pursuant to the provisions hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: left">be able to consult with counsel satisfactory to it (including counsel for the Company) and the advice or
opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by
it hereunder in good faith and in accordance with advice or opinion of such counsel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: left">not be liable for anything which it may do or refrain from doing in connection with this Deposit Agreement
except for its own gross negligence, willful misconduct or bad faith;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: left">not be bound by any notice or demand, or any waiver or modification of this Deposit Agreement or any of the
terms hereof, unless evidenced by a writing delivered to the Depositary signed by the proper authority or authorities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">have no duty to enforce any obligation of any person to make delivery, or to direct or cause any delivery
to be made, or to enforce any obligation of any person to perform any other act; and</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: left">have the right to assume, in the absence of written notice to the contrary from the proper person or persons,
that a fact or an event by reason of which an action would or might be taken by the Depositary does not exist or has not occurred without
incurring liability for any action taken or omitted, or any action suffered by the Depositary to be taken or omitted, in good faith or
in the exercise of the Depositary&rsquo;s best judgment, in reliance upon such assumption.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B>ARTICLE VI<BR>
AMENDMENT AND TERMINATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
6.01.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Amendment</U></I>. The form of the Receipts and
any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary
in any respect that they may deem necessary or desirable; provided, however, that no such amendment (other than any change in the fees
of the Depositary that are payable by the Company) which (i) shall materially and adversely alter any substantial existing right of the
holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the Preferred Stock
pursuant to the Articles of Amendment shall be effective unless such amendment shall have been approved by the holders of Receipts evidencing
at least a majority of the Depositary Shares then outstanding. In no event shall any amendment impair the right, subject to the provisions
of Section 2.06 and Section 2.07 and Article III, of any holder of any Depositary Shares to surrender the Receipt evidencing such Depositary
Shares with instructions to the Depositary to deliver to the holder the whole shares of the deposited Preferred Stock and all money and
other property if any, represented thereby, except in order to comply with mandatory provisions of applicable law. Every holder of an
outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent
and agree to such amendment and to be bound by this Deposit Agreement as amended thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
6.02.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Termination</U></I>. This Deposit Agreement may
be terminated by the Company upon not less than 30 days&rsquo; prior written notice to the Depositary, whereupon the Depositary shall
deliver or make available to each holder of a Receipt, upon surrender of the Receipt held by such holder, such number of whole or fractional
shares of deposited Preferred Stock as are represented by the Depositary Shares evidenced by such Receipt, together with any other property
held by the Depositary in respect of such Receipt. This Deposit Agreement will automatically terminate if (i) all outstanding Depositary
Shares shall have been (a) redeemed pursuant to Section 2.03 and/or (b) surrendered in connection with withdrawal of Preferred Stock
pursuant to Section 2.06, or (ii) there shall have been made a final distribution in respect of the deposited Preferred Stock in connection
with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Receipts
entitled thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Upon the termination of this
Deposit Agreement, (i) the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to
the Depositary under Section 5.06 and Section 5.08 and (ii) the Depositary shall be discharged from all obligations under this Deposit
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
7.01.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Counterparts</U></I>. This Deposit Agreement may
be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when
so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument.
Delivery of an executed counterpart of a signature page to this Deposit Agreement by facsimile shall be effective as delivery of a manually
executed counterpart of this Deposit Agreement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
7.02.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Exclusive Benefits of Parties</U></I>. This Deposit
Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give
any legal or equitable right, remedy or claim to any other person whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
7.03.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Invalidity of Provisions</U></I>. In case any one
or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be
affected, prejudiced or disturbed thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
7.04.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Notices</U></I>. Unless otherwise expressly provided
herein, all notices, requests, demands and other communications hereunder or under the Receipts shall be in writing, shall be delivered
by hand or by First Class mail, postage prepaid, shall be deemed given when received and shall be addressed to the Depositary and the
Company at the respective addresses listed below or to such other addresses as they shall designate from time to time in writing, forwarded
in like manner.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; text-align: left">If to the Company, to:</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Southern First Bancshares, Inc.</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left">6 Verdae Boulevard</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Greenville, South Carolina 29607</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Any notices given to any record
holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered
or sent by First Class mail, postage prepaid, addressed to such record holder at the address of such record holder as it appears on the
books of the Depositary or, if such holder shall have filed with the Depositary in a timely manner a written request that notices intended
for such holder he mailed to some other address, at the address designated in such request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION
7.05.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Holders of Receipts Are Parties</U></I>. The holders
of Receipts from time to time shall be deemed to be parties to this Deposit Agreement amid shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance of delivery thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 7.06.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Governing
Law</U></I>. This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be
governed by, and construed in accordance with, the internal laws of the State of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
without regard to its conflicts of law provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 7.07.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Inspection
of Deposit Agreement and Articles of Amendment</U></I>. Copies of this Deposit Agreement and the Articles of Amendment shall be filed
with the Depositary and shall be open to inspection during business hours at the Corporate Office by any holder of any Receipt.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SECTION 7.08.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Headings</U></I>.
The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth as Exhibit A hereto have been
inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
and the Depositary have caused this Deposit Agreement to be duly executed on their behalf as of the day and year first above set forth
and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with
the terms hereof.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOUTHERN FIRST BANCSHARES, INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, as Depositary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center">[FORM OF FACE OF RECEIPT]</P>

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

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

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

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center">REPRESENTING 1/_________ OF ONE SHARE OF</P>

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

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

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

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center">INCORPORATED UNDER THE LAWS OF THE STATE OF SOUTH CAROLINA</P>

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

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center">SEE REVERSE FOR CERTAIN DEFINITIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as Depositary (the &ldquo;Depositary&rdquo;), hereby certifies that &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
is the registered owner of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depositary Shares
(&ldquo;<U>Depositary Shares</U>&rdquo;), each Depositary Share representing 1/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
of one share of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
(the &ldquo;<U>Stock</U>&rdquo;), of Southern First Bancshares, Inc. a South Carolina corporation (the &ldquo;<U>Corporation</U>&rdquo;),
on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &ldquo;<U>Deposit Agreement</U>&rdquo;), among the Corporation, the Depositary,
and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party
to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory
for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual
signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the
Depositary Receipts by the manual signature of a duly authorized officer thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">This Depositary Receipt is
transferable in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, Depositary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Officer</FONT></TD></TR>
  </TABLE>

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<P STYLE="margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center">[FORM OF REVERSE OF RECEIPT]</P>

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center">SOUTHERN FIRST BANCSHARES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">SOUTHERN FIRST BANCSHARES,
INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES
OF AMENDMENT ESTABLISHING THE <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>OF SOUTHERN FIRST BANCSHARES, INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY
NAMED ON THE FACE OF THIS RECEIPT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The Corporation will furnish
without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other
special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such
preferences and/or rights. Such request may be made to the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The following abbreviations
when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full according
to applicable laws or regulations. Abbreviations in addition to those appearing below may be used.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abbreviation</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equivalent Phrase</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abbreviation</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equivalent Phrase</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JT TEN</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As joint tenants, with right of survivorship and not as tenants in common</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN BY ENT</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As tenants by the entirety</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN IN COM</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As tenants in common</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNIF GIFT MIN ACT</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uniform Gifts to Minors Act</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 14%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abbreviation</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 15%; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Equivalent<BR>
Word</B></P></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abbreviation</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 20%; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Equivalent<BR>
Word</B></P></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abbreviation</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 16%; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Equivalent<BR>
Word</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADM</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Administrator(s),<BR>
Administrator</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EX</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Executor(s),<BR>
Executrix</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAR</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraph</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGMT</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FBO</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the benefit of</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public Law</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ART</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foundation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TR</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(As) trustee(s), for, or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CH</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chapter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GDN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guardian(s)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUST</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian for</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GDNSHP</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guardianship</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Declaration</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MIN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minor(s)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UW</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under will of, <BR>
Of will of, Under<BR>
Last will &amp; testament</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">For value received, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
hereby sell(s), assign(s) and transfer(s) unto</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="border-bottom: Black 1pt solid; width: 30%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center">PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: left">Depositary Shares represented by the within Receipt,
and do(es) hereby irrevocably constitute and appoint &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">Dated: __________________________</FONT></TD>
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">NOTICE:&nbsp;&nbsp;The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatsoever.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: left">SIGNATURE GUARANTEED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: left">NOTICE: The signature(s) should be guaranteed
by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved
signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>sfst4187341-ex51.htm
<DESCRIPTION>OPINION OF NELSON MULLINS RILEY & SCARBOROUGH LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><B>Exhibit 5.1</B></P>

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 10pt; layout-grid-mode: line"><IMG SRC="sfst4187341-ex51x1x1.jpg" ALT="" STYLE="height: 31px; width: 268px">&nbsp;</TD>
    <TD STYLE="width: 40%">
    <P STYLE="margin: 0pt; font: 7pt Times New Roman, Times, Serif; color: rgb(53,89,137)"><B>NELSON MULLINS RILEY &amp; SCARBOROUGH LLP</B></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 3pt 0pt 10pt; color: rgb(104,154,197)"><B>ATTORNEYS AND COUNSELORS AT LAW</B></P>
    <P STYLE="margin: 0pt; font: 7pt Times New Roman, Times, Serif; color: rgb(72,86,103)"><B>2 W. Washington Street | Suite 400</B></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 1pt 0pt 0pt; color: rgb(72,86,103)"><B>Greenville, SC 29601</B></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 1pt 0pt 0pt; color: rgb(72,86,103)"><B>T 864.373.2300 &nbsp;F 864.373.2925</B></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 1pt 0pt 0pt; color: rgb(72,86,105)"><B>nelsonmullins.com</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center">April 17,
2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt; margin-left: 0pt">Southern First Bancshares, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt">Greenville, South Carolina 29607</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Re: Registration Statement on Form S-3 filed by Southern First Bancshares,
Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">We have acted as counsel
to Southern First Bancshares, Inc., a South Carolina corporation (the &ldquo;Company&rdquo;), in connection with the Registration Statement
on Form S-3 (the &ldquo;Registration Statement&rdquo;) filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
on April 17, 2023 pursuant to the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;).
The Registration Statement, including the Prospectus (the &ldquo;Prospectus&rdquo;) as supplemented by the various Prospectus Supplements
(&ldquo;Prospectus Supplements&rdquo;), relates to the registration of up to $50,000,000 of certain classes of securities (the &ldquo;Securities&rdquo;)
consisting of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify">senior debt securities issued by the Company (the &ldquo;Senior Debt Securities&rdquo;) consisting of
unsecured senior debentures, notes and/or other evidences of indebtedness, in one or more series, to be issued from time to time under
a form of Indenture filed as an exhibit to the Registration Statement (as supplemented or amended, the &ldquo;Senior Indenture&rdquo;),
proposed to be entered between the Company and a trustee (any such trustee, the &ldquo;Senior Indenture Trustee&rdquo;) to be chosen by
the Company and qualified to act as such under the Trust Indenture Act of 1939 (the &ldquo;TIA&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify">subordinated debt securities issued by the Company (the &ldquo;Subordinated Debt Securities,&rdquo; and
collectively with the Senior Debt Securities, the &ldquo;Debt Securities&rdquo;) consisting of unsecured subordinated debentures, notes
and/or other evidences of indebtedness, in one or more series, to be issued under a form of Subordinated Indenture filed as an exhibit
to the Registration Statement (as supplemented or amended, the &ldquo;Subordinated Indenture&rdquo; and together with the Senior Indenture,
the &ldquo;Indentures&rdquo;), proposed to be entered into between the Company and a trustee (any such trustee, the &ldquo;Subordinated
Indenture Trustee&rdquo;) chosen by the Company and qualified to act as such under the TIA;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(c)</TD><TD STYLE="text-align: justify">shares of common stock of the Company, $0.01 par value per share (the &ldquo;Common Stock&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(d)</TD><TD STYLE="text-align: justify">shares of preferred stock of the Company, $0.01 par value per share (the &ldquo;Preferred Stock&rdquo;),
to be issued in one or more series, and fractional shares of Preferred Stock (the &ldquo;Depositary Shares&rdquo;), which may be evidenced
by depositary receipts (&ldquo;Depositary Receipts&rdquo;) to be issued under a form of Deposit Agreement filed as an exhibit to the Registration
Statement;</TD></TR></TABLE>

<P STYLE="font: small-caps bold 8pt Times New Roman, Times, Serif; letter-spacing: 0.5pt; color: rgb(72,86,103); margin-right: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: center">California |
Colorado | District of Columbia | Florida | Georgia | Maryland | Massachusetts</P>

<P STYLE="font: small-caps bold 8pt Times New Roman, Times, Serif; letter-spacing: 0.5pt; color: rgb(72,86,103); margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; text-align: center">Minnesota | New York
| North Carolina | Ohio | South Carolina | Tennessee | Texas | Virginia | West Virginia</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(e)</TD><TD STYLE="text-align: justify">purchase contracts to be issued in a form that will be filed as an exhibit to a post-effective amendment
to the Registration Statement or incorporated by reference therein (&ldquo;Purchase Contracts&rdquo;) obligating holders to purchase from
the Company and the Company to sell to holders a fixed or varying number of shares of Common Stock, Preferred Stock, Depositary Shares
or Debt Securities that may be fixed at the time of issuance or may be determined by reference to a specific formula set forth in the
Purchase Contracts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(f)</TD><TD STYLE="text-align: justify">two or more Securities described in the Prospectus offered as units (&ldquo;Units&rdquo;) to be issued
under a unit agreement (the &ldquo;Unit Agreement&rdquo;) in a form that will be filed as an exhibit to a post-effective amendment to
the Registration Statement or incorporated by reference therein;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(g)</TD><TD STYLE="text-align: justify">warrants to purchase Senior Debt Securities, Subordinated Debt Securities, Common Stock, Preferred Stock
or Depositary Shares, or any combination of these Securities registered under the Registration Statement (the &ldquo;Warrants&rdquo;),
to be issued under a warrant agreement (the &ldquo;Warrant Agreement&rdquo;) in a form that will be filed as an exhibit to a post-effective
amendment to the Registration Statement or incorporated by reference therein; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(h)</TD><TD STYLE="text-align: justify">rights offered to shareholders of the Company to purchase additional shares of Common Stock or Preferred
Stock (the &ldquo;Rights&rdquo;), to be issued under a rights agreement (the &ldquo;Rights Agreement&rdquo;) in a form that will be filed
as an exhibit to a post-effective amendment to the Registration Statement or incorporated by reference therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">For purposes of giving the
opinions hereinafter set forth, we have examined such documents, records and matters of law as we have deemed necessary for the purposes
of such opinions. We have examined, among other documents, originals or copies of the following:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify">The Amended and Restated Articles of Incorporation filed with the South Carolina Secretary of State on
July 16, 1999, the Articles of Amendment to the Amended and Restated Articles of Incorporation filed with the South Carolina Secretary
of State on June 25, 2007 and February 24, 2009, and the Articles of Correction filed June 29, 2007 (collectively, the &ldquo;Articles
of Incorporation&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify">The Amended and Restated Bylaws of the Company (&ldquo;Bylaws&rdquo;) filed as Exhibit 3.4 to the Company&rsquo;s
Annual Report on Form 10-K filed with the Commission on March 24, 2008;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(c)</TD><TD STYLE="text-align: justify">The Registration Statement, including the Prospectus;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(d)</TD><TD STYLE="text-align: justify">The form of Senior Indenture filed with the Registration Statement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(e)</TD><TD STYLE="text-align: justify">The form of Subordinated Indenture filed with the Registration Statement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(f)</TD><TD STYLE="text-align: justify">The form of Deposit Agreement filed with the Registration Statement.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">In our examination, we have assumed
the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original
documents of all documents submitted to us as certified or photostatic copies, and the authenticity of the originals of such copies. We
have also assumed the genuineness of the signatures of persons signing all documents in connection with which this opinion is rendered,
the authority of such persons signing on behalf of the parties thereto other than the Company, and the due authorization, execution and
delivery of all documents by parties thereto other than the Company. As to any facts material to the opinions expressed herein, we have
not undertaken to independently establish or verify any such factual information, but rather we have relied upon statements and representations
of officers and other representatives of the Company and others. We have also assumed that (1) any applicable indenture and trustee will
have been qualified under the TIA, (2) appropriate corporate actions will be taken by the Company to authorize the forms, terms, execution
and delivery of any supplemental indentures, the terms of any series of Debt Securities, and any other agreements or instruments pursuant
to which any Securities will be issued and any certificates that will evidence any Securities, (3) any required consents, approvals, authorizations
and other orders of the Commission and any other regulatory authorities or third parties will be obtained in connection with the issuance
of any Securities, and (4) the Registration Statement shall have become effective pursuant to the provisions of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">Based on the foregoing and
subject to such legal considerations as we have deemed relevant, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Debt Securities and of their issuance and sale have been duly authorized by the Company, as applicable,
and duly established in conformity with the applicable Indenture, and (ii) the Debt Securities have been duly executed, authenticated
and delivered in accordance with the applicable Indenture against payment of the purchase price therefor (in an amount not less than the
par value per share of any Common Stock into which such Debt Securities may be converted), and issued and sold as contemplated in the
Registration Statement, the Prospectus and the related Prospectus Supplement, the Debt Securities will constitute valid and binding obligations
of the Company, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the issuance and sale of the Common Stock have been duly authorized by the Company, and (ii) the Common Stock
has been duly issued and sold against payment of the purchase price therefor in an amount not less than the par value per share of Common
Stock and issued and sold as contemplated in the Registration Statement, the Prospectus and the related Prospectus Supplement, and certificates
representing such shares of Common Stock have been duly executed by the duly authorized officers of the Company in accordance with applicable
law and, if appropriate, by the Company&rsquo;s transfer agent, the Common Stock will be validly issued, fully paid, and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Preferred Stock of a particular series and of its issuance and sale have been duly authorized by the Company
and duly established in conformity with the Company&rsquo;s Articles of Incorporation and Bylaws and applicable law, (ii) articles of
amendment to the Articles of Incorporation with respect to the Preferred Stock of such series have been duly filed with the South Carolina
Secretary of State, and (iii) the Preferred Stock of such series has been duly issued and sold against payment of the purchase price therefor
in an amount not less than the par value per share of Preferred Stock and as contemplated in the Registration Statement, the Prospectus
and the related Prospectus Supplement, and certificates representing such shares of Preferred Stock have been duly executed by the duly
authorized officers of the Company in accordance with applicable law and, if appropriate, by the Company&rsquo;s transfer agent, the Preferred
Stock of such series will be validly issued, fully paid, and non-assessable.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the deposit agreement relating to the Depositary Shares has been duly authorized, executed and delivered by the parties
thereto, (ii) the terms of the Preferred Stock of a particular series and of its issuance and sale, and the issuance and sale of the Depositary
Shares of such series, have been duly authorized by the Company and duly established in conformity with the Articles of Incorporation,
Bylaws, applicable law, and the related deposit agreement, (iii) the articles of amendment to the Articles of Incorporation with respect
to the Preferred Stock of such series have been duly filed with the South Carolina Secretary of State, (iv) the Preferred Stock of such
series has been duly issued and sold against payment of the purchase price therefor in an amount not less than the par value per share
of Preferred Stock and certificates representing such shares of Preferred Stock have been duly executed by the duly authorized officers
of the Company in accordance with applicable law and delivered to the depositary, and (v) the Depositary Receipts evidencing the Depositary
Shares have been executed and countersigned in accordance with the related deposit agreement and issued against deposit of the Preferred
Stock and against payment therefor as contemplated in the Registration Statement, the Prospectus, the related Prospectus Supplement, and
the related deposit agreement, the Depositary Receipts evidencing the Depositary Shares of such series of Preferred Stock will be validly
issued and will entitle the holders thereof to the rights specified in the Depositary Shares and the related deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Purchase Contracts and of their issuance and sale have been duly authorized by the Company and duly established
in conformity with Company&rsquo;s Articles of Incorporation and Bylaws and applicable law, (ii) the Purchase Contracts have been duly
authorized, executed and delivered by the parties thereto, and (iii) such Purchase Contracts have been duly executed and delivered (including
by being countersigned by the applicable Purchase Contract Agent in accordance with the applicable Purchase Contract Agreement, if required
by the applicable Purchase Contract Agreement) and issued and sold against payment of the purchase price therefor and issued and sold
as contemplated in the Registration Statement, the Prospectus and the related Prospectus Supplement, such Purchase Contracts will constitute
valid and binding obligations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Units and of their issuance and sale have been duly authorized by the Company and duly established in conformity
with Company&rsquo;s Articles of Incorporation and Bylaws and applicable law, (ii) the applicable Units have been duly authorized, executed
and delivered by the parties thereto, and (iii) such Units have been duly executed and delivered (including by being countersigned by
the applicable Unit Agent in accordance with the applicable Unit Agreement, if required by the applicable Unit Agreement) and issued and
sold against payment of the purchase price therefor and issued and sold as contemplated in the Registration Statement, the Prospectus
and the related Prospectus Supplement, such Units will constitute valid and binding obligations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Warrants and of their issuance and sale have been duly authorized by the Company and duly established in
conformity with Company&rsquo;s Articles of Incorporation and Bylaws and applicable law, (ii) the applicable warrant agreement has been
duly authorized, executed and delivered by the parties thereto, and (iii) such Warrants have been duly executed and delivered in accordance
with the applicable Warrant Agreement (including by being countersigned by the applicable Warrant Agent in accordance with the applicable
Warrant Agreement, if required by the applicable Warrant Agreement) and issued and sold against payment of the purchase price therefor
and issued and sold as contemplated in the Registration Statement, the Prospectus and the related Prospectus Supplement, such Warrants
will constitute valid and binding obligations of the Company.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Rights and of their issuance have been duly authorized by the Company and duly established in conformity
with Company&rsquo;s Articles of Incorporation and Bylaws and applicable law, (ii) the agreements, instruments or certificates creating,
affecting or evidencing the Rights have been duly authorized, executed and delivered by the parties thereto, and (iii) such Rights have
been issued as contemplated in the Registration Statement, the Prospectus and the related Prospectus Supplement, such Rights will constitute
valid and binding obligations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">The opinions expressed above
are subject to the qualifications that we express no opinion as to the applicability of, compliance with, or effect of (i) any bankruptcy,
insolvency, reorganization, fraudulent transfer, fraudulent conveyance, moratorium or other similar law or judicially developed doctrine
in this area (such as substantive consolidation or equitable subordination) affecting the enforcement of creditors&rsquo; rights generally,
(ii) general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), (iii) public
policy considerations which may limit the rights of parties to obtain certain remedies and (iv) any laws except the South Carolina Business
Corporation Act (including the statutory provisions, all applicable provisions of the South Carolina Constitution and reported judicial
decisions interpreting those laws) and, to the extent set forth as the governing law in an agreement filed as an exhibit to the Registration
Statement under which Securities are to be issued as described in this opinion, the laws of the State of New York, in each case, that,
in our experience, are normally applicable to transactions of the type contemplated by the Registration Statement. We advise you that
issues addressed by this letter may be governed in whole or in part by other laws, but we express no opinion as to whether any relevant
difference exists between the laws upon which our opinions are based and any other laws which may actually govern. The Securities may
be issued from time to time on a delayed or continuous basis, but this opinion is limited to the laws, including the rules and regulations
thereunder, as in effect on the date hereof, which laws are subject to change with possible retroactive effect. We disclaim any obligations
to advise you of any change in any of these sources of law or subsequent legal or factual developments which might affect any matters
or opinions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">For purposes of each of
our opinions, appropriate corporate action with respect to any issuance of Securities involving Common Stock or Preferred Stock (including
any Purchase Contracts, Units, Rights, Warrants or convertible Debt Securities involving Common Stock or Preferred Stock) would include,
without limitation, the requirement that the Company not approve any issuance of Common Stock or Preferred Stock in excess of the number
of shares of Common Stock or Preferred Stock, as the case may be, authorized and properly available for such issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">We hereby consent to the
filing of this opinion as Exhibit 5.1 to the Registration Statement and to the reference to us as counsel for the Company under the caption
&ldquo;Validity of Securities&rdquo; in the prospectus comprising a part of such Registration Statement. In giving such consent, we do
not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act or the
rules and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">We do not find it necessary
for the purposes of this opinion, and accordingly we do not purport to cover herein, the application of the securities or &ldquo;Blue
Sky&rdquo; laws of the various states to the issuance of the Securities.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">This opinion is limited
to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. We assume no obligation
to revise or supplement this opinion for events occurring or coming to our attention after the date hereof.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 50%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Nelson Mullins Riley &amp; Scarborough LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nelson Mullins Riley &amp; Scarborough LLP</FONT></TD></TR>
  </TABLE>

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<DESCRIPTION>CONSENT OF ELLIOTT DAVIS, LLC
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit
23.1</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
consent to the incorporation by reference in this Registration Statement on Form S-3 of Southern First Bancshares, Inc. of our reports
dated February 13, 2023, relating to the consolidated financial statements and the effectiveness of internal control over financial reporting
of Southern First Bancshares, Inc. and Subsidiary, appearing in the Annual Report on Form 10-K of Southern First Bancshares, Inc. for
the year ended December 31, 2022.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
also consent to the reference to our firm under the headings &quot;Experts&quot; in such Prospectus.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Elliott Davis,
LLC</FONT></P>

<P STYLE="margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Greenville, South
Carolina</FONT></P>

<P STYLE="margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">April 17, 2023</FONT></P>





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<TYPE>EX-FILING FEES
<SEQUENCE>7
<FILENAME>sfst4187341-ex107.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
107</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculation
of Filing Fee Tables</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
S-3</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Form
Type)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SOUTHERN
FIRST BANCSHARES, INC.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Exact
Name of Registrant as Specified in its Charter)</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Table
1: Newly Registered Securities and Carry Forward Securities</U></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Security
    Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Security
    Class Title</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 3pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Fee&nbsp;Calculation<br>or Carry<br>Forward Rule</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Amount
    Registered<BR>
(1)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Proposed
    Maximum Offering Price<BR>
Per Share (2)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Maximum
    Aggregate Offering Price<BR>
(3)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Fee
    Rate (4)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Amount
    of Registration<BR>
Fee (5)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newly
    Registered Shares</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="9" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Fees
    to Be Paid</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Debt</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Debt
    Securities (6)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">457(o)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Preferred
    Stock, $0.01 per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">457(o)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Debt</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Depositary
    Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">457(o)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Common
    Stock, par value $0.01</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">457(o)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Other
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Purchase
    Contracts</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">457(o)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Units</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">457(o)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Warrants</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">457(o)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Rights</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">457(o)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Unallocated
    (Universal Shelf)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Unallocated
    (Universal Shelf)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">457(o)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$50,000,000</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">0.00011020</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1pt 5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$5,510</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Fees
    Previously Paid</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; padding-bottom: 5pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carry
    Forward Securities</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Carry
    Forward Securities</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; padding-bottom: 5pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Total
    Offering Amounts</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$50,000,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">0.00011020</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$5,510</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Total
    Fees Previously Paid</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Total
    Fee Offsets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Net
    Fee Due</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$5,510</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt 13.5pt; text-align: justify; text-indent: -13.5pt"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)
An unspecified aggregate initial offering price and number of securities of each identified class is being registered as may from time
to time be offered at unspecified prices. Also includes an indeterminate number of shares of common stock, preferred stock, warrants,
purchase contracts, depositary shares, rights and units, and such indeterminate principal amount of senior debt securities and subordinated
debt securities as may be issued by the registrant upon exercise, conversion or exchange of any securities that provide for such issuance,
or that may from time to time become issuable by reason of any stock split, stock dividend or similar transaction, for which no separate
consideration will be received by registrant. In no event will the aggregate offering price of all types of securities issued by the
registrant pursuant to this registration statement exceed $50,000,000. Any securities registered hereunder may be sold separately or
together with other securities registered hereunder. Includes an indeterminate number of depositary shares evidenced by depositary receipts
as may be issued in the event that Southern First Bancshares, Inc. elects to offer fractional interests in its preferred stock registered
hereby. Pursuant to Rule 457(n), no additional registration fee is payable in respect of the registration of the guarantee.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0pt 8pt 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)
The proposed maximum offering price per unit of security will be determined by Southern First Bancshares, Inc., from time to time, in
connection with the issuance by the registrant of the securities registered hereunder and has been omitted pursuant to General Instruction
II.D of Form S-3 under the Securities Act of 1933.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0pt 8pt 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)
The proposed maximum aggregate offering price per class of security will be determined from time to time by Southern First Bancshares,
Inc. in connection with the issuance by Southern First Bancshares, Inc. of the securities registered hereunder and has been omitted pursuant
to General Instruction II.D of Form S-3 under the Securities Act of 1933.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0pt 8pt 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)
Estimated for the sole purpose of computing the registration fee pursuant to Rule 457(o) under the Securities Act of 1933.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0pt 8pt 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)
Calculated pursuant to Rule 457(o) of the Securities Act of 1933.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0pt 8pt 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)
May consist of one or more series of senior or subordinated debt.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0pt 8pt 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
