As filed with the U.S. Securities and Exchange
Commission on January 24, 2025
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
________________________
ELECTROCORE, INC.
(Exact Name of Registrant as Specified in its Charter)
_____________________________
| Delaware |
20-3454976 |
(State or Other Jurisdiction of
Incorporation) |
(I.R.S. Employer
Identification Number) |
200 Forge Way, Suite 205
Rockaway, New Jersey 07866
(973) 290-0097
(Address, Including Zip Code and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)
__________________________
Daniel S. Goldberger, Chief Executive Officer
electroCore, Inc.
200 Forge Way, Suite 205
Rockaway, New Jersey 07866
(973) 290-0097
(Name, address, including zip code, and telephone number, including area code, of agent for service)
_________________________
Copies to:
Ira L. Kotel, Esq.
Dentons US LLP
1221 Avenue of the Americas
New York, New York 10020
(212) 768-6700
_________________________
Approximate date of commencement of proposed sale to public:
From time to time or at one time after this registration statement becomes effective in light of market conditions and other factors.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following box. ☐
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, as amended (the “Securities Act”),
other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.☒
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.☐
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. ☐
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. ☐
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. ☐
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer |
☐ |
Accelerated filer |
☐ |
| Non-accelerated filer |
☒ |
Smaller reporting company |
☒ |
| Emerging growth company |
☐ |
|
|
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. ☐
Explanatory Note
This registration statement is a replacement registration statement
being filed pursuant to Rule 415(a)(6) under the Securities Act of 1933, as amended (the “Securities Act”), with respect to
securities that remain unsold under the Registration Statement on Form S-3 (File No. 333-262223), originally filed on January 18, 2022,
and declared effective on January 25, 2022 (the “Prior Registration Statement”). Pursuant to Rule 415(a)(6) under
the Securities Act, the Registrant is registering on this registration statement an aggregate of $46,248,961 of unsold securities
(the “Unsold Securities”) previously registered under the Prior Registration Statement.
Pursuant to Rule 415(a)(5)(ii) under the Securities Act, by filing
this registration statement on Form S-3 (the “Registration Statement”), the Company may issue and sell securities covered
by the Prior Registration Statement until the earlier of (i) the effective date of this Registration Statement and (ii) July 24, 2025,
which is 180 days after the third-year anniversary of the effective date of the Prior Registration Statement (the “Expiration Date”).
In particular, the Registrant may continue to offer and sell under the Prior Registration Statement its shares of common stock in its
at-the-market offerings through H.C. Wainwright & Co., LLC as sales agent, which offerings shall remain registered under the Prior
Registration Statement using the prospectus supplement filed on November 29, 2024 until the Expiration Date. The Prior Registration Statement
and all offers and sales thereunder will be deemed terminated on the Expiration Date, except to the extent covered by this registration
statement.
This registration statement contains two prospectuses:
| |
• |
|
a base prospectus, which covers the offering, issuance and sale by us of up to $100,000,000 in the aggregate of our common stock, preferred stock, warrants, debt securities, rights, units and/or consisting of some or all of these securities; and |
| |
• |
|
an At the Market Offering Agreement (“sales agreement”) prospectus covering the offering, issuance and sale by us of up to a maximum aggregate offering price of $20,000,000 of our common stock that may be issued and sold under the sales agreement dated November 29, 2024, with H.C. Wainwright & Co., LLC. |
The base prospectus immediately follows this
explanatory note. The specific terms of any securities to be offered pursuant to the base prospectus will be specified in a prospectus
supplement to the base prospectus. The sales agreement prospectus immediately follows the base prospectus. Upon termination of the sales
agreement with H.C. Wainwright & Co., LLC, any portion of the $20,000,000 of securities included in the sales agreement offering
prospectus that remains unsold pursuant to the sales agreement will be available for sale in other offerings pursuant to the base prospectus
and a corresponding prospectus supplement, and if no shares are sold under the sales agreement, the full $100,000,000 of securities not
sold may be sold in other offerings pursuant to the base prospectus and a corresponding prospectus supplement.
The information in this prospectus is not complete
and may be changed. The Registrant 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 it is not soliciting an offer to buy these securities
in any state where an offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED
JANUARY 24, 2025
$100,000,000
electroCore, Inc.
Common Stock
Preferred Stock
Warrants
Debt Securities
Rights
Units
__________________________
From time to time, we may offer and sell up to an aggregate of $100,000,000
of any combination of the securities generally described in this prospectus, either individually or in combination. We may also offer
common stock or preferred stock upon conversion of debt securities, common stock upon conversion of preferred stock, or common stock,
preferred stock or debt securities upon the exercise of warrants.
When we decide to sell particular securities, we will provide you with
the specific terms and the offering price of the securities we are then offering in one or more prospectus supplements to this prospectus.
The prospectus supplement may add to, change or update information contained in this prospectus. The prospectus supplement may also contain
important information about U.S. federal income tax consequences. You should carefully read this prospectus, together with any prospectus
supplements and information incorporated by reference in this prospectus and any prospectus supplements, before you decide to invest.
This prospectus may not be used to offer or sell any securities unless accompanied by a prospectus supplement.
Our common stock is quoted on The NASDAQ Capital Market under the trading
symbol “ECOR.” On January 23, 2025, the closing price of our common stock on the Nasdaq Capital market was $15.84 per
share. Any common stock sold pursuant to this prospectus or any prospectus supplement will be listed on that exchange, subject to official
notice of issuance. Each prospectus supplement to this prospectus will contain information, where applicable, as to any other listing
on any national securities exchange of the securities covered by the prospectus supplement.
We may offer and sell the securities described in this prospectus
to or through one or more underwriters, dealers or agents, or directly to purchasers on an immediate, continuous or delayed basis. The
names of any underwriters, dealers or agents involved in the sale of any securities, the specific manner in which they may be offered
and any applicable commissions or discounts will be set forth in an accompanying prospectus supplement covering the sales of those securities.
____________________________
Investing in our securities involves significant risks. See “Risk
Factors” beginning on page 5.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.
The date of this prospectus is , 2025.
TABLE OF CONTENTS
Page
This prospectus is part of a registration statement the Company
filed with the Securities and Exchange Commission. You should rely only on the information the Company has provided or incorporated by
reference in this prospectus or any prospectus supplement. The Company has not authorized anyone to provide you with additional or different
information. The Company is not making an offer of these securities in any state where the offer is not permitted. You should not assume
that the information in this prospectus is accurate as of any date other than the date on the front of the prospectus.
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we filed with
the U.S. Securities and Exchange Commission (the “SEC”) utilizing a “shelf” registration process or continuous
offering process, which allows the Company to offer and sell any combination of the securities described in this prospectus in one or
more offerings. Using this prospectus, we may offer up to a total dollar amount of $100,000,000 of these securities.
This prospectus provides you with a general description of the securities
we may offer. Each time we sell securities pursuant to this registration statement and the prospectus contained herein, we will provide
a prospectus supplement that will contain specific information about the terms of that offering. That prospectus supplement may include
additional risk factors about us and the terms of that particular offering. Prospectus supplements may also add to, update or change the
information contained in this prospectus. To the extent that any statement that we make in a prospectus supplement is inconsistent with
statements made in this prospectus, the statements made in this prospectus will be deemed modified or superseded by those made in such
prospectus supplement. In addition, as described in the section entitled “Where You Can Find More Information,” we have filed
and plan to continue to file other documents with the SEC that contain information about our business. Before you decide whether to invest
in any of these securities, you should read this prospectus, the prospectus supplement that further describes the offering of these securities,
and the additional information described under the heading “Where You Can Find More Information.”
In this prospectus and any prospectus supplement, unless otherwise
stated or the context otherwise indicates, references to “ECOR,” “electroCore,” “the Company,” “we,”
“us,” “our” and similar references refer to electroCore, Inc., a Delaware corporation.
The electroCore logo, gammaCore, Truvaga, TAC-STIM, and other trademarks
of electroCore, Inc. appearing in this prospectus are the property of electroCore, Inc. All other trademarks, service marks and trade
names in this prospectus are the property of their respective owners. We have omitted the ® and ™ designations, as applicable,
for the trademarks used in this prospectus.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus and certain information incorporated herein by reference
contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed
in the forward-looking statements. The statements contained in this prospectus that are not purely historical are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are often identified by the use
of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “project,” “seek,”
“should,” “strategy,” “target,” “will,” “would” and similar expressions or
variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of our management
based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other
important factors that could cause actual results and the timing of certain events to differ materially from future results expressed
or implied by such forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to, (i) those included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, (ii) those contained
in our other SEC reports described under “Risk Factors,” (iii) those described elsewhere in this prospectus, and (iv) other
factors that we may publicly disclose from time to time. Furthermore, such forward-looking statements speak only as of the date made.
Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after
the date of such statements.
You should read this prospectus, any prospectus supplement and the
documents that we incorporate by reference herein and therein completely and with the understanding that our actual future results may
be materially different from what we expect. The forward-looking statements contained in this prospectus are made as of the date of this
prospectus and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable law.
This prospectus and any applicable prospectus supplement and the documents
incorporated by reference herein and therein contain estimates, projections, market research and other information concerning, among other
things, our industry, our business and the markets for our devices. Unless otherwise expressly stated, we obtain this information from
reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general
publications, government data and similar sources as well as from our own internal estimates and research and from publications, research,
surveys and studies conducted by third parties on our behalf. Information that is based on estimates, projections, market research or
similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and
circumstances that are reflected in this information. As a result, you are cautioned not to give undue weight to such information.
In addition, statements that “we believe” and similar statements
reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of
this prospectus and any applicable prospectus supplement, and while we believe such information forms a reasonable basis for such statements
and our management is responsible for the accuracy of such statements, such information may be limited or incomplete, and our statements
should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.
These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.
ABOUT THE COMPANY
Business Overview
We are a commercial stage bioelectronic medicine and general wellness
company dedicated to improving health and quality of life through our proprietary non-invasive vagus nerve stimulation (“nVNS”)
technology platform.
nVNS modulates neurotransmitters through its effects on both the peripheral
and central nervous systems. Our nVNS treatment is delivered through a proprietary high-frequency burst waveform that safely and comfortably
passes through the skin and stimulates therapeutically relevant fibers in the vagus nerve. Various scientific publications suggest that
nVNS works through a variety of mechanistic pathways including the modulation of neurotransmitters.
Historically, vagus nerve stimulation or VNS, required an invasive
surgical procedure to implant a costly medical device. This generally limited VNS from being used by anyone other than the most severe
patients. Our non-invasive medical devices and general wellness products are self-administered and intended for regular or intermittent
use over many years.
Our capabilities include product development, regulatory affairs and
compliance, sales and marketing, product testing, assembly, fulfillment, and customer support. We derive revenues from the sale of products
in the United States and select overseas markets. We have two principal product categories:
| |
• |
Handheld, personal use medical devices for the management and treatment of certain medical conditions such as primary headache; and |
| |
• |
Handheld, personal use consumer products utilizing nVNS technology to promote general wellness and human performance. |
We believe our nVNS products may be used in the future to effectively
treat additional medical conditions.
Our goal is to be a leader in non-invasive neuromodulation by using
our proprietary nVNS platform technology to deliver better health. To achieve this, we offer multiple propositions:
| |
• |
Prescription gammaCore medical devices for the treatment of certain medical conditions such as primary headache; |
| |
• |
Truvaga products for the support of general health and wellbeing; and |
| |
• |
TAC-STIM for human performance. |
Our flagship gammaCore Sapphire is a prescription medical device that
is FDA cleared for a variety of primary headache conditions. gammaCore is available by prescription only and Sapphire is a portable,
reusable, rechargeable and reloadable personal use option for patients to use at home or on the go. Prescriptions are written by a health
care provider and dispensed from a specialty pharmacy, through the patient’s healthcare system, or shipped directly to certain
patients in the United States directly from our facility in Rockaway, NJ. After the initial prescription is filled, access to additional
therapy can be refilled for certain of our gammaCore products through the input of a prescription-only authorization.
We offer two versions of our Truvaga products for the support
of general health and wellbeing. Truvaga 350 is a personal use consumer electronics general wellness product and Truvaga Plus, which was
launched in April 2024, is our next generation, app-enabled general wellness product. Neither product requires a prescription, and both
are available direct-to-consumer from electroCore at www.truvaga.com.
TAC-STIM is a form of nVNS for human performance and has
been developed in collaboration with the United States Department of Defense Biotech Optimized for Operational Solutions and Tactics,
or BOOST, program. TAC-STIM products are available as a Commercial Off the Shelf (COtS) solution to professional organizations and are
the subject of ongoing research and evaluation within the United States Air Force Special Operations Command, the United States Army Special
Operations Command and at the United States Air Force Research Laboratory. We are exploring strategies to make our TAC-STIM product available
to other branches of the active-duty military and certain human performance professionals in the United States and abroad.
Truvaga and TAC-STIM products are intended for general wellness
in compliance with the FDA guidance document entitled “General Wellness: Policy for Low-Risk Devices; Guidance for Industry and
FDA Staff, issued on September 27, 2019.” Truvaga and TAC-STIM products are not medical devices and are not intended to diagnose,
treat, cure, or prevent any disease or medical condition.
On December 17, 2024, we entered into a definitive agreement to acquire
NeuroMetrix, Inc. (“NURO”). NURO is a commercial stage healthcare company that develops and commercializes neurotechnology
devices to address unmet needs in the chronic pain market through its Quell® platform: a wearable, app and cloud-enabled neuromodulation
platform that is indicated for the treatment of fibromyalgia symptoms (Quell Fibromyalgia) and lower-extremity chronic pain (Quell 2.0).
The transaction does not include NURO’s DPNCheck technology and business, which are expected to be divested by NURO prior to closing
of the transaction. Consummation of the transaction is subject to approval by holders of at least a majority of the outstanding shares
of NURO common stock entitled to vote on the merger, and the filing with the SEC of NURO’s Form 10-K with respect to the fiscal
year ended December 31, 2024, in addition to other closing conditions.
Corporate Information
Our principal executive offices are located at 200 Forge Way, Suite
205, Rockaway, New Jersey 07866. Our telephone number is (973) 290-0097 and our website address is www.electrocore.com. We have included
our website address in this prospectus supplement as an inactive textual reference only. The information available on or accessible through
our website does not constitute a part of this prospectus supplement or the accompanying prospectus and should not be relied upon. Our
common stock is listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “ECOR”.
Implications of Being a Smaller Reporting Company
We are a “smaller reporting company” as defined in Item
10(f)(1) of Regulation S-K promulgated by the SEC. As a smaller reporting company, we may rely on exemptions from certain disclosure
requirements that are available to smaller reporting companies, including not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation. We will be able
to take advantage of these scaled disclosures for so long as our voting and non-voting common shares held by non-affiliates is less than
$250 million measured on the last business day of our second fiscal quarter, or our annual revenue is less than $100 million during the
most recently completed fiscal year and our voting and non-voting common shares held by non-affiliates is less than $700 million measured
on the last business day of our second fiscal quarter.
RISK FACTORS
Investing in our securities involves a high degree of risk. Before
you invest in any of the Company’s securities, in addition to the other information in this prospectus and the applicable prospectus
supplement, you should carefully consider (i) the risk factors contained in the Company’s most recent Annual Report on Form 10-K
and Quarterly Report on Form 10-Q, which are incorporated by reference into this prospectus, (ii) all of the other information included
or incorporated by reference in this prospectus, and the applicable prospectus supplement, as the foregoing may be updated from time to
time by the Company’s future filings under the Exchange Act.
The risks and uncertainties described herein are not the only ones
facing the Company. Additional risks and uncertainties not presently known to the Company or that the Company currently deems immaterial
may also impair its business or operations. Any adverse effect on the Company’s business, financial condition or operating results
could result in a decline in the value of the securities and the loss of all or part of your investment. The prospectus supplement applicable
to each series of securities the Company offers may contain a discussion of additional risks applicable to an investment in the Company
and the securities the Company is offering under that prospectus supplement.
Investment in our common stock is speculative and involves a
high degree of risk. You may lose your entire investment.
Shares of our common stock may not earn any positive return in the
short term or long term. Investing in our common stock is speculative and involves a high degree of risk and should be undertaken only
by investors whose financial resources are sufficient to enable them to assume such risks and who have no need for immediate liquidity
in their investment. Purchasing shares of our common stock is appropriate only for investors who have the capacity to absorb a loss of
some or all of their holdings.
Your ownership interest will be diluted and our stock price could
decline when we issue additional shares of common stock.
We expect to issue from time to time in the future additional shares
of our common stock or securities convertible into, or exercisable or exchangeable for, shares of our common stock, in connection with
possible financings, acquisitions, equity incentives for employees or otherwise. Any such issuance could result in substantial dilution
to existing stockholders and cause the trading price of our common stock to decline.
We have never paid cash dividends and investors should not expect
us to do so in the foreseeable future.
The current expectation is that we will retain any future earnings
to fund the development and growth of our business. As a result, any capital appreciation of our common stock will be stockholders’
sole source of any gain for the foreseeable future.
If securities or industry analysts do not publish research or
publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.
The trading market for shares of our common stock will depend in part
on the research and reports that securities or industry analysts publish about us or our business, which research and reports are not
and would not be subject to our control. We currently receive research coverage by securities analysts, but industry analysts that currently
cover us may cease to do so. If industry analysts cease coverage of our company, the trading price for our common stock could be materially
and adversely impacted. If one or more of the analysts who cover us downgrade the common stock or publish inaccurate or unfavorable research
about our business, our share price may be materially and adversely impacted. If one or more of these analysts cease coverage of our company
or fail to publish reports on us regularly, demand for our shares could decrease, which might cause our share price, trading volume and
liquidity to decline.
A decline in the price of our common stock could affect our ability
to raise any required working capital and adversely impact our operations.
A decline in the price of our common stock could result in a reduction
in the liquidity of the common stock and a reduction in our ability to raise any required capital for our operations. A reduction in
our ability to raise equity capital in the future may have a material adverse effect upon our business plan and operations. If our share
price declines, we may not be able to raise additional capital or generate funds from operations sufficient to meet our obligations.
USE OF PROCEEDS
Unless otherwise indicated in the prospectus supplement, the Company
will use the net proceeds from the sale of securities offered by this prospectus for sales and marketing, working capital, and general
corporate purposes. In addition, we believe opportunities may exist from time to time to expand our current business through acquisitions
or in-licenses of, or investments in, complementary companies, medicines, intellectual property or technologies. While we have no current
agreements or commitments for any specific acquisitions, in-licenses or investments at this time other than our potential acquisition
of NURO, we may use a portion of the net proceeds for these purposes. As of the date of this prospectus, the Company has not identified
any specific and material proposed uses of the anticipated proceeds.
Our expected use of net proceeds from the sale of any securities offered
pursuant to the applicable prospectus supplement for such offering will vary depending on our then current intentions based upon our plans
and business condition. As of the date of this prospectus, we cannot predict with certainty all of the particular uses for the net proceeds
to be received upon the completion of any offering or the amounts that we will actually spend on any specific uses set forth above. As
a result, unless otherwise specified in the prospectus supplement, our management will have broad discretion in its application of the
net proceeds, and investors will be relying on our judgment in such application.
Pending use of net proceeds from the sale of securities offered by
this prospectus, we may invest in short- and intermediate-term interest-bearing obligations, investment-grade instruments, certificates
of deposit or direct or guaranteed obligations of the U.S. government.
GENERAL DESCRIPTION OF OUR SECURITIES
We may offer and sell, at any time and from time to time:
| · | warrants to purchase common stock, preferred stock and/or debt securities; |
| | | |
| · | debt securities consisting of debentures, notes or other evidences of indebtedness; |
| | | |
| · | units consisting of a combination of the foregoing securities; |
| | | |
| · | rights to purchase shares of our common stock, preferred stock, or warrants in one or more series; or |
| | | |
| · | any combination of these securities. |
The terms of any securities we offer will be determined at the time
of sale. We may issue debt securities that are exchangeable for and/or convertible into common stock or any of the other securities that
may be sold under this prospectus. When particular securities are offered by us, a supplement to this prospectus will be filed with the
SEC, which will describe the terms of the offering and sale of the offered securities.
The descriptions below of our share capital, warrants, debt securities
and related information are summaries and are qualified by reference to documents incorporated by reference to the registration statement
of which this prospectus is a part. Please refer to the information described under the heading “Where You Can Find Additional
Information” below for directions on obtaining these documents.
DESCRIPTION OF COMMON STOCK
The following description summarizes important terms of our capital
stock. For a complete description, you should refer to our certificate of incorporation and bylaws, which are incorporated by reference
as exhibits to the registration statement of which this prospectus is a part, as well as the relevant portions of the General Corporation
Law of the State of Delaware (“DGCL”).
General
As of the date of this prospectus, the Company has authorized 500 million
shares of common stock, par value $0.001 per share. As of January 14, 2025, there were 6,656,187 shares of common stock outstanding.
Voting Rights
Each holder of our common stock is entitled to one vote for each share
on all matters submitted to a vote of the stockholders, including the election of directors. Under our certificate of incorporation and
our bylaws, our stockholders do not have cumulative voting rights. Because of this, the holders of a majority of the shares of common
stock entitled to vote in any election of directors are able to elect all of the directors standing for election, if they should so choose.
Dividend Rights
Subject to preferences that may be applicable to any then-outstanding
preferred stock, holders of common stock are not entitled to receive ratably those dividends, if any, as may be declared from time to
time by the Board out of legally available funds.
Liquidation Rights
In the event of our liquidation, dissolution or winding up, holders
of common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment
of all of our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then-outstanding
shares of preferred stock.
Other Rights and Preferences
Holders of our common stock have no preemptive, conversion or subscription
rights and there are no redemption or sinking fund provisions applicable to the common stock. The rights, preferences and privileges of
the holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred
stock that we may designate in the future.
Anti-Takeover Provisions
The provisions of Delaware law, and our certificate of incorporation
and our bylaws could have the effect of delaying, deferring or discouraging another person from acquiring control of our company. These
provisions, which are summarized below, may have the effect of discouraging takeover bids. They are also designed, in part, to encourage
persons seeking to acquire control of us to negotiate first with our Board. We believe that the benefits of increased protection of our
potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire
us because negotiation of these proposals could result in an improvement of their terms.
Section 203 of the Delaware General Corporation Law
We are subject to Section 203 of the DGCL, which prohibits a Delaware
corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that
such stockholder became an interested stockholder, with the following exceptions:
| · | before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted
in the stockholder becoming an interested stockholder; |
| · | upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining
the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, those shares owned (i) by persons
who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially
whether shares held subject to the plan will be tendered in a tender or exchange offer; or |
| · | on or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting
of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not
owned by the interested stockholder. |
In general, Section 203 defines a “business combination”
to include the following:
| · | any merger or consolidation involving the corporation and the interested stockholder; |
| · | any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder; |
| · | subject to specified exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation
to the interested stockholder; |
| · | any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series
of the corporation beneficially owned by the interested stockholder; or |
| · | the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits by
or through the corporation. |
| · | In general, Section 203 defines an “interested stockholder” as an entity or person who, together with the person’s
affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status
did own, 15% or more of the outstanding voting stock of the corporation. |
Our Certificate of Incorporation and Bylaws
Our certificate of incorporation and bylaws include a number of provisions
that could deter hostile takeovers or delay or prevent changes in control of our company, including the following:
| · | Classified Board. Our certificate of incorporation provides for our Board to be divided into three classes with staggered
three-year terms. Only one class of directors is elected at each annual meeting of our stockholders, with the other classes continuing
for the remainder of their respective three-year terms. Because our stockholders do not have cumulative voting rights, stockholders holding
a majority of the shares of common stock outstanding is able to elect all of our directors. Our certificate of incorporation and our bylaws
also provide that directors may be removed by the stockholders only for cause upon the vote of 66 2/3% or more of our outstanding common
stock. Furthermore, the authorized number of directors may be changed only by resolution of the board of directors, and vacancies and
newly created directorships on the board of directors may, except as otherwise required by law or determined by the board, only be filled
by a majority vote of the directors then serving on the board, even though less than a quorum. |
| · | Special Meetings of Stockholders and Stockholder Action by Written Consent. Our certificate of incorporation and bylaws
provide that all stockholder actions must be effected at a duly called meeting of stockholders and eliminate the right of stockholders
to act by written consent without a meeting. Our bylaws also provide that only our chairman of the board, Chief Executive Officer (or
if there is no Chief Executive Officer, the President) or the board of directors pursuant to a resolution adopted by a majority of the
total number of authorized directors may call a special meeting of stockholders. |
| · | Advance Notice Requirements for Stockholder Proposals. Our bylaws provide that stockholders seeking to present proposals
before a meeting of stockholders, including the nomination of director candidates, must provide timely advance notice in writing, and
specifies requirements as to the form and content of a stockholder’s notice. |
| · | Amendment to Certificate of Incorporation and Bylaws. Our certificate of incorporation and bylaws provide that the stockholders
cannot amend the provisions described above except by a vote of 66 2/3% or more of our outstanding common stock. |
The combination of these provisions makes it more difficult for our
existing stockholders to replace our Board as well as for another party to obtain control of us by replacing our Board. Since our Board
has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another
party to effect a change in management. In addition, the authorization of undesignated preferred stock makes it possible for our Board
to issue preferred stock with voting or other rights or preferences that could impede any attempt to effect a change of control of our
company.
These provisions are intended to enhance the likelihood of continued
stability in the composition of our Board and its policies and to discourage coercive takeover practices and inadequate takeover bids.
These provisions are also designed to reduce our vulnerability to hostile takeovers and to discourage tactics that may be used in proxy
fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the
effect of delaying changes in our control or management. As a consequence, these provisions may also inhibit fluctuations in the market
price of our stock that could result from actual or rumored takeover attempts. We believe that the benefits of these provisions, including
increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure
our company, outweigh the disadvantages of discouraging takeover proposals, because negotiation of takeover proposals could result in
an improvement of their terms.
Choice of Forum
Our certificate of incorporation provides that the Court of Chancery
of the state of Delaware (the “Chancery Court”) is the exclusive forum for: (i) any derivative action or proceeding brought
on our behalf; (ii) any action asserting a breach of fiduciary duty; (iii) any action asserting a claim against us arising pursuant to
the DGCL, our certificate of incorporation or our bylaws; (iv) or any action asserting a claim against us that is governed by the internal
affairs doctrine, in each case provided that the Chancery Court has subject matter jurisdiction. If the Chancery Court does not have subject
matter jurisdiction, then such actions may be brought in any state court located in the state of Delaware (the “State Courts”)
or, if and only if the State Courts lack subject matter jurisdiction, in the federal district court for the District of Delaware.
This exclusive forum provision does not apply to suits brought to enforce
any liability or duty created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. To the
extent that any such claims may be based upon federal law claims, Section 27 of the Exchange Act creates exclusive federal jurisdiction
over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder.
Our certificate of incorporation further provides that the federal
district courts of the United States will be the exclusive forum for resolving any complaint asserting a cause of action arising under
the Securities Act, although stockholders cannot waive compliance with the federal securities laws and the rules and regulations thereunder.
The enforceability of similar choice of forum provisions in some other companies’ certificates of incorporation has been challenged
in legal proceedings, and it is possible that, in connection with any action, a court could find the choice of forum provisions contained
in our certificate of incorporation to be inapplicable or unenforceable.
Limitation of Liability and Indemnification
Our certificate of incorporation provides that no director will be
personally liable for monetary damages for breach of any fiduciary duty as a director, except with respect to liability:
| · | for any breach of the director’s duty of loyalty to us or our stockholders; |
| · | for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law; |
| · | under Section 174 of the DGCL (governing distributions to stockholders); or |
for any transaction from which the director derived any improper personal
benefit.
If the DGCL is amended to authorize corporate action further eliminating
or limiting the personal liability of directors, then the liability of our directors will be eliminated or limited to the fullest extent
permitted by the DGCL, as so amended. The modification or repeal of this provision of our certificate of incorporation will not adversely
affect any right or protection of a director existing at the time of such modification or repeal.
Our bylaws also provide that we will, to the fullest extent permitted
by law, indemnify our directors and officers against all liabilities and expenses in any suit or proceeding or arising out of their status
as an officer or director or their activities in these capacities. We will also indemnify any person who, at our request, is or was serving
as a director, officer, employee, agent or trustee of another corporation or of a partnership, limited liability company, joint venture,
trust or other enterprise. We may, by action of our Board, provide indemnification to our employees and agents within the same scope and
effect as the foregoing indemnification of directors and officers.
Transfer Agent and Registrar
The transfer agent and registrar for our common stock is Broadridge
Corporate Issuer Solutions, Inc. 55 Mercedes Way, Edgewood, NY 11717.
DESCRIPTION OF PREFERRED STOCK
As of the date of this prospectus, the Company has authorized 10,000,000
shares of preferred stock, par value $0.001 per share, none of which are outstanding. Under the Company’s Certificate of Incorporation,
the Company’s Board is authorized to issue shares of the Company’s preferred stock from time to time, in one or more classes
or series, without stockholder approval. Prior to the issuance of shares of each series, the Board is required by the DGCL to adopt resolutions
and file a Certificate of Designation with the Secretary of State of the State of Delaware, fixing for each such series the designations,
powers, preferences, rights, qualifications, limitations and restrictions of the shares of such series. Any exercise of the Company’s
Board of its rights to do so may affect the rights and entitlements of the holders of the Company’s common stock as set forth below.
The Company’s Board could authorize the issuance of shares of
preferred stock with terms and conditions which could have the effect of discouraging a takeover or other transaction which holders of
some, or a majority, of such shares might believe to be in their best interests or in which holders of some, or a majority, of such shares
might receive a premium for their shares over the then-market price of such shares.
General
Subject to limitations prescribed by the DGCL, the Company’s
Certificate of Incorporation and the Company’s Bylaws (“Bylaws”), the Company’s Board is authorized to fix the
number of shares constituting each series of preferred stock and the designations, powers, preferences, rights, qualifications, limitations
and restrictions of the shares of such series, including such provisions as may be desired concerning voting, redemption, dividends, dissolution
or the distribution of assets, conversion or exchange, and such other subjects or matters as may be fixed by resolution of the Board.
Each series of preferred stock that the Company offers under this prospectus will, when issued, be fully paid and nonassessable and will
not have, or be subject to, any preemptive or similar rights.
The applicable prospectus supplement(s) will describe the following
terms of the series of preferred stock in respect of which this prospectus is being delivered:
| · | the title and stated value of the preferred stock; |
| · | the number of shares of the preferred stock offered, the liquidation preference per share and the purchase price of the preferred
stock; |
| · | the dividend rate(s), period(s) and/or payment date(s) or the method(s) of calculation for dividends; |
| · | whether dividends shall be cumulative or non-cumulative and, if cumulative, the date from which dividends on the preferred stock shall
accumulate; |
| · | the procedures for any auction and remarketing, if any, for the preferred stock; |
| · | the provisions for a sinking fund, if any, for the preferred stock; |
| · | the provisions for redemption, if applicable, of the preferred stock; |
| · | any listing of the preferred stock on any securities exchange or market; |
| · | the terms and conditions, if applicable, upon which the preferred stock will be convertible into common stock or another series of
the Company’s preferred stock, including the conversion price (or its manner of calculation) and conversion period; |
| · | the terms and conditions, if applicable, upon which preferred stock will be exchangeable into the Company’s debt securities,
including the exchange price, or its manner of calculation, and exchange period; voting rights, if any, of the preferred stock; a discussion
of any material and/or special U.S. federal income tax considerations applicable to the preferred stock; |
| · | whether interests in the preferred stock will be represented by depositary shares; |
| · | the relative ranking and preferences of the preferred stock as to dividend rights and rights upon liquidation, dissolution or winding
up of the Company’s affairs; |
| · | any limitations on issuance of any series of preferred stock ranking senior to or on a parity with the preferred stock as to dividend
rights and rights upon liquidation, dissolution or winding up of the Company’s affairs; and |
| · | any other specific terms, preferences, rights, limitations or restrictions on the preferred stock. |
Unless otherwise specified in the prospectus supplement, the preferred
stock will, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company rank:
| · | senior to all classes or series of the Company’s common stock, and to all equity securities issued by the Company the terms
of which specifically provide that such equity securities rank junior to the preferred stock with respect to dividend rights or rights
upon the liquidation, dissolution or winding up of the Company; |
| · | on a parity with all equity securities issued by the Company that do not rank senior or junior to the preferred stock with respect
to dividend rights or rights upon the liquidation, dissolution or winding up of the Company; and |
| · | junior to all equity securities issued by the Company the terms of which do not specifically provide that such equity securities rank
on a parity with or junior to the preferred stock with respect to dividend rights or rights upon the liquidation, dissolution or winding
up of the Company (including any entity with which the Company may be merged or consolidated or to which all or substantially all of the
Company’s assets may be transferred or which transfers all or substantially all of the Company’s assets). |
As used for these purposes, the term “equity securities”
does not include convertible debt securities.
Transfer Agent and Registrar
The transfer agent and registrar for any series of preferred stock
will be set forth in the applicable prospectus supplement.
DESCRIPTION OF WARRANTS
General
We may issue warrants for the purchase of our common stock, preferred
stock or debt securities. We may issue warrants independently or together with any of our securities. Warrants also may be attached to
other securities that we may issue. We may issue warrants in different series under separate warrant agreements or under a single warrant
agreement between us and a specified warrant agent described in an applicable prospectus supplement. The warrant agent will act solely
as our agent in connection with the warrants and will not assume any obligation or relationship of agency or trust for or with any holders
or beneficial owners of warrants.
As of the date of this prospectus, we have (i) 1,497,000 shares of
our common stock reserved for issuance upon the exercise of outstanding warrants at a weighted average exercise price of $5.31 per share;
and (ii) 1,608,000 shares of our common stock reserved for issuance upon the exercise of pre-funded warrants exercisable at $0.001 per
underlying share.
An applicable prospectus supplement will describe the specific terms
of any warrants that we issue or offer, including:
the title of the warrants;
the aggregate number of warrants;
| · | the price or prices at which the warrants will be issued; |
| · | the currencies in which the price or prices of the warrants may be payable; |
| · | the designation, amount and terms of our capital stock or debt securities purchasable upon exercise of the warrants; |
| · | the designation and terms of our other securities, if any, that may be issued in connection with the warrants, and the number of warrants
issued with each corresponding security; |
| · | if applicable, the date that the warrants and the securities purchasable upon exercise of the warrants will be separately transferable; |
| · | the prices and currencies for which the securities purchasable upon exercise of the warrants may be purchased; |
| · | the date that the warrants may first be exercised; |
| · | the date that the warrants expire; |
| · | the minimum or maximum amount of warrants that may be exercised at any one time; |
| · | the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreements and the warrants; |
| · | the terms of any rights to redeem or call the warrants; |
| · | any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants; |
| · | information with respect to book-entry procedures, if any; |
| · | the manner in which the warrant agreements and warrants may be modified; |
| · | a discussion of certain federal income tax considerations; and |
| · | any other material terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the
warrants. |
Exercise of Warrants
Each warrant will entitle the holder to purchase for cash the principal
amount of debt securities, preferred stock or common stock at the applicable exercise price set forth in, or determined as described in,
the applicable prospectus supplement. Warrants may be exercised at any time up to the close of business on the expiration date set forth
in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.
Warrants may be exercised by delivering to the corporation trust office
of the warrant agent or any other officer indicated in the applicable prospectus supplement (i) the warrant certificate properly completed
and duly executed and (ii) payment of the amount due upon exercise. As soon as practicable following exercise, we will forward the debt
securities, preferred stock or common stock purchasable upon exercise. If less than all of the warrants represented by a warrant certificate
are exercised, a new warrant certificate will be issued for the remaining warrants if the expiration date of the warrants has not occurred.
If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities as all or part of the exercise
price for warrants. We may, but we will not be required to, permit the exercise of warrants through the delivery of a notice of guaranteed
delivery from a bank, a trust company, or a New York Stock Exchange member guaranteeing delivery of (i) payment of the exercise price
for the securities for which the warrant is being exercised, and (ii) a properly completed and executed warrant certificate. The notice
of guaranteed delivery must be received by the warrant agent before the expiration of the warrants, and the warrant agent will not honor
a notice of guaranteed delivery unless a properly completed and executed warrant certificate and full payment for the securities being
purchased are received by the warrant agent by the close of business on the third business day after the expiration time of the warrants.
Governing Law
Unless we provide otherwise in an applicable prospectus supplement,
the warrants and warrant agreements, and any claim, controversy or dispute arising under or related to the warrants or warrant agreements,
will be governed by and construed in accordance with the laws of the State of New York.
Enforceability of Rights by Holders of Warrants
Each warrant agent, if any, will act solely as our agent under the
applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder of any warrant. A single
bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no duty or responsibility
in case of any default by us under the applicable warrant agreement or warrant, including any duty or responsibility to initiate any proceedings
at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent of the related warrant agent or the
holder of any other warrant, enforce by appropriate legal action its right to exercise, and receive the securities purchasable upon exercise
of, its warrants.
DESCRIPTION OF DEBT SECURITIES
The following description, together with the additional information
the Company includes in any applicable prospectus supplements, summarizes the material terms and provisions of the debt securities that
the Company may offer under this prospectus. While the terms the Company has summarized below will apply generally to any future debt
securities the Company may offer under this prospectus, the Company will describe the particular terms of any debt securities that the
Company may offer in more detail in the applicable prospectus supplement. The terms of any debt securities the Company offers under a
prospectus supplement may differ from the terms described below. However, no prospectus supplement shall fundamentally change the terms
that are set forth in this prospectus or offer a security that is not registered and described in this prospectus at the time of its effectiveness.
As of the date of this prospectus, the Company had no outstanding indebtedness.
The Company will issue the senior debt securities under the senior
indenture that the Company will enter into with the trustee to be named in the senior indenture. The Company will issue the subordinated
debt securities under the subordinated indenture that the Company will enter into with the trustee to be named in the subordinated indenture.
The Company has filed forms of these documents as exhibits to the registration statement which includes this prospectus. The Company uses
the term “indentures” in this prospectus to refer to both the senior indenture and the subordinated indenture.
The indentures will be qualified under the Trust Indenture Act of 1939,
as amended (the “Trust Indenture Act”). The Company uses the term “trustee” to refer to either the senior trustee
or the subordinated trustee, as applicable.
The following summaries of material provisions of the senior debt securities,
the subordinated debt securities and the indentures are subject to, and qualified in their entirety by reference to, all the provisions
of the indenture applicable to a particular series of debt securities. Except as the Company may otherwise indicate, the terms of the
senior indenture and the subordinated indenture are identical.
General
Debt securities may be issued in separate series without limitation
as to aggregate principal amount. The Company may specify a maximum aggregate principal amount for the debt securities of any series.
The Company is not limited as to the amount of debt securities it may
issue under the indentures. The prospectus supplement will set forth:
| · | whether the debt securities will be senior or subordinated; |
| · | the person who shall be entitled to receive interest, if other than the record holder on the record date; |
| · | the date the principal will be payable; |
| · | he interest rate, if any, the date interest will accrue, the interest payment dates and the regular record dates; |
| · | the place where payments may be made; |
| · | any mandatory or optional redemption provisions; |
| · | if applicable, the method for determining how the principal, premium, if any, or interest will be calculated by reference to an index
or formula; |
| · | if other than U.S. currency, the currency or currency units in which principal, premium, if any, or interest will be payable and whether
the Company or the holder may elect payment to be made in a different currency; |
| · | the portion of the principal amount that will be payable upon acceleration of stated maturity, if other than the entire principal
amount; |
| · | if the principal amount payable at stated maturity will not be determinable as of any date prior to stated maturity, the amount which
will be deemed to be the principal amount; |
| · | any defeasance provisions if different from those described below under “Satisfaction and Discharge; Defeasance;” |
| · | any obligation to redeem or purchase the debt securities pursuant to a sinking fund; |
| · | whether the debt securities will be issuable in the form of a global security; |
| · | any subordination provisions, if different from those described below under “Subordinated Debt Securities;” |
| · | any deletions of, or changes or additions to, the events of default or covenants; and |
| · | any other specific terms of such debt securities. |
Unless otherwise specified in the prospectus
supplement:
| · | the debt securities will be registered debt securities; and |
| · | registered debt securities denominated in U.S. dollars will be issued in denominations of $1,000 or an integral multiple of $1,000. |
Debt securities may be sold at a substantial discount below their stated
principal amount, bearing no interest or interest at a rate which at the time of issuance is below market rates.
Exchange and Transfer
Debt securities may be transferred or exchanged at the office of the
security registrar or at the office of any transfer agent designated by the Company.
The Company will not impose a service charge for any transfer or exchange,
but the Company may require holders to pay any tax or other governmental charges associated with any transfer or exchange.
In the event of any potential redemption of debt securities of any
series, the Company will not be required to:
| · | issue, register the transfer of, or exchange, any debt security of that series during a period beginning at the opening of business
15 days before the day of mailing of a notice of redemption and ending at the close of business on the day of the mailing; or |
| · | register the transfer of or exchange any debt security of that series selected for redemption, in whole or in part, except the unredeemed
portion being redeemed in part. |
The Company may initially appoint the trustee to be named in the indenture
as the security registrar. Any transfer agent, in addition to the security registrar, initially designated by the Company will be named
in the prospectus supplement. The Company may designate additional transfer agents or change transfer agents or change the office of the
transfer agent. However, the Company will be required to maintain a transfer agent in each place of payment for the debt securities of
each series.
Global Securities
The debt securities of any series may be represented, in whole or in
part, by one or more global securities. Each global security will:
| · | be registered in the name of a depositary that the Company will identify in a prospectus supplement; |
| · | be deposited with the depositary or nominee or custodian; and |
| · | bear any required legends. |
No global security may be exchanged in whole or in part for debt securities
registered in the name of any person other than the depositary or any nominee unless:
| · | the depositary has notified the Company that it is unwilling or unable to continue as depositary or has ceased to be qualified to
act as depositary; |
| · | any other circumstances described in a prospectus supplement. |
| · | As long as the depositary, or its nominee, is the registered owner of a global security, the depositary or nominee will be considered
the sole owner and holder of the debt securities represented by the global security for all purposes under the indenture. Except in the
above limited circumstances, owners of beneficial interests in a global security: |
| · | will not be entitled to have the debt securities registered in their names, |
| · | will not be entitled to physical delivery of certificated debt securities, and |
| · | will not be considered to be holders of those debt securities under the indentures. |
Payments on a global security will be made to the depositary or its
nominee as the holder of the global security. Some jurisdictions have laws that require that certain purchasers of securities take physical
delivery of such securities in definitive form. These laws may impair the ability to transfer beneficial interests in a global security.
Institutions that have accounts with the depositary or its nominee
are referred to as “participants.” Ownership of beneficial interests in a global security will be limited to participants
and to persons that may hold beneficial interests through participants. The depositary will credit, on its book-entry registration and
transfer system, the respective principal amounts of debt securities represented by the global security to the accounts of its participants.
Ownership of beneficial interests in a global security will be shown
on and effected through records maintained by the depositary, with respect to participants’ interests, or any participant, with
respect to interests of persons held by participants on their behalf.
Payments, transfers and exchanges relating to beneficial interests
in a global security will be subject to policies and procedures of the depositary.
The depositary policies and procedures may change from time to time.
Neither the Company nor the trustee will have any responsibility or liability for the depositary’s or any participant’s records
with respect to beneficial interests in a global security.
Payment and Paying Agent
The provisions of this paragraph will apply to debt securities unless
otherwise indicated in the prospectus supplement. Payment of interest on a debt security on any interest payment date will be made to
the person in whose name the debt security is registered at the close of business on the regular record date. Payment on debt securities
of a particular series will be payable at the office of a paying agent or paying agents designated by the Company. However, at the Company’s
option, the Company may pay interest by mailing a check to the record holder. The corporate trust office initially will be designated
as the Company’s sole paying agent.
The Company may also name any other paying agents in the prospectus
supplement. The Company may designate additional paying agents, change paying agents or change the office of any paying agent. However,
the Company will be required to maintain a paying agent in each place of payment for the debt securities of a particular series.
All moneys paid by the Company to a paying agent for payment on any
debt security which remain unclaimed at the end of two years after such payment was due will be repaid to the Company. Thereafter, the
holder may look only to the Company for such payment.
Consolidation, Merger and Sale of Assets
The Company may not consolidate with or merge into any other person,
in a transaction in which it is not the surviving corporation, or convey, transfer or lease the Company’s properties and assets
substantially as an entirety to, any person, unless:
| · | the Company shall be the surviving or continuing corporation in the transaction; |
| · | the successor assumes the Company’s obligations on the debt securities and under the indenture; |
| · | immediately after giving effect to the transaction, no default or event of default shall have happened and be continuing; and |
| · | certain other conditions are met. |
If the debt securities are convertible for the Company’s other
securities or securities of other entities, the person with whom the Company consolidates or merges or to whom the Company sells all of
its property must make provisions for the conversion of the debt securities into securities which the holders of the debt securities would
have received if they had converted the debt securities before the consolidation, merger or sale.
Events of Default
Unless the Company informs you otherwise in the prospectus supplement,
the indenture will define an event of default with respect to any series of debt securities as one or more of the following events:
| (1) | failure to pay principal of or any premium on any debt security of that series when due and payable; |
| (2) | failure to pay any interest on any debt security of that series when it becomes due and payable, and continuation of that failure
for a period of 90 days (unless the entire amount of such payment is deposited by the Company with the trustee or paying agent prior to
the expiration of the 90-day period); |
| (3) | failure to deposit any sinking fund payment, when and as due in respect of any debt security of that series; |
| (4) | failure to perform or breach of any other covenant or warranty by the Company in the indenture (other than a covenant or warranty
that has been included in the indenture solely for the benefit of a series of debt securities other than the series), which failure continues
uncured for a period of 90 days after the Company receives the notice required in the indenture; |
| (5) | the Company’s bankruptcy, insolvency or reorganization; and |
| (6) | any other event of default with respect to debt securities of that series that is described in the applicable prospectus supplement
accompanying this prospectus. |
An event of default of one series of debt securities is not necessarily
an event of default for any other series of debt securities.
If an event of default, other than an event of default described in
clause (5) above, shall occur and be continuing, after applicable notice and cure periods set forth in the indenture, either the trustee
or the holders of at least 25% in aggregate principal amount of the outstanding securities of that series may declare the principal amount
of the debt securities of that series to be due and payable immediately.
If an event of default described in clause (5) above shall occur, the
principal amount of all the debt securities of that series will automatically become immediately due and payable. Any payment by the Company
on the subordinated debt securities following any such acceleration will be subject to the subordination provisions described below under
“Subordinated Debt Securities.”
After acceleration the holders of a majority in aggregate principal
amount of the outstanding securities of that series may, under certain circumstances, rescind and annul such acceleration if all events
of default, other than the non-payment of accelerated principal, or other specified amount, have been cured or waived.
Other than the duty to act with the required care during an event of
default, the trustee will not be obligated to exercise any of its rights or powers at the request of the holders unless the holders shall
have offered to the trustee security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance
with such request.
Generally, the holders of a majority in aggregate principal amount
of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the trustee or exercising any trust or power conferred on the trustee.
A holder will not have any right to institute any proceeding under
the indentures, or for the appointment of a receiver or a trustee, or for any other remedy under the indentures, unless:
| (1) | the holder has previously given to the trustee written notice of a continuing event of default with respect to the debt securities
of that series; |
| (2) | the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have made a written request
and have offered reasonable indemnity to the trustee to institute the proceeding; and |
| (3) | the trustee has failed to institute the proceeding and has not received direction inconsistent with the original request from the
holders of a majority in aggregate principal amount of the outstanding debt securities of that series within 90 days after the original
request. |
A holder may not use the indenture to prejudice the rights of any holder,
or to obtain or to seek to obtain priority or preference over another holder or to enforce any right under the indenture, except in the
manner provided in the indenture and for the equal and ratable benefit of all holders (it being understood that the trustee does not have
an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such holders).
Holders may, however, sue to enforce the payment of principal, premium
or interest on any debt security on or after the due date or to enforce the right, if any, to convert any debt security without following
the procedures listed in (1) through (3) above.
The Company will furnish the trustee an annual statement by its officers
as to whether or not the Company is in default in the performance of the indenture and, if so, specifying all known defaults.
Modification and Waiver
The Company and the trustee may make modifications and amendments to
the indentures with the consent of the holders of a majority in aggregate principal amount of the outstanding securities of each series
affected by the modification or amendment.
However, neither the Company nor the trustee may make any modification
or amendment without the consent of the holder of each outstanding security of that series affected by the modification or amendment if
such modification or amendment would:
| · | change the stated maturity of any debt security; |
| · | reduce the principal, premium, if any, or interest on any debt security; |
| · | reduce the principal of an original issue discount security or any other debt security payable on acceleration of maturity; |
| · | reduce the rate of interest on any debt security; |
| · | change the currency in which any debt security is payable; |
| · | impair the right to enforce any payment after the stated maturity or redemption date; |
| · | waive any default or event of default in payment of the principal of, premium or interest on any debt security; |
| · | waive a redemption payment or modify any of the redemption provisions of any debt security; |
| · | adversely affect the right to convert any debt security in any material respect; or |
| · | change the provisions in the indenture that relate to modifying or amending the indenture. |
After any amendment becomes effective, the Company will mail to the
holders a notice briefly describing such amendment.
Satisfaction and Discharge; Defeasance
The Company may be discharged from its obligations on the debt securities
of any series that have matured or will mature or be redeemed within one year if the Company deposits with the trustee enough cash to
pay all the principal, interest and any premium due to the stated maturity date or redemption date of the debt securities.
Each indenture will contain a provision that permits the Company to
elect:
| · | to be discharged from all of the Company’s obligations, subject to limited exceptions, with respect to any series of debt securities
then outstanding; and/or |
| · | to be released from the Company’s obligations under the following covenants and from the consequences of an event of default
resulting from a breach of these covenants: (1) the subordination provisions under a subordinated indenture; and (2) covenants as to payment
of taxes and maintenance of corporate existence. |
To make either of the above elections, the Company must deposit in
trust with the trustee enough money to pay in full the principal, interest and premium on the debt securities. This amount may be made
in cash and/or U.S. or foreign government obligations. As a condition to either of the above elections, the Company must deliver to the
trustee an opinion of counsel that the holders of the debt securities will not recognize income, gain or loss for Federal income tax purposes
as a result of the action.
If any of the above events occurs, the holders of the debt securities
of the series will not be entitled to the benefits of the indenture, except for the rights of holders to receive payments on debt securities
or the registration of transfer and exchange of debt securities and replacement of lost, stolen or mutilated debt securities.
Notices
Notices to holders will be given by mail to the addresses of the holders
in the security register.
Governing Law; Waiver of Jury Trial
The indentures and the debt securities will be governed by, and construed
in accordance with, the laws of the State of New York.
The indentures provide that we, the trustee and the holders of the
debt securities irrevocably waive the right to trial by jury to the extent permitted by applicable law in respect of any legal proceeding,
which could include those relating to claims under the federal securities laws, in connection with the indentures, the debt securities
and the transactions contemplated thereby. If this jury trial waiver provision is prohibited by applicable law, an action could nevertheless
proceed under the terms of the indentures or the debt securities with a jury trial. To our knowledge, the enforceability of a jury trial
waiver under the federal securities laws has not been finally adjudicated by a federal court. However, we believe that a jury trial waiver
provision is generally enforceable under the laws of the State of New York, which govern the indentures and the debt securities, by a
court of the State of New York or a federal court applying such law. In determining whether to enforce a jury trial waiver provision,
New York courts and federal courts will, among other things, consider whether the visibility of the jury trial waiver provision within
the agreement is sufficiently prominent such that a party has knowingly waived any right to trial by jury. We believe that this would
be the case with respect to the indentures and the debt securities, however, there may be other bases upon which New York courts will
not enforce a jury trial waiver provision. No condition, stipulation or provision of the indentures or the debt securities serves, or
can serve, as a waiver by any holder or by us or the trustee of compliance with any provision of the federal securities laws or the rules
and regulations thereunder.
Regarding the Trustee
The indentures will limit the right of the trustee, should it become
a creditor of the Company, to obtain payment of claims or secure its claims.
The trustee will be permitted to engage in certain other transactions.
However, if the trustee, acquires any conflicting interest within the meaning of the Trust Indenture Act, and there is a default under
the indenture with respect to debt securities of any series for which they are the trustee, the trustee must eliminate the conflict or
resign.
Subordinated Debt Securities
Payment on subordinated debt securities will, to the extent provided
in the indenture, be subordinated in right of payment to the prior payment in full of all of the Company’s senior indebtedness.
Subordinated debt securities also are effectively subordinated to all debt and other liabilities, including trade payables and lease obligations,
if any, of the Company’s subsidiaries.
Upon any distribution of the Company’s assets upon any dissolution,
winding up, liquidation or reorganization, the payment of the principal of and interest on subordinated debt securities will be subordinated
in right of payment to the prior payment in full in cash or other payment satisfactory to the holders of senior indebtedness of all senior
indebtedness. In the event of any acceleration of the subordinated debt securities because of an event of default, the holders of any
senior indebtedness would be entitled to payment in full in cash or other payment satisfactory to such holders of all senior indebtedness
obligations before the holders of subordinated debt securities are entitled to receive any payment or distribution. The indentures will
require the Company to promptly notify holders of designated senior indebtedness if payment of subordinated debt securities is accelerated
because of an event of default.
The Company may not make any payment on subordinated debt securities,
including upon redemption at the option of the holder of any subordinated debt securities or at the Company’s option, if:
| · | a default in the payment of the principal, premium, if any, interest, rent or other obligations in respect of designated senior indebtedness
occurs and is continuing beyond any applicable period of grace, which is called a “payment default”; or |
| · | a default other than a payment default on any designated senior indebtedness occurs and is continuing that permits holders of designated
senior indebtedness to accelerate its maturity, and the trustee receives notice of such default, which is called a “payment blockage
notice” from the Company or any other person permitted to give such notice under the indenture, which is called a “non-payment
default”. |
The Company may resume payments and distributions on subordinated debt
securities:
| · | in the case of a payment default, upon the date on which such default is cured or waived or ceases to exist; and |
| · | in the case of a non-payment default, the earlier of the date on which such nonpayment default is cured or waived or ceases to exist
and 179 days after the date on which the payment blockage notice is received by the trustee, if the maturity of the designated senior
indebtedness has not been accelerated. |
No new period of payment blockage may be commenced pursuant to a payment
blockage notice unless 365 days have elapsed since the initial effectiveness of the immediately prior payment blockage notice and all
scheduled payments of principal, premium and interest, including any liquidated damages, on the notes that have come due have been paid
in full in cash. No non-payment default that existed or was continuing on the date of delivery of any payment blockage notice shall be
the basis for any later payment blockage notice unless the non-payment default is based upon facts or events arising after the date of
delivery of such payment blockage notice.
If the trustee or any holder of the notes receives any payment or distribution
of the Company’s assets in contravention of the subordination provisions on subordinated debt securities before all senior indebtedness
is paid in full in cash, property or securities, including by way of set-off, or other payment satisfactory to holders of senior indebtedness,
then such payment or distribution will be held in trust for the benefit of holders of senior indebtedness or their representatives to
the extent necessary to make payment in full in cash or payment satisfactory to the holders of senior indebtedness of all unpaid senior
indebtedness.
In the event of the Company’s bankruptcy, dissolution or reorganization,
holders of senior indebtedness may receive more, ratably, and holders of subordinated debt securities may receive less, ratably, than
the Company’s other creditors (including the Company’s trade creditors). This subordination will not prevent the occurrence
of any event of default under the indenture.
Unless the Company informs you otherwise in the prospectus supplement,
the Company will not be prohibited from incurring debt, including senior indebtedness, under any indenture relating to subordinated debt
securities. The Company may from time to time incur additional debt, including senior indebtedness.
The Company is obligated to pay reasonable compensation to the trustee
and to indemnify the trustee and certain agents against certain losses, liabilities or expenses incurred by the trustee in connection
with its duties relating to subordinated debt securities. The trustee’s claims for these payments will generally be senior to those
of noteholders in respect of all funds collected or held by the trustee.
Certain Definitions
“indebtedness” means:
| (1) | all indebtedness, obligations and other liabilities for borrowed money, including overdrafts, foreign exchange contracts, currency
exchange agreements, interest rate protection agreements, and any loans or advances from banks, or evidenced by bonds, debentures, notes
or similar instruments, other than any account payable or other accrued current liability or obligation incurred in the ordinary course
of business in connection with the obtaining of materials or services; |
| (2) | all reimbursement obligations and other liabilities with respect to letters of credit, bank guarantees or bankers’ acceptances; |
| (3) | all obligations and liabilities in respect of leases required in conformity with generally accepted accounting principles to be accounted
for on the Company’s balance sheet; |
| (4) | all obligations and liabilities, contingent or otherwise, as lessee under leases for facility equipment (and related assets leased
together with such equipment) and under any lease or related document (including a purchase agreement, conditional sale or other title
retention or synthetic lease agreement) in connection with the lease of real property or improvement thereon (or any personal property
included as part of any such lease) which provides that such Person is contractually obligated to purchase or cause a third party to purchase
the leased property or pay an agreed upon residual value of the leased property, including the obligations under such lease or related
document to purchase or cause a third party to purchase such leased property (whether or not such lease transaction is characterized as
an operating lease or a capitalized lease in accordance with GAAP) or pay an agreed upon residual value of the leased property to the
lessor; |
| (5) | all obligations with respect to an interest rate or other swap, cap or collar agreement or other similar instrument or agreement or
foreign currency hedge, exchange, purchase agreement or other similar instrument or agreement; |
| (6) | all direct or indirect guaranties or similar agreements in respect of, and the Company’s obligations or liabilities to purchase,
acquire or otherwise assure a creditor against loss in respect of, indebtedness, obligations or liabilities of others of the type described
in (1) through (5) above; |
| (7) | any indebtedness or other obligations described in (1) through (6) above secured by any mortgage, pledge, lien or other encumbrance
existing on property which is owned or held by the Company; and |
| (8) | any and all refinancings, replacements, deferrals, renewals, extensions and refundings of, or amendments, modifications or supplements
to, any indebtedness, obligation or liability of the kind described in clauses (1) through (7) above. |
“senior indebtedness” means the principal, premium, if
any, interest, including any interest accruing after bankruptcy, and rent or termination payment on or other amounts due on the Company’s
current or future indebtedness, whether created, incurred, assumed, guaranteed or in effect guaranteed by the Company, including any deferrals,
renewals, extensions, refundings, amendments, modifications or supplements to the above. However, senior indebtedness does not include:
| · | indebtedness that expressly provides that it shall not be senior in right of payment to subordinated debt securities or expressly
provides that it is on the same basis or junior to subordinated debt securities; |
| · | the Company’s indebtedness to any of the Company’s majority-owned subsidiaries; and |
| · | subordinated debt securities. |
DESCRIPTION OF RIGHTS
We may issue rights to purchase shares of our common stock, preferred
stock, or warrants in one or more series. Rights may be issued independently or together with any other offered security and may or may
not be transferable by the person purchasing or receiving the subscription rights. In connection with any rights offering to our stockholders,
we may enter into a standby underwriting arrangement with one or more underwriters pursuant to which the underwriters will purchase any
of the offered securities remaining unsubscribed after the expiration of the rights offering. In connection with a rights offering to
our stockholders, we will distribute certificates evidencing the rights and an applicable prospectus supplement to our stockholders on
the record date that we set for receiving rights in the rights offering. An applicable prospectus supplement will describe the following
terms of rights in respect of which this prospectus is being delivered:
| · | the title of the rights; |
| · | the securities for which the rights are exercisable; |
| · | the exercise price for the rights; |
| · | the date of determining the security holders entitled to the rights distribution; |
| · | the number of the rights issued to each security holder; |
| · | the extent to which the rights are transferable; |
| · | if applicable, a discussion of the material United States federal income tax considerations applicable to the issuance or exercise
of the rights; |
| · | the date on which the right to exercise the rights shall commence, and the date on which the rights shall expire (subject to any extension); |
| · | the conditions to completion of the rights offering; |
| · | any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the rights; |
| · | the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; |
| · | if applicable, the material terms of any standby underwriting or other purchase arrangement that we may enter into in connection with
the rights offering; and |
| · | any other terms of the rights, including terms, procedures and limits relating to the exchange or exercise of the rights. |
Each right will entitle the holder to purchase an amount of securities
for cash, at the exercise price. Rights may be exercised at any time up to the close of business on the expiration date of the rights.
After the close of business on the expiration date, all unexercised rights will become void. The manner in which rights may be exercised
will be described in an applicable prospectus supplement. We may, but are not be required to, permit the exercise of rights through the
delivery of a notice of guaranteed delivery from a bank, a trust company, or a New York Stock Exchange member guaranteeing delivery of
(i) payment of the exercise price for the securities for which the rights are being exercised, and (ii) a properly completed and executed
rights certificate. The notice of guaranteed delivery must be received by the rights agent before the expiration of the rights, and the
rights agent will not honor a notice of guaranteed delivery unless a properly completed and executed rights certificate and full payment
for the securities being purchased are received by the rights agent by the close of business on the third business day after the expiration
time of the rights. Upon receipt of payment and the proper completion and due execution of the rights certificate at the designated office
of the rights agent or any other office indicated in an applicable prospectus supplement, we or the transfer agent will forward, as soon
as practicable, the securities purchased upon the exercise of the rights. We may determine to offer any unsubscribed offered securities
directly to persons other than stockholders, to or through agents, underwriters or dealers or through a combination of the methods, including
pursuant to standby underwriting arrangements, as set forth in an applicable prospectus supplement.
DESCRIPTION OF UNITS
The following description, together with the additional information
we may include in any applicable prospectus supplement, summarizes the material terms and provisions of the units that we may offer under
this prospectus. While the terms we have summarized below will apply generally to any units that we may offer under this prospectus, we
will describe the particular terms of any series of units in more detail in an applicable prospectus supplement. The terms of any units
offered under an applicable prospectus supplement may differ from the terms described below. However, no prospectus supplement will fundamentally
change the terms that are set forth in this prospectus or offer a security that is not registered and described in this prospectus at
the time of its effectiveness.
We will file as exhibits to the registration statement of which this
prospectus is a part, or will incorporate by reference to reports that we file with the SEC, the form of unit agreement that describes
the terms of the series of units we are offering, and any supplemental agreements, before the issuance of the related series of units.
The following summaries of material terms and provisions of the units are subject to, and qualified in their entirety by reference to,
all the provisions of the unit agreement and any supplemental agreements applicable to a particular series of units. We urge you to read
the applicable prospectus supplements related to the particular series of units that we sell under this prospectus, as well as the complete
unit agreement and any supplemental agreements that contain the terms of the units.
General
We may issue units comprised of one or more debt securities, common
stock, preferred stock, warrants and/or units in any combination. Each unit will be issued so that the holder of the unit is also the
holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included
security. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred
separately, at any time or at any time before a specified date.
We will describe in an applicable prospectus supplement the terms of
the series of units, including:
| · | the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances
those securities may be held or transferred separately; |
| · | any provisions of the governing unit agreement that differ from those described below; and |
| · | any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units. |
The provisions described in this section, as well as those described
under “Description of Preferred Stock,” “Description of Capital Stock,” “Description of Debt Securities,”
“Description of Warrants,” and “Description of Rights” will apply to each unit and to any preferred stock, common
stock, debt security, warrant or right included in each unit, respectively.
Issuance in Series
We may issue units in the amounts and in numerous distinct series as
we determine.
Enforceability of Rights by Holders of Units
Each unit agent will act solely as our agent under the applicable unit
agreement and will not assume any obligation or relationship of agency or trust with any holder of any unit. A single bank or trust company
may act as unit agent for more than one series of units. A unit agent will have no duty or responsibility in case of any default by us
under the applicable unit agreement or unit, including any duty or responsibility to initiate any proceedings at law or otherwise, or
to make any demand upon us. Any holder of a unit may, without the consent of the related unit agent or the holder of any other unit, enforce
by appropriate legal action its rights as holder under any security included in the unit.
Title
We, the unit agent and any of its agents may treat the registered holder
of any unit certificate as an absolute owner of the units evidenced by that certificate for any purposes and as the person entitled to
exercise the rights attaching to the units, despite any notice to the contrary.
PLAN OF DISTRIBUTION
The Company may sell the securities being offered by it in this prospectus
pursuant to underwritten public offerings, negotiated transactions, block trades or any combination of such methods. The Company may sell
the securities to or through underwriters, dealers, agents or directly to one or more purchasers. The Company and its agents reserve the
right to accept and to reject, in whole or in part, any proposed purchase of securities. A prospectus supplement or post-effective amendment,
which the Company will file each time the Company effects an offering of any securities, will provide the names of any underwriters, dealers
or agents, if any, involved in the sale of such securities, and any applicable fees, commissions, or discounts to which such persons shall
be entitled to in connection with such offering.
The Company and its agents, dealers and underwriters, as applicable,
may sell the securities being offered by the Company in this prospectus from time to time in one or more transactions at:
| · | a fixed price or prices, which may be changed; |
| · | market prices prevailing at the time of sale; |
| · | prices related to such prevailing market prices; |
| · | varying prices determined at the time of sale; or |
The Company may determine the price or other terms of the securities
offered under this prospectus by use of an electronic auction. The Company will describe how any auction will determine the price or any
other terms, how potential investors may participate in the auction and the nature of the underwriters’ obligations in the applicable
prospectus supplement or amendment.
The Company may solicit directly offers to purchase securities. The
Company may also designate agents from time to time to solicit offers to purchase securities. Any agent that the Company designates, who
may be deemed to be an underwriter as such term is defined in the Securities Act, may then resell such securities to the public at varying
prices to be determined by such agent at the time of resale.
The Company may engage in at the market offerings of the Company’s
common stock. An at the market offering is an offering of the Company’s common stock at other than a fixed price, and is conducted
to or through a market maker or by a sales agent. The Company shall name any underwriter or sales agent that the Company engages for an
at the market offering in a post-effective amendment to the registration statement containing this prospectus. In the related prospectus
supplement, the Company shall also describe any additional details of the Company’s arrangement with such underwriter or sales agent,
including commissions or fees paid or discounts offered by the Company, and whether such underwriter is acting as principal or agent.
If the Company uses underwriters to sell securities, the Company will
enter into an underwriting agreement with the underwriters at the time of the sale to them, which agreement shall be filed as an exhibit
to the related prospectus supplement. Underwriters may also receive commissions from purchasers of the securities. Underwriters may also
use dealers to sell securities. In such an event, the dealers may receive compensation in the form of discounts, concessions or commissions
from the underwriters and/or commissions from the purchasers for whom they may act as agents.
Under agreements that they may enter into with the Company, underwriters,
dealers, agents and other persons may be entitled to (i) indemnification by the Company against certain civil liabilities, including liabilities
under the Securities Act or (ii) contribution with respect to payments which they may be required to make in respect of such liabilities.
Underwriters and agents may engage in transactions with, or perform services for, the Company in the ordinary course of business.
If so indicated in the applicable prospectus supplement, the Company
may authorize underwriters, dealers or other persons to solicit offers by certain institutions to purchase the securities offered by the
Company under this prospectus pursuant to contracts providing for payment and delivery on a future date or dates. The obligations of any
purchaser under these contracts will be subject only to those conditions described in the applicable prospectus supplement, and the prospectus
supplement will set forth the price to be paid for securities pursuant to those contracts and the commissions payable for solicitation
of the contracts.
Any underwriter may engage in over-allotment, stabilizing and syndicate
short covering transactions and penalty bids in accordance with Regulation M of the Exchange Act. Over-allotment involves sales in excess
of the offering size, which create a short position. Stabilizing transactions involve bids to purchase the underlying security so long
as the stabilizing bids do not exceed a specified maximum. Syndicate short covering transactions involve purchases of securities in the
open market after the distribution has been completed in order to cover syndicate short positions. Penalty bids permit the underwriters
to reclaim selling concessions from dealers when the securities originally sold by such dealers are purchased in covering transactions
to cover syndicate short positions. These transactions may cause the price of the securities sold in an offering to be higher than it
would otherwise be. These transactions, if commenced, may be discontinued by the underwriters at any time.
The Company’s common stock is quoted on The NASDAQ Capital Market
under the trading symbol “ECOR.” The other securities are not listed on any securities exchange or other stock market and,
unless the Company states otherwise in the applicable prospectus supplement, the Company does not intend to apply for listing of the other
securities on any securities exchange or other stock market. Any underwriters to whom the Company sells securities for public offering
and sale may make a market in the securities that they purchase, but the underwriters will not be obligated to do so and may discontinue
any market making at any time without notice. Accordingly, the Company gives you no assurance as to the development or liquidity of any
trading market for the securities.
The anticipated date of delivery of the securities offered hereby will
be set forth in the applicable prospectus supplement relating to each offering.
In order to comply with certain state securities laws, if applicable,
the securities may be sold in such jurisdictions only through registered or licensed brokers or dealers. In certain states, the securities
may not be sold unless the securities have been registered or qualified for sale in such state or an exemption from regulation or qualification
is available and is complied with. Sales of securities must also be made by the Company in compliance with all other applicable state
securities laws and regulations.
The Company shall pay all expenses of the registration of the securities.
EXPERTS
The consolidated financial statements of electroCore, Inc. and subsidiaries
as of December 31, 2023 and 2022 and for the years ended December 31, 2023 and 2022 have been incorporated by reference herein and in
the registration statement in reliance upon the report of Marcum LLP, independent registered public accounting firm, incorporated by reference
herein, and upon the authority of said firm as experts in accounting and auditing. The report on the consolidated financial statements
contains an explanatory paragraph regarding the Company’s ability to continue as a going concern.
LEGAL MATTERS
If and when the securities being registered hereunder are issued, the
validity of such issuance will be passed upon for the Company by Dentons US LLP, New York, New York. As of the date of this prospectus,
Dentons US LLP and its members own shares of our common stock with a market value in excess of $50,000.
WHERE YOU CAN FIND MORE INFORMATION
The Company files annual, quarterly and periodic reports, proxy statements
and other information with the SEC. You may read and copy any materials that the Company files with the SEC at the SEC’s Public
Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room
by calling the SEC at 1-800-SEC-0330 Many of the Company’s SEC filings are also available to the public from the SEC’s Website
at www.sec.gov. The Company makes available free of charge its annual, quarterly and current reports, proxy statements and other information
upon request. To request such materials, please contact the Corporate Secretary at the following address or telephone number: electroCore,
Inc., 200 Forge Way, Suite 205, Rockaway, New Jersey 07866, Attention: Corporate Secretary; (973) 290-0097. Exhibits to the documents
will not be sent, unless those exhibits have specifically been incorporated by reference in this prospectus.
The Company maintains its website at www.electrocore.com The Company’s
website and the information contained therein or connected thereto are not incorporated into this Registration Statement.
The Company has filed with the SEC a registration statement on Form
S-3 under the Securities Act relating to the securities the Company is offering by this prospectus. This prospectus does not contain
all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. Please refer
to the registration statement and its exhibits and schedules for further information with respect to the Company and the Company’s
securities. Statements contained in this prospectus as to the contents of any contract or other document are not necessarily complete
and, in each instance, the Company refers you to the copy of that contract or document filed as an exhibit to the registration statement.
You may read and obtain a copy of the registration statement and its exhibits and schedules from the SEC, as described in the preceding
paragraph.
INFORMATION INCORPORATED BY REFERENCE
The SEC allows the Company to “incorporate by reference”
the information the Company files with them, which means that the Company can disclose important information to you by referring you to
those documents. The information incorporated by reference is considered to be part of this prospectus, and information that the Company
files later with the SEC will automatically update and supersede this information. The Company incorporates by reference the documents
filed with SEC listed below:
The Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2023, filed with the SEC on March
13, 2024 (the “2023 Form 10-K”).
The Company’s Quarterly Reports on Form 10-Q filed with the SEC
on May
8, 2024; August,
7, 2024; and November
13, 2024.
The Company’s Definitive Proxy Statement on Schedule 14A, filed
with the SEC on July
17, 2024 (other than the portions thereof which are furnished and not filed);
The Company’s Current Reports on Form 8-K and amendment to Current
Report on Form 8-K, filed with the SEC on January
16, 2024, March
13, 2024, May
8, 2024, June
3, 2024, July
17, 2024, August
7, 2024, September
6, 2024, November
13, 2024, November
29, 2024 and December
17, 2024 (other than portions of any such Current Report on Form 8-K which are furnished but deemed not to be “filed”
with the SEC).
The description of the Company’s common stock in our registration
statement on Form 8-A filed with the SEC on June
11, 2018, including any amendments or reports filed for the purpose of updating such description, including Exhibit 4.2 to
the 2023 Form 10-K.
In addition, all documents subsequently filed by the Company pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment
which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. However,
any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed “filed” with
the Commission, including without limitation any information furnished pursuant to Item 2.02 or 7.01 of Form 8-K or certain exhibits furnished
pursuant to Item 9.01 of Form 8-K, shall not be deemed to be incorporated by reference in this Registration Statement.
Any statement in a document incorporated or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference
herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.
$100,000,000
electroCore, Inc.
Debt Securities
Preferred Stock
Common Stock
Warrants
Rights
Units
___________________
PROSPECTUS
___________________
, 2025
The information contained in this prospectus
supplement is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities
and Exchange Commission is effective. This prospectus supplement is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any state or other jurisdiction where such offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED JANUARY 24, 2025
PROSPECTUS SUPPLEMENT
Up to $20,000,000
Common Stock
electroCore, Inc. (the “Company” or
“we”) previously entered into an At The Market Offering Agreement (the “Agreement”), dated November 29, 2024,
with H.C. Wainwright & Co., LLC (“Wainwright”), relating to shares of our common stock, $0.001 par value per share, offered
by this prospectus supplement and the accompanying prospectus. In accordance with the terms of the Agreement, we may offer and sell shares
of our common stock having an aggregate offering price of up to $20,000,000 from time to time through Wainwright, acting as sales agent.
Our common stock is listed on The Nasdaq Capital
Market under the symbol “ECOR.” The last reported sale price of our common stock on January 23, 2025 was $15.84 per share.
Upon our delivery of a placement notice and subject
to the terms and conditions of the Agreement, Wainwright may sell shares of our common stock by methods deemed to be an “at the
market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or the Securities Act. Wainwright
will act as sales agent using its commercially reasonable efforts consistent with its normal trading and sales practices on mutually agreed
terms between Wainwright and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.
Wainwright will be entitled to compensation at
a fixed commission rate of 3.0% of the gross proceeds of each sale of shares of our common stock. In connection with the sale of our
shares of common stock on our behalf, Wainwright will be deemed to be an “underwriter” within the meaning of the Securities
Act and the compensation of Wainwright will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification
and contribution to Wainwright with respect to certain liabilities, including liabilities under the Securities Act.
Investing in our securities involves a high
degree of risk. See “Risk Factors,” beginning on page 8 of this prospectus
supplement, as well as the documents incorporated by reference in this prospectus supplement, for a discussion of the factors you should
carefully consider before deciding to purchase our securities.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the
accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
H.C. Wainwright & Co.
The date of this prospectus supplement is ,
2025
TABLE OF CONTENTS
PROSPECTUS SUPPLEMENT
About
this Prospectus Supplement
This prospectus supplement and the accompanying
prospectus are part of a “shelf” registration statement on Form S-3 that we filed with the Securities and Exchange Commission
(the “SEC”) on January 24, 2025.
This prospectus supplement may add, update or
change information contained in the accompanying prospectus. To the extent there is a conflict between the information contained in this
prospectus supplement, on the one hand, and the information contained in the accompanying prospectus or any document incorporated by reference
therein filed prior to the date of this prospectus supplement, on the other hand, you should rely on the information in this prospectus
supplement. If any statement in one of these documents is inconsistent with a statement in another document having a later date - for
example, a document filed after the date of this prospectus supplement and incorporated by reference in this prospectus supplement and
the accompanying prospectus - the statement in the document having the later date modifies or supersedes the earlier statement.
You should rely only on the information contained
or incorporated by reference in this prospectus supplement, the accompanying prospectus and in any free writing prospectuses we may provide
to you in connection with this offering. We have not, and Wainwright has not, authorized any other person to provide you with any information
that is different. If anyone provides you with different or inconsistent information, you should not rely on it. We are offering to sell,
and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. The distribution of
this prospectus supplement and the offering of the common stock in certain jurisdictions may be restricted by law. Persons outside the
United States who come into possession of this prospectus supplement must inform themselves about, and observe any restrictions relating
to, the offering of the common stock and the distribution of this prospectus supplement outside the United States. This prospectus supplement
does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered
by this prospectus supplement by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation.
We further note that the representations, warranties
and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference in the accompanying
prospectus were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating
risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such
representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and
covenants should not be relied on as accurately representing the current state of our affairs.
Special
Note Regarding Forward-Looking Statements
This prospectus supplement and certain information
incorporated herein by reference contains forward-looking statements that involve risks and uncertainties. Our actual results could differ
materially from those discussed in the forward-looking statements. The statements contained in this prospectus supplement that are not
purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities
Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements
are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“project,” “seek,” “should,” “strategy,” “target,” “will,” “would”
and similar expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions
of our management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties
and other important factors that could cause actual results and the timing of certain events to differ materially from future results
expressed or implied by such forward-looking statements.
Factors that could cause or contribute to such
differences include, but are not limited to, those included in this prospectus supplement, the accompanying prospectus and the documents
incorporated by reference herein and therein, as well as those contained in our Annual Report on Form 10-K for the year ended December
31, 2023, and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, including
those described under “Risk Factors” herein and therein. Other risks may be described from time to time in our filings made
under the securities laws, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
There may be additional risks, uncertainties and factors that we do not currently view as material or that are not known. The forward-looking
statements contained in this document are made only as of the date of this document. Except as required by law, we undertake no obligation
to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, as well as those
described elsewhere in this prospectus supplement and accompanying prospectus, and other factors that we may publicly disclose from time
to time. Furthermore, such forward-looking statements speak only as of the date made.
Prospectus
Supplement Summary
This summary highlights selected information
about us, this offering and information appearing elsewhere in this prospectus supplement and the accompanying prospectus and in the documents
we incorporate by reference. This summary is not complete and does not contain all the information you should consider before investing
in our common stock pursuant to this prospectus supplement and the accompanying prospectus. Before making an investment decision, to fully
understand this offering and its consequences to you, you should carefully read this entire prospectus supplement and the accompanying
prospectus, including “Risk Factors” beginning on page 8 of this prospectus supplement
and the financial statements and related notes and the other information that we incorporated by reference herein, including our Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that we file from time to time.
Unless the context otherwise requires, all
references in this prospectus supplement and the accompanying prospectus to “electroCore,” “we,” “us,”
“our,” “the Company” or similar words refer to electroCore, Inc., together with our consolidated subsidiaries.
Overview
We are a commercial stage bioelectronic medicine and general wellness
company dedicated to improving health and quality of life through our proprietary non-invasive vagus nerve stimulation (“nVNS”)
technology platform.
nVNS modulates neurotransmitters through its effects on both the peripheral
and central nervous systems. Our nVNS treatment is delivered through a proprietary high-frequency burst waveform that safely and comfortably
passes through the skin and stimulates therapeutically relevant fibers in the vagus nerve. Various scientific publications suggest that
nVNS works through a variety of mechanistic pathways including the modulation of neurotransmitters.
Historically, vagus nerve stimulation or VNS, required an invasive
surgical procedure to implant a costly medical device. This generally limited VNS from being used by anyone other than the most severe
patients. Our non-invasive medical devices and general wellness products are self-administered and intended for regular or intermittent
use over many years.
Our capabilities include product development, regulatory affairs and
compliance, sales and marketing, product testing, assembly, fulfillment, and customer support. We derive revenues from the sale of products
in the United States and select overseas markets. We have two principal product categories:
| · | Handheld, personal use medical devices for the management and treatment of certain medical conditions such as primary headache; and |
| · | Handheld, personal use consumer products utilizing nVNS technology to promote general wellness and human performance. |
We believe our nVNS products may be used in the future to effectively
treat additional medical conditions.
Our goal is to be a leader in non-invasive neuromodulation by using
our proprietary nVNS platform technology to deliver better health. To achieve this, we offer multiple propositions:
| · | Prescription gammaCore medical devices for the treatment of certain medical conditions such as primary headache; |
| · | Truvaga products for the support of general health and wellbeing; and |
| · | TAC-STIM for human performance. |
Our flagship gammaCore Sapphire is a prescription medical device that
is FDA cleared for a variety of primary headache conditions. gammaCore is available by prescription only and Sapphire is a portable, reusable,
rechargeable and reloadable personal use option for patients to use at home or on the go. Prescriptions are written by a health care provider
and dispensed from a specialty pharmacy, through the patient’s healthcare system, or shipped directly to certain patients in the
United States directly from our facility in Rockaway, NJ. After the initial prescription is filled, access to additional therapy can be
refilled for certain of our gammaCore products through the input of a prescription-only authorization.
We offer two versions of our Truvaga products for the support
of general health and wellbeing. Truvaga 350 is a personal use consumer electronics general wellness product and Truvaga Plus, which was
launched in April 2024, is our next generation, app-enabled general wellness product. Neither product requires a prescription, and both
are available direct-to-consumer from electroCore at www.truvaga.com.
TAC-STIM is a form of nVNS for human performance and has
been developed in collaboration with the United States Department of Defense Biotech Optimized for Operational Solutions and Tactics,
or BOOST, program. TAC-STIM products are available as a Commercial Off the Shelf (COtS) solution to professional organizations and are
the subject of ongoing research and evaluation within the United States Air Force Special Operations Command, the United States Army Special
Operations Command and at the United States Air Force Research Laboratory. We are exploring strategies to make our TAC-STIM product available
to other branches of the active-duty military and certain human performance professionals in the United States and abroad.
Truvaga and TAC-STIM products are intended for general wellness
in compliance with the FDA guidance document entitled “General Wellness: Policy for Low-Risk Devices; Guidance for Industry and
FDA Staff, issued on September 27, 2019.” Truvaga and TAC-STIM products are not medical devices and are not intended to diagnose,
treat, cure, or prevent any disease or medical condition.
On December 17, 2024, we entered into a definitive agreement
to acquire NeuroMetrix, Inc. (“NURO”). NURO is a commercial stage healthcare company that develops and commercializes neurotechnology
devices to address unmet needs in the chronic pain market through its Quell® platform: a wearable, app and cloud-enabled neuromodulation
platform that is indicated for the treatment of fibromyalgia symptoms (Quell Fibromyalgia) and lower-extremity chronic pain (Quell 2.0).
The transaction does not include NURO’s DPNCheck technology and business, which are expected to be divested by
NURO prior to closing of the transaction.
Consummation of the transaction is subject to approval by
holders of at least a majority of the outstanding shares of NURO common stock entitled to vote on the merger, and the filing with the
SEC of NURO’s Form 10-K with respect to the fiscal year ended December 31, 2024, in addition to other closing conditions.
Corporate Information
Our principal executive offices are located at
200 Forge Way, Suite 205, Rockaway, New Jersey 07866. Our telephone number is (973) 290-0097 and our website address is www.electrocore.com.
We have included our website address in this prospectus supplement as an inactive textual reference only. The information available on
or accessible through our website does not constitute a part of this prospectus supplement or the accompanying prospectus and should
not be relied upon. Our common stock is listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “ECOR”.
The Offering
| Issuer |
electroCore, Inc. |
| Common stock offered by us |
Shares having an aggregate offering price of not more than $20,000,000. |
| Manner of offering |
“At the market offering” that may be made from time to
time through our sales agent, H.C. Wainwright & Co., LLC. See “Plan of Distribution” on page S-10. |
| Use of proceeds |
We intend to use the net proceeds for sales and marketing, working
capital and general corporate purposes. Please see “Use of Proceeds” on page S-10. |
| Risk factors |
This investment involves a high degree of risk. See “Risk Factors”
beginning on page S-8 of this prospectus supplement, as well as the other information included
in or incorporated by reference in this prospectus supplement and the accompanying prospectus, for a discussion of risks you should
carefully consider before investing in our securities. |
| Nasdaq Capital Market symbol |
ECOR |
The number of shares of our Common Stock to be outstanding immediately
after this offering is based on 6,507,011 shares outstanding as of September 30, 2024, and excludes as of that date: (i) 548,000 shares
of our Common Stock reserved for issuance upon the exercise of outstanding options at a weighted average exercise price of $31.39 per
share; (ii) 1,640,000 shares of our Common Stock reserved for issuance upon the exercise of outstanding warrants at a weighted average
exercise price of $5.37 per share; (iii) 454,000 shares of our Common Stock reserved for issuance upon settlement of restricted and deferred
stock units; and (iv) 1,608,000 shares of our Common Stock reserved for issuance upon the exercise of pre-funded warrants at an exercise
price of $0.001 per share.
Risk Factors
Investing in our securities involves a high
degree of risk and uncertainty. In addition to the other information included or incorporated by reference in this prospectus supplement
and the accompanying prospectus, you should carefully consider the risks described below, before making an investment decision with respect
to the securities. We expect to update these Risk Factors from time to time in the periodic and current reports that we file with the
SEC after the date of this prospectus supplement. These updated Risk Factors will be incorporated by reference in this prospectus supplement
and the accompanying prospectus. Please refer to these subsequent reports for additional information relating to the risks associated
with investing in our common stock. If any of such risks and uncertainties actually occurs, our business, financial condition, and results
of operations could be severely harmed. This could cause the trading price of our common stock to decline, and you could lose all or part
of your investment.
Risks Related to this Offering
Resales of our common stock in the public
market by our stockholders during this offering may cause the market price of our common stock to fall.
We may issue common stock from time to time in
connection with this offering. The issuance from time to time of these new shares of our common stock, or our ability to issue new shares
of common stock in this offering, could result in resales of our common stock by our current stockholders concerned about the potential
ownership dilution of their holdings. In turn, these resales could have the effect of depressing the market price for our common stock.
There may be future sales or other dilution
of our equity, which may adversely affect the market price of our common stock.
We are generally not restricted from issuing additional
common stock, including any securities that are convertible into or exchangeable for, or that represent the right to receive, common stock.
The market price of our common stock could decline as a result of sales of common stock or securities that are convertible into or exchangeable
for, or that represent the right to receive, common stock after this offering or the perception that such sales could occur.
Our management will have broad discretion
over the use of the net proceeds from this offering, you may not agree with how we use the proceeds and the proceeds may not be invested
successfully.
We have not designated any portion of the net
proceeds from this offering to be used for any particular purpose. Accordingly, our management will have broad discretion as to the use
of the net proceeds from this offering and could use them for purposes other than those contemplated at the time of commencement of this
offering. Accordingly, you will be relying on the judgment of our management with regard to the use of these net proceeds, and you will
not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible
that, pending their use, we may invest the net proceeds in a way that does not yield a favorable, or any, return for our company.
The actual number of shares of common stock
we will issue under the Agreement, at any one time or in total, is uncertain.
Subject to certain limitations in the Agreement
and compliance with applicable law, we have the discretion to deliver placement notices to Wainwright at any time throughout the term
of the Agreement. The number of shares that are sold through Wainwright after delivering a placement notice will fluctuate based on the
market price of the common stock during the sales period and limits we set with Wainwright.
You may experience immediate and substantial
dilution in the book value per share of the common stock you purchase.
The shares sold in this offering, if any, will
be sold from time to time at various prices. Because the prices per share at which shares of our common stock are sold in this offering
could be substantially higher than the book value per share of our common stock, you may suffer immediate and substantial dilution in
the net tangible book value of the common stock you purchase in this offering.
The common stock offered hereby will be
sold in “at-the-market” offerings, and investors who buy shares at different times will likely pay different prices.
Investors who purchase shares in this offering
at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have
discretion, subject to market demand, to vary the timing, prices and numbers of shares sold, and there is no minimum or maximum sales
price. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices
they paid.
Because there are no current plans to pay
cash dividends on our common stock for the foreseeable future, you may not receive any return on investment unless you sell shares of
our common stock for a price greater than that which you paid for it.
We may retain future earnings, if any, for future
operations, expansion and debt repayment and have no current plans to pay any cash dividends for the foreseeable future. Any decision
to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among other things,
our results of operations, financial condition, cash requirements, contractual restrictions and other factors that our board of directors
may deem relevant. In addition, our ability to pay dividends may be limited by covenants of any existing and future outstanding indebtedness
we or our subsidiaries incur. As a result, you may not receive any return on an investment in our common stock unless you sell your shares
of our common stock for a price greater than that which you paid for it.
Use
of Proceeds
We may issue and sell shares of our common stock
having aggregate sales proceeds of up to $20,000,000 from time to time. Because there is no minimum offering amount required as a condition
of this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time.
There can be no assurance that we will sell any shares under or fully utilize the Agreement with Wainwright as a source of financing.
We currently intend to use the net proceeds for
sales and marketing, working capital, and general corporate purposes. In addition, we believe opportunities may exist from time to time
to expand our current business through acquisitions or in-licenses of, or investments in, complementary companies, medicines, intellectual
property or technologies. While we have no current agreements or commitments for any specific acquisitions, in-licenses or investments
at this time other than our potential acquisition of NURO, we may use a portion of the net proceeds for these purposes.
As of the date of this prospectus supplement,
we cannot specify with certainty all of the particular uses of the net proceeds to be received in connection with this offering. The amounts
and timing of our actual expenditures will depend on numerous factors, including the progress of our development efforts, any collaborations
that we may enter into with third parties for our product candidates, and any unforeseen cash needs. Accordingly, our management will
have broad discretion in the application of the net proceeds from this offering and investors will be relying on the judgment of our management
regarding the application of the net proceeds from this offering.
Pending the use of any net proceeds, we expect
to invest the net proceeds in interest-bearing, marketable securities. We cannot predict whether these investments will yield a favorable
return.
Plan
of Distribution
We entered into the Agreement with H.C. Wainwright
& Co., LLC, or Wainwright, under which we may issue and sell from time to time shares of our common stock having an aggregate offering
price of not more than $20,000,000 through Wainwright as our sales agent pursuant to this prospectus supplement and the accompanying prospectus.
Sales of the common stock, if any, will be made by any method permitted by law deemed to be an “at the market offering” as
defined in Rule 415(a)(4) promulgated under the Securities Act.
Wainwright will offer our common stock at prevailing
market prices subject to the terms and conditions of the Agreement as agreed upon by us and Wainwright. We will designate the number of
shares which we desire to sell, the time period during which sales are requested to be made, any limitation on the number of shares that
may be sold in one day and any minimum price below which sales may not be made. Subject to the terms and conditions of the Agreement,
Wainwright will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell on our behalf all
of the shares of common stock requested to be sold by us. We or Wainwright may suspend the offering of the common stock being made through
Wainwright under the Agreement upon proper notice to the other party.
Settlement for sales of common stock will occur
on the first business day (or such shorter settlement cycle as may be in effect under Exchange Act Rule 15c6-1 from time to time) following
the date on which any sales are made, or on some other date that is agreed upon by us and Wainwright in connection with a particular transaction,
in return for payment of the net proceeds to us. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.
We will pay Wainwright in cash, upon each sale
of our shares of common stock pursuant to the Agreement, a commission equal to 3.0% of the gross proceeds from each sale of shares of
our common stock. Because there is no minimum offering amount required as a condition to this offering, the actual total public offering
amount, commissions and proceeds to us, if any, are not determinable at this time. Pursuant to the terms of the Agreement, we agreed to
reimburse Wainwright for the documented fees and costs of its legal counsel reasonably incurred in connection with entering into the transactions
contemplated by the Agreement in an amount not to exceed $50,000 in the aggregate. Additionally, pursuant to the terms of the Agreement,
we agreed to reimburse Wainwright for the documented fees and costs of its legal counsel reasonably incurred in connection with Wainwright’s
ongoing diligence, drafting and other filing requirements arising from the transactions contemplated by the Agreement in an amount not
to exceed $2,500 in the aggregate per calendar quarter. We estimate that the total expenses of the offering payable by us, excluding compensation
and reimbursements payable to Wainwright under the Agreement, will be approximately $35,000. We will report at least quarterly the number
of shares of common stock sold through Wainwright under the Agreement, the net proceeds to us and the compensation paid by us to Wainwright
in connection with the sales of common stock.
In connection with the sales of common stock on
our behalf, Wainwright will be deemed to be an “underwriter” within the meaning of the Securities Act, and the compensation
paid to Wainwright will be deemed to be underwriting commissions or discounts. We have agreed in the Agreement to provide indemnification
and contribution to Wainwright against certain liabilities, including liabilities under the Securities Act.
The offering of our shares of common stock pursuant
to the Agreement will terminate upon the earlier of the (i) sale of all of our shares of common stock provided for in this prospectus
supplement, or (ii) termination of the Agreement as permitted therein.
Wainwright and its affiliates may in the future
provide various investment banking and other financial services for us and our affiliates, for which services they may in the future receive
customary fees. To the extent required by Regulation M, Wainwright will not engage in any market making activities involving our shares
of common stock while the offering is ongoing under this prospectus supplement. This summary of the material provisions of the Agreement
does not purport to be a complete statement of its terms and conditions and is qualified in its entirety by reference to the Agreement,
a copy of which was filed as Exhibit 10.1 to our Current Report on Form 8-K filed on November 29, 2024 and is incorporated herein by reference.
Our common stock is listed on The Nasdaq Capital
Market under the symbol “ECOR.”
Legal
Matters
The validity of the common stock offered by this
prospectus supplement will be passed upon for us by Dentons US LLP, New York, New York. Dentons US LLP and its members own shares of our
Common Stock with a market value in excess of $50,000. Ellenoff Grossman & Schole LLP, New York, New York, is counsel for Wainwright
in connection with this offering.
Experts
The consolidated financial statements of electroCore, Inc. and subsidiaries
as of December 31, 2023 and 2022 and for the years ended December 31, 2023 and 2022 have been incorporated by reference herein and in
the registration statement in reliance upon the report of Marcum LLP, independent registered public accounting firm, incorporated by reference
herein, and upon the authority of said firm as experts in accounting and auditing. The report on the consolidated financial statements
contains an explanatory paragraph regarding the Company’s ability to continue as a going concern.
We file annual, quarterly and periodic reports, proxy statements and
other information with the SEC. Our SEC filings are available to the public from the SEC’s website at www.sec.gov. We make available
free of charge our annual, quarterly and current reports, proxy statements and other information upon request. To request such materials,
please contact the Corporate Secretary at the following address or telephone number: electroCore, Inc., 200 Forge Way, Suite 205, Rockaway,
New Jersey 07866, Attention: Corporate Secretary; (973) 290-0097. Exhibits to the documents will not be sent, unless those exhibits have
specifically been incorporated by reference in this prospectus supplement.
We maintain our website at www.electrocore.com. Our website and the
information contained therein or connected thereto are not incorporated into this prospectus supplement.
We have filed with the SEC a registration statement on Form S-3 under
the Securities Act relating to the securities we are offering by this prospectus supplement. This prospectus supplement does not contain
all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. Please refer
to the registration statement and its exhibits and schedules for further information with respect to us and our securities. Statements
contained in this prospectus supplement and accompanying prospectus as to the contents of any contract or other document are not necessarily
complete and, in each instance, we refer you to the copy of that contract or document filed as an exhibit to the registration statement.
You may read and obtain a copy of the registration statement and its exhibits and schedules from the SEC, as described above.
Incorporation
of Certain Information by Reference
The SEC allows us to “incorporate by reference”
the information we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is considered to be part of this prospectus supplement and the accompanying prospectus, and
information that we file later with the SEC will automatically update and supersede this information. We incorporate by reference the
documents listed below and any future information filed (rather than furnished) with the SEC under Sections 13(a), 13(c), 14, or 15(d)
of the Exchange Act between the date of this prospectus supplement and the termination of this offering, provided, however, that we are
not incorporating any information furnished under Item 2.02 or Item 7.01 of any current report on Form 8-K:
| |
· |
Our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 13, 2024. |
| |
· |
Our Definitive Proxy Statement on Schedule 14A, filed with the SEC on July 17, 2024 (other than the portions thereof which are furnished and not filed); |
| |
· |
Our Current Reports on Form 8-K filed with the SEC on January 16, 2024, March 13, 2024, May 8, 2024, June 3, 2024, July 17, 2024, August 7, 2024, September 6, 2024, November 13, 2024, November 29, 2024, and December 17, 2024 (other than the portions of any such Current Report on Form 8-K which are furnished but deemed not to be “filed” with the SEC); |
| |
· |
the description of our Common Stock which is registered under Section 12 of the Exchange Act, in our registration statement on Form 8-A filed with the SEC on June 11, 2018, including any amendments or reports filed for the purpose of updating such description, including Exhibit 4.1 to our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 13, 2024. |
Any statement in a document incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this prospectus supplement to the
extent that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be incorporated
by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this prospectus supplement.
Up to $20,000,000
Common Stock
PROSPECTUS SUPPLEMENT
H.C. Wainwright & Co.
, 2025
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution
The following table sets forth all expenses, other than the underwriting
discounts and commissions, payable by the registrant in connection with the sale of the securities being registered. All of such fees
expenses, except for the registration fee, are estimates:
| |
Amount |
|
| SEC Registration fee |
$ |
8,243.17(1) |
|
| FINRA Fee |
$ |
* |
|
| Printing Expenses |
$ |
* |
|
| Accounting fees and expenses |
$ |
* |
|
| Legal fees and expenses |
$ |
* |
|
| Transfer agent fees and expenses |
$ |
* |
|
| Trustee fees and expenses |
$ |
* |
|
| Warrant agent fees and expenses |
$ |
* |
|
| Miscellaneous fees and expenses |
$ |
* |
|
| Total |
$ |
* |
|
*The calculation of these fees and expenses is dependent on the number
of issuances and amount of securities offered and, accordingly, cannot be estimated at this time.
1 The $100,000,000 of securities registered pursuant to
this registration statement includes $46,248,961 of securities (the “Unsold Securities”) registered pursuant to the Registration
Statement on Form S-3 (File No. 333-262223), originally filed on January 18, 2022, and declared effective on January 25, 2022. Pursuant
to Rule 415(a)(6) under the Securities Act of 1933, as amended, the filing fees previously paid in connection with the Unsold Securities
will continue to be applied to the Unsold Securities
The Company shall bear all expenses in connection with the issuance
and distribution of the securities being offered hereby.
Item 15. Indemnification of Directors and Officers
As permitted by Section 102 of the Delaware General Corporation Law,
our certificate of incorporation and bylaws contain provisions that limit or eliminate the personal liability of our directors for a breach
of their fiduciary duty of care as directors. The duty of care generally requires that, when acting on behalf of the corporation, directors
exercise an informed business judgment based on all material information reasonably available to them. Consequently, a director will not
be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except for liability for:
| · | any breach of the director’s duty of loyalty to us or our stockholders; |
| · | any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; |
| · | any act related to unlawful stock repurchases, redemptions or other distributions or payment of dividends; or |
| · | any transaction from which the director derived an improper personal benefit. |
These limitations of liability do not affect the availability of equitable
remedies such as injunctive relief or rescission. Our certificate of incorporation also authorizes us to indemnify our officers, directors
and other agents to the fullest extent permitted under Delaware law.
As permitted by Section 145 of the Delaware General Corporation Law,
our bylaws provide that:
| · | we may indemnify our directors, officers, and employees to the fullest extent permitted by the Delaware General Corporation Law, subject
to limited exceptions; |
| · | we may advance expenses to our directors, officers and employees in connection with a legal proceeding to the fullest extent permitted
by the Delaware General Corporation Law, subject to limited exceptions; and |
| · | we may advance expenses to our directors, officers and employees in connection with a legal proceeding to the fullest extent permitted
by the Delaware General Corporation Law, subject to limited exceptions; and |
| · | the rights provided in our bylaws are not exclusive. |
Our certificate of incorporation and our bylaws provide for the indemnification
provisions described above and elsewhere herein. We have entered into separate indemnification agreements with our directors and officers
which are broader than the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification
agreements generally require us, among other things, to indemnify our officers and directors against liabilities that may arise by reason
of their status or service as directors or officers, other than liabilities arising from willful misconduct. These indemnification agreements
also generally require us to advance any expenses incurred by the directors or officers as a result of any proceeding against them as
to which they could be indemnified. In addition, we have purchased a policy of directors’ and officers’ liability insurance
that insures our directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances. These
indemnification provisions and the indemnification agreements may be sufficiently broad to permit indemnification of our officers and
directors for liabilities, including reimbursement of expenses incurred, arising under the Securities Act of 1933, as amended, or the
Securities Act.
Insofar as indemnification for liabilities arising under the Act, may
be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised
that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
Item 16. Exhibits
Exhibit
No. |
|
Description |
|
Method of Filing |
| |
|
|
|
|
| 1.1 |
|
Form of Underwriting Agreement |
|
To be filed by amendment or pursuant to a report to be filed pursuant to Section 13 or 15(d) of the Exchange Act, if applicable, and incorporated herein by reference |
| |
|
|
|
|
| 3.1 |
|
Certificate of Incorporation of the Registrant |
|
Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2018 as filed with the Commission on August 14, 2018 |
| |
|
|
|
|
| 3.2 |
|
Amended and Restated Bylaws of the Registrant |
|
Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the Commission on December 9, 2021 |
| |
|
|
|
|
| 3.3 |
|
Certificate of Designation of the Series A Preferred Stock of the Company |
|
Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the Commission on December 7, 2022 |
| |
|
|
|
|
| 3.4 |
|
Certificate of Elimination of the Series A Preferred Stock of the Company |
|
Incorporated by reference to the Company’s Annual Report on Form 10-K for the period ended December 31, 2022 as filed with the Commission on March 8, 2023 |
| |
|
|
|
|
| 3.5 |
|
Certificate of Amendment to the Certificate of Incorporation |
|
Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the Commission on February 14, 2023 |
| |
|
|
|
|
| 4.2 |
|
Certificate of Designations for Preferred Stock |
|
To be filed by amendment or pursuant to a report to be filed pursuant to Section 13 or 15(d) of the Exchange Act, if applicable, and incorporated herein by reference |
| |
|
|
|
|
| 4.4 |
|
Form of Unit Agreement, including Form of Unit, if any |
|
To be filed by amendment or pursuant to a report to be filed pursuant to Section 13 or 15(d) of the Exchange Act, if applicable, and incorporated herein by reference |
| |
|
|
|
|
| 4.5 |
|
Form of Rights Agreement and Right Certificate, if any |
|
To be filed by amendment or pursuant to a report to be filed pursuant to Section 13 or 15(d) of the Exchange Act, if applicable, and incorporated herein by reference |
| |
|
|
|
|
| 4.6 |
|
Form of Senior Indenture |
|
Filed herewith |
| 4.7 |
|
Form of Subordinated Indenture |
|
Filed herewith |
| |
|
|
|
|
| 4.8 |
|
Form of Senior Debt Security |
|
To be filed, if necessary, by a Current Report on Form 8-K or by amendment |
| |
|
|
|
|
| 4.9 |
|
Form of Subordinated Debt Security |
|
To be filed, if necessary, by a Current Report on Form 8-K or by amendment |
| |
|
|
|
|
| 4.10 |
|
Form of Warrant Agreement, including Form of Warrant Certificate |
|
To be filed, if necessary, by a Current Report on Form 8-K or by amendment |
| |
|
|
|
|
| 5.1 |
|
Opinion of Dentons US LLP |
|
Filed herewith |
| |
|
|
|
|
| 12.1 |
|
Statement regarding computation of ratios of earnings to fixed charges |
|
To be filed by amendment or pursuant to a report to be filed pursuant to Section 13 or 15(d) of the Exchange Act, if applicable, and incorporated herein by reference |
| |
|
|
|
|
| 23.2 |
|
Consent of Marcum LLP |
|
Filed herewith |
| |
|
|
|
|
| 23.3 |
|
Consent of Dentons US LLP |
|
Filed herewith (included in Exhibit 5.1) |
| |
|
|
|
|
| 24.1 |
|
Power of Attorney |
|
Filed herewith (included on signature pages) |
| |
|
|
|
|
| 25.1 |
|
Form T-1 Statement of Eligibility of Trustee |
|
To be filed as an exhibit to a Current Report on Form 8-K or pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939 under the electronic form type “305(b)(2)” and incorporated herein by reference pursuant to the requirements of Item 601(b)(2) of Regulation S-K under the Exchange Act. |
| |
|
|
|
|
| 107 |
|
Filing Fee Table |
|
Filed herewith |
Item 17. Undertakings
| (a) | The undersigned registrant hereby undertakes: |
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
| (i) | To include any prospectus required by section 10(a)(3) of the Securities Act; |
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation
of Registration Fee” table in the effective registration statement;
(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;
provided, however, that paragraphs (1)(i), (1)(ii) and
(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Exchange
Act 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.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
the termination of the offering.
(4) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities, in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to
Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;
(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and
(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b)
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the registrant’s annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing
of an employee benefit plan’s annual report pursuant to section 15(d) of the Exchange) 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.
(c)
The undersigned registrant hereby undertakes to supplement the prospectus, after the expiration of the subscription period, to
set forth the results of the subscription offer, the transactions by the underwriters during the subscription period, the amount of unsubscribed
securities to be purchased by the underwriters, and the terms of any subsequent reoffering thereof. If any public offering by the underwriters
is to be made on terms differing from those set forth on the cover page of the prospectus, a post-effective amendment will be filed to
set forth the terms of such offering.
(d)
The undersigned registrant hereby undertakes that:
(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it
was declared effective.
(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.
(3) For the purpose of determining liability under the Securities Act to any purchaser if the registrant is relying on Rule 430B: (A)
each prospectus filed pursuant to Rule 424(b)(3) shall be deemed to be part of this registration statement as of the date the filed prospectus
was deemed part of and included in this registration statement; and (B) each prospectus required to be filed pursuant to Rule 424(b)(2),
(b)(5), or (b)(7) as part of this registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i),
(vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part
of and included in this 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 registrant and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of
the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made
in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time
of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document immediately prior to such effective date.
(e) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.
(f) The
undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act
under subsection (a) of section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission
under section 305(b)(2) of the Act.
SIGNATURES
Pursuant to the requirement of the Securities Act, the Registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Rockaway, State of New Jersey, on this
24th day of January 2025.
| ELECTROCORE, INC. |
|
| |
|
| By: |
/s/ Joshua S. Lev |
|
| |
Joshua S. Lev |
|
| |
Chief Financial Officer |
|
POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints
Daniel S. Goldberger and Joshua S. Lev, and each of them, as his/her true and lawful attorney-in-fact and agent, each acting alone, with
full power of substitution and resubstitution, for him/her and in his/her name, place and stead, in any and all capacities, to sign any
or all amendments (including post-effective amendments and any additional registration statement related hereto permitted by Rule 402
under the Securities Act (and any further amendments, including post-effective amendments thereto)) this Registration Statement on Form
S-3, and to file the same, with all exhibits thereto, and all 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 purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements
of the Securities Act, this Registration Statement has been signed by the following persons
in the capacities and on the dates indicated below.
| Signature |
|
Capacity |
|
Date |
| |
|
|
|
|
| /s/ Daniel S. Goldberger |
|
|
|
|
| Daniel S. Goldberger |
|
Chief Executive Officer and Director (Principal Executive Officer) |
|
January 24, 2025 |
| |
|
|
|
|
| /s/ Joshua S. Lev |
|
|
|
|
| Joshua S. Lev |
|
Chief Financial Officer (Principal Financial and Accounting Officer) |
|
January 24, 2025 |
| |
|
|
|
|
| /s/ F. Peter Cuneo |
|
|
|
|
| F. Peter Cuneo |
|
Chairman of the Board |
|
January 24, 2025 |
| |
|
|
|
|
| /s/ Thomas J. Errico, M.D. |
|
|
|
|
| Thomas J. Errico, M.D. |
|
Director |
|
January 24, 2025 |
| |
|
|
|
|
| /s/ John P. Gandolfo |
|
|
|
|
| John P. Gandolfo |
|
Director |
|
January 24, 2025 |
| |
|
|
|
|
| /s/ Julie A. Goldstein |
|
|
|
|
| Julie A. Goldstein |
|
Director |
|
January 24, 2025 |
| |
|
|
|
|
| /s/ Thomas M. Patton |
|
|
|
|
| Thomas M. Patton |
|
Director |
|
January 24, 2025 |
| |
|
|
|
|
| /s/ Charles S. Theofilos, M.D. |
|
|
|
|
| Charles S. Theofilos, M.D. |
|
Director |
|
January 24, 2025 |
| |
|
|
|
|
| /s/ Patricia Wilber |
|
|
|
|
| Patricia Wilber |
|
Director |
|
January 24, 2025 |
II-8
Exhibit 4.6
ELECTROCORE, INC.
and
______________________________.
as Trustee
INDENTURE
Dated as of ,
Senior Debt Securities
ELECTROCORE, INC.
Reconciliation and tie between Trust Indenture
Act of 1939 and
Indenture, dated as of ,
| |
|
|
|
|
| Section 310(a) (1) |
|
|
7.10 |
|
| |
|
| (a) (2) |
|
|
7.10 |
|
| |
|
| (a) (3) |
|
|
Not Applicable |
|
| |
|
| (a) (4) |
|
|
Not Applicable |
|
| |
|
| (a) (5) |
|
|
7.10 |
|
| |
|
| (b) |
|
|
7.10 |
|
| |
|
| Section 311(a) |
|
|
7.11 |
|
| |
|
| (b) |
|
|
7.11 |
|
| |
|
| (c) |
|
|
Not Applicable |
|
| |
|
| Section 312(a) |
|
|
2.6 |
|
| |
|
| (b) |
|
|
10.3 |
|
| |
|
| (c) |
|
|
10.3 |
|
| |
|
| Section 313(a) |
|
|
7.6 |
|
| |
|
| (b) (1) |
|
|
7.6 |
|
| |
|
| (b) (2) |
|
|
7.6 |
|
| |
|
| (c) (1) |
|
|
7.6 |
|
| |
|
| (d) |
|
|
7.6 |
|
| |
|
| Section 314(a) |
|
|
4.2, 10.5 |
|
| |
|
| (b) |
|
|
Not Applicable |
|
| |
|
| (c) (1) |
|
|
10.4 |
|
| |
|
| (c) (2) |
|
|
10.4 |
|
| |
|
| (c) (3) |
|
|
Not Applicable |
|
| |
|
| (d) |
|
|
Not Applicable |
|
| |
|
| (e) |
|
|
10.5 |
|
| |
|
| (f) |
|
|
Not Applicable |
|
| |
|
| Section 315(a) |
|
|
7.1 |
|
| |
|
| (b) |
|
|
7.5 |
|
| |
|
| (c) |
|
|
7.1 |
|
| |
|
| (d) |
|
|
7.1 |
|
| |
|
| (e) |
|
|
6.14 |
|
| |
|
| Section 316(a) |
|
|
2.10 |
|
| |
|
| (a) (1)(A) |
|
|
6.12 |
|
| |
|
| (a) (1)(B) |
|
|
6.13 |
|
| |
|
| (b) |
|
|
6.8 |
|
| Section 317(a)(1) |
|
|
6.3 |
|
| |
|
| (a)(2) |
|
|
6.4 |
|
| |
|
| (b) |
|
|
2.5 |
|
| |
|
| Section 318(a) |
|
|
10.1 |
|
Note: This reconciliation and tie shall not, for any purpose, be deemed
to be part of the Indenture.
TABLE OF CONTENTS
Page no
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE |
1 |
| |
|
|
|
| |
Section 1.1 |
Definitions. |
1 |
| |
Section 1.2 |
Other Definitions. |
4 |
| |
Section 1.3 |
Incorporation by Reference of Trust Indenture Act. |
4 |
| |
Section 1.4 |
Rules of Construction. |
5 |
| |
|
|
|
| ARTICLE II THE SECURITIES |
5 |
| |
|
|
|
| |
Section 2.1 |
Issuable in Series. |
5 |
| |
Section 2.2 |
Establishment of Terms of Series of Securities. |
5 |
| |
Section 2.3 |
Execution and Authentication. |
7 |
| |
Section 2.4 |
Agents. |
8 |
| |
Section 2.5 |
Paying Agent to Hold Money in Trust. |
9 |
| |
Section 2.6 |
Securityholder Lists. |
9 |
| |
Section 2.7 |
Transfer and Exchange. |
9 |
| |
Section 2.8 |
Mutilated, Destroyed, Lost and Stolen Securities. |
9 |
| |
Section 2.9 |
Outstanding Securities. |
10 |
| |
Section 2.10 |
Treasury Securities. |
10 |
| |
Section 2.11 |
Temporary Securities. |
11 |
| |
Section 2.12 |
Cancellation. |
11 |
| |
Section 2.13 |
Defaulted Interest. |
11 |
| |
Section 2.14 |
Global Securities. |
11 |
| |
Section 2.15 |
CUSIP Numbers. |
13 |
| |
|
|
|
| ARTICLE III REDEMPTION |
13 |
| |
|
|
|
| |
Section 3.1 |
Notice to Trustee. |
13 |
| |
Section 3.2 |
Selection of Securities to be Redeemed. |
13 |
| |
Section 3.3 |
Notice of Redemption. |
14 |
| |
Section 3.4 |
Effect of Notice of Redemption. |
14 |
| |
Section 3.5 |
Deposit of Redemption Price. |
14 |
| |
Section 3.6 |
Securities Redeemed in Part. |
15 |
| |
|
|
|
| ARTICLE IV COVENANTS |
15 |
| |
|
|
|
| |
Section 4.1 |
Payment of Principal and Interest. |
15 |
| |
Section 4.2 |
SEC Reports. |
15 |
| |
Section 4.3 |
Compliance Certificate. |
15 |
| |
Section 4.4 |
Corporate Existence. |
15 |
| |
Section 4.5 |
Taxes. |
16 |
| |
|
|
|
| ARTICLE V SUCCESSORS |
16 |
| |
|
|
|
| |
Section 5.1 |
When Company May Merge, Etc. |
16 |
| |
Section 5.2 |
Successor Corporation Substituted. |
16 |
| |
|
|
|
| ARTICLE VI DEFAULTS AND REMEDIES |
17 |
| |
|
|
|
| |
Section 6.1 |
Events of Default. |
17 |
| |
Section 6.2 |
Acceleration of Maturity; Rescission and Annulment. |
18 |
| |
Section 6.3 |
Collection of Indebtedness and Suits for Enforcement by Trustee. |
18 |
| |
Section 6.4 |
Trustee May File Proofs of Claim. |
19 |
| |
Section 6.5 |
Trustee May Enforce Claims Without Possession of Securities. |
20 |
| |
Section 6.6 |
Application of Money Collected. |
20 |
| |
Section 6.7 |
Limitation on Suits. |
20 |
| |
Section 6.8 |
Unconditional Right of Holders to Receive Principal and Interest. |
21 |
| |
Section 6.9 |
Restoration of Rights and Remedies. |
21 |
| |
Section 6.10 |
Rights and Remedies Cumulative. |
21 |
| |
Section 6.11 |
Delay or Omission Not Waiver. |
21 |
| |
Section 6.12 |
Control by Holders. |
21 |
| |
Section 6.13 |
Waiver of Past Defaults. |
22 |
| |
Section 6.14 |
Undertaking for Costs. |
22 |
| |
|
|
|
| ARTICLE VII TRUSTEE |
22 |
| |
|
|
|
| |
Section 7.1 |
Duties of Trustee. |
22 |
| |
Section 7.2 |
Rights of Trustee. |
23 |
| |
Section 7.3 |
Individual Rights of Trustee. |
25 |
| |
Section 7.4 |
Trustee’s Disclaimer. |
25 |
| |
Section 7.5 |
Notice of Defaults. |
25 |
| |
Section 7.6 |
Reports by Trustee to Holders. |
26 |
| |
Section 7.7 |
Compensation and Indemnity. |
26 |
| |
Section 7.8 |
Replacement of Trustee. |
27 |
| |
Section 7.9 |
Successor Trustee by Merger, etc. |
28 |
| |
Section 7.10 |
Eligibility; Disqualification. |
28 |
| |
Section 7.11 |
Preferential Collection of Claims Against Company. |
28 |
| |
|
|
|
| ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE |
28 |
| |
|
|
|
| |
Section 8.1 |
Satisfaction and Discharge of Indenture. |
28 |
| |
Section 8.2 |
Application of Trust Funds; Indemnification. |
29 |
| |
Section 8.3 |
Legal Defeasance of Securities of any Series. |
29 |
| |
Section 8.4 |
Covenant Defeasance. |
31 |
| |
Section 8.5 |
Repayment to Company. |
32 |
| |
Section 8.6 |
Reinstatement. |
32 |
| |
|
|
|
| ARTICLE IX AMENDMENTS AND WAIVERS |
32 |
| |
|
|
|
| |
Section 9.1 |
Without Consent of Holders. |
32 |
| |
Section 9.2 |
With Consent of Holders. |
33 |
| |
Section 9.3 |
[Reserved] |
34 |
| |
Section 9.4 |
Compliance with Trust Indenture Act. |
34 |
| |
Section 9.5 |
Revocation and Effect of Consent. |
34 |
| |
Section 9.6 |
Notation on or Exchange of Securities. |
34 |
| |
Section 9.7 |
Trustee Protected. |
34 |
| |
|
|
|
| ARTICLE X MISCELLANEOUS |
34 |
| |
|
|
|
| |
Section 10.1 |
Trust Indenture Act Controls. |
34 |
| |
Section 10.2 |
Notices. |
35 |
| |
Section 10.3 |
Communication by Holders with Other Holders. |
36 |
| |
Section 10.4 |
Certificate and Opinion as to Conditions Precedent. |
36 |
| |
Section 10.5 |
Statements Required in Certificate or Opinion. |
36 |
| |
Section 10.6 |
Rules by Trustee and Agents. |
37 |
| |
Section 10.7 |
Legal Holidays. |
37 |
| |
Section 10.8 |
No Recourse Against Others. |
37 |
| |
Section 10.9 |
Counterparts. |
37 |
| |
Section 10.10 |
Governing Laws; Waiver of Jury Trial; Submission to Jurisdiction.. |
37 |
| |
Section 10.11 |
No Adverse Interpretation of Other Agreements. |
38 |
| |
Section 10.12 |
Successors. |
38 |
| |
Section 10.13 |
Severability. |
38 |
| |
Section 10.14 |
Table of Contents, Headings, Etc. |
38 |
| |
Section 10.15 |
Force Majeure. |
38 |
| |
|
|
|
| ARTICLE XI SINKING FUNDS |
38 |
| |
|
|
|
| |
Section 11.1 |
Applicability of Article. |
38 |
| |
Section 11.2 |
Satisfaction of Sinking Fund Payments with Securities. |
39 |
| |
Section 11.3 |
Redemption of Securities for Sinking Fund. |
39 |
INDENTURE, dated as of , between electroCore, Inc., a Delaware corporation
(the “Company”), and _______________, as trustee (the “Trustee”).
Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.
ARTICLE
I
DEFINITIONS AND INCORPORATION BY REFERENCE
“Additional Amounts” 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.
“Affiliate” 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, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities
or by agreement or otherwise.
“Agent” means any Registrar,
Paying Agent, Service Agent or authenticating agent.
“Authorized Newspaper” means
a newspaper in an official language of the country of publication customarily published at least once a day for at least five days in
each calendar week and of general circulation in the place in connection with which the term is used. If it shall be impractical to make
any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made
or given by the Trustee shall constitute a sufficient publication of such notice.
“Bearer” means anyone in possession
from time to time of a Bearer Security.
“Board of Directors” means the
Board of Directors of the Company or any duly authorized committee thereof.
“Board Resolution” means a copy
of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or
pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to
the Trustee.
“Business Day” means, unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, any day
except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law,
regulation or executive order to close.
“Company” means the party named
as such above until a successor replaces it and thereafter means the successor.
“Company Order” means a written
order signed in the name of the Company by two Officers, one of whom must be the Company’s chief executive officer, chief financial
officer or principal accounting officer.
“Company Request” means a written
request signed in the name of the Company by its Chairman of the Board, a President or a Vice President, and by its Treasurer, an Assistant
Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.
“Corporate Trust Office” means
the office of the Trustee at which at any particular time its corporate trust business in _______________ shall be principally administered,
which office as of the date of this instrument is located at _____________________, except that with respect to presentation of Securities
for payment or for registration of transfer or exchange, such term shall mean the office or agency of the Trustee at which at any particular
time its corporate agency business shall be conducted, which office at the date of this instrument is located at _______________; Attention:
_______________, or, in the case of any of such offices or agency, such other address as the Trustee may designate from time to time by
notice to the Company.
“Default” means any event which
is, or after notice or passage of time or both would be, an Event of Default.
“Depositary” means, with respect
to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated
as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at
any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean
the Depositary with respect to the Securities of such Series.
“Discount Security” means any
Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.2.
“Dollars” means the currency
of The United States of America.
“ECU” means the European Currency
Unit as determined by the Commission of the European Union.
“Exchange Act” means the Securities
Exchange Act of 1934, as amended.
“Foreign Currency” means any
currency or currency unit issued by a government other than the government of The United States of America.
“Foreign Government Obligations”
means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that
issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations
of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable
or redeemable at the option of the issuer thereof.
“Global Security” or “Global
Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all
or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary
or nominee.
“Holder” or “Securityholder”
means a person in whose name a Security is registered or the holder of a Bearer Security.
“Indenture” means this Indenture
as amended from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.
“interest” with respect to any
Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.
“Maturity,” when used with respect
to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption,
notice of option to elect repayment or otherwise.
“Officer” means the Chairman
of the Board, any President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the
Company.
“Officers’ Certificate”
means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer
or principal accounting officer, and delivered to the Trustee.
“Opinion of Counsel” means a
written opinion of legal counsel who shall be acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.
“Person” means any individual,
corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.
“principal” of a Security means
the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.
“Responsible Officer” means,
with respect to the Trustee, any officer assigned to the Corporate Trust Division—Corporate Finance Unit (or any successor division
or unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration
of this Indenture, and for the purposes of the penultimate paragraph of Section 1.3, Section 7.1(c)(ii) and the second sentence of Section
7.5 shall also include any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.
“SEC” means the Securities and
Exchange Commission.
“Securities” means the debentures,
notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.
“Series” or “Series
of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections
2.1 and 2.2 hereof.
“Stated Maturity” when used
with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as
the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.
“Subsidiary” of any specified
Person means any corporation of which at least a majority of the outstanding stock having by the terms thereof ordinary voting power for
the election of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such
corporation shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly
owned by such Person, or by one or more other Subsidiaries, or by such Person and one or more other Subsidiaries.
“TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the
Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust
Indenture Act as so amended.
“Trustee” means the Person named
as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter
“Trustee” shall mean or include
each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with
respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.
“U.S. Government Obligations”
means securities which are (i) direct obligations of The United States of America 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 the payment of which is unconditionally guaranteed as a full faith and credit obligation by The United States of America, and
which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest
on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository
receipt.
| Section | 1.2 Other
Definitions. |
| TERM | |
DEFINED IN
SECTION |
| “Bankruptcy Law” | |
| 6.1 | |
| “Custodian” | |
| 6.1 | |
| “Event of Default” | |
| 6.1 | |
| “Legal Holiday” | |
| 10.7 | |
| “mandatory sinking fund payment” | |
| 11.1 | |
| “optional sinking fund payment” | |
| 11.1 | |
| “Paying Agent” | |
| 2.4 | |
| “Registrar” | |
| 2.4 | |
| “Service Agent” | |
| 2.4 | |
| “successor Person” | |
| 5.1 | |
| Section | 1.3 Incorporation
by Reference of Trust Indenture Act. |
Whenever this Indenture refers to a provision of
the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:
“Commission” means the SEC.
“indenture securities” means the Securities.
“indenture security holder” means a
Securityholder.
“indenture to be qualified” means this
Indenture.
“indenture trustee” or “institutional
trustee” means the Trustee.
“obligor” on the indenture securities
means the Company and any successor obligor upon the Securities.
All other terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein
are used herein as so defined.
| Section | 1.4 Rules of Construction. |
Unless the context otherwise requires:
| (a) | a term has the meaning assigned to it; |
| (b) | an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles; |
| (c) | references to “generally accepted accounting principles” shall mean generally accepted accounting principles in effect
as of the time when and for the period as to which such accounting principles are to be applied; |
| (d) | “or” is not exclusive; |
| (e) | words in the singular include the plural, and in the plural include the singular; |
| (f) | unless the context otherwise requires, any reference to an “Article,” a “Section” or an “Exhibit”
refers to an Article, a Section or an Exhibit, as the case may be, of this Indenture; |
| (g) | the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision; |
| (h) | words importing any gender include the other genders; and |
| (i) | provisions apply to successive events and transactions. |
ARTICLE
II
THE SECURITIES
| Section | 2.1 Issuable
in Series. |
The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities
of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution. In the case of Securities
of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture may provide for
the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to
be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally
and ratably entitled to the benefits of the Indenture.
| Section | 2.2 Establishment
of Terms of Series of Securities. |
At or prior to the issuance of any Securities within
a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities
within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.22) by a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate pursuant to authority granted under a Board Resolution:
| 2.2.1 | the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series); |
| 2.2.2 | the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued; |
| 2.2.3 | any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); |
| 2.2.4 | the date or dates on which the principal of the Securities of the Series is payable; |
| 2.2.5 | the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; |
| 2.2.6 | the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, or the method of
such payment, if by wire transfer, mail or other means; |
| 2.2.7 | if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities
of the Series may be redeemed, in whole or in part, at the option of the Company; |
| 2.2.8 | the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; |
| 2.2.9 | the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the
option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; |
| 2.2.10 | if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable; |
| 2.2.11 | the forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered form, whether the Securities
will be issuable as Global Securities); |
| 2.2.12 | if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; |
| 2.2.13 | the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited
to, the ECU, and if such currency of denomination is a composite currency other than the ECU, the agency or organization, if any, responsible
for overseeing such composite currency; |
| 2.2.14 | the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series will be made; |
| 2.2.15 | if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined; |
| 2.2.16 | the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined,
if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index; |
| 2.2.17 | the provisions, if any, relating to any security provided for the Securities of the Series; |
| 2.2.18 | if the holders of Securities of the Series may convert or exchange the Securities into or for securities of the Issuer or of other
entities or other property, the period or periods within which, the rate or rates at which and the terms and conditions upon which Securities
of the Series may be converted or exchanged, in whole or in part; |
| 2.2.19 | any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; |
| 2.2.20 | any addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series; |
| 2.2.21 | any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except
as permitted by Section 9.1, but which may modify or delete any provision of this Indenture insofar as it applies to such Series); and |
| 2.2.22 | any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of
such Series if other than those appointed herein. |
All Securities of any one Series need not be issued
at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any
Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board
Resolution, supplemental indenture or Officers’ Certificate.
| Section | 2.3 Execution
and Authentication. |
Two Officers shall sign the Securities for the
Company by manual or facsimile signature.
If an Officer whose signature is on a Security
no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.
A Security shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture.
The Trustee shall at any time, and from time to
time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto
or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery
pursuant to electronic instructions from the Company or its duly authorized agent or agents, which instructions shall be promptly confirmed
in writing. Each Security shall be dated the date of its authentication.
The aggregate principal amount of Securities of any Series outstanding
at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.
Prior to the issuance of Securities of any Series,
the Trustee shall have received and (subject to Section 7.2) shall be fully protected in conclusively relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within
that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying
with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4 and stating that (i) the form and terms of the Securities
have been established in conformity with the provisions of this Indenture, and (ii) such Securities, when authenticated and delivered
by the Trustee and issued by the Company in the manner and subject to any conditions specified therein, will constitute valid and binding
obligations of the Company enforceable in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium, or other laws relating to or affecting creditors’ rights and by general principles of equity.
The Trustee shall have the right to decline to
authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may
not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee
of or a committee of its Responsible Officers shall determine that such action would expose the Trustee to personal liability to Holders
of any then outstanding Series of Securities.
The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has
the same rights as an Agent to deal with the Company or an Affiliate.
The Company shall maintain, with respect to each
Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where
Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may
be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company
in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar shall keep a
register with respect to each Series of Securities and of their transfer and exchange. The Company will give prompt written notice to
the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Service Agent. If at any
time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee
with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.
The Company may also from time to time designate
one or more co-registrars, additional paying agents or additional service agents and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar,
Paying Agent and Service Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes and provided
further that there shall be only one registration book for a Series of Securities. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent
or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes
any additional paying agent; and the term “Service Agent” includes any additional service agent.
The Company hereby appoints the Trustee the initial
Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be,
is appointed prior to the time Securities of that Series are first issued.
| Section | 2.5 Paying
Agent to Hold Money in Trust. |
The Company shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities,
or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify
the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying
Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the
Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability
for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit
of Securityholders of any Series of Securities all money held by it as Paying Agent.
| Section | 2.6 Securityholder
Lists. |
The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities
and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least
ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of
such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.
| Section | 2.7 Transfer
and Exchange. |
Where Securities of a Series are presented to the
Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the
same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit
registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge
shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such
transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).
Neither the Company nor the Registrar shall be
required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business
fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending
at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected,
called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called
for redemption in part.
| Section | 2.8 Mutilated,
Destroyed, Lost and Stolen Securities. |
If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series
and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
If there shall be delivered to the Company and
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity 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 has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee
shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same
Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security.
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.
Every new Security of any Series issued pursuant
to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.
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.
| Section | 2.9 Outstanding
Securities. |
The Securities outstanding at any time are all
the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section
as not outstanding.
If a Security is replaced pursuant to Section 2.8,
it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.
If the Paying Agent (other than the Company, a
Subsidiary or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable
on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.
A Security does not cease to be outstanding because
the Company or an Affiliate holds the Security.
In determining whether the Holders of the requisite
principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder,
the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 6.2.
| Section | 2.10 Treasury Securities. |
In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver
Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether
the Trustee shall be protected in conclusively relying on any such request, demand, authorization, direction, notice, consent or waiver
only Securities of a Series that the Trustee knows are so owned shall be so disregarded.
| Section | 2.11 Temporary Securities. |
Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon request shall authenticate definitive Securities of the same Series
and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this
Indenture as the definitive Securities.
| Section | 2.12 Cancellation. |
The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement
or cancellation and shall dispose of such canceled Securities (subject to the record retention requirement of the Exchange Act) in accordance
with the Trustee’s then standard provisions and, upon the written request of the Company, deliver a certificate of such disposition
to the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation,
except as otherwise provided for in this Indenture.
| Section | 2.13 Defaulted Interest. |
If the Company defaults in a payment of interest
on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted
interest, to the Persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date
and payment date. At least 30 days before the record date, the Company shall mail to the Trustee and to each Securityholder of the Series
a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in
any other lawful manner.
| Section | 2.14 Global Securities. |
| 2.14.1 | Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary
for such Global Security or Securities. |
| 2.14.2 | Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition
thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of
Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary within 90 days of such event, (ii) the
Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable
or (iii) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing.
Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names
as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like
tenor and terms. |
Except as provided in this Section 2.14.2, a Global
Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary,
by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such a successor Depositary.
| 2.14.3 | Legend. Unless otherwise provided pursuant to Section 2.2, any Global Security issued hereunder shall bear a legend in substantially
the following form: |
“This Security is a Global Security within
the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary. This
Security is exchangeable for Securities registered in the name of a Person other than the Depositary or its nominee only in the limited
circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such a successor Depositary.”
| 2.14.4 | Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. |
| 2.14.5 | Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2,
payment of the principal of, premium, if any, and interest, if any, on any Global Security shall be made to the Holder thereof. |
| 2.14.6 | Consents, Declaration and Directions. With respect to a Global Security, the Depositary may be treated by the Company, the
Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Security for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee, from giving effect to
any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its agent
members, the operation of customary practices governing the exercise of the rights of a holder of any Note. |
Neither the Trustee nor any Agent shall have any
responsibility or obligation to any beneficial owner in a Global Security, any Depositary participant or other Person with respect to
the accuracy of the records of the Depositary or its nominee or of any Depositary participant, with respect to any ownership interest
in the Securities or with respect to the delivery to any Depositary participant, beneficial owner or other Person (other than the Depositary)
of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Securities. All notices
and communications to be given to the Securityholders and all payments to be made to Securityholders under the Securities and this Indenture
shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of
the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary subject to
the applicable procedures. The Trustee and each Agent shall be entitled to rely and shall be fully protected in relying upon information
furnished by the Depositary with respect to its members, participants and any beneficial owners. The Trustee and each Agent shall be entitled
to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Security for all purposes of this Indenture
relating to such Global Security (including the payment of principal, premium, if any, and interest and additional amounts, if any, and
the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the
sole holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Trustee nor any Agent
shall have any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Security, for the records
of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global Security, for any
transactions between the Depositary and any Depositary participant or between or among the Depositary, any such Depositary participant
and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such
Global Security.
Notwithstanding the foregoing, with respect to
any Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee from giving effect
to any written certification, proxy or other authorization furnished by any Depositary (or its nominee), as a Holder, with respect to
such Global Security or shall impair, as between such Depositary and owners of beneficial interests in such Global Security, the operation
of customary practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such Global Security.
| 2.14.7 | Trustee Protections. Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may
result from the transfer, exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or
applicable United States Federal or state securities law. |
Neither the Trustee nor any Agent shall have any
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary
participants, members or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and
other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof.
Neither the Trustee nor any Agent, nor any agent
thereof, shall have any responsibility for any actions taken or not taken by the Depositary.
| Section | 2.15 CUSIP Numbers. |
The Company in issuing the Securities may use CUSIP,
ISIN or other similar numbers (if then generally in use), and, if so, the Trustee shall use CUSIP, ISIN or other similar numbers in notices
of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only
on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission
of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP, ISIN or other similar numbers.
ARTICLE
III
REDEMPTION
| Section | 3.1 Notice
to Trustee. |
The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or
any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of
Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series
of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal
amount of Series of Securities to be redeemed. The Company shall give the notice at least 45 days before the redemption date (or such
shorter notice as may be acceptable to the Trustee).
| Section | 3.2 Selection
of Securities to be Redeemed. |
Unless otherwise indicated for a particular Series
by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, if less than all the Securities of a Series
are to be redeemed, the Notes shall be selected by lot, pro rata or by such other method that the Trustee deems fair and appropriate (provided
that, in the case of Global Notes, the Depositary may select beneficial interests in Global Notes for redemption pursuant to its applicable
procedures). The Notes shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of Notes
may be selected for redemption of the principal of Securities of the Series that have denominations larger than $1,000. Securities of
the Series and portions of them selected shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of
any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral
multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities
of that Series called for redemption.
| Section | 3.3 Notice
of Redemption. |
Unless otherwise indicated for a particular Series
by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 90 days before
a redemption date, the Company shall, by mail or, in the case of Global Securities, in accordance with the rules of the applicable Depositary,
give a notice of redemption to each Holder whose Securities are to be redeemed and if any Bearer Securities are outstanding, publish on
one occasion a notice in an Authorized Newspaper.
The notice shall identify the Securities of the
Series to be redeemed (including the CUSIP numbers thereof) and shall state:
| (c) | the name and address of the Paying Agent; |
| (d) | that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price; |
| (e) | that, unless the Company defaults in making such redemption payment or the Paying agent is prohibited from making such payment pursuant
to the terms of this Indenture, interest on Securities of the Series called for redemption ceases to accrue on and after the redemption
date |
| (f) | list the CUSIP number of the Securities and state that no representation is made as to the correctness or accuracy of the CUSIP number,
if any, listed in such notice or printed on the Securities; and |
| (g) | any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed. |
At the Company’s written request and provision of the form of
notice of redemption, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense.
| Section | 3.4 Effect
of Notice of Redemption. |
Once notice of redemption is mailed or published
as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption
price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption
price plus accrued interest to the redemption date.
| Section | 3.5 Deposit
of Redemption Price. |
On or before the redemption date, the Company shall
deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed
on that date.
| Section | 3.6 Securities
Redeemed in Part. |
Upon surrender of a Security that is redeemed in
part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount
to the unredeemed portion of the Security surrendered.
ARTICLE
IV
COVENANTS
| Section | 4.1 Payment
of Principal and Interest. |
The Company covenants and agrees for the benefit
of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities
of that Series in accordance with the terms of such Securities and this Indenture.
The Company shall file with the Trustee within
15 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports which the Company
is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company will cause quarterly and annual reports
which it makes available to its stockholders to be mailed to the Holders of each Series of Securities. Notwithstanding the foregoing,
the Company shall not be required to deliver to the Trustee any materials (i) for which the Company has sought and received confidential
treatment by the SEC, or (ii) filed by the Company which are available on the SEC’s Electronic Data Gathering, Analysis and Retrieval
System (EDGAR), it being agreed that all such filings shall be deemed to have been furnished to the Trustee for purposes of this Section
4.2 without any further action required by the Company. The Trustee shall have no obligation whatsoever to determine whether or not such
filings have been made. The Company also shall comply with the other provisions of TIA Section 314(a).
Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive
knowledge or notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).
| Section | 4.3 Compliance
Certificate. |
The Company shall deliver to the Trustee, within
105 days after the end of each fiscal year of the Company, a brief certificate signed by the principal executive officer, principal financial
officer or principal accounting officer of the Company, as to the signer’s knowledge of the Company’s compliance with all
conditions and covenants contained in this Indenture (determined without regard to any period of grace or requirement of notice provided
herein).
The Company will, so long as any of the Securities
are outstanding, deliver to the Trustee, forthwith upon, and in any event within 15 calendar days after, becoming aware of any Default
or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking
or proposes to take with respect thereto.
| Section | 4.4 Corporate
Existence. |
Subject to Article V, the Company will do or cause
to be done all things necessary to preserve and keep in full force and effect its corporate existence and the rights (charter and statutory),
licenses and franchises of the Company; provided, however, that the Company shall not be required to preserve any such right, license
or franchise, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business
of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.
The Company shall pay prior to delinquency all
taxes, assessments and governmental levies, except as contested in good faith and by appropriate proceedings.
ARTICLE
V
SUCCESSORS
| Section | 5.1 When
Company May Merge, Etc. |
The Company shall not consolidate with or merge
with or into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to, any Person (a “successor
Person”), unless:
either:
(1) the Company shall be
the surviving or continuing Person or (2)(a) the successor Person formed by or surviving such consolidation or into which the Company
is merged or the Person which acquires by conveyance, transfer or lease the properties and assets of the Company substantially as an entirety
shall expressly assume, by a supplemental indenture hereto, executed and delivered 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 all the Securities and the performance of every
covenant of this Indenture on the part of the Company to be performed or observed;
| (a) | immediately after giving effect to such transaction, no Default or Event of Default, shall have happened and be continuing; and |
| (b) | the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that each stating that
such consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, comply with this Article and that all
the proposed transaction and such supplemental indenture comply with this Indenture and that all conditions precedent herein provided
for relating to such transaction have been complied with. |
| Section | 5.2 Successor
Corporation Substituted. |
Upon any consolidation or merger, or any sale,
lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor
corporation formed by such consolidation or into or with which the Company is merged or to which such 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 has been named as the Company herein; provided, however, that the predecessor Company in the case of
a conveyance, transfer or lease shall not be released from its obligations under the Indenture and the Securities.
ARTICLE
VI
DEFAULTS AND REMEDIES
| Section | 6.1 Events
of Default. |
“Event of Default,” wherever used herein
with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental
indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:
| (a) | default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default
for a period of 90 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent
for payment of such interest prior to the expiration of such period of 90 days); or |
| (b) | default in the payment of the principal of any Security of that Series at its Maturity; or |
| (c) | default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or |
| (d) | default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty
that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues
uncured for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or |
| (e) | the Company pursuant to or within the meaning of any Bankruptcy Law: |
| (i) | commences a voluntary case, |
| (ii) | consents to the entry of an order for relief against it in an involuntary case, |
| (iii) | consents to the appointment of a Custodian of it or for all or substantially all of its property, |
| (iv) | makes a general assignment for the benefit of its creditors, or |
| (v) | generally is unable to pay its debts as the same become due; or |
| (f) | a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: |
| (i) | is for relief against the Company in an involuntary case, |
| (ii) | appoints a Custodian for the Company or for all or substantially all of its property, or |
| (iii) | orders the liquidation of the Company and the order or decree remains unstayed and in effect for 90 days; or |
| (g) | any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, in accordance with Section 2.2.19. |
The term “Bankruptcy Law” means title
11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.
| Section | 6.2 Acceleration
of Maturity; Rescission and Annulment. |
If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(e) or (f)) then
in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may
declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may
be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be
due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event
of Default specified in Section 6.1(e) or (f) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest,
if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder.
At any time after such a declaration of acceleration
with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee
as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by
written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:
| (a) | the Company has paid or deposited with the Trustee a sum sufficient to pay: |
| (i) | all overdue interest, if any, on all Securities of that Series, |
| (ii) | the principal of any Securities of that Series which have become due otherwise than by such declaration of acceleration and interest
thereon at the rate or rates prescribed therefor in such Securities, |
| (iii) | to the extent that payment of such interest is lawful, interest upon any overdue principal and overdue interest at the rate or rates
prescribed therefor in such Securities, and |
| (iv) | all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and |
| (b) | all Events of Default with respect to Securities of that Series, other than the non-payment of the principal of Securities of that
Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13. |
No such rescission shall affect any subsequent Default or impair any
right consequent thereon.
| Section | 6.3 Collection
of Indebtedness and Suits for Enforcement by Trustee. |
The Company covenants that if:
| (a) | default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues
for a period of 90 days, or |
| (b) | default is made in the payment of principal of any Security at the Maturity thereof, or |
| (c) | default is made in the deposit of any sinking fund payment when and as due by the terms of a Security, then, the Company will, upon
demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal
or any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel. |
If the Company fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Securities, wherever situated.
If an Event of Default with respect to any Securities
of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of
the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise
of any power granted herein, or to enforce any other proper remedy.
| Section | 6.4 Trustee
May File Proofs of Claim. |
In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,
| (a) | to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, fees, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed
in such judicial proceeding, and |
| (b) | to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, fees, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7. |
Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding.
| Section | 6.5 Trustee
May Enforce Claims Without Possession of Securities. |
All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.
| Section | 6.6 Application
of Money Collected. |
Any money collected by the Trustee pursuant to
this Article or, after an Event of Default, any money or other property distributable in respect of the Company’s obligations under
this Indenture shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of
such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully paid:
First: To the payment of all amounts due the Trustee
(including any predecessor trustee) under Section 7.7; and
Second: To the payment of the amounts then due
and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest,
respectively; and
Third: To the Company or as a court of competent
jurisdiction in a final non-appealable decision may direct.
| Section | 6.7 Limitation
on Suits. |
No Holder of any Security of any Series shall have
any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless:
| (a) | such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of
that Series; |
| (b) | 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; |
| (c) | such Holder or Holders have offered to the Trustee indemnity and/or security satisfactory to it in its sole discretion against the
costs, expenses and liabilities to be incurred in compliance with such request; |
| (d) | the Trustee for 90 days after its receipt of such notice, request and offer of indemnity and/or security has failed to institute any
such proceeding; and |
| (e) | no direction inconsistent with such written request has been given to the Trustee during such 90-day period by the Holders of a majority
in principal amount of the outstanding Securities of that Series; |
it being understood and intended that no one or
more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit
of all such Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to such Holders).
| Section | 6.8 Unconditional
Right of Holders to Receive Principal and Interest. |
Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest,
if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.
| Section | 6.9 Restoration
of Rights and Remedies. |
If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
| Section | 6.10 Rights and Remedies
Cumulative. |
Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.
| Section | 6.11 Delay or Omission
Not Waiver. |
No delay or omission of the Trustee or of any Holder
of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the
case may be.
| Section | 6.12 Control by Holders. |
The Holders of a majority in principal amount of
the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series,
provided that:
| (a) | such direction shall not be in conflict with any rule of law or with this Indenture or unduly prejudicial to the rights of other Holders
(it being understood that the Trustee shall be under no obligation to determine whether such direction is prejudicial to the rights of
other Holders), |
| (b) | the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and |
| (c) | subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee
in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability. |
| Section | 6.13 Waiver of Past
Defaults. |
Subject to Section 6.2, the Holders of not less
than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of
such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the
principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the
outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted
from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon.
| Section | 6.14 Undertaking for
Costs. |
All parties to this Indenture agree, and each Holder
of any Security by its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted
by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall
not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more
than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such
Security (or, in the case of redemption, on the redemption date).
ARTICLE
VII
TRUSTEE
| Section | 7.1 Duties
of Trustee. |
| (a) | In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it
by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances
in the conduct of his or her own affairs. |
| (b) | Except during the continuance of an Event of Default: |
| (i) | the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and |
| (ii) | in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but
need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). |
| (c) | The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that: |
| (i) | this paragraph does not limit the effect of paragraphs (b) or (g) of this Section; |
| (ii) | the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and |
| (iii) | The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities
of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series. |
| (d) | Every provision of this Indenture that in any way relates to the Trustee is subject to this Section. |
| (e) | The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity and/or security reasonably
satisfactory to it against any loss, liability, damage, claim or expense. |
| (f) | The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. |
| (g) | No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance
of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk is not reasonably assured to it. |
| (h) | The Agents shall be entitled to the protections and immunities as are set forth in this Article with respect to the Trustee. |
| Section | 7.2 Rights
of Trustee. |
Subject to the provisions of Section 601:
| (a) | The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. |
| (b) | Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate and/or an Opinion of Counsel. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. |
| (c) | The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission
by any Depositary. |
| (d) | The Trustee shall not be liable for any action it takes, suffers or omits to take in good faith which it believes to be authorized
or within its rights or powers. |
| (e) | 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. |
| (f) | The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security and/or indemnity satisfactory
to it in its sole discretion against the costs, expenses and liabilities which might be incurred by it in compliance with such request
or direction. |
| (g) | The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit, and, 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, at reasonable times during normal business hours, personally or by agent or attorney at the sole
cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. |
| (h) | The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian
and other Person employed to act hereunder. |
| (i) | In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action. |
| (j) | The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized to sign an
Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. |
| (k) | Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order] and
any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. |
| (l) | The permissive right of the Trustee to take or refrain from taking action hereunder shall not be construed as a duty. |
| (m) | Notwithstanding any other provision of this Agreement, the Trustee shall be entitled to make a deduction or withholding from any payment
which it makes under this Indenture for or on account of any present or future taxes, duties or charges if and to the extent so required
by any applicable law and any current or future regulations or agreements thereunder or official interpretations thereof or any law implementing
an intergovernmental approach thereto or by virtue of the relevant holder failing to satisfy any certification or other requirements in
respect of the Securities, in which event the Trustee shall make such payment after such withholding or deduction has been made and shall
account to the relevant authorities for the amount so withheld or deducted and shall have no obligation to gross up any payment hereunder
or pay any additional amount as a result of such withholding tax. |
In addition, the Trustee shall not be deemed to
have notice or be charged with knowledge of any Default or Event of Default unless written notice of such Default or Event of Default
from the Company or any Holders is received by a Responsible Officer of Trustee at its Corporate Trust Office in the manner set forth
in this Indenture , and such notice references the Securities and this Indenture. Delivery of reports, information and documents to the
Trustee under Section 4.2 is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall
not constitute actual or constructive knowledge or notice of any information contained therein, or determinable from information contained
therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively
on an Officers’ Certificate).
| Section | 7.3 Individual
Rights of Trustee. |
The Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate with the same rights it would have
if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.
| Section | 7.4 Trustee’s
Disclaimer. |
The Trustee makes no representation as to the validity
or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities,
and it shall not be responsible for any recital or statement contained herein and in the Securities other than its certificates of authentication,
and the Trustee or any Agent assumes no responsibility for their correctness. The Trustee shall not be responsible to make any calculation
with respect to any matter under this Indenture. The Trustee shall have no duty to monitor or investigate the Company’s compliance
with or the breach of, or cause to be performed or observed, any representation, warranty, or covenant, or agreement of any Person, other
than the Trustee, made in this Indenture.
| Section | 7.5 Notice
of Defaults. |
If a Default or Event of Default occurs and is
continuing with respect to the Securities of any Series and if it is known to the Trustee, the Trustee shall mail to each Securityholder
of the Securities of that Series and, if any Bearer Securities are outstanding, publish on one occasion in an Authorized Newspaper, notice
of a Default or Event of Default within 90 days after it occurs or, if later, after the Trustee has knowledge of such Default or Event
of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series,
the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Securityholders of that Series.
| Section | 7.6 Reports
by Trustee to Holders. |
Within 60 days after May 15 in each year commencing
May 15, , the Trustee shall transmit to all Securityholders, and, if any Bearer Securities are outstanding, publish in an Authorized Newspaper,
a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA Section 313.
A copy of each report at the time of its mailing
to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are listed.
The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.
| Section | 7.7 Compensation
and Indemnity. |
The Company shall pay to the Trustee from time
to time such compensation for its services as shall be agreed from time to time in writing. The Trustee’s compensation shall not
be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable
disbursements, advances and expenses incurred by the Trustee, including the reasonable compensation and expenses of the Trustee’s
agents and counsel and of all Persons not regularly in its employ.
The Company shall indemnify each of the Trustee
or any predecessor Trustee (including the cost of defending itself) for, and to hold them harmless against, any loss, liability, damage,
claim or expense , including fees and expenses of counsel, including taxes (other than taxes based upon, measured by or determined by
the income of the Trustee), incurred by them except as set forth in the next paragraph , arising out of or in connection with this Indenture,
the Securities of any Series, the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending
itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise
or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions of this Section. The Trustee shall
notify the Company promptly of any claim for which it may seek indemnity; provided, however, that the Trustee shall not incur any
liability it if fails to so notify and any failure by the Trustee to so notify the Company will not relieve the Company of its obligations
hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and
the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent,
which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and
agents of the Trustee.
The Company need not reimburse any expense or indemnify
against any loss, liability, damage, claim or expense incurred by the Trustee determined by a court of competent jurisdiction to have
been through its own gross negligence or willful misconduct.
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 money , property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest
on particular Securities of that Series.
In addition to, but without prejudice to its other
rights under this Indenture, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Sections 6.1(e) or (f), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services
are intended to constitute expenses of administration under any Bankruptcy Law.
“Trustee” for purposes of this Section
shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder
shall not affect the rights of any other Trustee hereunder.
The obligations of the Company in this Section
7.7 shall survive the termination for any reason of this Indenture, the satisfaction and discharge of this Indenture or resignation or
removal of the Trustee.
| Section | 7.8 Replacement
of Trustee. |
A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.
The Trustee may resign with respect to the Securities
of one or more Series by so notifying the Company. The Holders of a majority in principal amount of the Securities of any Series may remove
the Trustee with respect to that Series by so notifying the Trustee and the Company in writing. The Company may remove the Trustee with
respect to Securities of one or more Series if:
| (a) | the Trustee fails to comply with Section 7.10; |
| (b) | the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; |
| (c) | a Custodian or public officer takes charge of the Trustee or its property; or |
| (d) | the Trustee becomes incapable of acting. |
If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee
to replace the successor Trustee appointed by the Company.
If a successor Trustee with respect to the Securities
of any one or more Series does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of at least 10% in principal amount of the Securities of the applicable Series may petition any court of competent
jurisdiction for the appointment of a successor Trustee.
If the Trustee with respect to the Securities of
any one or more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall, upon payment of its
charges and all other amounts payable to it hereunder, transfer all property held by it as Trustee to the successor Trustee subject to
the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee
shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee
under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series and, if any
Bearer Securities are outstanding, publish such notice on one occasion in an Authorized Newspaper. Notwithstanding replacement of the
Trustee pursuant to this Section 7.8, the Company’s obligations under, and the lien provided for in, Section 7.7 hereof shall continue
for the benefit of the retiring trustee with respect to expenses and liabilities incurred by it prior to such replacement.
| Section | 7.9 Successor
Trustee by Merger, etc. |
If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another Person, the successor Person without any further
act shall be the successor Trustee.
| Section | 7.10 Eligibility; Disqualification. |
This Indenture shall always have a Trustee who
satisfies the requirements of TIA Section 310(a) (1), (2) and (5). The Trustee shall always have a combined capital and surplus of at
least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b);
provided, however, that there shall be excluded from the operation of Section 310(b)(i) of the TIA any Securities of any other series
or any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company
are outstanding if the requirements for such exclusion set forth in Section 310(b)(i) of the TIA are met. If the Trustee has or shall
acquire a conflicting interest within the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to the extent
and in the manner provided by, and subject to the provisions of, the TIA and this Indenture.
| Section | 7.11 Preferential Collection
of Claims Against Company. |
The Trustee is subject to TIA Section 311(a), excluding
any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a)
to the extent indicated.
ARTICLE
VIII
SATISFACTION AND DISCHARGE; DEFEASANCE
| Section | 8.1 Satisfaction
and Discharge of Indenture. |
This Indenture shall upon Company Order cease to
be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture, when:
| (i) | all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have
been replaced or paid) have been delivered to the Trustee for cancellation; or |
| (ii) | all such Securities not theretofore delivered to the Trustee for cancellation: |
| (1) | have become due and payable, or |
| (2) | will become due and payable at their Stated Maturity within one year, or |
| (3) | are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, or |
| (4) | are deemed paid and discharged pursuant to Section 8.3, as applicable; |
and the Company, in the case of (1), (2) or (3) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust an amount sufficient, without reinvestment, for the purpose of paying
and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and
interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit)
or to the Stated Maturity or redemption date, as the case may be;
| (b) | the Company has paid or caused to be paid all other sums payable hereunder by the Company; and |
| (c) | the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. |
Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause
(a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall survive.
| Section | 8.2 Application
of Trust Funds; Indemnification. |
| (a) | Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government
Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the
Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3
or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee
or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4. |
| (b) | The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect
of such obligations other than any payable by or on behalf of Holders. |
| (c) | The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign
Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which are then in excess of the amount thereof which then
would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations
or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or
Foreign Government Obligations held under this Indenture. |
| Section | 8.3 Legal
Defeasance of Securities of any Series. |
Unless this Section 8.3 is otherwise specified,
pursuant to Section 2.2.21, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the
entire indebtedness on all the outstanding Securities of such Series on the 91st day after the date of the deposit referred to in subparagraph
(d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect
(and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same), except
as to:
| (a) | the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment
of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity
of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the
Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the
Securities of such Series; |
| (b) | the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and |
| (c) | the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied: |
| (d) | the Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities
(i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then
be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest
and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability
will be imposed on such Trustee), not later than one Business Day before the due date of any payment of money, an amount in cash and/or
U.S. Government Obligations and/or Foreign Government Obligations, as applicable, sufficient, without reinvestment, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on
all the Securities of such Series on the dates such installments of interest or principal are due; |
| (e) | such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound; |
| (f) | no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of
such deposit or during the period ending on the 91st day after such date; |
| (g) | the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution
of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; |
| (h) | the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of the Securities of such Series over any other creditors of the company or with the intent
of defeating, hindering, delaying or defrauding any other creditors of the Company; |
| (i) | such deposit shall not result in the trust arising from such deposit constituting an investment company (as defined in the Investment
Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and |
| (j) | the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with. |
| Section | 8.4 Covenant
Defeasance. |
Unless this Section 8.4 is otherwise specified
pursuant to Section 2.2.21 to be inapplicable to Securities of any Series, on and after the 91st day after the date of the deposit referred
to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.2, 4.3,
4.4, 4.5, 4.6, and 5.1 as well as any additional covenants contained in a supplemental indenture hereto for a particular Series of Securities
or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.21 (and the failure to comply with any such
covenants shall not constitute a Default or Event of Default under Section 6.1) and the occurrence of any event described in clause (e)
of Section 6.1 shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that
the following conditions shall have been satisfied:
| (a) | With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section
8.2(c) ) with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders
of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies
as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment
of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient,
in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such
Series on the dates such installments of interest or principal are due; |
| (b) | Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound; |
| (c) | No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of
such deposit or during the period ending on the 91st day after such date; |
| (d) | the Company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of such Series will
not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had
not occurred; |
| (e) | the Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by the Company with
the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company; and |
| (f) | The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the defeasance contemplated by this Section have been complied with. |
| Section | 8.5 Repayment
to Company. |
The Trustee and the Paying Agent shall pay to the
Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two years or such other
shorter period set forth in applicable escheat or abandoned or unclaimed property law. After that, Securityholders entitled to the money
must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person.
| Section | 8.6 Reinstatement. |
If the Trustee or Paying Agent is unable to apply
any money or U.S. Government Obligations in accordance with Sections 8.1, 8.3 or 8.4, as the case may be, by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.1, 8.3 or 8.4, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such
money or U.S. Government Obligations in accordance with Section 8.1, 8.3 or 8.4, as the case may be; provided, however, that if the Company
makes any payment of principal of, premium, if any, or interest on any Securities because of reinstatement of its obligations, the Company
shall be subrogated to the rights of the holders of such Securities to receive such payment from the money or U.S. Government Obligations
held by the Trustee or Paying Agent.
ARTICLE
IX
AMENDMENTS AND WAIVERS
| Section | 9.1 Without
Consent of Holders. |
The Company and the Trustee may amend this Indenture
or the Securities of one or more Series without the consent of any Securityholder:
| (a) | to cure any ambiguity, defect, mistake or inconsistency; |
| (b) | to comply with Article V; |
| (c) | to provide for uncertificated Securities in addition to or in place of certificated Securities; |
| (d) | to make any change that does not adversely affect the rights of any Securityholder in any material respect; |
| (e) | to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture; |
| (f) | to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee; or |
| (g) | to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA. |
After any amendment under this Article becomes
effective, the Company shall mail to the Securityholders a notice briefly describing such amendment; provided, however, that the failure
to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of any amendment under this
Article.
| Section | 9.2 With
Consent of Holders. |
The Company and the Trustee may enter into a supplemental
indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series
affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities
of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided
in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such
waiver by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.
Without the consent of each Securityholder affected,
an amendment or waiver may not:
| (a) | change the amount of Securities whose Holders must consent to an amendment, supplement or waiver; |
| (b) | reduce the rate of or extend the time for payment of interest (including default interest) on any Security; |
| (c) | reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment
of any sinking fund or analogous obligation; |
| (d) | reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof; |
| (e) | waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of
acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of
such Series and a waiver of the payment default that resulted from such acceleration); |
| (f) | make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security; |
| (g) | make any change in Sections 6.8, 6.13, 9.2, 10.15 or 10.16; or |
| (h) | waive a redemption payment with respect to any Security or change any of the provisions with respect to the redemption of any Securities. |
It shall not be necessary for the consent of the
Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall
be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this Section becomes effective,
the Company shall mail to the Holders of Securities affected thereby and, if any Bearer Securities affected thereby are outstanding, publish
on one occasion in an Authorized Newspaper, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company
to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture or waiver.
After any amendment under this Article becomes effective, the Company
shall mail to the Securityholders a notice briefly describing such amendment; provided, however, that the failure to give such notice
to all Securityholders, or any defect therein, shall not impair or affect the validity of any amendment under this Article.
| Section | 9.4 Compliance
with Trust Indenture Act. |
Every amendment to this Indenture or the Securities
of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect
| Section | 9.5 Revocation
and Effect of Consent. |
Until an amendment or waiver becomes effective,
a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of
a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any
Security. However, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security if the Trustee
receives the notice of revocation before the date the amendment or waiver becomes effective.
Any amendment or waiver once effective shall bind
every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through
(g) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.
| Section | 9.6 Notation
on or Exchange of Securities. |
The Trustee may place an appropriate notation about
an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may
issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver.
| Section | 9.7 Trustee
Protected. |
In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall receive, and (subject to Section 7.1) shall be fully protected in conclusively relying upon, an Officers’ Certificate
and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an
Opinion of Counsel to the effect that such supplemental indenture is enforceable against the Company in accordance with its terms, subject
to then customary exceptions. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights.
ARTICLE
X
MISCELLANEOUS
| Section | 10.1 Trust Indenture
Act Controls. |
If any provision of this Indenture limits, qualifies,
or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision
shall control.
Any notice or communication by the Company or the
Trustee to the other is duly given if in writing and delivered in person or mailed by first-class mail:
if to the Company:
electroCore, Inc.
200 Forge Way, Suite 205
Rockaway, NJ, 07866
Attention: Joshua S. Lev, Chief Financial Officer
if to the Trustee:
_____________________
_____________________
_____________________
Attention: _________________________
The Company or the Trustee by notice to the other
may designate additional or different addresses for subsequent notices or communications.
If a notice or communication is mailed or delivered
in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except in the case
of notices or communications given to the Trustee, which shall be effective only upon actual receipt by the Trustee at its Corporate Trust
Office.
Any notice or communication to a Securityholder
shall be mailed by first-class mail to its address shown on the register kept by the Registrar and, if any Bearer Securities are outstanding,
published in an Authorized Newspaper. Failure to mail a notice or communication to a Securityholder of any Series or any defect in it
shall not affect its sufficiency with respect to other Securityholders of that or any other Series.
If a notice or communication is mailed or published
in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.
If the Company mails a notice or communication
to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.
“Electronic Means” shall mean the following
communications methods: S.W.I.F.T., e-mail, facsimile transmission, secure electronic transmission containing applicable authorization
codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for
use in connection with its services hereunder.
The Trustee shall have the right to accept and
act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture and delivered
using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with
the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers,
which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company
elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions,
the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee
cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions
that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by
such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the
Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable
user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall have no duty or obligation
to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or
directions on behalf of the Company; and the Trustee shall not be liable for any losses, liabilities, costs or expenses arising directly
or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or
are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic
Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions,
and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with
the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions
than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission
of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv)
to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.
| Section | 10.3 Communication
by Holders with Other Holders. |
Securityholders of any Series may communicate pursuant
to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture
or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA
Section 312(c).
| Section | 10.4 Certificate and
Opinion as to Conditions Precedent. |
Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:
| (a) | an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and |
| (b) | an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. |
| Section | 10.5 Statements Required
in Certificate or Opinion. |
Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall
include:
| (a) | a statement that the Person making such certificate or opinion has read such covenant or condition; |
| (b) | a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; |
| (c) | a statement that, in the opinion of such Person, such Person has made such examination or investigation as is necessary to enable
such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and |
| (d) | a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. |
| Section | 10.6 Rules by Trustee
and Agents. |
The Trustee may make reasonable rules for action
by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its
functions.
| Section | 10.7 Legal Holidays. |
Unless otherwise provided by Board Resolution,
Officers’ Certificate or supplemental indenture for a particular Series, a “Legal Holiday” is any day that is not a
Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day
that is not a Legal Holiday, and no interest shall accrue for the intervening period.
| Section | 10.8 No Recourse Against
Others. |
A director, officer, employee or stockholder, as
such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and
releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.
| Section | 10.9 Counterparts. |
This Indenture may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages
by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of
the parties hereto transmitted by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall be
deemed to be their original signatures for all purposes.
| Section | 10.10 Governing Laws; Waiver of
Jury Trial; Submission to Jurisdiction.. |
THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE.
EACH OF THE COMPANY AND THE TRUSTEE, AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.
THE COMPANY IRREVOCABLY CONSENTS AND SUBMITS, FOR
ITSELF AND IN RESPECT OF ANY OF ITS ASSETS OR PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK OR ANY
UNITED STATES FEDERAL COURT SITTING, IN EACH CASE, IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, NEW YORK, UNITED STATES OF AMERICA,
AND ANY APPELLATE COURT FROM ANY THEREOF IN ANY SUIT, ACTION OR PROCEEDING THAT MAY BE BROUGHT IN CONNECTION WITH THIS INDENTURE OR THE
SECURITIES, AND WAIVES ANY IMMUNITY FROM THE JURISDICTION OF SUCH COURTS. THE COMPANY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, ANY OBJECTION TO ANY SUCH SUIT, ACTION OR PROCEEDING THAT MAY BE BROUGHT IN SUCH COURTS WHETHER ON THE GROUNDS OF VENUE, RESIDENCE
OR DOMICILE OR ON THE GROUND THAT ANY SUCH SUIT, ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE COMPANY AGREES, TO
THE FULLEST EXTENT THAT IT LAWFULLY MAY DO SO, THAT FINAL JUDGMENT IN ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT SHALL
BE CONCLUSIVE AND BINDING UPON THE COMPANY, AND WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION TO THE ENFORCEMENT BY ANY
COMPETENT COURT IN THE COMPANY’S JURISDICTION OF ORGANIZATION OF JUDGMENTS VALIDLY OBTAINED IN ANY SUCH COURT IN NEW YORK ON THE
BASIS OF SUCH SUIT, ACTION OR PROCEEDING.
| Section | 10.11 No Adverse Interpretation
of Other Agreements. |
This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.
All agreements of the Company in this Indenture
and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.
| Section | 10.13 Severability. |
In case any provision in this Indenture or in the
Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.
| Section | 10.14 Table of Contents, Headings,
Etc. |
The Table of Contents, Cross Reference Table, and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
| Section | 10.15 Force Majeure. |
In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces
beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.
ARTICLE
XI
SINKING FUNDS
| Section | 11.1 Applicability
of Article. |
The provisions of this Article shall be applicable
to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security
of such Series issued pursuant to this Indenture.
The minimum amount of any sinking fund payment
provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and
any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.”
If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided
in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms
of the Securities of such Series.
| Section | 11.2 Satisfaction of
Sinking Fund Payments with Securities. |
The Company may, in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1)
deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously
called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is
applicable and which have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except
pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions
pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be
received by the Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on
which the process of selecting Securities for redemption begins, and shall be credited for such purpose at the price specified in such
Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.
If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of
Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need
not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment
shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee
or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being
held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company
having an unpaid principal amount equal to the cash payment required to be released to the Company.
| Section | 11.3 Redemption of
Securities for Sinking Fund. |
Not less than 45 days (unless otherwise indicated
in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series of Securities)
prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and
crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing
mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular
Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 3.3. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.
IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed as of the day and year first above written.
| |
ELECTROCORE, INC. |
| |
|
|
| |
By: |
|
| |
|
Name: |
| |
|
Title: |
| |
|
_______________________, as Trustee |
Exhibit 4.7
ELECTROCORE, INC.
and
_____________________________,
as Trustee
INDENTURE
Dated as of ____,_____
Subordinated Debt Securities
ELECTROCORE, INC.
Reconciliation and tie between Trust Indenture
Act of 1939 and
Indenture, dated as of ___,______
| Section 310(a) (1) |
|
|
7.10 |
|
| |
|
| (a) (2) |
|
|
7.10 |
|
| |
|
| (a) (3) |
|
|
Not Applicable |
|
| |
|
| (a) (4) |
|
|
Not Applicable |
|
| |
|
| (a) (5) |
|
|
7.10 |
|
| |
|
| (b) |
|
|
7.10 |
|
| |
|
| Section 311(a) |
|
|
7.11 |
|
| |
|
| (b) |
|
|
7.11 |
|
| |
|
| (c) |
|
|
Not Applicable |
|
| |
|
| Section 312(a) |
|
|
2.6 |
|
| |
|
| (b) |
|
|
10.3 |
|
| |
|
| (c) |
|
|
10.3 |
|
| |
|
| Section 313(a) |
|
|
7.6 |
|
| |
|
| (b) (1) |
|
|
7.6 |
|
| |
|
| (b) (2) |
|
|
7.6 |
|
| |
|
| (c) (1) |
|
|
7.6 |
|
| |
|
| (d) |
|
|
7.6 |
|
| |
|
| Section 314(a) |
|
|
4.2, 10.5 |
|
| |
|
| (b) |
|
|
Not Applicable |
|
| |
|
| (c) (1) |
|
|
10.4 |
|
| |
|
| (c) (2) |
|
|
10.4 |
|
| |
|
| (c) (3) |
|
|
Not Applicable |
|
| |
|
| (d) |
|
|
Not Applicable |
|
| |
|
| (e) |
|
|
10.5 |
|
| |
|
| (f) |
|
|
Not Applicable |
|
| |
|
| Section 315(a) |
|
|
7.1 |
|
| |
|
| (b) |
|
|
7.5 |
|
| |
|
| (c) |
|
|
7.1 |
|
| |
|
| (d) |
|
|
7.1 |
|
| |
|
| (e) |
|
|
6.14 |
|
| |
|
| Section 316(a) |
|
|
2.10 |
|
| |
|
| (a) (1)(a) |
|
|
6.12 |
|
| |
|
| (a) (1)(b) |
|
|
6.13 |
|
| |
|
| (b) |
|
|
6.8 |
|
| Section 317(a)(1) |
|
|
6.3 |
|
| |
|
| (a)(2) |
|
|
6.4 |
|
| |
|
| (b) |
|
|
2.5 |
|
| |
|
| Section 318(a) |
|
|
10.1 |
|
Note: This reconciliation and tie shall not, for any purpose, be deemed
to be part of the Indenture.
TABLE OF CONTENTS
PAGE
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE |
1 |
| |
|
|
|
| |
Section 1.1 |
Definitions. |
1 |
| |
Section 1.2 |
Other Definitions. |
5 |
| |
Section 1.3 |
Incorporation by Reference of Trust Indenture Act. |
5 |
| |
Section 1.4 |
Rules of Construction. |
6 |
| |
|
|
|
| ARTICLE II THE SECURITIES |
6 |
| |
|
|
|
| |
Section 2.1 |
Issuable in Series. |
6 |
| |
Section 2.2 |
Establishment of Terms of Series of Securities. |
7 |
| |
Section 2.3 |
Execution and Authentication. |
8 |
| |
Section 2.4 |
Agents. |
9 |
| |
Section 2.5 |
Paying Agent to Hold Money in Trust. |
10 |
| |
Section 2.6 |
Securityholder Lists. |
10 |
| |
Section 2.7 |
Transfer and Exchange. |
10 |
| |
Section 2.8 |
Mutilated, Destroyed, Lost and Stolen Securities. |
11 |
| |
Section 2.9 |
Outstanding Securities. |
11 |
| |
Section 2.10 |
Treasury Securities. |
12 |
| |
Section 2.11 |
Temporary Securities. |
12 |
| |
Section 2.12 |
Cancellation. |
12 |
| |
Section 2.13 |
Defaulted Interest. |
12 |
| |
Section 2.14 |
Global Securities. |
12 |
| |
Section 2.15 |
CUSIP Numbers. |
14 |
| |
|
|
|
| ARTICLE III REDEMPTION |
15 |
| |
|
|
|
| |
Section 3.1 |
Notice to Trustee. |
15 |
| |
Section 3.2 |
Selection of Securities to be Redeemed. |
15 |
| |
Section 3.3 |
Notice of Redemption. |
15 |
| |
Section 3.4 |
Effect of Notice of Redemption. |
16 |
| |
Section 3.5 |
Deposit of Redemption Price. |
16 |
| |
Section 3.6 |
Securities Redeemed in Part. |
16 |
| |
|
|
|
| ARTICLE IV COVENANTS |
16 |
| |
|
|
|
| |
Section 4.1 |
Payment of Principal and Interest. |
16 |
| |
Section 4.2 |
SEC Reports. |
16 |
| |
Section 4.3 |
Compliance Certificate. |
17 |
| |
Section 4.4 |
Corporate Existence. |
17 |
| |
Section 4.5 |
Taxes. |
17 |
| |
|
|
|
| ARTICLE V SUCCESSORS |
17 |
| |
|
|
|
| |
Section 5.1 |
When Company May Merge, Etc. |
17 |
| |
Section 5.2 |
Successor Corporation Substituted. |
18 |
| |
|
|
|
| ARTICLE VI DEFAULTS AND REMEDIES |
18 |
| |
|
|
|
| |
Section 6.1 |
Events of Default. |
18 |
| |
Section 6.2 |
Acceleration of Maturity; Rescission and Annulment. |
19 |
| |
Section 6.3 |
Collection of Indebtedness and Suits for Enforcement by Trustee. |
20 |
| |
Section 6.4 |
Trustee May File Proofs of Claim. |
20 |
| |
Section 6.5 |
Trustee May Enforce Claims Without Possession of Securities. |
21 |
| |
Section 6.6 |
Application of Money Collected. |
21 |
| |
Section 6.7 |
Limitation on Suits. |
21 |
| |
Section 6.8 |
Unconditional Right of Holders to Receive Principal and Interest. |
22 |
| |
Section 6.9 |
Restoration of Rights and Remedies. |
22 |
| |
Section 6.10 |
Rights and Remedies Cumulative. |
22 |
| |
Section 6.11 |
Delay or Omission Not Waiver. |
23 |
| |
Section 6.12 |
Control by Holders. |
23 |
| |
Section 6.13 |
Waiver of Past Defaults. |
23 |
| |
Section 6.14 |
Undertaking for Costs. |
23 |
| |
|
|
|
| ARTICLE VII TRUSTEE |
24 |
| |
|
|
|
| |
Section 7.1 |
Duties of Trustee. |
24 |
| |
Section 7.2 |
Rights of Trustee. |
25 |
| |
Section 7.3 |
Individual Rights of Trustee. |
26 |
| |
Section 7.4 |
Trustee’s Disclaimer. |
27 |
| |
Section 7.5 |
Notice of Defaults. |
27 |
| |
Section 7.6 |
Reports by Trustee to Holders. |
27 |
| |
Section 7.7 |
Compensation and Indemnity. |
27 |
| |
Section 7.8 |
Replacement of Trustee. |
28 |
| |
Section 7.9 |
Successor Trustee by Merger, etc. |
29 |
| |
Section 7.10 |
Eligibility; Disqualification. |
29 |
| |
Section 7.11 |
Preferential Collection of Claims Against Company. |
29 |
| |
|
|
|
| ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE |
29 |
| |
|
|
|
| |
Section 8.1 |
Satisfaction and Discharge of Indenture. |
29 |
| |
Section 8.2 |
Application of Trust Funds; Indemnification. |
30 |
| |
Section 8.3 |
Legal Defeasance of Securities of any Series. |
31 |
| |
Section 8.4 |
Covenant Defeasance. |
32 |
| |
Section 8.5 |
Repayment to Company. |
33 |
| |
Section 8.6 |
Reinstatement. |
33 |
| |
|
|
|
| ARTICLE IX AMENDMENTS AND WAIVERS |
33 |
| |
|
|
|
| |
Section 9.1 |
Without Consent of Holders. |
33 |
| |
Section 9.2 |
With Consent of Holders. |
34 |
| |
Section 9.3 |
[Reserved.] |
35 |
| |
Section 9.4 |
Compliance with Trust Indenture Act. |
35 |
| |
Section 9.5 |
Revocation and Effect of Consents. |
35 |
| |
Section 9.6 |
Notation on or Exchange of Securities. |
35 |
| |
Section 9.7 |
Trustee Protected. |
35 |
| |
|
|
|
| ARTICLE X MISCELLANEOUS |
36 |
| |
|
|
|
| |
Section 10.1 |
Trust Indenture Act Controls. |
36 |
| |
Section 10.2 |
Notices. |
36 |
| |
Section 10.3 |
Communication by Holders with Other Holders. |
37 |
| |
Section 10.4 |
Certificate and Opinion as to Conditions Precedent. |
37 |
| |
Section 10.5 |
Statements Required in Certificate or Opinion. |
38 |
| |
Section 10.6 |
Rules by Trustee and Agents. |
38 |
| |
Section 10.7 |
Legal Holidays. |
38 |
| |
Section 10.8 |
No Recourse Against Others. |
38 |
| |
Section 10.9 |
Counterparts. |
38 |
| |
Section 10.10 |
Governing Laws; Waiver of Jury Trial; Submission to Jurisdiction. |
38 |
| |
Section 10.11 |
No Adverse Interpretation of Other Agreements. |
39 |
| |
Section 10.12 |
Successors. |
39 |
| |
Section 10.13 |
Severability. |
39 |
| |
Section 10.14 |
Table of Contents, Headings, Etc. |
39 |
| |
Section 10.15 |
Force Majeure. |
39 |
| |
|
|
|
| ARTICLE XI SINKING FUNDS |
40 |
| |
|
|
|
| |
Section 11.1 |
Applicability of Article. |
40 |
| |
Section 11.2 |
Satisfaction of Sinking Fund Payments with Securities. |
40 |
| |
Section 11.3 |
Redemption of Securities for Sinking Fund. |
40 |
| |
|
|
|
| ARTICLE XII SUBORDINATION OF SECURITIES |
41 |
| |
|
|
|
| |
Section 12.1 |
Agreement of Subordination. |
41 |
| |
Section 12.2 |
Payments to Holders. |
41 |
| |
Section 12.3 |
Subrogation of Securities. |
43 |
| |
Section 12.4 |
Authorization to Effect Subordination. |
44 |
| |
Section 12.5 |
Notice to Trustee. |
44 |
| |
Section 12.6 |
Trustee’s Relation to Senior Indebtedness. |
45 |
| |
Section 12.7 |
No Impairment of Subordination. |
45 |
| |
Section 12.8 |
Article Applicable to Paying Agents. |
45 |
| |
Section 12.9 |
Senior Indebtedness Entitled to Rely. |
45 |
INDENTURE, dated as of , between electroCore, Inc., a Delaware corporation
(the “Company”), and _______________________________, as trustee (the “Trustee”).
Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.
ARTICLE I
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.1 Definitions.
“Additional Amounts” 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.
“Affiliate”
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, “control” (including, with correlative meanings,
the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether
through the ownership of voting securities or by agreement or otherwise.
“Agent” means any Registrar,
Paying Agent, Service Agent or authenticating agent.
“Authorized Newspaper” means
a newspaper in an official language of the country of publication customarily published at least once a day for at least five days in
each calendar week and of general circulation in the place in connection with which the term is used. If it shall be impractical to make
any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made
or given by the Trustee shall constitute a sufficient publication of such notice.
“Bearer” means anyone in possession
from time to time of a Bearer Security.
“Board of Directors” means the
Board of Directors of the Company or any duly authorized committee thereof.
“Board Resolution” means a copy
of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or
pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate, and delivered to
the Trustee.
“Business Day” means, unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, any day
except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law,
regulation or executive order to close.
“Company” means the party named
as such above until a successor replaces it and thereafter means the successor.
“Company Order” means a written
order signed in the name of the Company by two Officers, one of whom must be the Company’s chief executive officer, chief financial
officer or principal accounting officer.
“Company Request” means a written
request signed in the name of the Company by its Chairman of the Board, a President or a Vice President, and by its Treasurer, an Assistant
Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.
“Corporate Trust Office” means
the office of the Trustee at which at any particular time its corporate trust business in _________________ shall be principally administered,
which office as of the date of this instrument is located at ______________________, except that with respect to presentation of Securities
for payment or for registration of transfer or exchange, such term shall mean the office or agency of the Trustee at which at any particular
time its corporate agency business shall be conducted, which office at the date of this instrument is located at ___________________;
Attention: __________________, or, in the case of any of such offices or agency, such other address as the Trustee may designate from
time to time by notice to the Company.
“Default” means any event which
is, or after notice or passage of time or both would be, an Event of Default.
“Depositary” means, with respect
to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated
as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at
any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean
the Depositary with respect to the Securities of such Series.
“Designated Senior Indebtedness”
means any of our senior indebtedness that expressly provides that it is “designated senior indebtedness” for purposes of this
Indenture (provided that the instrument, agreement or other document creating or evidencing such Senior Indebtedness may place limitations
and conditions on the right of such Senior Indebtedness to exercise the rights of Designated Senior Indebtedness).
“Discount Security” means any
Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.2.
“Dollars” means the currency
of The United States of America.
“ECU” means the European Currency
Unit as determined by the Commission of the European Union.
“Exchange Act” means the Securities
Exchange Act of 1934, as amended.
“Foreign Currency” means any
currency or currency unit issued by a government other than the government of The United States of America.
“Foreign Government Obligations”
means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that
issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations
of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable
or redeemable at the option of the issuer thereof.
“Global Security” or “Global
Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all
or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary
or nominee.
“Holder” or “Securityholder”
means a person in whose name a Security is registered or the holder of a Bearer Security.
“indebtedness” means, with respect
to any person, and without duplication, (a) all indebtedness, obligations and other liabilities (contingent or otherwise) of such person
for borrowed money (including obligations of the Company in respect of overdrafts, foreign exchange contracts, currency exchange agreements,
interest rate protection agreements, and any loans or advances from banks, whether or not evidenced by notes or similar instruments) or
evidenced by bonds, debentures, notes or similar instruments (whether or not the recourse of the lender is to the whole of the assets
of such person or to only a portion thereof) (other than any account payable or other accrued current liability or obligation incurred
in the ordinary course of business in connection with the obtaining of materials or services), (b) all reimbursement obligations and other
liabilities (contingent or otherwise) of such person with respect to letters of credit, bank guarantees or bankers’ acceptances,
(c) all obligations and liabilities (contingent or otherwise) in respect of leases of such person required, in conformity with generally
accepted accounting principles, to be accounted for as capitalized lease obligations on the balance sheet of such person and all obligations
and all other obligations and liabilities, contingent or otherwise, as lessee under leases for facility equipment (and related assets
leased together with such equipment) and under any lease or related document (including a purchase agreement, conditional sale or other
title retention or synthetic lease agreement) in connection with the lease of real property or improvement thereon (or any personal property
included as part of any such lease) which provides that such Person is contractually obligated to purchase or cause a third party to purchase
the leased property or pay an agreed upon residual value of the leased property, including the obligations under such lease or related
document to purchase or cause a third party to purchase such leased property (whether or not such lease transaction is characterized as
an operating lease or a capitalized lease in accordance with GAAP) or pay an agreed upon residual value of the leased property to the
lessor; (d) all obligations of such person (contingent or otherwise) with respect to an interest rate or other swap, cap or collar agreement
or other similar instrument or agreement or foreign currency hedge, exchange, purchase or similar instrument or agreement, (e) all direct
or indirect guaranties or similar agreements by such person in respect of, and obligations or liabilities (contingent or otherwise) of
such person to purchase or otherwise acquire or otherwise assure a creditor against loss in respect of indebtedness, obligations or liabilities
of another person of the kind described in clauses (a) through (d), (f) any indebtedness or other obligations described in clauses (a)
through (e) secured by any mortgage, pledge, lien or other encumbrance existing on property which is owned or held by such person, regardless
of whether the indebtedness or other obligation secured thereby shall have been assumed by such person and (g) any and all refinancings,
replacements, deferrals, renewals, extensions and refundings of, or amendments, modifications or supplements to, any indebtedness, obligation
or liability of the kind described in clauses (a) through (f).
“Indenture” means this Indenture
as amended from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.
“interest” with respect to any
Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.
“Maturity,” when used with respect
to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption,
notice of option to elect repayment or otherwise.
“Officer” means the Chairman
of the Board, any President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the
Company.
“Officers’ Certificate”
means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer
or principal accounting officer, and delivered to the Trustee.
“Opinion of Counsel” means a
written opinion of legal counsel who shall be acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.
“Person” means any individual,
corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.
“principal” of a Security means
the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.
“Representative” means the (a)
indenture trustee or other trustee, agent or representative for any Senior Indebtedness or (b) with respect to any Senior Indebtedness
that does not have any such trustee, agent or other representative, (i) in the case of such Senior Indebtedness issued pursuant to an
agreement providing for voting arrangements as among the holders or owners of such Senior Indebtedness, any holder or owner of such Senior
Indebtedness acting with the consent of the required persons necessary to bind such holders or owners of such Senior Indebtedness and
(ii) in the case of all other such Senior Indebtedness, the holder or owner of such Senior Indebtedness.
“Responsible Officer” means,
with respect to the Trustee, any officer assigned to the Corporate Trust Division—Corporate Finance Unit (or any successor division
or unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration
of this Indenture, and for the purposes of the penultimate paragraph of Section 1.3, Section 7.1(c)(ii) and the second sentence of Section
7.5 shall also include any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.
“SEC” means the Securities and
Exchange Commission.
“Securities” means the debentures,
notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.
“Senior Indebtedness” means
the principal, premium, if any, interest, including any interest accruing after bankruptcy, and rent or termination payment on or other
amounts due on our current or future Indebtedness, whether created, incurred, assumed, guaranteed or in effect guaranteed by us, including
any deferrals, renewals, extensions, refundings, amendments, modifications or supplements to the above. However, Senior Indebtedness does
not include: (i) Indebtedness that expressly provides that it shall not be senior in right of payment to the Securities or expressly provides
that it is on the same basis or junior to the Securities; (ii) our indebtedness to any of our majority-owned subsidiaries; and (iii) the
Securities.
“Series” or “Series
of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections
2.1 and 2.2 hereof.
“Stated Maturity” when used
with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as
the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.
“Subsidiary” of any specified
Person means any corporation of which at least a majority of the outstanding stock having by the terms thereof ordinary voting power for
the election of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such
corporation shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly
owned by such Person, or by one or more other Subsidiaries, or by such Person and one or more other Subsidiaries.
“TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the
Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust
Indenture Act as so amended.
“Trustee” means the Person named
as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any
Series shall mean the Trustee with respect to Securities of that Series.
“U.S. Government Obligations”
means securities which are (i) direct obligations of The United States of America 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 the payment of which is unconditionally guaranteed as a full faith and credit obligation by The United States of America, and
which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest
on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository
receipt.
Section 1.2 Other Definitions.
| TERM | |
DEFINED IN
SECTION |
| “Bankruptcy Law” | |
| 6.1 | |
| “Custodian” | |
| 6.1 | |
| “Event of Default” | |
| 6.1 | |
| “Legal Holiday” | |
| 10.7 | |
| “mandatory sinking fund payment” | |
| 11.1 | |
| “optional sinking fund payment” | |
| 11.1 | |
| “Paying Agent” | |
| 2.4 | |
| “Payment Blockage Notice” | |
| 12.2 | |
| “Registrar” | |
| 2.4 | |
| “Service Agent” | |
| 2.4 | |
| “successor Person” | |
| 5.1 | |
Section 1.3 Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of
the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:
“Commission” means the SEC.
“indenture securities” means the Securities.
“indenture security holder” means a
Securityholder.
“indenture to be qualified” means this
Indenture.
“indenture trustee” or “institutional
trustee” means the Trustee.
“obligor” on the indenture securities
means the Company and any successor obligor upon the Securities.
All other terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein
are used herein as so defined.
Section 1.4 Rules of Construction.
Unless the context otherwise requires:
| (a) | a term has the meaning assigned to it; |
| (b) | an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles; |
| (c) | references to “generally accepted accounting principles” shall mean generally accepted accounting principles in effect
as of the time when and for the period as to which such accounting principles are to be applied; |
| (d) | “or” is not exclusive; |
| (e) | words in the singular include the plural, and in the plural include the singular; |
| (f) | unless the context otherwise requires, any reference to an “Article,” a “Section” or an “Exhibit”
refers to an Article, a Section or an Exhibit, as the case may be, of this Indenture; |
| (g) | the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision; |
| (h) | words importing any gender include the other genders; and |
| (i) | provisions apply to successive events and transactions. |
ARTICLE II
THE SECURITIES
Section 2.1 Issuable in Series.
The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities
of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution. In the case of Securities
of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture may provide for
the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to
be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally
and ratably entitled to the benefits of the Indenture but all Securities issued hereunder shall be subordinate and junior in right of
payment, to the extent and in the manner set forth in Article XII, to all Senior Indebtedness of the Company.
Section 2.2 Establishment of Terms of Series of Securities.
At or prior to the issuance of any Securities within
a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities
within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.22) by a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate pursuant to authority granted under a Board Resolution:
| 2.2.1 | the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series); |
| 2.2.2 | the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued; |
| 2.2.3 | any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); |
| 2.2.4 | the date or dates on which the principal of the Securities of the Series is payable; |
| 2.2.5 | the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; |
| 2.2.6 | the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, or the method of
such payment, if by wire transfer, mail or other means; |
| 2.2.7 | if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities
of the Series may be redeemed, in whole or in part, at the option of the Company; |
| 2.2.8 | the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; |
| 2.2.9 | the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the
option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; |
| 2.2.10 | if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable; |
| 2.2.11 | the forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered form, whether the Securities
will be issuable as Global Securities); |
| 2.2.12 | if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; |
| 2.2.13 | the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited
to, the ECU, and if such currency of denomination is a composite currency other than the ECU, the agency or organization, if any, responsible
for overseeing such composite currency; |
| 2.2.14 | the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series will be made; |
| 2.2.15 | if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined; |
| 2.2.16 | the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined,
if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index; |
| 2.2.17 | the provisions, if any, relating to any security provided for the Securities of the Series; |
| 2.2.18 | if the holders of Securities of the Series may convert or exchange the Securities into or for securities of the Issuer or of other
entities or other property, the period or periods within which, the rate or rates at which and the terms and conditions upon which Securities
of the Series may be converted or exchanged, in whole or in part; |
| 2.2.19 | any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; |
| 2.2.20 | any addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series; |
| 2.2.21 | any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except
as permitted by Section 9.1, but which may modify or delete any provision of this Indenture insofar as it applies to such Series); and |
| 2.2.22 | any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of
such Series if other than those appointed herein. |
All Securities of any one Series need not be issued
at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any
Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board
Resolution, supplemental indenture or Officers’ Certificate.
Section 2.3 Execution and Authentication.
Two Officers shall sign the Securities for the
Company by manual or facsimile signature.
If an Officer whose signature is on a Security
no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.
A Security shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture.
The Trustee shall at any time, and from time to
time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto
or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery
pursuant to electronic instructions from the Company or its duly authorized agent or agents, which instructions shall be promptly confirmed
in writing. Each Security shall be dated the date of its authentication.
The aggregate principal amount of Securities of
any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.
Prior to the issuance of Securities of any Series,
the Trustee shall have received and (subject to Section 7.2) shall be fully protected in conclusively relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within
that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying
with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4, and stating (i) that the form and terms of the Securities
have been established in conformity with the provisions of this Indenture, and (ii) that such Securities, when authenticated and delivered
by the Trustee and issued by the Company in the manner and subject to any conditions specified therein, will constitute valid and binding
obligations of the Company enforceable in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium, or other laws relating to or affecting creditors’ rights and by general principles of equity.
The Trustee shall have the right to decline to
authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may
not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee
of or a committee of its Responsible Officers shall determine that such action would expose the Trustee to personal liability to Holders
of any then outstanding Series of Securities.
The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has
the same rights as an Agent to deal with the Company or an Affiliate.
Section 2.4 Agents.
The Company shall maintain, with respect to each
Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where
Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may
be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company
in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar shall keep a
register with respect to each Series of Securities and of their transfer and exchange. The Company will give prompt written notice to
the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Service Agent. If at any
time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee
with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.
The Company may also from time to time designate
one or more co-registrars, additional paying agents or additional service agents and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar,
Paying Agent and Service Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes and provided
further that there shall be only one registration book for a Series of Securities. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent
or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes
any additional paying agent; and the term “Service Agent” includes any additional service agent.
The Company hereby appoints the Trustee the initial
Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be,
is appointed prior to the time Securities of that Series are first issued.
Section 2.5 Paying Agent to Hold Money in Trust.
The Company shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities,
or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify
the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying
Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the
Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability
for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit
of Securityholders of any Series of Securities all money held by it as Paying Agent.
Section 2.6 Securityholder Lists.
The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities
and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least
ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of
such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.
Section 2.7 Transfer and Exchange.
Where Securities of a Series are presented to the
Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the
same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit
registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge
shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such
transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).
Neither the Company nor the Registrar shall be
required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business
fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending
at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected,
called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called
for redemption in part.
Section 2.8 Mutilated, Destroyed, Lost and Stolen Securities.
If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series
and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
If there shall be delivered to the Company and
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity 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 has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee
shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same
Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security.
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.
Every new Security of any Series issued pursuant
to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.
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.
Section 2.9 Outstanding Securities.
The Securities outstanding at any time are all
the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section
as not outstanding.
If a Security is replaced pursuant to Section 2.8,
it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.
If the Paying Agent (other than the Company, a
Subsidiary or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable
on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.
A Security does not cease to be outstanding because
the Company or an Affiliate holds the Security.
In determining whether the Holders of the requisite
principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder,
the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 6.2.
Section 2.10 Treasury Securities.
In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver
Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether
the Trustee shall be protected in conclusively relying on any such request, demand, authorization, direction, notice, consent or waiver
only Securities of a Series that the Trustee knows are so owned shall be so disregarded.
Section 2.11 Temporary Securities.
Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon request shall authenticate definitive Securities of the same Series
and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this
Indenture as the definitive Securities.
Section 2.12 Cancellation.
The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement
or cancellation and shall dispose of such canceled Securities (subject to the record retention requirement of the Exchange Act) in accordance
with the Trustee’s then standard provisions and, upon the written request of the Company, deliver a certificate of such disposition
to the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation,
except as otherwise provided for in this Indenture.
Section 2.13 Defaulted Interest.
If the Company defaults in a payment of interest
on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted
interest, to the Persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date
and payment date. At least 30 days before the record date, the Company shall mail to the Trustee and to each Securityholder of the Series
a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in
any other lawful manner.
Section 2.14 Global Securities.
| 2.14.1 | Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary
for such Global Security or Securities. |
| 2.14.2 | Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition
thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of
Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary within 90 days of such event, (ii) the
Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable
or (iii) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing.
Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names
as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like
tenor and terms. |
Except as provided in this Section 2.14.2, a Global Security
may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a
nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such a successor Depositary.
| 2.14.3 | Legend. Unless otherwise provided pursuant to Section 2.2, any Global Security issued hereunder shall bear a legend in substantially
the following form: |
“This Security is a Global Security within the meaning
of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary. This Security
is exchangeable for Securities registered in the name of a Person other than the Depositary or its nominee only in the limited circumstances
described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee
of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary
or a nominee of such a successor Depositary.”
| 2.14.4 | Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. |
| 2.14.5 | Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2,
payment of the principal of, premium, if any, and interest, if any, on any Global Security shall be made to the Holder thereof. |
| 2.14.6 | Consents, Declaration and Directions. With respect to a Global Security, the Depositary may be treated by the Company, the
Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Security for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee, from giving effect to
any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its agent
members, the operation of customary practices governing the exercise of the rights of a holder of any Note. |
Neither the Trustee nor any Agent shall have any responsibility
or obligation to any beneficial owner in a Global Security, any Depositary participant or other Person with respect to the accuracy of
the records of the Depositary or its nominee or of any Depositary participant, with respect to any ownership interest in the Securities
or with respect to the delivery to any Depositary participant, beneficial owner or other Person (other than the Depositary) of any notice
(including any notice of redemption) or the payment of any amount, under or with respect to such Securities. All notices and communications
to be given to the Securityholders and all payments to be made to Securityholders under the Securities and this Indenture shall be given
or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of the Global Security).
The rights of beneficial owners in the Global Security shall be exercised only through the Depositary subject to the applicable procedures.
The Trustee and each Agent shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary
with respect to its members, participants and any beneficial owners. The Trustee and each Agent shall be entitled to deal with the Depositary,
and any nominee thereof, that is the registered holder of any Global Security for all purposes of this Indenture relating to such Global
Security (including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions
or directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole holder of such Global
Security and shall have no obligations to the beneficial owners thereof. None of the Trustee nor any Agent shall have any responsibility
or liability for any acts or omissions of the Depositary with respect to such Global Security, for the records of any such depositary,
including records in respect of beneficial ownership interests in respect of any such Global Security, for any transactions between the
Depositary and any Depositary participant or between or among the Depositary, any such Depositary participant and/or any holder or owner
of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.
Notwithstanding the foregoing, with respect to any Global
Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by any Depositary (or its nominee), as a Holder, with respect to such Global
Security or shall impair, as between such Depositary and owners of beneficial interests in such Global Security, the operation of customary
practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such Global Security.
| 2.14.7 | Trustee Protections. Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may
result from the transfer, exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or
applicable United States Federal or state securities law. |
Neither the Trustee nor any Agent shall have any obligation
or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants, members
or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.
Neither the Trustee nor any Agent, nor any agent thereof,
shall have any responsibility for any actions taken or not taken by the Depositary.
Section 2.15 CUSIP Numbers.
The Company in issuing the Securities may use CUSIP,
ISIN or other similar numbers (if then generally in use), and, if so, the Trustee shall use CUSIP, ISIN or other similar numbers in notices
of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only
on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission
of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP, ISIN or other similar numbers.
ARTICLE III
REDEMPTION
Section 3.1 Notice to Trustee.
The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or
any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of
Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series
of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal
amount of Series of Securities to be redeemed. The Company shall give the notice at least 45 days before the redemption date (or such
shorter notice as may be acceptable to the Trustee).
Section 3.2 Selection of Securities to be Redeemed.
Unless otherwise indicated for a particular Series
by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, if less than all the Securities of a Series
are to be redeemed, the Notes shall be selected by lot, pro rata or by such other method that the Trustee deems fair and appropriate (provided
that, in the case of Global Notes, the Depositary may select beneficial interests in Global Notes for redemption pursuant to its applicable
procedures). The Notes shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of Notes
may be selected for redemption of the principal of Securities of the Series that have denominations larger than $1,000. Securities of
the Series and portions of them selected shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of
any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral
multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities
of that Series called for redemption.
Section 3.3 Notice of Redemption.
Unless otherwise indicated for a particular Series
by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 90 days before
a redemption date, the Company shall, by mail or, in the case of Global Securities, in accordance with the rules of the applicable Depositary,
give a notice of redemption to each Holder whose Securities are to be redeemed and if any Bearer Securities are outstanding, publish on
one occasion a notice in an Authorized Newspaper.
The notice shall identify the Securities of the
Series to be redeemed (including the CUSIP numbers thereof) and shall state:
| (c) | the name and address of the Paying Agent; |
| (d) | that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price; |
| (e) | that, unless the Company defaults in making such redemption payment or the Paying agent is prohibited from making such payment pursuant
to the terms of this Indenture, interest on Securities of the Series called for redemption ceases to accrue on and after the redemption
date |
| (f) | list the CUSIP number of the Securities and state that no representation is made as to the correctness or accuracy of the CUSIP number,
if any, listed in such notice or printed on the Securities; and |
| (g) | any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed. |
At the Company’s written request and provision
of the form of notice of redemption, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s
expense.
Section 3.4 Effect of Notice of Redemption.
Once notice of redemption is mailed or published
as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption
price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption
price plus accrued interest to the redemption date.
Section 3.5 Deposit of Redemption Price.
On or before the redemption date, the Company shall
deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed
on that date.
Section 3.6 Securities Redeemed in Part.
Upon surrender of a Security that is redeemed in
part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount
to the unredeemed portion of the Security surrendered.
ARTICLE IV
COVENANTS
Section 4.1 Payment of Principal and Interest.
The Company covenants and agrees for the benefit
of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities
of that Series in accordance with the terms of such Securities and this Indenture.
Section 4.2 SEC Reports.
The Company shall file with the Trustee within
15 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports which the Company
is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company will cause quarterly and annual reports
which it makes available to its stockholders to be mailed to the Holders of each Series of Securities. Notwithstanding the foregoing,
the Company shall not be required to deliver to the Trustee any materials (i) for which the Company has sought and received confidential
treatment by the SEC, or (ii) filed by the Company which are available on the SEC’s Electronic Data Gathering, Analysis and Retrieval
System (EDGAR), it being agreed that all such filings shall be deemed to have been furnished to the Trustee for purposes of this Section
4.2 without any further action required by the Company. The Trustee shall have no obligation whatsoever to determine whether or not such
filings have been made. The Company also shall comply with the other provisions of TIA Section 314(a).
Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive
knowledge or notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).
Section 4.3 Compliance Certificate.
The Company shall deliver to the Trustee, within
105 days after the end of each fiscal year of the Company, a brief certificate signed by the principal executive officer, principal financial
officer or principal accounting officer of the Company, as to the signer’s knowledge of the Company’s compliance with all
conditions and covenants contained in this Indenture (determined without regard to any period of grace or requirement of notice provided
herein).
The Company will, so long as any of the Securities
are outstanding, deliver to the Trustee, forthwith upon, and in any event within 15 calendar days after, becoming aware of any Default
or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking
or proposes to take with respect thereto.
Section 4.4 Corporate Existence.
Subject to Article V, the Company will do or cause
to be done all things necessary to preserve and keep in full force and effect its corporate existence and the rights (charter and statutory),
licenses and franchises of the Company; provided, however, that the Company shall not be required to preserve any such right, license
or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business
of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.
Section 4.5 Taxes.
The Company shall pay prior to delinquency all
taxes, assessments and governmental levies, except as contested in good faith and by appropriate proceedings.
ARTICLE V
SUCCESSORS
Section 5.1 When Company May Merge, Etc.
The Company shall not consolidate with or merge
with or into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to, any Person (a “successor
Person”), unless:
either:
| (1) | the Company shall be the surviving or continuing Person or |
| (2) |
(a) | the successor Person formed by or surviving such consolidation or into which the Company is merged or the Person which acquires
by conveyance, transfer or lease the properties and assets of the Company substantially as an entirety shall assume, by a supplemental
indenture hereto, executed and delivered 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 all the Securities and the performance of every covenant of this Indenture on the part of the
Company to be performed or observed; |
| (b) | immediately after giving effect to such transaction, no Default or Event of Default, shall have happened and be continuing; and |
| (c) | the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that each stating that
such consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, comply with this Article and that all
the proposed transaction and such supplemental indenture comply with this Indenture and that all conditions precedent herein provided
for relating to such transaction have been complied with. |
Section 5.2 Successor Corporation Substituted.
Upon any consolidation or merger, or any sale,
lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor
corporation formed by such consolidation or into or with which the Company is merged or to which such 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 has been named as the Company herein; provided, however, that the predecessor Company in the case of
a conveyance, transfer or lease shall not be released from its obligations under the Indenture and the Securities.
ARTICLE VI
DEFAULTS AND REMEDIES
Section 6.1 Events of Default.
“Event of Default,” wherever used herein
with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental
indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:
| (a) | default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default
for a period of 90 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent
for payment of such interest prior to the expiration of such period of 90 days); or |
| (b) | default in the payment of the principal of any Security of that Series at its Maturity; or |
| (c) | default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or |
| (d) | default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty
that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues
uncured for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or |
| (e) | the Company pursuant to or within the meaning of any Bankruptcy Law: |
| (i) | commences a voluntary case, |
| (ii) | consents to the entry of an order for relief against it in an involuntary case, |
| (iii) | consents to the appointment of a Custodian of it or for all or substantially all of its property, |
| (iv) | makes a general assignment for the benefit of its creditors, or |
| (v) | generally is unable to pay its debts as the same become due; or |
| (f) | a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: |
| (i) | is for relief against the Company in an involuntary case, |
| (ii) | appoints a Custodian for the Company or for all or substantially all of its property, or |
| (iii) | orders the liquidation of the Company and the order or decree remains unstayed and in effect for 90 days; or |
| (g) | any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, in accordance with Section 2.2.19. |
The term “Bankruptcy Law” means title 11, U.S. Code or
any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator
or similar official under any Bankruptcy Law.
Section 6.2 Acceleration of Maturity; Rescission and Annulment.
If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(e) or (f)) then
in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may
declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may
be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be
due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event
of Default specified in Section 6.1(e) or (f) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest,
if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder.
At any time after such a declaration of acceleration
with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee
as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by
written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:
| (a) | the Company has paid or deposited with the Trustee a sum sufficient to pay: |
| (i) | all overdue interest, if any, on all Securities of that Series, |
| (ii) | the principal of any Securities of that Series which have become due otherwise than by such declaration of acceleration and interest
thereon at the rate or rates prescribed therefor in such Securities, |
| (iii) | to the extent that payment of such interest is lawful, interest upon any overdue principal and overdue interest at the rate or rates
prescribed therefor in such Securities, and |
| (iv) | all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and |
| (b) | all Events of Default with respect to Securities of that Series, other than the non-payment of the principal of Securities of that
Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13. |
No such rescission shall affect any subsequent
Default or impair any right consequent thereon.
Section 6.3 Collection of Indebtedness and Suits for Enforcement by Trustee.
The Company covenants that if:
| (a) | default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues
for a period of 90 days, or |
| (b) | default is made in the payment of principal of any Security at the Maturity thereof, or |
| (c) | default is made in the deposit of any sinking fund payment when and as due by the terms of a Security, |
then, the Company will, upon demand of the Trustee, pay to it, for
the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and,
to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal or any overdue interest, at
the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel.
If the Company fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Securities, wherever situated.
If an Event of Default with respect to any Securities
of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of
the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise
of any power granted herein, or to enforce any other proper remedy.
Section 6.4 Trustee May File Proofs of Claim.
In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,
| (a) | to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, fees, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed
in such judicial proceeding, and |
| (b) | to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, fees, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7. |
Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding.
Section 6.5 Trustee May Enforce Claims Without Possession of Securities.
All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.
Section 6.6 Application of Money Collected.
Any money collected by the Trustee pursuant to
this Article or, after an Event of Default, any money or other property distributable in respect of the Company’s obligations under
this Indenture shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of
such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully paid:
First: To the payment of all amounts due the Trustee
(including any predecessor trustee) under Section 7.7; and
Second: To the payment of the amounts then due
and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest,
respectively; and
Third: To the Company or as a court of competent
jurisdiction in a final non-appealable decision may direct.
Section 6.7 Limitation on Suits.
No Holder of any Security of any Series shall have
any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless
| (a) | such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of
that Series; |
| (b) | 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; |
| (c) | such Holder or Holders have offered to the Trustee indemnity and/or security satisfactory to it in its sole discretion against the
costs, expenses and liabilities to be incurred in compliance with such request; |
| (d) | the Trustee for 90 days after its receipt of such notice, request and offer of indemnity and/or security has failed to institute any
such proceeding; and |
| (e) | no direction inconsistent with such written request has been given to the Trustee during such 90-day period by the Holders of a majority
in principal amount of the outstanding Securities of that Series; |
it being understood and intended that no one or
more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit
of all such Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to such Holders).
Section 6.8 Unconditional Right of Holders to Receive Principal and Interest.
Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest,
if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.
Section 6.9 Restoration of Rights and Remedies.
If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
Section 6.10 Rights and Remedies Cumulative.
Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.
Section 6.11 Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder
of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the
case may be.
Section 6.12 Control by Holders.
The Holders of a majority in principal amount of
the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series,
provided that
| (a) | such direction shall not be in conflict with any rule of law or with this Indenture or unduly prejudicial to the rights of other Holders
(it being understood that the Trustee shall be under no obligation to determine whether such direction is prejudicial to the rights of
other Holders), |
| (b) | the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and |
| (c) | subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee
in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability. |
Section 6.13 Waiver of Past Defaults.
Subject to Section 6.2, the Holders of not less
than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of
such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the
principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the
outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted
from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon.
Section 6.14 Undertaking for Costs.
All parties to this Indenture agree, and each Holder
of any Security by its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted
by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall
not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more
than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such
Security (or, in the case of redemption, on the redemption date).
ARTICLE VII
TRUSTEE
Section 7.1 Duties of Trustee.
| (a) | In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it
by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances
in the conduct of his or her own affairs. |
| (b) | Except during the continuance of an Event of Default: |
| (i) | the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and |
| (ii) | in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but
need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). |
| (c) | The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that: |
| (i) | this paragraph does not limit the effect of paragraphs (b) or (g) of this Section; |
| (ii) | the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and |
| (iii) | The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities
of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series. |
| (d) | Every provision of this Indenture that in any way relates to the Trustee is subject to this Section. |
| (e) | The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity and/or security reasonably
satisfactory to it against any loss, liability, damage, claim or expense. |
| (f) | The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. |
| (g) | No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance
of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk is not reasonably assured to it. |
| (h) | The Agents shall be entitled to the protections and immunities as are set forth in this Article with respect to the Trustee. |
Section 7.2 Rights of Trustee.
Subject to the provisions of Section 601:
| (a) | The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. |
| (b) | Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate and/or an Opinion of Counsel. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. |
| (c) | The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission
by any Depositary. |
| (d) | The Trustee shall not be liable for any action it takes, suffers or omits to take in good faith which it believes to be authorized
or within its rights or powers. |
| (e) | 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. |
| (f) | The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security and/or indemnity satisfactory
to it in its sole discretion against the costs, expenses and liabilities which might be incurred by it in compliance with such request
or direction. |
| (g) | The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit, and, 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, at reasonable times during normal business hours, personally or by agent or attorney at the sole
cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. |
| (h) | The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian
and other Person employed to act hereunder. |
| (i) | In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action. |
| (j) | The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized to sign an
Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. |
| (k) | Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and
any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. |
| (l) | The permissive right of the Trustee to take or refrain from taking action hereunder shall not be construed as a duty. |
| (m) | Notwithstanding any other provision of this Agreement, the Trustee shall be entitled to make a deduction or withholding from any payment
which it makes under this Indenture for or on account of any present or future taxes, duties or charges if and to the extent so required
by any applicable law and any current or future regulations or agreements thereunder or official interpretations thereof or any law implementing
an intergovernmental approach thereto or by virtue of the relevant holder failing to satisfy any certification or other requirements in
respect of the Securities, in which event the Trustee shall make such payment after such withholding or deduction has been made and shall
account to the relevant authorities for the amount so withheld or deducted and shall have no obligation to gross up any payment hereunder
or pay any additional amount as a result of such withholding tax. |
In addition, the Trustee shall not be deemed to
have notice or be charged with knowledge of any Default or Event of Default unless written notice of such Default or Event of Default
from the Company or any Holders is received by a Responsible Officer of Trustee at its Corporate Trust Office in the manner set forth
in this Indenture, and such notice references the Securities and this Indenture. Delivery of reports, information and documents to the
Trustee under Section 4.2 is for informational
purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute actual or constructive knowledge
or notice of any information contained therein, or determinable from information contained therein including the Company’s compliance
with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate).
Section 7.3 Individual Rights of Trustee.
The Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate with the same rights it would have
if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.
Section 7.4 Trustee’s Disclaimer.
The Trustee makes no representation as to the validity
or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities,
and it shall not be responsible for any recital or statement contained herein and in the Securities other than its certificates of authentication,
and the Trustee or any Agent assumes no responsibility for their correctness. The Trustee shall not be responsible to make any calculation
with respect to any matter under this Indenture. The Trustee shall have no duty to monitor or investigate the Company’s compliance
with or the breach of, or cause to be performed or observed, any representation, warranty, or covenant, or agreement of any Person, other
than the Trustee, made in this Indenture.
Section 7.5 Notice of Defaults.
If a Default or Event of Default occurs and is
continuing with respect to the Securities of any Series and if it is known to the Trustee, the Trustee shall mail to each Securityholder
of the Securities of that Series and, if any Bearer Securities are outstanding, publish on one occasion in an Authorized Newspaper, notice
of a Default or Event of Default within 90 days after it occurs or, if later, after the Trustee has knowledge of such Default or Event
of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series,
the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Securityholders of that Series.
Section 7.6 Reports by Trustee to Holders.
Within 60 days after May 15 in each year commencing
May 15, the Trustee shall transmit to all Securityholders, and, if any Bearer Securities are outstanding, publish in an Authorized Newspaper,
a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA Section 313.
A copy of each report at the time of its mailing
to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are listed.
The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.
Section 7.7 Compensation and Indemnity.
The Company shall pay to the Trustee from time
to time such compensation for its services as shall be agreed from time to time in writing. The Trustee’s compensation shall not
be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable
disbursements, advances and expenses incurred by the Trustee, including the reasonable compensation and expenses of the Trustee’s
agents and counsel and of all Persons not regularly in its employ.
The Company shall indemnify each of the Trustee
or any predecessor Trustee (including the cost of defending itself) for, and to hold them harmless against, any loss, liability, damage,
claim or expense, including fees and expenses of counsel, including taxes (other than taxes based upon, measured by or determined by the
income of the Trustee), incurred by them except as set forth in the next paragraph , arising out of or in connection with this Indenture,
the Securities of any Series, the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending
itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise
or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions of this Section. The Trustee shall
notify the Company promptly of any claim for which it may seek indemnity; provided, however, that the Trustee shall not incur any
liability it if fails to so notify and any failure by the Trustee to so notify the Company will not relieve the Company of its obligations
hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and
the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent,
which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and
agents of the Trustee.
The Company need not reimburse any expense or indemnify
against any loss, liability, damage, claim or expense incurred by the Trustee determined by a court of competent jurisdiction to have
been through its own gross negligence or willful misconduct.
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 money, property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest
on particular Securities of that Series.
In addition to, but without prejudice to its other
rights under this Indenture, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Sections 6.1(e) or (f), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services
are intended to constitute expenses of administration under any Bankruptcy Law.
“Trustee” for purposes of this Section
shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder
shall not affect the rights of any other Trustee hereunder.
The obligations of the Company in this Section
7.7 shall survive the termination for any reason of this Indenture, the satisfaction and discharge of this Indenture or resignation or
removal of the Trustee.
Section 7.8 Replacement of Trustee.
A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.
The Trustee may resign with respect to the Securities
of one or more Series by so notifying the Company. The Holders of a majority in principal amount of the Securities of any Series may remove
the Trustee with respect to that Series by so notifying the Trustee and the Company in writing. The Company may remove the Trustee with
respect to Securities of one or more Series if:
| (a) | the Trustee fails to comply with Section 7.10; |
| (b) | the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; |
| (c) | a Custodian or public officer takes charge of the Trustee or its property; or |
| (d) | the Trustee becomes incapable of acting. |
If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee
to replace the successor Trustee appointed by the Company.
If a successor Trustee with respect to the Securities
of any one or more Series does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of at least 10% in principal amount of the Securities of the applicable Series may petition any court of competent
jurisdiction for the appointment of a successor Trustee.
If the Trustee with respect to the Securities of any one or more Series
fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.
A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall, upon payment of its
charges and all other amounts payable to it hereunder, transfer all property held by it as Trustee to the successor Trustee subject to
the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee
shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee
under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series and, if any
Bearer Securities are outstanding, publish such notice on one occasion in an Authorized Newspaper. Notwithstanding replacement of the
Trustee pursuant to this Section 7.8, the Company’s obligations under, and the lien provided for in, Section 7.7 hereof shall continue
for the benefit of the retiring trustee with respect to expenses and liabilities incurred by it prior to such replacement.
Section 7.9 Successor Trustee by Merger, etc.
If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another Person, the successor Person without any further
act shall be the successor Trustee.
Section 7.10 Eligibility; Disqualification.
This Indenture shall always have a Trustee who
satisfies the requirements of TIA Section 310(a) (1), (2) and (5). The Trustee shall always have a combined capital and surplus of at
least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b);
provided, however, that there shall be excluded from the operation of Section 310(b)(i) of the TIA any Securities of any
other series or any indenture or indentures under which other securities or certificates of interest or participation in other securities
of the Company are outstanding if the requirements for such exclusion set forth in Section 310(b)(i) of the TIA are met. If the Trustee
has or shall acquire a conflicting interest within the meaning of the TIA, the Trustee shall either eliminate such interest or resign,
to the extent and in the manner provided by, and subject to the provisions of, the TIA and this Indenture.
Section 7.11 Preferential Collection of Claims Against Company.
The Trustee is subject to TIA Section 311(a), excluding
any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a)
to the extent indicated.
ARTICLE VIII
SATISFACTION AND DISCHARGE; DEFEASANCE
Section 8.1 Satisfaction and Discharge of Indenture.
This Indenture shall upon Company Order cease to
be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture, when:
| (i) | all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have
been replaced or paid) have been delivered to the Trustee for cancellation; or |
| (ii) | all such Securities not theretofore delivered to the Trustee for cancellation: |
| (1) | have become due and payable, or |
| (2) | will become due and payable at their Stated Maturity within one year, or |
| (3) | are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, or |
| (4) | are deemed paid and discharged pursuant to Section 8.3, as applicable; |
and the Company, in the case of (1), (2) or (3) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust an amount sufficient, without reinvestment, for the purpose of paying
and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and
interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit)
or to the Stated Maturity or redemption date, as the case may be;
| (b) | the Company has paid or caused to be paid all other sums payable hereunder by the Company; and |
| (c) | the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. |
Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee
pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall survive.
Section 8.2 Application of Trust Funds; Indemnification.
| (a) | Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government
Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the
Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3
or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee
or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4. |
| (b) | The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect
of such obligations other than any payable by or on behalf of Holders. |
| (c) | The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign
Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which are then in excess of the amount thereof which then
would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations
or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or
Foreign Government Obligations held under this Indenture. |
Section 8.3 Legal Defeasance of Securities of any Series.
Unless this Section 8.3 is otherwise specified,
pursuant to Section 2.2.21, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the
entire indebtedness on all the outstanding Securities of such Series on the 91st day after the date of the deposit referred to in subparagraph
(d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect
(and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same), except
as to:
| (a) | the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment
of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity
of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the
Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the
Securities of such Series; |
| (b) | the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and |
| (c) | the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied: |
| (d) | the Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities
(i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then
be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest
and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability
will be imposed on such Trustee), not later than one Business Day before the due date of any payment of money, an amount in cash and/or
U.S. Government Obligations and/or Foreign Government Obligations, as applicable, sufficient, without reinvestment, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on
all the Securities of such Series on the dates such installments of interest or principal are due; |
| (e) | such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound; |
| (f) | no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of
such deposit or during the period ending on the 91st day after such date; |
| (g) | the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution
of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; |
| (h) | the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of the Securities of such Series over any other creditors of the company or with the intent
of defeating, hindering, delaying or defrauding any other creditors of the Company; |
| (i) | such deposit shall not result in the trust arising from such deposit constituting an investment company (as defined in the Investment
Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and |
| (j) | the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with. |
Section 8.4 Covenant Defeasance.
Unless this Section 8.4 is otherwise specified
pursuant to Section 2.2.21 to be inapplicable to Securities of any Series, on and after the 91st day after the date of the deposit referred
to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.2, 4.3,
4.4, 4.5, 4.6, and 5.1 as well as any additional covenants contained in a supplemental indenture hereto for a particular Series of Securities
or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.21 (and the failure to comply with any such
covenants shall not constitute a Default or Event of Default under Section 6.1) and the occurrence of any event described in clause (e)
of Section 6.1 shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that
the following conditions shall have been satisfied:
| (a) | With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section
8.2(c)) with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders
of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies
as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment
of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient,
in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such
Series on the dates such installments of interest or principal are due; |
| (b) | Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound; |
| (c) | No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of
such deposit or during the period ending on the 91st day after such date; |
| (d) | the Company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of such Series will
not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had
not occurred; |
| (e) | the Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by the Company with
the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company; and |
| (f) | The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the defeasance contemplated by this Section have been complied with. |
Section 8.5 Repayment to Company.
The Trustee and the Paying Agent shall pay to the
Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two years or such other
shorter period set forth in applicable escheat or abandoned or unclaimed property law. After that, Securityholders entitled to the money
must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person.
Section 8.6 Reinstatement.
If the Trustee or Paying Agent is unable to apply
any money or U.S. Government Obligations in accordance with Sections 8.1, 8.3 or 8.4, as the case may be, by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.1, 8.3 or 8.4, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such
money or U.S. Government Obligations in accordance with Section 8.1, 8.3 or 8.4, as the case may be; provided, however, that if the Company
makes any payment of principal of, premium, if any, or interest on any Securities because of reinstatement of its obligations, the Company
shall be subrogated to the rights of the holders of such Securities to receive such payment from the money or U.S. Government Obligations
held by the Trustee or Paying Agent.
ARTICLE IX
AMENDMENTS AND WAIVERS
Section 9.1 Without Consent of Holders.
The Company and the Trustee may amend this Indenture
or the Securities of one or more Series without the consent of any Securityholder:
| (a) | to cure any ambiguity, defect, mistake or inconsistency; |
| (b) | to comply with Article V; |
| (c) | to provide for uncertificated Securities in addition to or in place of certificated Securities; |
| (d) | to make any change that does not adversely affect the rights of any Securityholder in any material respect; |
| (e) | to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture; |
| (f) | to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee; or |
| (g) | to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA. |
After any amendment under this Article becomes
effective, the Company shall mail to the Securityholders a notice briefly describing such amendment; provided, however, that the failure
to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of any amendment under this
Article.
Section 9.2 With Consent of Holders.
The Company and the Trustee may enter into a supplemental
indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series
affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities
of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided
in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such
waiver by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.
Without the consent of each Securityholder affected,
an amendment or waiver may not:
| (a) | change the amount of Securities whose Holders must consent to an amendment, supplement or waiver; |
| (b) | reduce the rate of or extend the time for payment of interest (including default interest) on any Security; |
| (c) | reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment
of any sinking fund or analogous obligation; |
| (d) | reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof; |
| (e) | waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of
acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of
such Series and a waiver of the payment default that resulted from such acceleration); |
| (f) | make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security; |
| (g) | make any change in Sections 6.8, 6.13, 9.2, 10.15 or 10.16; or |
| (h) | waive a redemption payment with respect to any Security or change any of the provisions with respect to the redemption of any Securities. |
It shall not be necessary for the consent of the
Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall
be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this Section becomes effective,
the Company shall mail to the Holders of Securities affected thereby and, if any Bearer Securities affected thereby are outstanding, publish
on one occasion in an Authorized Newspaper, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company
to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture or waiver.
After any amendment under this Article becomes
effective, the Company shall mail to the Securityholders a notice briefly describing such amendment; provided, however, that the failure
to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of any amendment under this
Article.
Section 9.3 [Reserved.]
Section 9.4 Compliance with Trust Indenture Act.
Every amendment to this Indenture or the Securities
of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.
Section 9.5 Revocation and Effect of Consents.
Until an amendment or waiver becomes effective,
a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of
a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any
Security. However, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security if the Trustee
receives the notice of revocation before the date the amendment or waiver becomes effective.
Any amendment or waiver once effective shall bind
every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through
(g) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.
Section 9.6 Notation on or Exchange of Securities.
The Trustee may place an appropriate notation about
an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may
issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver.
Section 9.7 Trustee Protected.
In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall receive, and (subject to Section 7.1) shall be fully protected in conclusively relying upon, an Officers’ Certificate
and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an
Opinion of Counsel to the effect that such supplemental indenture is enforceable against the Company in accordance with its terms, subject
to then customary exceptions. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights.
ARTICLE X
MISCELLANEOUS
Section 10.1 Trust Indenture Act Controls.
If any provision of this Indenture limits, qualifies,
or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision
shall control.
Section 10.2 Notices.
Any notice or communication by the Company or the
Trustee to the other is duly given if in writing and delivered in person or mailed by first-class mail:
if to the Company:
electroCore, Inc.
200 Forge Way, Suite 205
Rockaway, NJ, 07866
Attention: Joshua S. Lev, Chief Financial Officer
if to the Trustee:
__________________________
__________________________
__________________________
Attention: __________________________
The Company or the Trustee by notice to the other
may designate additional or different addresses for subsequent notices or communications.
If a notice or communication is mailed or delivered
in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except in the case
of notices or communications given to the Trustee, which shall be effective only upon actual receipt by the Trustee at its Corporate Trust
Office.
Any notice or communication to a Securityholder
shall be mailed by first-class mail to its address shown on the register kept by the Registrar and, if any Bearer Securities are outstanding,
published in an Authorized Newspaper. Failure to mail a notice or communication to a Securityholder of any Series or any defect in it
shall not affect its sufficiency with respect to other Securityholders of that or any other Series.
If a notice or communication is mailed or published
in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.
If the Company mails a notice or communication
to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.
“Electronic Means” shall mean the following
communications methods: S.W.I.F.T., e-mail, facsimile transmission, secure electronic transmission containing applicable authorization
codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for
use in connection with its services hereunder.
The Trustee shall have the right to accept and
act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture and delivered
using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with
the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers,
which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company
elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions,
the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee
cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions
that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by
such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the
Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable
user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall have no duty or obligation
to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or
directions on behalf of the Company; and the Trustee shall not be liable for any losses, liabilities, costs or expenses arising directly
or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or
are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic
Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions,
and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with
the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions
than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission
of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv)
to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.
Section 10.3 Communication by Holders with Other Holders.
Securityholders of any Series may communicate pursuant
to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture
or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA
Section 312(c).
Section 10.4 Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:
| (a) | an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and |
| (b) | an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. |
Section 10.5 Statements Required in Certificate or Opinion.
Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a) (4)) shall
include:
| (a) | a statement that the Person making such certificate or opinion has read such covenant or condition; |
| (b) | a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; |
| (c) | a statement that, in the opinion of such Person, such Person has made such examination or investigation as is necessary to enable
such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and |
| (d) | a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. |
Section 10.6 Rules by Trustee and Agents.
The Trustee may make reasonable rules for action
by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its
functions.
Section 10.7 Legal Holidays.
Unless otherwise provided by Board Resolution,
Officers’ Certificate or supplemental indenture for a particular Series, a “Legal Holiday” is any day that is not a
Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day
that is not a Legal Holiday, and no interest shall accrue for the intervening period.
Section 10.8 No Recourse Against Others.
A director, officer, employee or stockholder, as
such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and
releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.
Section 10.9 Counterparts.
This Indenture may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages
by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of
the parties hereto transmitted by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall be
deemed to be their original signatures for all purposes.
Section 10.10 Governing Laws; Waiver of Jury Trial; Submission to Jurisdiction.
THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE.
EACH OF THE COMPANY AND THE TRUSTEE, AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.
THE COMPANY IRREVOCABLY CONSENTS AND SUBMITS, FOR
ITSELF AND IN RESPECT OF ANY OF ITS ASSETS OR PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK OR ANY
UNITED STATES FEDERAL COURT SITTING, IN EACH CASE, IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, NEW YORK, UNITED STATES OF AMERICA,
AND ANY APPELLATE COURT FROM ANY THEREOF IN ANY SUIT, ACTION OR PROCEEDING THAT MAY BE BROUGHT IN CONNECTION WITH THIS INDENTURE OR THE
SECURITIES, AND WAIVES ANY IMMUNITY FROM THE JURISDICTION OF SUCH COURTS. THE COMPANY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, ANY OBJECTION TO ANY SUCH SUIT, ACTION OR PROCEEDING THAT MAY BE BROUGHT IN SUCH COURTS WHETHER ON THE GROUNDS OF VENUE, RESIDENCE
OR DOMICILE OR ON THE GROUND THAT ANY SUCH SUIT, ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE COMPANY AGREES, TO
THE FULLEST EXTENT THAT IT LAWFULLY MAY DO SO, THAT FINAL JUDGMENT IN ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT SHALL
BE CONCLUSIVE AND BINDING UPON THE COMPANY, AND WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION TO THE ENFORCEMENT BY ANY
COMPETENT COURT IN THE COMPANY’S JURISDICTION OF ORGANIZATION OF JUDGMENTS VALIDLY OBTAINED IN ANY SUCH COURT IN NEW YORK ON THE
BASIS OF SUCH SUIT, ACTION OR PROCEEDING.
Section 10.11 No Adverse Interpretation of Other Agreements.
This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.
Section 10.12 Successors.
All agreements of the Company in this Indenture
and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.
Section 10.13 Severability.
In case any provision in this Indenture or in the
Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.
Section 10.14 Table of Contents, Headings, Etc.
The Table of Contents, Cross Reference Table, and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
Section 10.15 Force Majeure.
In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces
beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.
ARTICLE XI
SINKING FUNDS
Section 11.1 Applicability of Article.
The provisions of this Article shall be applicable
to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security
of such Series issued pursuant to this Indenture.
The minimum amount of any sinking fund payment
provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and
any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.”
If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided
in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms
of the Securities of such Series.
Section 11.2 Satisfaction of Sinking Fund Payments with Securities.
The Company may, in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1)
deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously
called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is
applicable and which have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except
pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions
pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be
received by the Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on
which the process of selecting Securities for redemption begins, and shall be credited for such purpose at the price specified in such
Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.
If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of
Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need
not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment
shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee
or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being
held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company
having an unpaid principal amount equal to the cash payment required to be released to the Company.
Section 11.3 Redemption of Securities for Sinking Fund.
Not less than 45 days (unless otherwise indicated
in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series of Securities)
prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and
crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing
mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular
Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 3.3. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.
ARTICLE XII
SUBORDINATION OF SECURITIES
Section 12.1 Agreement of Subordination.
The Company covenants and agrees, and each Holder
of Securities issued hereunder by its acceptance thereof likewise covenants and agrees, that all Securities shall be issued subject to
the provisions of this Article XII; and each Person holding any Security, whether upon original issue or upon transfer, assignment or
exchange thereof, accepts and agrees to be bound by such provisions.
The payment of the principal of, premium, if any,
and interest on all Securities (including, but not limited to, the redemption price with respect to the Securities called for redemption
in accordance with Article III as provided in the Indenture) issued hereunder shall, to the extent and in the manner hereinafter set forth,
be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date
of this Indenture or thereafter incurred.
No provision of this Article XII shall prevent
the occurrence of any default or Event of Default hereunder.
Section 12.2 Payments to Holders.
No payment shall be made with respect to the principal
of, or premium, if any, or interest on the Securities (including, but not limited to, the redemption price with respect to the Securities
to be called for redemption in accordance with Article III as provided in the Indenture), except payments and distributions made by the
Trustee as permitted by the first or second paragraph of Section 12.5, if:
| (i) | a default in the payment of principal, premium, interest, rent or other obligations due on any Senior Indebtedness occurs and is continuing
(or, in the case of Senior Indebtedness for which there is a period of grace, in the event of such a default that continues beyond the
period of grace, if any, specified in the instrument or lease evidencing such Senior Indebtedness), unless and until such default shall
have been cured or waived or shall have ceased to exist; or |
| (ii) | a default, other than a payment default, on a Designated Senior Indebtedness occurs and is continuing that then permits holders of
such Designated Senior Indebtedness to accelerate its maturity and the Trustee receives a notice of the default (a “Payment Blockage
Notice”) from a Representative or the Company. |
If the Trustee receives any Payment Blockage Notice
pursuant to clause (ii) above, no subsequent Payment Blockage Notice shall be effective for purposes of this Section unless and until
(a) at least 365 days shall have elapsed since the initial effectiveness of the immediately prior Payment Blockage Notice, and (b) all
scheduled payments of principal, premium, if any, and interest on the Securities that have come due have been paid in full in cash. No
nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be, or be
made, the basis for a subsequent Payment Blockage Notice.
The Company may and shall resume payments on and
distributions in respect of the Securities upon the earlier of:
| (1) | the date upon which the default is cured or waived or ceases to exist, or |
| (2) | in the case of a default referred to in clause (ii) above, 179 days pass after notice is received if the maturity of such Designated
Senior Indebtedness has not been accelerated, unless this Article XII otherwise prohibits the payment or distribution at the time of such
payment or distribution. |
Upon any payment by the Company, or distribution
of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding-up
or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other
proceedings, all amounts due or to become due upon all Senior Indebtedness shall first be paid in full in cash or other payment satisfactory
to the holders of such Senior Indebtedness, or payment thereof in accordance with its terms provided for in cash or other payment satisfactory
to the holders of such Senior Indebtedness, before any payment is made on account of the principal of, premium, if any, or interest on
the Securities (except payments made pursuant to Article VI from monies, securities or other property deposited with the Trustee pursuant
thereto prior to commencement of proceedings for such dissolution, winding-up, liquidation or reorganization); and upon any such dissolution
or winding-up or liquidation or reorganization of the Company or bankruptcy, insolvency, receivership or other proceeding, any payment
by the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the
Holders of the Securities or the Trustee would be entitled, except for the provision of this Article XII, shall (except as aforesaid)
be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution,
or by the Holders of the Securities or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior
Indebtedness (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders, or as otherwise
required by law or a court order) or their representative or representatives, or to the trustee or trustees under any indenture pursuant
to which any instruments evidencing any Senior Indebtedness may have been issued, as their respective interests may appear, to the extent
necessary to pay all Senior Indebtedness in full, in cash or other payment satisfactory to the holders of such Senior Indebtedness, after
giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, before any payment or distribution
or provision therefor is made to the Holders of the Securities or to the Trustee.
For purposes of this Article XII, the words, “cash,
property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities
of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated
at least to the extent provided in this Article XII with respect to the Securities to the payment of all Senior Indebtedness which may
at the time be outstanding; provided that (i) the Senior Indebtedness is assumed by the new corporation, if any, resulting from any reorganization
or readjustment, and (ii) the rights of the holders of Senior Indebtedness (other than leases which are not assumed by the Company or
the new corporation, as the case may be) are not, without the consent of such holders, altered by such reorganization or readjustment.
The consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation or dissolution of the
Company following the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another corporation upon
the terms and conditions provided for in Article V shall not be deemed a dissolution, winding-up, liquidation or reorganization for the
purposes of this Section 12.2 if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply
with the conditions stated in Article V.
In the event of the acceleration of the Securities
because of an Event of Default, no payment or distribution shall be made to the Trustee or any Holder of Securities in respect of the
principal of, premium, if any, or interest on the Securities (including, but not limited to, the redemption price with respect to the
Securities called for redemption in accordance with Article 3 as provided in the Indenture), except payments and distributions made by
the Trustee as permitted by the first or second paragraph of Section 12.5, until all Senior Indebtedness has been paid in full in cash
or other payment satisfactory to the holders of Senior Indebtedness or such acceleration is rescinded in accordance with the terms of
this Indenture. If payment of the Securities is accelerated because of an Event of Default, the Company shall promptly notify holders
of Senior Indebtedness of the acceleration at the address set forth in the notice from the Agent (or successor agent) to the Trustee as
being the address to which the Trustee should send its notice pursuant to this Section 12.2, unless there are no payment obligations of
the Company thereunder and all obligations thereunder to extend credit have been terminated or expired.
In the event that, notwithstanding the foregoing
provisions, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities (including,
without limitation, by way of setoff or otherwise), prohibited by the foregoing, shall be received by the Trustee or the Holders of the
Securities before all Senior Indebtedness is paid in full in cash or other payment satisfactory to the holders of such Senior Indebtedness,
or provision is made for such payment thereof in accordance with its terms in cash or other payment satisfactory to the holders of such
Senior Indebtedness, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the
holders of Senior Indebtedness or their representative or representatives, or to the trustee or trustees under any indenture pursuant
to which any instruments evidencing any Senior Indebtedness may have been issued, as their respective interests may appear, as calculated
by the Company, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness
in full in cash or other payment satisfactory to the holders of such Senior Indebtedness, after giving effect to any concurrent payment
or distribution to or for the holders of such Senior Indebtedness.
Nothing in Section 12.1 or 12.2 shall apply to
claims of, or payments to, the Trustee under or pursuant to Sections 6.6 and 7.7. This Section 12.2 shall be subject to the further provisions
of Section 12.5.
Section 12.3 Subrogation of Securities.
Subject to the payment in full of all Senior Indebtedness,
the rights of the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of
such Senior Indebtedness pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the
Company which by its express terms is subordinated to other indebtedness of the Company to substantially the same extent as the Securities
are subordinated and is entitled to like rights of subrogation) to the rights of the holders of Senior Indebtedness to receive payments
or distributions of cash, property or securities of the Company applicable to the Senior Indebtedness until the principal, premium, if
any, and interest on the Securities shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to
the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee would
be entitled except for the provisions of this Article XII, and no payment over pursuant to the provisions of this Article XII, to or for
the benefit of the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as between the Company, its creditors
other than holders of Senior Indebtedness, and the Holders of the Securities, be deemed to be a payment by the Company to or on account
of the Senior Indebtedness; and no payments or distributions of cash, property or securities to or for the benefit of the Holders of the
Securities pursuant to the subrogation provisions of this Article XII, which would otherwise have been paid to the holders of Senior Indebtedness
shall be deemed to be a payment by the Company to or for the account of the Securities. It is understood that the provisions of this Article
XII are and are intended solely for the purposes 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.
Nothing contained in this Article XII or elsewhere
in this Indenture or in the Securities is intended to or shall impair, as among the Company, 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) and interest on the Securities as and when the same shall become due and payable
in accordance with their terms, or 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 the Senior Indebtedness, nor shall anything herein or therein 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 XII of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received
upon the exercise of any such remedy.
Upon any payment or distribution of assets of the Company referred
to in this Article XII, the Trustee, subject to the provisions of Section 7.1, 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 such bankruptcy, dissolution, winding-up, liquidation
or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other
Person making such 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 distribution, the holders of the Senior Indebtedness and other indebtedness of the Company,
the amount thereof or payable thereon and all other facts pertinent thereto or to this Article XII.
Section 12.4 Authorization to Effect Subordination.
Each Holder of a Security by the holder’s
acceptance thereof authorizes and directs the Trustee on the holder’s behalf to take such action as may be necessary or appropriate
to effectuate the subordination as provided in this Article XII and appoints the Trustee to act as the holder’s attorney-in-fact
for any and all such purposes. If the Trustee does not file a proper proof of claim or proof of debt in the form required in any proceeding
referred to in Section 6.3 hereof at least 30 days before the expiration of the time to file such claim, the holders of any Senior Indebtedness
or their representatives are hereby authorized to file an appropriate claim for and on behalf of the Holders of the Securities.
Section 12.5 Notice to Trustee.
The Company shall give prompt written notice in
the form of an Officers’ Certificate to a Responsible Officer of the Trustee at its Corporate Trust Office and to any paying agent
of any fact known to the Company which would prohibit the making of any payment of monies, securities or other property to or by the Trustee
or any paying agent in respect of the Securities pursuant to the provisions of this Article XII. Notwithstanding the provisions of this
Article XII or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which
would prohibit the making of any payment of monies, securities or other property to or by the Trustee in respect of the Securities pursuant
to the provisions of this Article XII, or the taking of any other action by the Trustee, unless and until a Responsible Officer of the
Trustee shall have received written notice thereof at the Corporate Trust Office from the Company (in the form of an Officers’ Certificate)
or a Representative or a Holder of any Security or a holder or holders of Senior Indebtedness or from any trustee thereof; and before
the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that
if on a date not fewer than three Business Days prior to the date upon which by the terms hereof any such monies, securities or other
property may become payable for any purpose (including, without limitation, the payment of the principal of, or premium, if any, or interest
on any Security) the Trustee shall not have received, with respect to such monies, securities or other property the notice provided for
in this Section 12.5, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority
to receive such monies, securities or other property and to apply the same to the purpose for which they were received, and shall not
be affected by any notice to the contrary which may be received by it on or after such three Business Day period.
Notwithstanding anything in this Article XII to
the contrary, nothing shall prevent any payment by the Trustee to the Holders of monies, securities or other property deposited with it
pursuant to Section 8.1, and any such payment shall not be subject to the provisions of Section 12.1 or 12.2.
The Trustee, subject to the provisions of Section
7.1, shall be entitled to rely on the delivery to it of a written notice by a Representative or a Person representing himself to be a
holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a Representative
or a holder of Senior Indebtedness or a trustee on behalf of any such holder or holders. In the event that the Trustee determines in good
faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any
payment or distribution pursuant to this Article XII, the Trustee may request such Person to furnish evidence to the reasonable satisfaction
of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of such Person under this Article XII, 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.
Section 12.6 Trustee’s Relation to Senior Indebtedness.
The Trustee in its individual capacity shall be
entitled to all the rights set forth in this Article XII in respect of any Senior Indebtedness at any time held by it, to the same extent
as any other holder of Senior Indebtedness, and nothing in Section 7.11 or elsewhere in this Indenture shall deprive the Trustee of any
of its rights as such holder.
With respect to the 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
XII, 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, subject to the provisions
of Section 7.1, the Trustee shall not be liable to any holder of Senior Indebtedness if it shall pay over or deliver to Holders of Securities,
the Company or any other Person money or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article
XII or otherwise.
Section 12.7 No Impairment of Subordination.
No right of any present or future holder of any
Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure
to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company
with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise
be charged with.
Section 12.8 Article Applicable to Paying Agents.
If at any time any Paying Agent other than the
Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article
shall (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully
for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided, however,
that the first paragraph of Section 12.5 shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as
Paying Agent.
Section 12.9 Senior Indebtedness Entitled to Rely.
The holders of Senior Indebtedness (including,
without limitation, Designated Senior Indebtedness) shall have the right to rely upon this Article XII, and no amendment or modification
of the provisions contained herein shall diminish the rights of such holders unless such holders shall have agreed in writing thereto.
IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed as of the day and year first above written.
| |
ELECTROCORE, INC. |
| |
|
|
| |
By: |
|
| |
|
Name: |
| |
|
Title: |
| |
|
_______________________, as Trustee |
 |
Dentons US LLP
1221 Avenue of the Americas New York, NY 10020-1089
United States |
| |
|
| |
dentons.com |
EXHIBIT 5.1
January 24, 2025
electroCore, Inc.
200 Forge Way, Suite 205
Rockaway, New Jersey 07866
Re: Registration Statement on Form S-3
Ladies and Gentlemen:
We have acted as counsel to electroCore, Inc.,
a Delaware corporation (the “Company”), in connection with the preparation and filing of a Registration Statement on
Form S-3 (the “Registration Statement”) with the Securities and Exchange Commission (the “Commission”)
under the Securities Act of 1933, as amended (the “Securities Act”), relating to the registration under the Securities
Act and the proposed issuance and sale from time to time by the Company of up to an aggregate initial offering amount of $100,000,000
of the following securities (each a “Company Security” and collectively, or in any combination, the “Company
Securities”):
(i) shares
of the Company’s common stock, par value $0.001 per share (the “Common Stock”);
(ii) one or more
classes or series of shares of the Company’s preferred stock, par value $0.001 per share (the “Preferred Stock”);
(iii) senior
debt securities, in one or more series (the “Senior Debt Securities”);
(iv) subordinated debt securities, in one or more series (the “Subordinated Debt Securities” and together with the Senior
Debt Securities, the “Debt Securities”);
(v) warrants representing the rights to purchase shares of Common Stock, Preferred Stock, or Debt Securities (the “Warrants”);
(vi) subscription rights to purchase shares of Common Stock, Preferred Stock or Debt Securities (the “Subscription Rights”);
and
(vii) units
comprised of one or more of the Company Securities in one or more series and in any combination (the “Units”).
For the purposes of this opinion letter, the Company
Securities shall be deemed to include any additional Common Stock, Preferred Stock, Debt Securities, Warrants, Subscription Rights and
Units that may be registered pursuant to any registration statement that the Company may hereafter file with the Commission pursuant to
Rule 462(b) under the Securities Act.
This opinion letter is being
furnished to the Company in accordance with the requirements of Item 601(b)(5) of Regulation S-K. The opinions set forth herein are limited
to applicable laws as in effect on the date hereof.
 |
electroCore, Inc.
January 24, 2025
Page 2 |
dentons.com |
The Company Securities may be issued and sold by
the Company from time to time on a delayed or continuous basis pursuant to applicable provisions of Rule 415 under the Securities Act,
in amounts, at prices and on terms to be determined in light of market conditions at the time of sale, and as set forth in the Registration
Statement, any amendment thereto, the prospectus contained therein (the “Base Prospectus”) and any supplements to the
Prospectus (each, together with the Base Prospectus, a “Prospectus”). We are basing this opinion letter on our understanding
that, prior to issuing any Company Securities in connection with the Registration Statement, the Company will advise us in writing of
the terms thereof and other information material thereto, will afford us an opportunity to review the operative documents pursuant to
which such Company Securities are to be issued (including the Registration Statement, the Prospectus and the applicable supplement to
the Prospectus, as then in effect) and will file such supplement or amendment to this opinion letter (if any) as we may reasonably consider
necessary or appropriate with respect to such Company Securities. However, we undertake no responsibility to monitor the Company’s
future compliance with applicable laws, rules or regulations of the Commission or other governmental body.
In connection with rendering this opinion, we have
examined originals, certified copies or copies otherwise identified as being true copies of the following:
(a) the
Registration Statement;
(b) the
Certificate of Incorporation of the Company (the “Certificate of Incorporation”);
(c) the
Amended and Restated Bylaws of the Company (the “Bylaws”);
(d) corporate
proceedings of the Company relating to its proposed issuance of the Company Securities; and
(e) such
other instruments and documents as we have deemed relevant or necessary in connection with our opinions set forth herein.
Unless otherwise provided in any Prospectus relating to a particular
series of Debt Securities, (i) the Senior Debt Securities will be issued pursuant to the indenture (the “Senior Indenture”)
to be dated on or about the first issuance of the Senior Debt Securities thereunder, by and between the Company and a trustee to be named
in the Prospectus (the “Trustee”), the form of which is filed as Exhibit 4.6 to the Registration Statement, and (ii) the Subordinated
Debt Securities will be issued pursuant to the indenture (the “Subordinated Indenture”) to be dated on or about the
date of the first issuance of the Subordinated Debt Securities thereunder, by and between the Company and the Trustee, the form of which
is filed as Exhibit 4.7 to the Registration Statement. Any Debt Securities may be convertible into shares of Common Stock or other Company
Securities. The Company Securities are to be sold pursuant to a purchase, underwriting or similar agreement in substantially the form
to be filed under a Current Report on Form 8-K. The Warrants will be issued under one or more warrant agreements (each, a “Warrant
Agreement”). The Subscription Rights will be issued under one or more subscription rights agreements (each a “Subscription
Rights Agreement”). The Units will be issued under one or more unit purchase agreements (each a “Unit Purchase Agreement”).
In making the aforesaid examinations, we have assumed
the genuineness and authenticity of all documents examined by us and all signatures therein and the conformity to originals of all copies
of all documents examined by us. We have also assumed that the corporate records furnished to us by the Company include all corporate
proceedings taken by it to date.
|
electroCore, Inc.
January 24, 2025
Page 3 |
dentons.com |
Based on and subject to the assumptions, qualifications
and limitations set forth herein, we are of the opinion that:
(1) With
respect to shares of Common Stock, when all necessary corporate action of the Company has been taken to approve an issuance of shares
of Common Stock, and certificates representing the shares of Common Stock have been duly executed, countersigned, registered and delivered
(or non-certificated shares of Common Stock shall have been properly issued), either (i) in accordance with the applicable definitive
purchase, underwriting or similar agreement approved by the Board of Directors of the Company (the “Board of Directors”),
upon payment of the consideration therefor (which consideration shall not be less than the par value of the Common Stock) provided for
in such definitive purchase, underwriting or similar agreement, as applicable, or (ii) upon conversion, exchange or exercise of any other
Company Security in accordance with the terms of such Company Security or the instrument governing such Company Security providing for
the conversion, exchange or exercise as approved by the Board of Directors, for the consideration therefor set forth in the applicable
agreement and approved by the Board of Directors, which consideration shall not be less than the par value of the Common Stock, such shares
of Common Stock, including the shares of Common Stock that form a part of any Units, will be validly issued, fully paid and non-assessable.
(2) With
respect to shares of any series of Preferred Stock, when all necessary corporate action of the Company has been taken to approve an issuance
of shares of Preferred Stock and the terms of the shares of such series, including the adoption of a certificate of designation or amendment
to the Certificate of Incorporation fixing and determining the terms of such Preferred Stock conforming to the Delaware General Corporation
Law, the filing of a certificate or amendment, as applicable, with the Secretary of State of the State of Delaware, the payment in full
of any filing fees attendant thereto, and the due reservation of any Common Stock for issuance upon conversion of Preferred Stock, and
certificates representing the shares of the series of Preferred Stock have been duly executed, countersigned, registered and delivered,
either (i) in accordance with the applicable definitive purchase, underwriting or similar agreement approved by the Board of Directors,
upon payment of the consideration therefor (which consideration shall not be less than the par value of the Preferred Stock) provided
for in such definitive purchase, underwriting or similar agreement, as applicable, or (ii) upon conversion, exchange or exercise of any
other Company Security in accordance with the terms of such Company Security or the instrument governing such Company Security providing
for the conversion, exchange or exercise as approved by the Board of Directors, for the consideration approved by the Board of Directors,
which consideration shall not be less than the par value of the Preferred Stock, the shares of such series of Preferred Stock, including
the shares of Preferred Stock that form a part of any Units, will be validly issued, fully paid and non-assessable.
(3) When (i) the Registration Statement has become
effective under the Securities Act and (ii) with respect to Debt Securities to be issued under either the Senior Indenture or the Subordinated
Indenture, when (A) the Trustee is qualified to act as Trustee under the Senior Indenture or Subordinated Indenture, as applicable, (B)
the Trustee has duly executed and delivered the Senior Indenture or Subordinated Indenture, as applicable, (C) the Senior Indenture or
Subordinated Indenture, as applicable, has been duly authorized and validly executed and delivered by the Company to the Trustee, (D)
the Senior Indenture or Subordinated Indenture, as applicable, has been duly qualified under the Trust Indenture Act of 1939, as amended,
(E) the Board of Directors and any officers of the Company to whom such authority has been delegated by the Board of Directors has taken
all necessary corporate action to approve the issuance and terms of a particular issue of such Debt Securities, the terms of the offering
thereof and related matters, and (F) such Debt Securities have been duly executed, authenticated, issued and delivered in accordance with
the provisions of (I) the Senior Indenture or Subordinated Indenture, as applicable, and (II) the applicable definitive purchase, underwriting
or similar agreement approved by the Board of Directors upon payment of the consideration therefor provided for therein, then such Debt
Securities will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.
|
electroCore, Inc.
January 24, 2025
Page 4 |
dentons.com |
(4) With
respect to Warrants to be issued under a Warrant Agreement, when all necessary corporate action of the Company has been taken to approve
the issuance and terms of such Warrants, the terms of the offering thereof and related matters, the Warrant Agreement has been duly executed
and delivered by the Company, and such Warrants have been duly executed, issued and delivered in accordance with the terms of the Warrant
Agreement and the applicable definitive purchase, underwriting or similar agreement approved by the Board of Directors, and the due reservation
of any Common Stock for issuance upon exercise of the Warrants upon payment (or delivery) of the consideration therefor provided for therein,
such Warrants, including the Warrants that form a part of any Units, will constitute valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms.
(5) With
respect to Subscription Rights to be issued under a Subscription Rights Agreement, when all necessary corporate action of the Company
has been taken to approve the issuance and terms of such Subscription Rights, the terms of the offering thereof and related matters, the
Subscription Rights Agreement has been duly executed and delivered by the Company, and such Subscription Rights have been duly executed,
issued and delivered in accordance with the terms of the Subscription Rights Agreement and the applicable definitive purchase, underwriting
or similar agreement approved by the Board of Directors of the Company, upon payment (or delivery) of the consideration therefor provided
for therein, such Subscription Rights, including the Subscription Rights that form a part of any Units, will constitute valid and binding
obligations of the Company, enforceable against the Company in accordance with their terms.
(6) With
respect to the Units, when all necessary corporate action of the Company has been taken to approve and establish the terms of the Units
and to authorize and approve the issuance of the Company Securities comprising the Units, the terms of the offering and related matters,
the Unit Purchase Agreement has been duly authorized, validly executed and delivered by the parties thereto, and the Units and/or the
Company Securities comprising the Units have been duly executed and delivered in accordance with the applicable definitive purchase, underwriting
or similar agreement approved by the Board of Directors, upon payment of the consideration provided therefor in the definitive purchase,
underwriting or similar agreement as applicable and approved by the Board of Directors, which consideration shall not be less than the
aggregate par value of any Common Stock and/or Preferred Stock included in the Units, the Units will constitute valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms.
Our opinions are subject to the effect of federal
and state bankruptcy, insolvency, reorganization, arrangement, moratorium, fraudulent conveyance and other laws relating to or affecting
the rights of secured or unsecured creditors generally (or affecting the rights of only creditors of specific types of debtors), with
respect to which we express no opinion.
Our opinions are subject to the effect of general
principles of equity, whether applied by a court of law or equity, including, without limitation, concepts of materiality, good faith
and fair dealing and upon the availability of injunctive relief or other equitable remedies, and the application of principles of equity
(regardless of whether enforcement is considered in proceedings at law or in equity).
|
electroCore, Inc.
January 24, 2025
Page 5 |
dentons.com |
We express no opinion as to the laws of any jurisdiction
other than (i) the corporate laws of the State of Delaware (including the Delaware General Corporation Law and applicable provisions of
the Delaware constitution, but excluding local laws), (ii) with respect to opinion paragraphs 3 through 6, the laws of the State of New
York, and (iii) the federal laws of the United States of America. We express no opinion to the extent that any other laws are applicable
to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law,
rule or regulation.
We hereby consent to the use of our opinion as
herein set forth as an exhibit to the Registration Statement and to the use of our name under the caption “Legal Matters”
in the Prospectus forming a part of the Registration Statement. We further consent to the incorporation by reference of this opinion
into any registration statement filed pursuant to Rule 462(b) under the Securities Act with respect to additional Company Securities.
We do not, by giving any such consent, admit that we are within the category of persons whose consent is required under Section 7 of
the Securities Act.
| |
Very truly yours, |
| |
|
| |
/s/ Dentons US LLP |
| |
|
| |
Dentons US LLP |
Exhibit 23.2
Independent
Registered Public Accounting Firm’s Consent
We consent to the incorporation by reference in
this Registration Statement of electroCore, Inc. on Form S-3 of our report dated March 13, 2024, which includes an explanatory paragraph
as to the Company’s ability to continue as a going concern, with respect to our audits of the consolidated financial statements
of electroCore, Inc. and Subsidiaries as of December 31, 2023 and 2022 and for the years ended December 31, 2023 and 2022 appearing in
the Annual Report on Form 10-K of electroCore, Inc. for the year ended December 31, 2023. We also consent to the reference to our firm
under the heading “Experts” in the Prospectus, which is part of this Registration Statement.
/s/ Marcum LLP
Marcum llp
New York, NY
January 24, 2025
Exhibit 107
CALCULATION OF FILING FEE TABLE
Form S-3
(Form Type)
electroCore, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered and Carry Forward
Securities
| | |
Security Type | |
Security Class Title (1) | |
Fee Calculation or Carry
Forward Rule | |
Maximum Aggregate Offering
Price (1) | |
| |
Fee Rate | |
| |
Amount of Registration Fee
(2) | |
Carry Forward Form Type | |
Carry Forward File Number | |
Carry Forward Initial Effective Date |
|
Filing Fee Previously Paid In Connection
with Unsold Securities to be Carried Forward |
|
| Newly Registered Securities |
|
|
| Fees to be Paid | |
Equity | |
Common Stock, par value $0.001 per share | |
| 457 | (o) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| |
|
|
|
| Fees to be Paid | |
Equity | |
Preferred Stock, par value $0.001 per share | |
| 457 | (o) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| |
|
|
|
| Fees to be Paid | |
Other | |
Warrants | |
| 457 | (o) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| |
|
|
|
| Fees to be Paid | |
Other | |
Debt Securities | |
| 457 | (o) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| |
|
|
|
| Fees to be Paid | |
Other | |
Units(3) | |
| 457 | (o) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| |
|
|
|
| Fees to be Paid | |
Other | |
Rights | |
| 457 | (o) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| |
|
|
|
| Fees to be Paid | |
Unallocated (Universal) Shelf | |
Unallocated (Universal) Shelf | |
| 457 | (o) | |
| 53,751,039 | | |
| (1)
(2) | | |
| 0.00015310 | | |
| | | |
$ | 8,229.28 | | |
| |
| |
|
|
|
| Fees Previously Paid | |
Unallocated (Universal) Shelf | |
Unallocated (Universal) Shelf | |
| 457 | (o) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| |
|
|
|
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| |
|
|
|
| Carry Forward Securities |
| Carry Forward Securities | |
Equity | |
Common Stock, par value $0.001 per share | |
| 415 | (a)(6) | |
| | | |
| | | |
| | | |
| | | |
| | | |
S-3 | |
333-262223 | |
January 25,
2022 |
|
|
| Carry Forward Securities | |
Equity | |
Preferred Stock, par value $0.001 per share | |
| 415 | (a)(6) | |
| | | |
| | | |
| | | |
| | | |
| | | |
S-3 | |
333-262223 | |
January 25,
2022 |
|
|
| Carry Forward Securities | |
Other | |
Warrants | |
| 415 | (a)(6) | |
| | | |
| | | |
| | | |
| | | |
| | | |
S-3 | |
333-262223 | |
January 25,
2022 |
|
|
| Carry Forward Securities | |
Other | |
Debt Securities | |
| 415 | (a)(6) | |
| | | |
| | | |
| | | |
| | | |
| | | |
S-3 | |
333-262223 | |
January 25,
2022 |
|
|
| Carry Forward Securities | |
Other | |
Units(3) | |
| 415 | (a)(6) | |
| | | |
| | | |
| | | |
| | | |
| | | |
S-3 | |
333-262223 | |
January 25,
2022 |
|
|
| Carry Forward Securities | |
Other | |
Rights | |
| 415 | (a)(6) | |
| | | |
| | | |
| | | |
| | | |
| | | |
S-3 | |
333-262223 | |
January 25,
2022 |
|
|
| Carry Forward Securities | |
Unallocated (Universal) Shelf | |
Unallocated (Universal) Shelf | |
| 415 | (a)(6) | |
| 46,248,961 | | |
| (1 | ) | |
| 0.0000927 | | |
| (4 | ) | |
| | | |
S-3 | |
333-262223 | |
January 25,
2022 |
|
$4,287.28(4) |
|
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| |
|
|
|
|
| Total Offering Amounts | |
| | | |
$ | 100,000,000 | | |
| | | |
| | | |
| | | |
$ | 12,516.56 | | |
| |
| |
|
|
|
| Total Fees Previously Paid | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | 4,287.28 | | |
| |
| |
|
|
|
| Total Fee Offsets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| — | | |
| |
| |
|
|
|
| Net Fee Due | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | 8,229.28 | (4) | |
| |
| |
|
|
|
| (1) | The aggregate maximum offering price of all securities issued or issuable by electroCore, Inc. (the “Registrant”)
that are registered pursuant to this Registration Statement shall not exceed $100,000,000. The proposed maximum aggregate offering price
is estimated solely for the purpose of computing the registration fee pursuant to Rule 457(o) under the Securities Act of 1933 (the “Securities
Act”). |
| (2) | Calculated pursuant to Rule 457(o) under the Securities Act. The amount and price are exclusive of accrued
interest, if any, on the debt securities. The amount to be registered and proposed maximum aggregate offering price are not specified
as to each class of security pursuant to General Instruction II.D of Form S-3 under the Securities Act. |
| (3) | Units may consist of one or more shares of common stock, preferred stock, debt securities, or warrants
issued by the Registrant, other property, or any combination thereof. |
| (4) | Pursuant to Rule 415(a)(6) under the Securities Act, the registrant is carrying forward to this registration
statement $46,248,961 of unsold securities (the “Unsold Securities”) that have previously been registered under the registrant’s
registration statement on Form S-3 (File No. 333-262223) filed on January 18, 2022, and declared effective on January 25, 2022 (the “Prior
Registration Statement”), and the registration fee of $4,287.28 associated with the offering of the Unsold Securities (based on
the filing fee rate in effect at the time of the filing of the Prior Registration Statement) will continue to be applied to the Unsold
Securities that are being carried forward to this registration statement. No additional filing fee is due with respect to the Unsold Securities
carried forward in this registration statement. To the extent that, after the filing date hereof and prior to the effectiveness of this
registration statement, the registrant sells any Unsold Securities pursuant to the Prior Registration Statement, the registrant will identify
in a pre-effective amendment to this registration statement the updated amount of Unsold Securities from the Prior Registration Statement
to be included in this registration statement pursuant to Rule 415(a)(6) and the updated amount of new securities to be registered on
this registration statement, if any. Pursuant to Rule 415(a)(6), the offering of securities under the Prior Registration Statement will
be deemed terminated as of the date of effectiveness of this registration statement. |
electroCore (NASDAQ:ECOR)
Historical Stock Chart
Von Feb 2025 bis Mär 2025
electroCore (NASDAQ:ECOR)
Historical Stock Chart
Von Mär 2024 bis Mär 2025
