Exhibit 4.8

   

  

  Execution Version

   

   

    

  

  	Date:	March 18, 2021 


   

  	To:	South Jersey Industries, Inc.
          1 South Jersey Plaza 

          Folsom, New Jersey 08037

          


    

  	From:	Bank of America, N.A.

          
          One Bryant Park 

          New York, NY 10036 

          Attn: Rohan Handa 

          Telephone: 646-855-8654 

          E-mail: rohan.handa@bofa.com

          


   

  

   

  Re: Registered Forward Transaction

   

  Ladies and Gentlemen:

   

  The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and
      conditions of the transaction entered into between us on the Trade Date specified below (the “Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.

   

  		1.	The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “2002 Definitions”), as published by the
            International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation.


   

  Each party further agrees that this Confirmation together with
      the Agreement evidence a complete binding agreement between Party A and Party B as to the subject matter and terms of the Transaction to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications
      with respect thereto. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the ISDA 2002 Master Agreement (the “Agreement”) as if Party A and Party B had executed an agreement in such form on the Trade
      Date. In the event of any inconsistency between the Agreement, this Confirmation, and the 2002 Definitions, the following will prevail for purposes of the Transaction in the order of precedence indicated: (i) this Confirmation; (ii) the 2002
      Definitions and (iii) the Agreement. The Transaction shall be the sole Transaction under the Agreement. If there exists any ISDA Master Agreement between Party A and Party B or any confirmation or other agreement between Party A and Party B pursuant
      to which an ISDA Master Agreement is deemed to exist between Party A and Party B, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Party A and Party B are
      parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement, and the occurrence of any Event of Default or Termination Event under the Agreement with respect to either
      party or the Transaction shall not, by itself, give rise to any right or obligation under any such other agreement or deemed agreement.

   

  For purposes of the 2002 Definitions, the Transaction is a Share Forward
      Transaction.

   

  Party A and Party B each represent to the other that it has
      entered into the Transaction in reliance upon such tax, accounting, regulatory, legal, and financial advice as it deems necessary and not upon any view expressed by the other.

   

  

  
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  		2.	The terms of the particular Transaction to which this Confirmation relates are as follows:


   

  General Terms:

   

  	 	Party A:	Bank of America, N.A.
	 	 	 
	 	Party B:	South Jersey Industries, Inc.
	 	 	 
	 	Trade Date:	March 18, 2021
	 	 	 
	 	Effective Date:	March 22, 2021
	 	 	 
	 	Base Amount:	Initially, 9,887,641 Shares. On each Settlement Date, the Base Amount shall be reduced by the number of Settlement Shares
            for such Settlement Date.
	 	 	 
	 	Maturity Date:	March 18, 2022 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day).
	 	 	 
	 	Forward Price:	On the Effective Date, the Initial Forward Price, and on any other day, the Forward Price as of the immediately preceding
            calendar day multiplied by the sum of (i) 1 and (ii) the Daily Rate for such day; provided that on each Forward Price Reduction Date, the Forward Price in effect on such date shall be the Forward Price otherwise in effect on
            such date, minus the Forward Price Reduction Amount for such Forward Price Reduction Date.
	 	 	 
	 	Initial Forward Price:	$21.47125 per Share.
	 	 	 
	 	Daily Rate:	For any day, (i)(A) Overnight Bank Rate for such day, minus (B) the Spread, divided by (ii) 365.  
	 	 	 
	 	Overnight Bank Rate	For any day, the rate set forth for such day opposite the caption “Overnight bank funding rate”, as such rate is
            displayed on Bloomberg Screen “OBFR01 <Index> <GO>”, or any successor page; provided that, if no rate appears for a particular day on such page, the rate for the immediately preceding day for which a rate does so appear
            shall be used for such day.
	 	 	 
	 	Spread:	0.75%
	 	 	 
	 	Prepayment:	Not Applicable.  
	 	 	 
	 	Variable Obligation:	Not Applicable.  
	 	 	 
	 	Forward Price Reduction Date:	Each date (other than the Trade Date) set forth on Schedule I under the heading “Forward Price Reduction Date.”
	 	 	 
	 	Forward Price Reduction	 
	 	Amount:	For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Schedule I.


   

  
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  	 	Shares:	Common stock, $1.25 par value per share, of Party B (also referred to herein as the “Issuer”) (Exchange
            identifier: “SJI”).
	 	 	 
	 	Exchange:	The New York Stock Exchange.
	 	 	 
	 	Related Exchange(s):	All Exchanges.
	 	 	 
	 	Clearance System:	DTC.
	 	 	 
	 	Calculation Agent:	Party A. Whenever the Calculation Agent is required to act or to exercise judgment in any way with respect to any
            Transaction hereunder, it will do so in good faith and in a commercially reasonable manner.
	 	 	 
	 	 	Following the occurrence and during the continuation of an Event of Default pursuant to Section 5(a)(vii) of the
            Agreement with respect to which Party A is the sole Defaulting Party, Party B shall have the right to designate an independent, nationally recognized equity derivatives dealer to replace Party A as Calculation Agent, and the parties hereto
            shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent.
	 	 	 
	 	 	Following any determination, adjustment or calculation hereunder by the Calculation Agent, the Calculation Agent will
            upon written request by Party B promptly following (and, in any event, within five Exchange Business Days of) such request, provide to Party B a report (in a commonly used file format for the storage and manipulation of financial data but
            without disclosing Party A’s confidential or proprietary models or other information that may be confidential, proprietary or subject to contractual, legal or regulatory obligations to not disclose such information) displaying in reasonable
            detail the basis for such determination, adjustment or calculation, as the case may be.


   

  Settlement Terms:  

   

  	 	Settlement Date:	Any Scheduled Trading Day following the Effective Date and up to and including the Maturity Date, as
            designated by (a) Party A pursuant to “Termination Settlement” below or (b) Party B in a written notice (a “Settlement Notice”) that satisfies the Settlement Notice Requirements and is delivered to Party A at least (i) two Scheduled Trading
            Days prior to such Settlement Date, which may be the Maturity Date, if Physical Settlement applies, and (ii) 30 Scheduled Trading Days prior to such Settlement Date, which may be the Maturity Date, if Cash Settlement or Net Share Settlement
            applies; provided that (x) the Maturity Date shall be a Settlement Date if on such date the Base Amount is greater than zero and (y) if Cash Settlement or Net Share Settlement applies and Party A shall have fully unwound its hedge
            during an Unwind Period by a date that is more than three Scheduled Trading Days prior to a Settlement Date specified above, Party A may, by written notice to Party B, specify any Scheduled Trading Day prior to such originally specified
            Settlement Date as the Settlement Date.


   

  

  
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  	 	Settlement Shares:	With respect to any Settlement Date, a number of Shares, not to exceed the Base Amount, designated as such by
            Party B in the related Settlement Notice or by Party A pursuant to “Termination Settlement” below; provided that the Settlement Shares so designated shall, in the case of a designation by Party B, be at least equal to the lesser of
            100,000 and the Base Amount at that time; provided further that on the Maturity Date the number of Settlement Shares shall be equal to the Base Amount on such date.
	 	 	 
	 	Settlement:	Physical Settlement, Cash Settlement or Net Share Settlement, at the election of Party B as set forth in a Settlement
            Notice delivered on or after the Effective Date that satisfies the Settlement Notice Requirements; provided that Physical Settlement shall apply (i) if no Settlement Method is validly selected, (ii) with respect to any Settlement Shares
            in respect of which Party A is unable, in its good faith, commercially reasonable discretion, to unwind its hedge by the end of the Unwind Period in a manner that, in the good faith, commercially reasonable discretion of Party A, based on
            advice of counsel, is consistent with the requirements for qualifying for the safe harbor provided by Rule 10b-18 under the Exchange Act or due to the occurrence of Disrupted Days or to the lack of sufficient liquidity in the Shares on any
            Exchange Business Day during the Unwind Period, (iii) to any Termination Settlement Date (as defined below under “Termination Settlement”), (iv) Party A, in its good faith and commercially reasonable judgment, determines that Net Share
            Settlement or Cash Settlement would contravene applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction) or any terms or  commitments under financial assistance, relief,
            program or facility established under such applicable law, in each case, in respect of Party B directly or indirectly purchasing Shares or (v) if the Maturity Date is a Settlement Date other than as the result of a valid Settlement Notice in
            respect of such Settlement Date.
	 	 	 
	 	Settlement Notice 	 
	 	Requirements:	Notwithstanding any other provision hereof, a Settlement Notice delivered by Party B that specifies Cash Settlement or
            Net Share Settlement will not be effective to establish a Settlement Date or require Cash Settlement or Net Share Settlement unless Party B delivers to Party A with such Settlement Notice a representation signed by Party B substantially in the
            form set forth in subclauses (A) and (C) of clause (a) under the heading “Representations, Warranties and Agreements of Party B”.


   

  
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  	 	Unwind Period:	Each Exchange Business Day during the period from and including the first Exchange Business Day following the
            date Party B validly elects Cash Settlement or Net Share Settlement in respect of a Settlement Date through the third Scheduled Trading Day preceding such Settlement Date (or the immediately preceding Exchange Business Day if such Scheduled
            Trading Day is not an Exchange Business Day); subject to “Termination Settlement” below.  If any Exchange Business Day during an Unwind Period is a Disrupted Day, the Calculation Agent shall make commercially reasonable adjustments to the terms
            of the Transaction (including, without limitation, the Cash Settlement Amount, the number of Net Share Settlement Shares and the 10b-18 VWAP) to account for the occurrence of such Disrupted Day.
	 	 	 
	 	Market Disruption Event:	Section 6.3(a) of the 2002 Definitions is hereby amended by replacing the first sentence in its entirety with the
            following:  “‘Market Disruption Event’ means in respect of a Share or an Index, the occurrence or existence of (i) a Trading Disruption, (ii) an Exchange Disruption, (iii) an Early Closure or (iv) a Regulatory Disruption, in each case, that the
            Calculation Agent determines is material.”
	 	 	 
	 	Early Closure:	Section 6.3(d) of the 2002 Definitions is hereby amended by deleting the remainder of the provision following the term
            “Scheduled Closing Time” in the fourth line thereof.
	 	 	 
	 	Regulatory Disruption:	Any event that Party A, in its reasonable discretion based on advice of counsel, determines makes it appropriate with
            regard to any legal, regulatory or self-regulatory requirements or related policies and procedures for Party A to refrain from or decrease any market activity in connection with the Transaction. Party A shall promptly notify Party B upon the
            occurrence of a Regulatory Disruption and shall subsequently promptly notify Party B on the day Party A believes that the circumstances giving rise to such Regulatory Disruption have changed.  Party A shall make its determination of a
            Regulatory Disruption in a manner consistent with the determinations made with respect to other issuers under similar facts and circumstances.
	 	 	 
	 	Exchange Act:	The Securities Exchange Act of 1934, as amended from time to time.
	 	 	 
	 	Physical Settlement:	On any Settlement Date in respect of which Physical Settlement applies, Party B shall deliver to Party A through the
            Clearance System the Settlement Shares for such Settlement Date, and Party A shall deliver to Party B, by wire transfer of immediately available funds to an account designated by Party B, an amount in cash equal to the Physical Settlement
            Amount for such Settlement Date, on a delivery versus payment basis.  If, on any Settlement Date, the Shares to be delivered by Party B to Party A hereunder are not so delivered (the “Deferred Shares”), and a Forward Price Reduction Date occurs
            during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Party A, then the portion of the Physical Settlement Amount payable by Party A to Party B in respect of the Deferred
            Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, multiplied by the number of Deferred Shares.


   

  
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  	 	Physical Settlement Amount:	For any Settlement Date in respect of which Physical Settlement applies, an amount in cash equal to the
            product of (i) the Forward Price on such Settlement Date and (ii) the number of Settlement Shares for such Settlement Date.
	 	 	 
	 	Cash Settlement:	On any Settlement Date in respect of which Cash Settlement applies, (i) if the Cash Settlement Amount for such Settlement
            Date is a positive number, Party A will pay such Cash Settlement Amount to Party B, and (ii), if the Cash Settlement Amount is a negative number, Party B will pay the absolute value of such Cash Settlement Amount to Party A.  Such amounts shall
            be paid on the Settlement Date by wire transfer of such immediately available funds.
	 	 	 
	 	Cash Settlement Amount:	For any Settlement Date in respect of which Cash Settlement applies, an amount determined by the Calculation Agent equal
            to the difference between (1) the product of (i) (A) the average Forward Price over the applicable Unwind Period (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period,
            except as set forth in clause (2) below), minus USD 0.02, minus (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period, multiplied by (ii) the number of Settlement
            Shares for such Settlement Date, minus (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, multiplied by (ii) the number of Settlement Shares with
            respect to which Party A has not unwound its hedge as of such Forward Price Reduction Date.
	 	 	 
	 	Net Share Settlement:	On any Settlement Date in respect of which Net Share Settlement applies, if the number of Net Share Settlement Shares is
            a (i) negative number, Party A shall deliver a number of Shares to Party B equal to the absolute value of the Net Share Settlement Shares, or (ii) positive number, Party B shall deliver to Party A the Net Share Settlement Shares; provided
            that if Party A determines in its good faith judgment that it would be required to deliver Net Share Settlement Shares to Party B, Party A may elect to deliver a portion of such Net Share Settlement Shares on one or more dates prior to the
            applicable Settlement Date.
	 	 	 
	 	Net Share Settlement Shares:	For any Settlement Date in respect of which Net Share Settlement applies, a number of Shares equal to (a) the number of
            Settlement Shares for such Settlement Date, minus (b) the number of Shares Party A actually purchases during the Unwind Period (with such purchases to be made in a commercially reasonable manner) for a total purchase price equal to the
            difference between (1) the product of (i) the average Forward Price over the applicable Unwind Period (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period, except as
            set forth in clause (2) below), minus USD 0.02, multiplied by (ii) the number of Settlement Shares for such Settlement Date, minus (2) the product of (i) the Forward Price Reduction Amount for any Forward Price
            Reduction Date that occurs during such Unwind Period, multiplied by (ii) the number of Shares with respect to which Party A has not unwound its hedge as of such Forward Price Reduction Date.


   

  
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  	 	10b-18 VWAP:	For any Exchange Business Day during the Unwind Period, the volume-weighted average price at which the Shares
            trade as reported in the composite transactions for the Exchange on such Exchange Business Day, excluding (i) trades that do not settle regular way, (ii) opening (regular way) reported trades on the Exchange on such Exchange Business Day, (iii)
            trades that occur in the last ten minutes before the scheduled close of trading on the Exchange on such Exchange Business Day and ten minutes before the scheduled close of the primary trading session in the market where the trade is effected,
            and (iv) trades on such Exchange Business Day that do not satisfy the requirements of Rule 10b-18(b)(3), as determined in good faith and in a commercially reasonable manner by the Calculation Agent.  The parties agree that the Calculation Agent
            shall refer to the Bloomberg Page “SJI <Equity> AQR SEC” (or any successor thereto) for such Exchange Business Day to determine the 10b-18 VWAP, absent unavailability of such page (or a successor thereto) or error, as determined by the
            Calculation Agent, acting in good faith and in a commercially reasonable manner.
	 	 	 
	 	Settlement Currency:	USD (all amounts shall be converted to the Settlement Currency in good faith and in a commercially reasonable manner by
            the Calculation Agent).
	 	 	 
	 	Failure to Deliver:	Applicable if Party A is required to deliver Shares hereunder; otherwise, Inapplicable.


   

  Adjustments:  

   

  	 	Method of Adjustment:	Calculation Agent Adjustment, it being agreed that the Calculation Agent may make an adjustment pursuant to
            Calculation Agent Adjustment in the circumstances described therein to any one or more of the Base Amount, the Forward Price and any other variable relevant to the settlement or payment terms of the Transaction.


   

  
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  	 	Additional Adjustment:	If, in Party A’s commercially reasonable determination, the actual stock loan fee payable by Party A (or an
            affiliate thereof), excluding the federal funds or other interest rate component payable by the relevant stock lender to Party A or such affiliate (the “Stock Loan Fee”), over any one-month period, of borrowing a number of Shares equal to the
            Base Amount to hedge its exposure to the Transaction exceeds a weighted average rate equal to 25 basis points per annum, the Calculation Agent shall reduce the Forward Price to the extent necessary to compensate Party A for the amount by which
            the Stock Loan Fee exceeded a weighted average rate equal to 25 basis points per annum during such period.  The Calculation Agent shall notify Party B prior to making any such adjustment to the Forward Price and, upon the request of Party B,
            Party A shall provide an itemized list of the Stock Loan Fees for the applicable one-month period.


   

  Account Details:  

   

  	 	 	 
	 	Payments to Party A:	To be advised under separate cover or telephone confirmed prior to each Settlement Date.
	 	 	 
	 	Payments to Party B:	To be advised under separate cover or telephone confirmed prior to each Settlement Date.
	 	 	 
	 	Delivery of Shares to Party A:	To be advised.
	 	 	 
	 	Delivery of Shares to Party B:	To be advised.


   

  

  
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  3.       Other Provisions:

   

  Conditions to Effectiveness:

   

  The effectiveness of this Confirmation on the Effective Date shall be subject to (i)
      the condition that the representations and warranties of Party B contained in the Underwriting Agreement dated the date hereof among BofA Securities, Inc., as Representative of the several Underwriters (the “Underwriting Agreement”) and any
      certificate delivered pursuant thereto by Party B are true and correct on the Effective Date as if made as of the Effective Date, except to the extent such representations and warranties expressly relate to any earlier date, in which case they shall
      have been true and correct as of such earlier date, (ii) the condition that Party B has performed all of the obligations required to be performed by it under the Underwriting Agreement on or prior to the Effective Date, (iii) the condition that Party
      B has delivered to Party A one or more opinions of counsel dated as of the Effective Date with respect to the matters set forth in Section 3(a) of the Agreement (subject to customary exceptions, limitations, qualifications and assumptions reasonably
      acceptable to Party A), (iv) the satisfaction of all of the conditions set forth in Section 6 of the Underwriting Agreement, (v) the condition that the Underwriting Agreement shall not have been terminated pursuant to Section 9 or Section 10 thereof
      and (vi) the condition that neither of the following has occurred (A) Party A (or its affiliate) is unable to borrow and deliver for sale a number of Shares equal to the Base Amount, or (B) in Party A’s good faith, commercially reasonable judgment
      either it is impracticable to do so or Party A (or its affiliate) would incur a Stock Loan Fee of more than a rate equal to 25 basis points per annum to do so (in which event this Confirmation shall be effective but the Base Amount for the
      Transaction shall be the number of Shares Party A (or an affiliate thereof) is required to deliver in accordance with Section 11(a) of the Underwriting Agreement).

   

  Interpretive Letter:

   

  Party B agrees and acknowledges that the Transaction is being entered into in
      accordance with the October 9, 2003 interpretive letter from the staff of the Securities and Exchange Commission to Goldman, Sachs & Co. (the “Interpretive Letter”) and agrees to take all actions, and to omit to take any actions, reasonably
      requested by Party A for the Transaction to comply with the Interpretive Letter. Party B represents that it is eligible to conduct a primary offering of Shares on Form S-3, the offering contemplated by the Underwriting Agreement complies with Rule
      415 under the Securities Act of 1933, as amended (the “Securities Act”).

   

  Representations, Warranties and Agreements of Party B: Party B hereby
      represents and warrants to, and agrees with, Party A as of the date hereof that:

   

  		(a)	Party B represents to Party A on the Trade Date and on any date that Party B notifies Party A that Cash Settlement or Net Share Settlement
            applies to this Transaction, that (A) Party B is not aware of any material nonpublic information regarding Party B or the Shares, (B) each of its filings under the Securities Act, the Exchange Act or other applicable securities laws that are
            required to be filed have been filed and that, as of the date of this representation, when considered as a whole (with the more recent such filings deemed to amend inconsistent statements contained in any earlier such filings), there is no
            misstatement of material fact contained therein or omission of a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading, and (C)
            Party B is not entering into this Confirmation nor making any election hereunder to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise
            manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act.


   

  

  
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  		(b)	Any Shares, when issued and delivered in accordance with the terms of the Transaction, will be duly authorized and validly issued, fully paid
            and nonassessable, and the issuance thereof will not be subject to any preemptive or similar rights.


   

  		(c)	Party B has reserved and will keep available at all times, free from preemptive rights, out of its authorized but unissued Shares, solely for
            the purpose of issuance upon settlement of the Transaction as herein provided, the maximum number of Shares as shall be issuable at such time upon settlement of the Transaction as set forth below under the heading “Maximum Share Delivery”. All
            Shares so issuable shall, upon such issuance, be accepted for listing or quotation on the Exchange.


   

  		(d)	Party B agrees to provide Party A at least five Exchange Business Days’ written notice (an “Issuer Repurchase Notice”) prior to executing any
            repurchase of Shares by Party B or any of its subsidiaries (or entering into any contract that would require, or give the option to, Party B or any of its subsidiaries, to purchase or repurchase Shares), whether out of profits or capital or
            whether the consideration for such repurchase is cash, securities or otherwise (an “Issuer Repurchase”), that alone or in the aggregate would result in the Base Amount Percentage (as defined below) being greater by 0.5% or more than the Base
            Amount Percentage at the time of the immediately preceding Issuer Repurchase Notice (or in the case of the first such Issuer Repurchase Notice, greater by 0.5% or more than the Base Amount Percentage as of the later of the date hereof or the
            immediately preceding Settlement Date, if any). The “Base Amount Percentage” as of any day is the fraction (1) the numerator of which is the Base Amount and (2) the denominator of which is the number of Shares outstanding on such day.


   

  		(e)	No filing with, or approval, authorization, consent, license registration, qualification, order or decree of, any court or governmental
            authority or agency, domestic or foreign, is necessary or required for the execution, delivery and performance by Party B of this Confirmation and the consummation of the Transaction (including, without limitation, the issuance and delivery of
            Shares on any Settlement Date) except (i) such as have been obtained under the Securities Act, (ii) as may be required to be obtained under state securities laws, and (iii) as required by the rules and regulations of the Exchange.


   

  		(f)	Party B agrees not to make any Issuer Repurchase if, immediately following such Issuer Repurchase, the Base Amount Percentage would be equal
            to or greater than 9.5%.


   

  		(g)	Party B is not insolvent, nor will Party B be rendered insolvent as a result of the Transaction.


   

  		(h)	Neither Party B nor any of its affiliated purchasers (within the meaning of Rule 10b-18 under the Exchange Act) shall take or refrain from
            taking any action (including, without limitation, any direct purchases by Party B or any of its affiliates or any purchases by a party to a derivative transaction with Party B or any of its affiliates), either under this Confirmation, under an
            agreement with another party or otherwise, that could reasonably be expected to cause any purchases of Shares by Party A or any of its affiliates in connection with any Cash Settlement or Net Share Settlement of the Transaction not to meet the
            requirements of the safe harbor provided by Rule 10b-18 under the Exchange Act if such purchases were made by Party B.


   

  		(i)	Party B will not engage in any “distribution” (as defined in Regulation M under the Exchange Act (“Regulation M”)) that would cause a
            “restricted period” (as defined in Regulation M) to occur during any Unwind Period.


   

  		(j)	Party B (i) is capable of evaluating investment risks independently, both in general and with regard to the Transaction; (ii) will exercise
            independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (iii) has total assets of at least $50 million as of the date hereof.


   

  

  
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  		(k)	Party B acknowledges and agrees that:


   

  		(i)	during the term of the Transaction, Party A and its Affiliates may buy or sell Shares or other securities or buy or sell options or futures
            contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect to the Transaction;


   

  		(ii)	Party A and its Affiliates may also be active in the market for the Shares and Share-linked transactions other than in connection with hedging
            activities in relation to the Transaction;


   

  		(iii)	Subject, for the avoidance of doubt, to clause (b) under “Covenants of Party A” below, Party A shall make its own determination as to whether,
            when or in what manner any hedging or market activities in Party B’s securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Forward Price and the 10b-18 VWAP;


   

  		(iv)	any market activities of Party A and its Affiliates with respect to the Shares may affect the market price and volatility of the Shares, as
            well as the Forward Price and 10b-18 VWAP, each in a manner that may be adverse to Party B; and


   

  		(v)	the Transaction is a derivatives transaction in which it has granted Party A the right, under certain circumstances, to receive cash or
            Shares, as the case may be; Party A may purchase Shares for its own account at an average price that may be greater than, or less than, the effective price paid by Party B under the terms of the Transaction.


   

  		(l)	The assets of Party B do not constitute “plan assets” under the Employee Retirement Income Security Act of 1974, as amended, the Department of
            Labor Regulations promulgated thereunder or similar law.


   

  		(m)	Party B shall, at least one day prior to the first day of any Unwind Period, notify Party A of the total number of Shares purchased in Rule
            10b-18 purchases of blocks pursuant to the once-a-week block exception contained in Rule 10b-18(b)(4) by or for Party B or any of its affiliated purchasers during each of the four calendar weeks preceding the first day of the Unwind Period and
            during the calendar week in which the first day of the Unwind Period occurs (“Rule 10b-18 purchase”, “blocks” and “affiliated purchaser” each being used as defined in Rule 10b-18).


   

  		(n)	During any Unwind Period, Party B shall (i) notify Party A prior to the opening of trading in the Shares on any day on which Party B makes, or
            expects to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any merger, acquisition, or similar transaction involving a recapitalization relating to Party B (other than any such transaction in which the
            consideration consists solely of cash and there is no valuation period), (ii) promptly notify Party A following any such announcement that such announcement has been made, and (iii) promptly deliver to Party A following the making of any such
            announcement information indicating (A) Party B’s average daily Rule 10b-18 purchases (as defined in Rule 10b-18) during the three full calendar months preceding the date of the announcement of such transaction and (B) Party B’s block purchases
            (as defined in Rule 10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18 during the three full calendar months preceding the date of the announcement of such transaction. In addition, Party B shall promptly notify Party A of the earlier
            to occur of the completion of such transaction and the completion of the vote by target shareholders.


   

  

  
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  		(o)	Party B is not, and after giving effect to the transactions contemplated hereby will not be, required to register as an “investment company”
            as such term is defined in the Investment Company Act of 1940, as amended.


   

  		(p)	Without limiting the generality of Section 13.1 of the 2002 Definitions, Party B acknowledges that Party A is not making any representations
            or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480,
            Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (or any successor issue statements) or under FASB’s Liabilities & Equity Project.


   

  		(q)	Party B understands no obligations of Party A to it hereunder will be entitled to the benefit of deposit insurance and that such obligations
            will not be guaranteed by any affiliate of Party A or any governmental agency.


   

  		(r)	To Party B’s actual knowledge, no federal, state or local (including non-U.S. jurisdictions) law, rule, regulation or regulatory order
            applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of Party A or its affiliates
            owning or holding (however defined) Shares as part of its hedging activities in connection with the Transaction, other than Sections 13 and 16 under the Exchange Act; provided that Party B makes no such representation or warranty
            regarding any such requirement that is applicable generally to the ownership of equity securities by Party A.


   

  		(s)	Upon obtaining knowledge of the occurrence of any event that would constitute an Event of Default, a Potential Event of Default or a Potential
            Adjustment Event, Party B will so notify Party A in writing within one Scheduled Trading Day; provided, however, that should Party B be in possession of material non-public information regarding Party B, Party B shall so notify
            Party A without communicating such information to Party A.


   

  		(t)	Party B (i) has such knowledge and experience in financial and business affairs as to be capable of evaluating the merits and risks of
            entering into the Transaction; (ii) has consulted with its own legal, financial, accounting and tax advisors in connection with the Transaction; and (iii) is entering into the Transaction for a bona fide business purpose.


   

  Covenant of Party B:

   

  Subject to the provisions of “Private Placement Procedures” below,
      the parties acknowledge and agree that any Shares delivered by Party B to Party A on any Settlement Date will be newly issued Shares and when delivered by Party A (or an affiliate of Party A) to securities lenders from whom Party A (or an affiliate
      of Party A) borrowed Shares in connection with hedging its exposure to the Transaction will be freely saleable without further registration or other restrictions under the Securities Act, in the hands of those securities lenders, irrespective of
      whether such stock loan is effected by Party A or an affiliate of Party A. Accordingly, subject to the provisions of “Private Placement Procedures” below, Party B agrees that the Shares that it delivers to Party A on each Settlement Date will not
      bear a restrictive legend and that such Shares will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System.

   

  Covenants of Party A:

   

  		(a)	Unless the provisions set forth below under “Private Placement Procedures” shall be applicable, Party A shall use any Shares delivered by
            Party B to Party A on any Settlement Date to return to securities lenders to close out open Share loans created by Party A or an affiliate of Party A in the course of Party A’s or such affiliate’s hedging activities related to Party A’s
            exposure under this Confirmation.


   

  

  
    12 

    
      
 

  

   

  		(b)	In connection with bids and purchases of Shares in connection with any Cash Settlement or Net Share Settlement of the Transaction, Party A
            shall use good faith efforts to conduct its activities, or cause its affiliates to conduct their activities, in a manner consistent with the requirements of the safe harbor provided by Rule 10b-18 under the Exchange Act, as if such provisions
            were applicable to such purchases.


   

  		(c)	Party A hereby represents and covenants to Party B that it has implemented policies and procedures, taking into consideration the nature of
            its business, reasonably designed to ensure that individuals making investment decisions related to any Transaction do not have access to material non-public information regarding Issuer or the Shares.


   

  		(d)	Within one Exchange Business Day of purchasing any Shares in connection with any Cash Settlement or Net Share Settlement of the Transaction
            pursuant to the once-a-week block exception set forth in paragraph (b)(4) of Rule 10b-18, Party A shall notify Party B of the total number of Shares so purchased.


   

  Insolvency Filing: 

   

  Notwithstanding anything to the contrary herein, in the Agreement or in the 2002
      Definitions, upon any Insolvency Filing in respect of the Issuer, the Transaction shall automatically terminate on the date thereof without further liability of either party to this Confirmation to the other party (except for any liability in respect
      of any breach of representation or covenant by a party under this Confirmation prior to the date of such Insolvency Filing).

   

  Extraordinary Dividends:

   

  If an ex-dividend date for an Extraordinary Dividend occurs on or after the Trade
      Date and on or prior to the Maturity Date (or, if later, the last date on which Shares are delivered by Party B to Party A in settlement of the Transaction), Party B shall pay an amount, as determined by the Calculation Agent, in cash equal to the
      product of such Extraordinary Dividend and the Base Amount to Party A on the earlier of (i) the date on which such Extraordinary Dividend is paid by the Issuer to holders of record of the Shares or (ii) the Maturity Date. “Extraordinary Dividend”
      means the per Share amount of any cash dividend or distribution, or the portion thereof, declared by the Issuer with respect to the Shares that is specified by the board of directors of the Issuer as an “extraordinary” dividend.

   

  Acceleration Events:

   

  The following events shall each constitute an “Acceleration Event”:

   

  		(a)	Stock Borrow Events. In the good faith, commercially reasonable judgment of Party A (i) Party A (or its affiliate) is unable to hedge
            Party A’s exposure to the Transaction because of the lack of sufficient Shares being made available for Share borrowing by lenders, or (ii) Party A (or its affiliate) would incur a Stock Loan Fee to borrow a number of Shares equal to the Base
            Amount of more than a weighted average rate of 200 basis points per annum (each, a “Stock Borrow Event”);


   

  		(b)	Dividends and Other Distributions. On any day occurring after the Trade Date Party B declares a distribution, issue or dividend to
            existing holders of the Shares of (i) any cash dividend or portion thereof (other than an Extraordinary Dividend) to the extent all cash dividends (or relevant portions thereof) having an ex-dividend date during the period from and including
            any Forward Price Reduction Date (with the Trade Date being a Forward Price Reduction Date for purposes of this clause (b) only) to but excluding the next subsequent Forward Price Reduction Date exceeds, on a per Share basis, the Forward Price
            Reduction Amount set forth opposite the first date of any such period on Schedule I, (ii) share capital or securities of another issuer acquired or owned (directly or indirectly) by Party B as a result of a spin-off or other similar transaction
            or (iii) any other type of securities (other than Shares), rights or warrants or other assets, for payment (cash or other consideration) at less than the prevailing market price as determined by Party A;


   

  

  
    13 

    
      
 

  

   

  		(c)	ISDA Early Termination Date. Party A has the right to designate an Early Termination Date pursuant to Section 6 of the Agreement, in
            which case, except as otherwise specified herein and except as a result of an Event of Default under Section 5(a)(i) of the Agreement, the provisions of “Termination Settlement” below shall apply in lieu of the consequences specified in Section
            6 of the Agreement;


   

  		(d)	Other ISDA Events. The public announcement of any event that, if consummated, would result in a Merger Event, Tender Offer,
            Nationalization, Change in Law or Delisting; provided that a Change in Law pursuant to clause (Y) of the definition thereof shall not constitute an Acceleration Event unless Party A shall have notified Party B that a Change in Law has
            occurred pursuant to such clause and that a Price Adjustment will be made to the Transaction, and Party B shall not, within two Scheduled Trading Days of receipt of such notice, notify Party A that it elects to either (A) agree to amend the
            Transaction to take into account the resulting “materially increased cost” as such phrased in used in such clause (Y) or (B) pay Party A an amount determined by the Calculation Agent that corresponds to such “materially increased cost”, in
            which case, notwithstanding anything to the contrary contained herein, Party A may adjust the Forward Price to reflect any such costs incurred by Party A during such two Scheduled Trading Day period; provided further that, in case of a
            Delisting, in addition to the provisions of Section 12.6(a)(iii) of the 2002 Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted
            on any of the New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or their respective successors); and provided further that the definition of “Change in Law” provided in Section 12.9(a)(ii) of the
            2002 Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) replacing the parenthetical beginning after
            the word “regulation” in the second line thereof the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized or mandated by existing
            statute)” and (iii) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by Party A on the Trade Date”; or


   

  		(e)	Ownership Event. In the good faith, commercially reasonable judgment of Party A, on any day, the Share Amount for such day exceeds the
            Applicable Share Limit for such day (if any applies).


   

  For purposes of clause (e) above, the “Share Amount” as of any day is the number of
      Shares that Party A and any person whose ownership position would be aggregated with that of Party A (Party A or any such person, a “Party A Person”) under any law, rule, regulation, regulatory order or organizational documents or contracts of Party
      B that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable
      Restriction, as determined by Party A in its reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the minimum number of Shares that could reasonably be expected to give rise to reporting or registration
      obligations (other than any filing under Section 13 of the Exchange Act and the rules and regulations thereunder, in each case, as in effect on the Trade Date) or other requirements (including obtaining prior approval from any person or entity) of a
      Party A Person, or could reasonably be expected to result in an adverse effect on a Party A Person, in each case under any Applicable Restriction, as determined by Party A in its good faith, commercially reasonable discretion (it being understood
      that reporting obligations under Section 13 or Section 16 of the Exchange Act and the rules and regulations thereunder, in each case, as in effect on the Trade Date, will not be deemed to have such an adverse effect), minus (B) 1% of the number of
      Shares outstanding.

   

  

  
    14 

    
      
 

  

   

  Termination Settlement:

   

  Upon the occurrence of any Acceleration Event, Party A shall have the right to
      designate, upon at least one Scheduled Trading Day’s notice, any Scheduled Trading Day following such occurrence to be a Settlement Date hereunder (a “Termination Settlement Date”) to which Physical Settlement shall apply, and to select the number of
      Settlement Shares relating to such Termination Settlement Date; provided that (i) in the case of an Acceleration Event arising out of an Ownership Event, the number of Settlement Shares so designated by Party A shall not exceed the number of
      Shares necessary to reduce the Share Amount to the Applicable Share Limit and (ii) in the case of an Acceleration Event arising out of a Stock Borrow Event the number of Settlement Shares so designated by Party A shall not exceed the number of Shares
      as to which such Stock Borrow Event exists. If, upon designation of a Termination Settlement Date by Party A pursuant to the preceding sentence, Party B fails to deliver the Settlement Shares relating to such Termination Settlement Date when due or
      otherwise fails to perform obligations within its control in respect of the Transaction, it shall be an Event of Default with respect to Party B and Section 6 of the Agreement shall apply. If an Acceleration Event occurs during an Unwind Period
      relating to a number of Settlement Shares to which Cash Settlement or Net Share Settlement applies, then on the Termination Settlement Date relating to such Acceleration Event, notwithstanding any election to the contrary by Party B, Cash Settlement
      or Net Share Settlement shall apply to the portion of the Settlement Shares relating to such Unwind Period as to which Party A has unwound its hedge and Physical Settlement shall apply in respect of (x) the remainder (if any) of such Settlement
      Shares and (y) the Settlement Shares designated by Party A in respect of such Termination Settlement Date. If an Acceleration Event occurs after Party B has designated a Settlement Date to which Physical Settlement applies but before the relevant
      Settlement Shares have been delivered to Party A, then Party A shall have the right to cancel such Settlement Date and designate a Termination Settlement Date in respect of such Shares pursuant to the first sentence hereof. Notwithstanding the
      foregoing, in the case of a Nationalization or Merger Event, if at the time of the related Relevant Settlement Date the Shares have changed into cash or any other property or the right to receive cash or any other property, the Calculation Agent
      shall adjust the nature of the Shares as it determines appropriate in its good faith, commercially reasonable discretion to account for such change such that the nature of the Shares is consistent with what shareholders receive in such event.

   

  Private Placement Procedures

   

  If Party B is unable to comply with the provisions of “Covenant of Party B” above
      because of a change in law or a change in the policy of the Securities and Exchange Commission or its staff, or Party A otherwise reasonably determines, based upon advice of counsel, that any Settlement Shares to be delivered to Party A by Party B
      may not be freely returned by Party A or its affiliates to securities lenders as described under “Covenant of Party B” above, then delivery of any such Settlement Shares (the “Restricted Shares”) shall be effected pursuant to Annex A hereto, unless
      waived by Party A.

   

  

  
    15 

    
      
 

  

   

  Rule 10b5-1:

   

  It is the intent of Party A and Party B that following any election of Cash
      Settlement or Net Share Settlement by Party B, the purchase of Shares by Party A during any Unwind Period comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act and that this Confirmation shall be interpreted to comply with the
      requirements of Rule 10b5-1(c).

   

  Party B acknowledges that (i) during any Unwind Period Party B does not have, and
      shall not attempt to exercise, any influence over how, when or whether to effect purchases of Shares by Party A (or its agent or affiliate) in connection with this Confirmation and (ii) Party B is entering into the Agreement and this Confirmation in
      good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation, Rule 10b-5 promulgated under the Exchange Act.

   

  Party B hereby agrees with Party A that during any Unwind Period Party B shall not
      communicate, directly or indirectly, any Material Non-Public Information (as defined herein) to any Derivatives Personnel (as defined below). For purposes of the Transaction, “Material Non-Public Information” means information relating to Party B or
      the Shares that (a) has not been widely disseminated by wire service, in one or more newspapers of general circulation, by communication from Party B to its shareholders or in a press release, or contained in a public filing made by Party B with the
      Securities and Exchange Commission, or otherwise disseminated in a manner constituting “public disclosure” within the meaning of Regulation FD under the Exchange Act and (b) a reasonable investor might consider to be of importance in making an
      investment decision to buy, sell or hold Shares. For the avoidance of doubt and solely by way of illustration, information should be presumed “material” if it relates to such matters as dividend increases or decreases, earnings estimates, changes in
      previously released earnings estimates, significant expansion or curtailment of operations, a significant increase or decline of orders, significant merger or acquisition proposals or agreements, significant new products or discoveries, extraordinary
      borrowing, major litigation, liquidity problems, extraordinary management developments, purchase or sale of substantial assets, or other similar information For purposes of the Transaction, “Derivatives Personnel” means any employee on the trading
      side of the Equity Derivatives Group of Party A and does not include Gary Rosenblum or Robert Stewart (or any other person or persons designated from time to time by the Compliance Group of Party A).

   

  Maximum Share Delivery:

   

  Notwithstanding any other provision of this Confirmation, in no event will Party B
      be required to deliver on any Settlement Date, whether pursuant to Physical Settlement, Net Share Settlement, Termination Settlement or any Private Placement Settlement more than a number of Shares equal to 1.25 times the initial Base Amount to Party
      A, subject to reduction by the amount of any Shares delivered by Party B on any prior Settlement Date.

   

  Transfer and Assignment:

   

  Notwithstanding anything to the contrary herein or in the Agreement, Party A may
      assign or transfer any of its rights or delegate any of its duties hereunder to any affiliate of Party A whose obligations hereunder and under the Agreement are fully and unconditionally guaranteed by Bank of America, N.A.; provided that (A)
      Party B will neither (x) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) of the Agreement under the law as of the date of the transfer or assignment, nor (y) receive a payment from which an amount
      has been deducted or withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount, in either case, as a result of such transfer or assignment and (B) no Event of Default or Potential Event of
      Default shall (x) have occurred with respect to Party A or (y) occur with respect to either party solely as a result of such transfer and assignment. Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Party
      A to purchase, sell, receive or deliver any Shares or other securities to or from Party B, Party A may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Party A’s
      obligations in respect of the Transaction and any such designee may assume such obligations; provided that Party B will neither (x) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) of the
      Agreement under the law as of the date of the transfer or assignment, nor (y) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect of which Party A or such designee is not required to pay an
      additional amount, in either case, as a result of such designation. Party A shall be discharged of its obligations to Party B to the extent of any such performance.

   

  

  
    16 

    
      
 

  

   

  Indemnity

   

  Party B agrees to indemnify Party A and its affiliates and their respective
      directors, officers, agents and controlling parties (Party A and each such affiliate or person being an “Indemnified Party”) from and against any and all losses, claims, damages and liabilities, joint and several, incurred by or asserted against such
      Indemnified Party arising out of, in connection with, or relating to any breach of any covenant or representation made by Party B in this Confirmation or the Agreement and will reimburse any Indemnified Party for all reasonable expenses (including
      reasonable legal fees and expenses) as they are incurred in connection with the investigation of, preparation for, or defense of any pending or threatened claim or any action or proceeding arising therefrom, whether or not such Indemnified Party is a
      party thereto, but only to the extent that the relevant loss, claim, damage, liability or expense is found in a final and nonappealable judgment by a court of competent jurisdiction to have resulted from such breach. Party B will not be liable under
      this Indemnity paragraph to the extent that any loss, claim, damage, liability or expense is found in a final and nonappealable judgment by a court to have resulted from Party A’s material breach of any covenant or representation made by Party A in
      this Confirmation or the Agreement or any willful misconduct, fraud, gross negligence or bad faith of any Indemnified Party. Party B agrees that no Indemnified Party shall have any liability to Party B or any person asserting claims on behalf of or
      in right of Party B in connection with or as a result of any matter referred to in this Confirmation except to the extent that any losses, claims, damages, liabilities or expenses incurred by Party B result from Party A’s material breach of any
      covenant or representation made by Party A in this Confirmation or the Agreement or any gross negligence, fraud, willful misconduct or bad faith of the Indemnified Party. The provisions of this paragraph shall survive any termination or completion of
      the Transaction contemplated by this Confirmation and any assignment and/or delegation of the Transaction made pursuant to the Agreement or this Confirmation shall inure to the benefit of any permitted assignee of Party A. For the avoidance of doubt,
      any payments due as a result of this provision may not be used to set off any obligation of Party A upon settlement of the Transaction.

   

  		Notice	


   

  

  	Non-Reliance:	 	Applicable
	 	 	 
	Additional Acknowledgments:	 	Applicable
	 	 	 
	Agreements and Acknowledgments	 	 
	Regarding Hedging Activities:	 	Applicable


    

  

  
    17 

    
      
 

  

   

  		4.	The Agreement is further supplemented by the following provisions:


   

  No Collateral or Setoff.:

   

  Notwithstanding Section 6(f) or any other provision of the Agreement or any other
      agreement between the parties to the contrary, the obligations of Party B hereunder are not secured by any collateral. Obligations under the Transaction shall not be set off against any other obligations of the parties, whether arising under the
      Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be set off against obligations under the Transaction, whether arising under the
      Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff. In calculating any amounts under Section 6(e) of the Agreement,
      notwithstanding anything to the contrary in the Agreement, (a) separate amounts shall be calculated as set forth in such Section 6(e) with respect to (i) the Transaction and (ii) all other Transactions, and (b) such separate amounts shall be payable
      pursuant to Section 6(d)(ii) of the Agreement.

   

  Status of Claims in Bankruptcy:

   

  Party A acknowledges and agrees that this confirmation is not
      intended to convey to Party A rights with respect to the transactions contemplated hereby that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of Party B; provided, however, that nothing herein shall limit
      or shall be deemed to limit Party A’s right to pursue remedies in the event of a breach by Party B of its obligations and agreements with respect to this Confirmation and the Agreement; and provided further, that nothing herein shall limit or
      shall be deemed to limit Party A’s rights in respect of any transaction other than the Transaction.

   

  Limit on Beneficial Ownership:

   

  Notwithstanding any other provisions hereof, Party A shall not
      have the “right to acquire” (within the meaning of NYSE Rule 312.04(g)) Shares hereunder and Party A shall not be entitled to take delivery of any Shares deliverable hereunder (in each case, whether in connection with the purchase of Shares on any
      Settlement Date or any Termination Settlement Date, any Private Placement Settlement or otherwise) to the extent (but only to the extent) that, after such receipt of any Shares hereunder, (i) the Share Amount would exceed the Applicable Share Limit,
      (ii) the Section 16 Percentage would exceed 4.9% or (iii) Party A and each person subject to aggregation of Shares with Party A under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder (the “Party A Group”) would directly
      or indirectly beneficially own (as such term is defined for purposes of Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) in excess of 3.9 million Shares (the “Threshold Number of Shares”). Any purported delivery
      hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery, (i) the Share Amount would exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9% or (iii) Party A Group would
      directly or indirectly so beneficially own in excess of the Threshold Number of Shares. If any delivery owed to Party A hereunder is not made, in whole or in part, as a result of this provision, Party B’s obligation to make such delivery shall not be
      extinguished and Party B shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Party A gives notice to Party B that, after such delivery, (i) the Share Amount would not exceed the
      Applicable Share Limit, (ii) the Section 16 Percentage would not exceed 4.9% and (iii) Party A Group would not directly or indirectly so beneficially own in excess of the Threshold Number of Shares. The “Section 16 Percentage” as of any day is the
      fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Party A and any of its affiliates or any other person subject to aggregation with Party A for purposes of the “beneficial ownership” test under Section 13 of
      the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which Party A is or may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or,
      to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares
      outstanding on such day. Without limitation of the other provisions of this paragraph, unless Party A shall have paid in full the settlement payment due to Party B in respect of the Shares that would have been required to be delivered absent the
      provisions of this paragraph despite any delay in delivery of Shares as a result of the application of this paragraph and notwithstanding its rights pursuant to the immediately succeeding paragraph, Party A agrees to use good faith efforts to cause
      the limits in clauses (i), (ii) and (iii) of the first sentence of this paragraph to not be exceeded at the time of any settlement that would otherwise be made by Party B hereunder, and, if any such limits are exceeded at such time, to use good faith
      efforts to minimize both the amount of such excess and the duration of the period during which such excess exists, in each case, solely to the extent such excess exists or would exist as a result of transactions or activities undertaken by Party A
      and/or any affiliate thereof not in connection with the Transaction or any other transaction or agreement entered into with Party B or at Party B’s behest.

   

  

  
    18 

    
      
 

  

   

  In addition, notwithstanding anything herein to the contrary, if
      any delivery owed to Party A hereunder is not made, in whole or in part, as a result of the immediately preceding paragraph, Party A shall be permitted to make any payment due in respect of such Shares to Party B in two or more tranches that
      correspond in amount to the number of Shares delivered by Party B to Party A pursuant to the immediately preceding paragraph.

   

  Delivery of Cash:

   

  For the avoidance of doubt, nothing in this Confirmation shall be
      interpreted as requiring Party B to deliver cash in respect of the settlement of the Transaction, except (i) as set forth above under “Extraordinary Dividends,” (ii) in circumstances where cash settlement is within Party B’s control (including,
      without limitation, where Party B elects to deliver or receive cash or where Party B has made a Private Placement Settlement in accordance with Annex A unavailable due to the occurrence of events within its control) or (iii) in those circumstances in
      which holders of Shares would also receive cash.  For the avoidance of doubt, the preceding sentence shall not be construed as limiting any damages that may be payable by Party B as a result of breach of this Confirmation.

   

  Wall Street Transparency and Accountability Act:

   

  In connection with Section 739 of the Wall Street Transparency and Accountability
      Act of 2010 (the “WSTAA”), the parties hereby agree that neither the enactment of the WSTAA or any regulation under the WSTAA, nor any requirement under the WSTAA or an amendment made by the WSTAA, shall limit or otherwise impair either party’s
      otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event
      under this Confirmation, the 2002 Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from any Acceleration Event or Illegality (as defined in the Agreement)).

   

  Miscellaneous:

   

  		(a)	Addresses for Notices. For the purpose of Section 12(a) of the Agreement:


   

  Address for notices or communications to Party A:

   

  Bank of America, N.A. 

  One Bryant Park 

  New York, NY 10036 

  Attn: Rohan Handa 

  Telephone: 646-855-8654 

  E-mail: rohan.handa@bofa.com

   

  

  
    19 

    
      
 

  

   

  Address for notices or communications to Party B:

   

  South Jersey Industries, Inc. 

  1 South Jersey Plaza 

  Folsom, New Jersey 08037 

  Attention:               General Counsel

   

  		(b)	Waiver of Right to Trial by Jury. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by
              jury in respect of any suit, action or proceeding relating to this Confirmation. Each party (i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other party would
            not, in the event of such a suit action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into this Confirmation by, among other things, the mutual waivers and
            certifications herein.


   

  		(c)	Offices:


   

  The Office of Party A for the Transaction is: New York, New York

   

  The Office of Party B for the Transaction is: Inapplicable, Party B is not a
      Multibranch Party

   

  Acknowledgements.

   

  The parties hereto intend for:

   

  		(a)	the Transaction to be a “securities contract” as defined in Section 741(7) of Title 11 of the United States Code (the “Bankruptcy Code”),
            qualifying for the protections under Section 555 of the Bankruptcy Code;


   

  		(b)	a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the
            Agreement with respect to the other party to constitute a “contractual right” as defined in the Bankruptcy Code;


   

  		(c)	Party A to be a “financial institution” within the meaning of Section 101(22) of the Bankruptcy Code; and


   

  		(d)	all payments for, under or in connection with the Transaction, all payments for the Shares and the transfer of such Shares to constitute
            “settlement payments” as defined in the Bankruptcy Code.


   

  Severability.

   

  If any term, provision, covenant or condition of this Confirmation, or the
      application thereof to any party or circumstance, shall be held to be invalid or unenforceable in whole or in part for any reason, the remaining terms, provisions, covenants, and conditions hereof shall continue in full force and effect as if this
      Confirmation had been executed with the invalid or unenforceable provision eliminated, so long as this Confirmation as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this
      Confirmation and the deletion of such portion of this Confirmation will not substantially impair the respective benefits or expectations of parties to this Agreement; provided, however, that this severability provision shall not be
      applicable if any provision of Section 2, 5, 6 or 13 of the Agreement (or any definition or provision in Section 14 to the extent that it relates to, or is used in or in connection with any such Section) shall be so held to be invalid or
      unenforceable.

   

  

  
    20 

    
      
 

  

   

  Governing Law/Jurisdiction.

   

  This Confirmation and any claim, controversy or dispute arising under or related to
      this Confirmation shall be governed by the laws of the State of New York without reference to the conflict of laws provisions thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the
      United States Court for the Southern District of New York in connection with all matters relating hereto and waive any objection to the laying of venue in, and any claim of inconvenient forum with respect to, these courts.

   

  Disclosure.

   

  Effective from the date of commencement of discussions concerning the Transaction,
      each of Party A and Party B and each of their employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind
      (including opinions or other tax analyses) relating to such tax treatment and tax structure.

   

  Commodity Exchange Act.

   

  Each of Party A and Party B agrees and represents that it is an “eligible contract
      participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended (the “CEA”), the Agreement and the Transaction are subject to individual negotiation by the parties and have not been executed or traded on a “trading facility”
      as defined in Section 1a(51) of the CEA.

   

  Tax Matters.

   

  		(a)	For the purpose of Section 3(f) of the Agreement:


   

  		(i)	Party A makes the following representations:


   

  		(A)	It is a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax
            purposes.


   

  		(B)	It is a national banking association organized and existing under the laws of the United States of America, and is an exempt recipient under
            Treasury Regulation Section 1.6049-4(c)(1)(ii)(M).


   

  		(ii)	Party B makes the following representations:


   

  		(A)	It is a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax
            purposes.


   

  		(B)	It is a corporation for U.S. federal income tax purposes and is organized under the laws of the State of New Jersey, and is an exempt
            recipient under Treasury Regulation Section 1.6049-4(c)(1)(ii)(A).


   

  		(c)	Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act. “Tax” and
            “Indemnifiable Tax”, each as defined in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the
            “Code”), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any
            intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is
            required by applicable law for the purposes of Section 2(d) of the Agreement.


   

  

  
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  		(d)	Tax documentation. For the purpose of Section 4(a)(i) of the Agreement, Party A and Party B each agrees to deliver, as applicable,
            (i) in the case of Party A, a completed and accurate U.S. Internal Revenue Service Form W-9 (or successor thereto) and (ii) in the case of Party B, a complete and accurate U.S. Internal Revenue Service Form W-9 (or successor thereto), in each
            case (x) promptly upon execution of this Confirmation, (y) promptly upon reasonable demand by the other party and (z) promptly upon learning that any form previously provided has become obsolete or incorrect.


   

  		(e)	Change of Account. Section 2(b) of the Agreement is hereby amended by the addition of the following after the word “delivery” in the
            first line thereof: “to another account in the same legal and tax jurisdiction”.


   

  U.S. Resolution Stay Protocol.

   

  The parties agree that (i) to the extent that prior to the date hereof both parties
      have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the “Protocol”), the terms of the Protocol are incorporated into and form a part of this Confirmation, and for such purposes this Confirmation shall be deemed a Protocol Covered
      Agreement and each party shall be deemed to have the same status as “Regulated Entity” and/or “Adhering Party” as applicable to it under the Protocol; (ii) to the extent that prior to the date hereof the parties have executed a separate agreement the
      effect of which is to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay Rules (the “Bilateral Agreement”), the terms of the Bilateral Agreement are incorporated into and form a part of this
      Confirmation and each party shall be deemed to have the status of “Covered Entity” or “Counterparty Entity” (or other similar term) as applicable to it under the Bilateral Agreement; or (iii) if clause (i) and clause (ii) do not apply, the terms of
      Section 1 and Section 2 and the related defined terms (together, the “Bilateral Terms”) of the form of bilateral template entitled “Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by ISDA on November 2,
      2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which is available upon request), the effect of which is to amend the qualified financial contracts between the parties thereto to conform
      with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of this Confirmation, and for such purposes this Confirmation shall be deemed a “Covered Agreement,” Party A shall be deemed a “Covered Entity” and Party B
      shall be deemed a “Counterparty Entity.” In the event that, after the date of this Confirmation, both parties hereto become adhering parties to the Protocol, the terms of the Protocol will replace the terms of this paragraph. In the event of any
      inconsistencies between this Confirmation and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the “QFC Stay Terms”), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without
      definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to “this Confirmation” include any related credit enhancements entered into between the parties or provided by one to the other.
      In addition, the parties agree that the terms of this paragraph shall be incorporated into any related covered affiliate credit enhancements, with all references to Party A replaced by references to the covered affiliate support provider. “QFC
        Stay Rules” means the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal
      Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain
      insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.

   

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    22 

    
      
 

  

   

   

   

  Please confirm that the foregoing correctly sets forth the terms of our agreement by signing
      and returning this Confirmation.

   

  

  	 	Yours faithfully,
	 	 	 
	 	BANK OF AMERICA, N.A.
	 	 	 
	 	By:	/s/ Jake Mendelsohn
	 	Name:	Jake Mendelsohn
	 	Title:	Managing Director


    

  Confirmed as of the date first written above:

   

  SOUTH JERSEY INDUSTRIES, INC. 

   

  

  	By:	/s/ Steven R. Cocchi	 
	Name:	Steven R. Cocchi	 
	Title:	Chief Financial Officer	 


    

  

  [Signature Page to Forward Confirmation] 

  
      

    
      
 

  

  
   

  SCHEDULE I

   

  FORWARD PRICE REDUCTION DATES AND AMOUNTS

   

  	Forward Price Reduction Date	Forward Price Reduction Amount
	 	 
	Trade Date	USD 0.0000
	June 9, 2021	USD 0.3025
	September 9, 2021	USD 0.3025
	December 9, 2021	USD 0.3125
	March 15, 2022	USD 0.3125


   

  
    I-1 

    
      
 

  

  
   

  ANNEX A

   

  PRIVATE PLACEMENT PROCEDURES

   

  		(i)	If Party B delivers the Restricted Shares pursuant to this clause (i) (a “Private Placement Settlement”), then delivery of Restricted Shares
            by Party B shall be effected in customary private placement procedures with respect to such Restricted Shares reasonably acceptable to Party A; provided that if, on or before the date that a Private Placement Settlement would occur,
            Party B has taken, or caused to be taken, any action that would make unavailable either the exemption pursuant to Section 4(a)(2) of the Securities Act for the sale by Party B to Party A (or any affiliate designated by Party A) of the
            Restricted Shares or the exemption pursuant to Section 4(a)(1) or Section 4(a)(3) of the Securities Act for resales of the Restricted Shares by Party A (or any such affiliate of Party A) or Party B fails to deliver the Restricted Shares when
            due or otherwise fails to perform obligations within its control in respect of a Private Placement Settlement, it shall be an Event of Default with respect to Party B and Section 6 of the Agreement shall apply. The Private Placement Settlement
            of such Restricted Shares shall include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Party A, due diligence rights (for Party A or any designated buyer of the Restricted
            Shares by Party A), opinions and certificates, and such other documentation as is customary for private placements of similar size, all reasonably acceptable to Party A. In the case of a Private Placement Settlement, Party A shall, in its good
            faith discretion, adjust the number of Restricted Shares to be delivered to Party A hereunder and/or the Forward Price in a commercially reasonable manner to reflect the fact that such Restricted Shares may not be freely returned to securities
            lenders by Party A and may only be saleable by Party A at a discount to reflect the lack of liquidity in Restricted Shares. Notwithstanding the Agreement or this Confirmation, the date of delivery of such Restricted Shares shall be the
            Clearance System Business Day following notice by Party A to Party B of the number of Restricted Shares to be delivered pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted Shares shall be due as set forth in the
            previous sentence and not be due on the Settlement Date or Termination Settlement Date that would otherwise be applicable.


   

  		(ii)	If Party B delivers any Restricted Shares in respect of the Transaction, unless it is advised in writing by outside counsel that any of the
            following actions would violate applicable securities laws because of a change in law or a change in the policy of the Securities and Exchange Commission or its staff occurring after the Trade Date, Party B agrees that (i) such Shares may be
            transferred by and among Party A and its affiliates and (ii) after the minimum “holding period” within the meaning of Rule 144(d) under the Securities Act has elapsed after the applicable Settlement Date, Party B shall promptly remove, or cause
            the transfer agent for the Shares to remove, any legends referring to any transfer restrictions from such Shares upon delivery by Party A (or such affiliate of Party A) to Party B or such transfer agent of seller’s and broker’s representation
            letters customarily delivered by Party A or its affiliates in connection with resales of restricted securities pursuant to Rule 144 under the Securities Act, each without any further requirement for the delivery of any certificate, consent,
            agreement, opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other action by Party A (or such affiliate of Party A).


   

  

   A-1