Document:

EX-10.1

 Exhibit 10.1 

DISTRIBUTION AGREEMENT 

May 16, 2016 
 J.P. Morgan Securities LLC

 383 Madison Avenue 
 New York, New York 10179 

HSBC Securities (USA) Inc. 
 452 Fifth Avenue 

New York, New York 10018 
 Ladies and Gentlemen: 

Freeport-McMoRan Inc., a Delaware corporation (the “Company”), and Noble Drilling (U.S.) LLC, a Delaware limited
liability company (the “Selling Stockholder”), confirm their agreement with each of J.P. Morgan Securities LLC and HSBC Securities (USA) Inc., as agent and/or principal under any Terms Agreement (as defined in Section 1(a)
below) (each, an “Agent”, and, collectively, the “Agents”), with respect to the sale from time to time by the Selling Stockholder, in the manner and subject to the terms and conditions described below in this
Distribution Agreement (this “Agreement”), of shares (the “Shares”) of common stock, $0.10 par value per share (the “Common Stock”), of the Company having an aggregate Gross Sales Price (as defined
in Section 1(a) below) of up to $540,000,000 (the “Maximum Amount”) on the terms set forth in Section 1 of this Agreement. The Shares are described in the Prospectus referred to below. The Company, Freeport-McMoRan
Oil & Gas LLC and the Selling Stockholder entered into a Settlement and Termination Agreement dated as of May 10, 2016 (the “Settlement Agreement”). 

The Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3
(No. 333-206257) that became automatically effective upon filing with the Commission on August 10, 2015 for the registration of the Shares and other securities of the Company under the Securities Act of 1933, as amended, and the rules and
regulations of the Commission thereunder (collectively, the “Act”); the Registration Statement (as defined below) sets forth the material terms of the offering, sale and plan of distribution of the Shares and contains additional
information concerning the Company and its business. Except where the context otherwise requires, “Registration Statement”, as used herein, means the registration statement, as amended at the time of such registration
statement’s effectiveness for purposes of Section 11 of the Act, as such section applies to the Agents, including (1) all documents filed as a part thereof or incorporated, or deemed to be incorporated, by reference therein and
(2) any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424(b) under the Act, to the extent such information is deemed, pursuant to Rule 430B or Rule 430C under the
Act, to be part of the registration statement at the effective time. Except where the context otherwise requires, “Basic Prospectus”, as used herein, means the prospectus dated August 10, 2015, filed as part of the Registration
Statement, including the documents incorporated by reference therein as of the date of such prospectus. Except where the context otherwise requires, “Prospectus Supplement”, as used herein, means the most recent prospectus
supplement relating to the Shares, to be filed by the Company with the Commission pursuant to Rule 424(b) under the Act on or before the 

 
second business day after the date of its first use in connection with a public offering or sale of Shares pursuant hereto (or such earlier time as may be required under the Act), in the form
furnished by the Company to the Agents in connection with the offering of the Shares. Except where the context otherwise requires, “Prospectus”, as used herein, means the Prospectus Supplement (and any additional prospectus
supplement prepared in accordance with the provisions of Sections 5(b) or 5(h) of this Agreement and filed in accordance with the provisions of Rule 424(b)) together with the Basic Prospectus attached to or used with the Prospectus Supplement.
“Permitted Free Writing Prospectuses”, as used herein, has the meaning set forth in Section 3(b). Any reference herein to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any
Permitted Free Writing Prospectus shall, unless otherwise stated, be deemed to refer to and include the documents, if any, incorporated, or deemed to be incorporated, by reference therein (the “Incorporated Documents”), including,
unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms “amend”, “amendment” or “supplement” with respect to the Registration
Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall, unless stated otherwise, be deemed to refer to and include the filing of any document under the Securities Exchange Act of
1934, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Exchange Act”) on or after the initial effective date of the Registration Statement or the date of the Basic Prospectus, the Prospectus
Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference. 

The Company, the Selling Stockholder and each Agent agree as follows: 

 

	 	1.	Sale. 

  

	 	(a)	 Upon the basis of the representations and warranties and subject to the terms and conditions set forth herein, on
any Exchange Business Day (as defined below) selected by the Selling Stockholder, the Selling Stockholder and such Agent shall enter into an agreement in accordance with Section 2 hereof regarding the number of Shares to be placed by such
Agent, as agent, and the manner in which and other terms upon which such placement is to occur (each such transaction being referred to as an “Agency Transaction”). Pursuant to an Agency Transaction, the Selling Stockholder may
submit its orders to any Agent selected by the Selling Stockholder as the Agents’ representative in writing (the “Direct Seller”). The Selling Stockholder may also offer to sell the Shares directly to an Agent, as principal, in
which event the Selling Stockholder, the Company and such Agent will enter into a separate agreement (each, a “Terms Agreement”) in substantially the form of Exhibit F hereto (with such changes thereto as
may be agreed upon by the Selling Stockholder and such Agent to accommodate a transaction involving more than one Agent), relating to such sale in accordance with Section 2(f) of this Agreement. As used in this Agreement, (i) the
“Term” shall be the period commencing on the date hereof and ending on the earlier of (x) the date on which the Gross Sales Price of Shares sold pursuant to this Agreement and any Terms Agreement is equal to the Maximum Amount
and (y) the termination of this Agreement pursuant to Section 9 or 10 hereof (the “Termination Date”), (ii) an 

  
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“Exchange Business Day” means any day during the Term that is a trading day for the Exchange, (iii) “Exchange” means the New York Stock Exchange,
(iv) “VWAP” means, with respect to any Share, the volume-weighted average price per share of Common Stock (as reported by Bloomberg L.P. on page FCX <Equity> AQR <Go>) for the Exchange Business Day on which the
Selling Stockholder submits an order to any Agent to sell such Share (without regard to after-hours trading or any other trading outside the regular trading session trading hours)(or if such volume-weighted average price is unavailable or manifestly
incorrect, the market value of one share of Common Stock on such Exchange Business Day, as determined by the Agent in good faith and in a commercially reasonable manner); provided that if the Selling Stockholder submits an order to any Agent
to sell Shares pursuant to any Agency Transaction or any Placement (as defined below) after 9:00 a.m. New York City time, the calculation of VWAP with respect to such Shares described in this clause (iv) shall begin 30 minutes after
the Company notifies the Selling Stockholder of any Stock Issuance (as defined in the Settlement Agreement) pursuant to the Settlement Agreement, (v) “Gross Sales Price” means, with respect to any Share sold through any Agent
in any Agency Transaction pursuant to this Agreement, the greater of (x) VWAP for such Share and (y) the floor price per share previously agreed to among the parties hereto (the “Floor Price”), and (vi) “Net Sales
Price” means, with respect to any Share sold through the Agent in any Agency Transaction pursuant to this Agreement, the Gross Sales Price of such Share less the Agent’s commissions and fees with respect to such Share.

  

	 	(b)	Subject to the terms and conditions set forth below, the Selling Stockholder appoints each Agent as agent in connection with the offer and sale of Shares in any Agency Transactions entered into hereunder.

  

	 	(c)	Each Agent, as agent in any Agency Transaction, hereby covenants and agrees, severally and not jointly, not to make any sales of the Shares on behalf of the Selling Stockholder pursuant to this Agreement other than (i)
by means of ordinary brokers’ transactions between members of the Exchange that qualify for delivery of a Prospectus in accordance with Rule 153 under the Act and meet the definition of an “at the market offering” under
Rule 415(a)(4) under the Act (such transactions are hereinafter referred to as “At the Market Offerings”) and (ii) such other sales of the Shares on behalf of the Selling Stockholder in its capacity as agent of the Selling
Stockholder as shall be agreed by the Selling Stockholder and such Agent in writing. 

  

	 	(d)	If Shares are to be sold in an Agency Transaction in an At the Market Offering, the applicable Agent will confirm in writing to the Selling Stockholder and the Company the number of Shares sold in an Agency Transaction
on any Exchange Business Day, the VWAP for such Shares, the aggregate Gross Sales Price and the aggregate Net Sales Price for all Shares sold in such Agency Transaction on such date no later than the opening of trading on the day immediately
following such Exchange Business Day. 

  
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	 	(e)	If the Selling Stockholder shall default on its obligation to deliver Shares to an Agent pursuant to the terms of any Agency Transaction or any Terms Agreement, (i) the Selling Stockholder shall hold such Agent
harmless against any loss, claim or damage arising from or as a result of such default by the Selling Stockholder and (ii) notwithstanding such default, pay to such Agent any commission or fee to which such Agent would otherwise be entitled in
connection with such sale. 

  

	 	(f)	The Selling Stockholder acknowledges and agrees that no Agent shall be under any obligation to purchase Shares on a principal basis pursuant to this Agreement, except as may otherwise be specifically agreed by such
Agent and the Selling Stockholder in a Terms Agreement. 

  

	 	2.	Transaction Acceptances. 

  

	 	(a)	The Selling Stockholder may, from time to time during the Term, propose to an Agent that the Selling Stockholder and such Agent enter into an Agency Transaction, to be executed on a specified Exchange Business Day or
over a specified period of Exchange Business Days, which proposal shall be made to such Agent by any means permissible under Section 12 hereof and shall set forth the information below (each, a “Transaction Proposal”). Such
Agent shall promptly send to the Selling Stockholder by any means permissible under Section 12 hereof a notice (each, a “Transaction Acceptance”), confirming the agreed terms of such proposed Agency Transaction as set forth in
such Transaction Proposal whereupon such Agency Transaction shall become a binding agreement between the Selling Stockholder and such Agent. The Selling Stockholder shall notify each Agent to which the Selling Stockholder submits an order to
sell Shares in an Agency Transaction no later than 15 minutes after the Company notifies the Selling Stockholder of any Stock Issuance (as defined in the Settlement Agreement) pursuant to the Settlement Agreement. In no event shall the Selling
Stockholder submit after 1:15 p.m. New York City time on any day any order to any Agent to sell any Shares in any Agency Transaction on such day. Each Transaction Proposal shall specify: 

(i) the Exchange Business Day(s) on which the Shares subject to such Agency Transaction are to be sold (each, a
“Purchase Date”); 
 (ii) the number of Shares to be sold by such Agent (the “Specified Number of
Shares”) on each such Purchase Date(s); provided that (x) no Agent shall have any obligation to sell any Shares on any Purchase Date in excess of (A) if such Agent received the applicable order to sell Shares before 9:00
a.m. New York City time on such Purchase Date, 20% of the simple average trading volume of Common Shares for the five consecutive trading days immediately preceding such Purchase Date or (B) if such Agent received the applicable order to sell
Shares at or after 9:00 a.m. New York City time on such Purchase Date, 10% of the simple average trading volume of Common Shares for the five consecutive trading days immediately preceding such Purchase Date, (y) if at any time on any Purchase
Date, the price per share of Common Stock on the 

  
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Exchange is below the Floor Price, each Agent may, at its sole discretion, terminate or suspend the sale of any unsold Shares and such Agent shall have no obligation to sell any unsold Shares on
such Purchase Date, and such Agent shall notify the Selling Stockholder of the number of any unsold Shares no later than the end of the day on such Purchase Date and (z) in no event shall the Selling Stockholder reject any Stock Issuance (as
defined in the Settlement Agreement) with respect to any Shares other than unsold Shares that are subject to a notice received by the Selling Stockholder from any Agent in accordance with clause (y) of this Section 2(a)(ii); and 

(iii) if such Agent will be acting as the Direct Seller with respect to the Shares subject to such Transaction. 

Each of the Company and the Selling Stockholder shall have responsibility for maintaining records with respect to the aggregate
Gross Sales Price for all Shares sold hereunder or under any Terms Agreement, or for otherwise monitoring the availability of Shares for sale under the Registration Statement. The Selling Stockholder or the applicable Agent may, upon notice to
the other by any means permissible under Section 12 hereof, suspend or terminate the offering of the Shares pursuant to any Agency Transaction or any Placement if in the judgment of such Agent it is impracticable or inadvisable to proceed with
such offering; provided, however, that such suspension or termination shall not affect or impair the Selling Stockholder’s or such Agent’s respective obligations with respect to the Shares sold hereunder prior to the giving
of such notice. Notwithstanding the foregoing, if the terms of any Agency Transaction or any Placement contemplate that Shares shall be sold on more than one Purchase Date, then the Selling Stockholder and the applicable Agent shall mutually agree
to such additional terms and conditions as they deem necessary in respect of such multiple Purchase Dates, and such additional terms and conditions shall be set forth in the relevant Transaction Proposal and confirmed by the relevant Transaction
Acceptance or in the relevant Terms Agreement, as applicable, and be binding to the same extent as any other terms contained therein. 
  

	 	(b)	An Agent’s fees and commissions payable by the Selling Stockholder with respect to each Share sold in any Agency Transaction shall be a percentage, not to exceed 1.50%, of the VWAP for such Share.

  

	 	(c)	 The Purchase Date(s) of the Shares deliverable pursuant to any Transaction Acceptance shall be set forth in the
relevant Transaction Proposal and confirmed by the relevant Transaction Acceptance. Payment of the Net Sales Price for each Share sold by the Selling Stockholder on any Purchase Date pursuant to a Transaction Acceptance shall be made to the
Selling Stockholder by federal funds wire transfer to the account of the Selling Stockholder, the details of which are set forth on Schedule III hereto, against delivery of such Shares to the applicable Agent’s account, or an account of
such Agent’s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (“DWAC”), or by such other means of delivery as may be agreed to by the Selling Stockholder

  
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and such Agent. Such payment and delivery shall be made at or about 10:00 a.m., local time in New York, New York, on the third Exchange Business Day (or such other day as may, from time to time,
become standard industry practice for settlement of such a securities issuance) following each Purchase Date (each, a “Closing Date”). 

  

	 	(d)	Under no circumstances shall the Gross Sales Price of the Shares sold pursuant to this Agreement and any Terms Agreements exceed the Maximum Amount. 

 

	 	(e)	If any party hereto has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the
other parties hereto and sales of the Shares under this Agreement, any Transaction Acceptance or any Terms Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party hereto. On or
prior to the delivery of a prospectus that is required (whether physically or through compliance with Rule 172 under the Act or any similar rule) in connection with the offering or sale of the Shares, the applicable Agent with respect to such
sale of the Shares shall calculate the average daily trading volume (as defined by Rule 100 of Regulation M under the Exchange Act) of the Common Stock based on market data provided by Bloomberg L.P. or such other sources as agreed upon by such
Agent and the Selling Stockholder. 

  

	 	(f)	(i) If the Selling Stockholder wishes to issue and sell the Shares pursuant to this Agreement but other than as set forth in Section 2(a) of this Agreement (each such sale, a “Placement”), it will
notify the applicable Agent of the proposed terms of such Placement. If such Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the
Selling Stockholder, wishes to accept amended terms, such Agent and the Selling Stockholder will enter into a Terms Agreement setting forth the terms of such Placement. 

(ii) The terms set forth in a Terms Agreement will not be binding on the Selling Stockholder or an Agent unless and until the Selling
Stockholder and such Agent have each executed such Terms Agreement accepting all of the terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement and the terms of a Terms Agreement, the terms of such Terms
Agreement will control. 
  

	 	(g)	 Each sale of the Shares to an Agent in a Placement shall be made in accordance with the terms of this Agreement
and a Terms Agreement, which will provide for the sale of such Shares to, and the purchase thereof by, such Agent. A Terms Agreement may also specify certain provisions relating to the reoffering of such Shares by such Agent. The
commitment of an Agent to purchase the Shares pursuant to any Terms Agreement shall be deemed to have been made on the basis of the representations and warranties of the Company and the Selling Stockholder herein contained and shall be subject to
the terms and conditions 

  
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herein set forth. Any such Terms Agreement shall specify the number of the Shares to be purchased by the applicable Agent pursuant thereto, the price to be paid to the Selling Stockholder for
such Shares, any provisions relating to rights of, and default by, underwriters, if any, acting together with such Agent in the reoffering of the Shares, the time and date (each such time and date being referred to herein as a “Time of
Delivery”) and the place of delivery of and payment for such Shares. 

  

	 	(h)	The Company and the Selling Stockholder each agree that any offer to sell, any solicitation of an offer to buy, or any sales of Shares or any other equity security of the Company during the Term shall be effected by or
through only one of the Agents on any single given day, and in no event by more than one Agent, and the Selling Stockholder shall in no event request that more than one Agent sell Shares on the same day; provided, however, that the
foregoing limitation shall not apply to the Company with respect to (i) the exercise of any option, warrant, right or any conversion privilege set forth in the instrument governing such security or (ii) sales solely to employees or
security holders of the Company or its subsidiaries, or to a trustee or other person acquiring such securities for the accounts of such persons. 

  

	 	(i)	Notwithstanding any other provision of this Agreement, the Company shall not make any Stock Issuance (as defined in the Settlement Agreement) and the Selling Stockholder shall not offer, sell or deliver, or request the
offer or sale, of any Shares pursuant to this Agreement (whether in an Agency Transaction or a Placement) and, by notice to each Agent given by telephone (confirmed promptly by email), shall cancel any instructions for the offer or sale of any
Shares, and no Agent shall be obligated to, and if so notified by the Selling Stockholder shall not, offer or sell any Shares, (i) during any period in which the Company or the Selling Stockholder is in possession of material non-public information
concerning or relating to the Company or (ii) at any time from and including the date on which the Company shall issue a press release containing, or shall otherwise publicly announce, its earnings, revenues or other results of operations for a
quarterly or annual period (an “Earnings Announcement”) through and including the time that is 24 hours after the time that the Company files a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K that includes
consolidated financial statements as of and for the same period or periods, as the case may be, covered by such Earnings Announcement. 

3. Representations and Warranties of the Company. The Company represents and warrants to each Agent and the Selling Stockholder, on and
as of (i) the date hereof, (ii) each date on which the Selling Stockholder receives a Transaction Acceptance (a “Time of Acceptance”), (iii) each date on which there is a Stock Issuance (as defined in the Settlement Agreement),
(iv) each Time of Sale (as defined below) and (v) each Closing Date (each such date listed in (i) through (iv), a “Representation Date”) that: 

  
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	 	(a)	There is no order preventing or suspending the use of the Registration Statement or the Prospectus; the Registration Statement complied when it initially became effective, complies as of the date hereof and, as amended
or supplemented, at each Representation Date will comply, in all material respects, with the requirements of the Act; the conditions to the use of Form S-3 in connection with the offering and sale of the Shares as contemplated hereby have been
satisfied; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby comply with, the requirements of Rule 415 under the Act (including, without limitation, Rule 415(a)(5)); the Prospectus complied or
will comply, at the time it was or will be filed with the Commission, and will comply, as then amended or supplemented, as of each Representation Date, in all material respects, with the requirements of the Act; the Registration Statement did not,
as of the time of its initial effectiveness, and does not or will not, as then amended or supplemented, as of each Representation Date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; as of each Representation Date, the Prospectus, as then amended or supplemented, together with all of the then issued Permitted Free Writing Prospectuses, if any, will not contain an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company
makes no representation or warranty with respect to any statement contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with (x) information concerning the Selling
Stockholder and furnished in writing by or on behalf of the Selling Stockholder expressly for use in the Registration Statement, the Prospectus or such Permitted Free Writing Prospectus, which consists of the information set forth on
Schedule II-A hereto (the “Selling Stockholder Information”) or (y) information concerning the Agents and furnished in writing by or on behalf of the Agents expressly for use in the Registration
Statement, the Prospectus or such Permitted Free Writing Prospectus, which consists of the information set forth on Schedule II-B hereto (the “Agent Information”). “Time of Sale” means,
(i) with respect to each sale of Shares pursuant to this Agreement, the time of the Agents’ initial entry into contracts with investors for the sale of such Shares and (ii) with respect to each sale of Shares pursuant to any relevant
Terms Agreement, the time of sale of such Shares. 

  

	 	(b)	 Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any of the
Shares by means of any “prospectus” (within the meaning of the Act) or used any “prospectus” (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than (i) the Basic
Prospectus and (ii) the prospectus supplement used in connection with the registration of the Shares to be issued by the Company to Noble pursuant to the Settlement Agreement. The Company represents and agrees that, unless it obtains the prior
consent of the Agents, until the termination of this Agreement, it has not made and will not make any offer relating to the Shares that would constitute an “issuer free writing prospectus”, as defined in Rule 433 under the Act, or
that would otherwise constitute a “free writing prospectus”, as defined in Rule 405 under the Act. Any such free writing prospectus relating to the Shares consented 

  
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to by the Agents is hereinafter referred to as a “Permitted Free Writing Prospectus”. The Company represents that it has complied and will comply in all material respects with
the requirements of Rule 433 under the Act applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. The conditions set forth in one or more of
subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus
that, other than by reason of Rule 433 or Rule 431 under the Act, satisfies the requirements of Section 10 of the Act; none of the Company, the Selling Stockholder or the Agents is disqualified, by reason of subsection (f) or (g)
of Rule 164 under the Act, from using, in connection with the offer and sale of the Shares, “free writing prospectuses” (as defined in Rule 405 under the Act) pursuant to Rules 164 and 433 under the Act; the Company is not
an “ineligible issuer” (as defined in Rule 405 under the Act) as of each eligibility determination date for purposes of Rules 164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration
Statement. 

  

	 	(c)	The Incorporated Documents, when they were filed with the Commission, conformed in all material respects to the requirements of the Act or the Exchange Act, as applicable, and none of such documents contained an untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and any further documents so filed
and incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to
the requirements of the Act or the Exchange Act, as applicable. 

  

	 	(d)	 The consolidated financial statements of the Company and its subsidiaries and the related notes thereto included
or incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus comply in all material respects with the applicable requirements of the Act and the Exchange Act, as applicable, and present fairly
the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial statements have been prepared in
conformity with generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods covered thereby, except as otherwise disclosed in the financial statement footnotes, and the supporting schedules
included or incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus present fairly the information required to be stated therein; the other financial information included or incorporated by
reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus has been derived from the accounting records of the Company and its subsidiaries and presents fairly the information shown thereby; and any pro forma
financial information and the related notes thereto included or incorporated by reference in 

  
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the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus have been prepared in accordance with the applicable requirements of the Act and the Exchange Act, as
applicable, and the assumptions underlying such pro forma financial information are reasonable and are included or incorporated by reference in the Registration Statement, the Prospectus and any such Permitted Free Writing Prospectus.

  

	 	(e)	Since the date of the most recent financial statements of the Company included or incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, (i) no material
change in the capital stock or long-term debt of the Company or any of its subsidiaries has occurred, (ii) no dividend or distribution of any kind has been declared, set aside for payment, paid or made by the Company on any class of capital
stock, (iii) there has not been any material adverse change, nor any development that would reasonably be expected to have a material adverse change, in or affecting the business, properties, management, financial position, results of
operations or prospects of the Company and its subsidiaries, taken as a whole, (iv) neither the Company nor any of its subsidiaries has entered into any transaction or agreement that is material to the Company and its subsidiaries, taken as a
whole, or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries, taken as a whole, and (v) neither the Company nor any of its subsidiaries has sustained any loss or interference with
its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority that, in the
case of this clause (v), individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect (as defined in Section 3(f)), except, in each case (i) through (v), as otherwise disclosed in the
Registration Statement, the Prospectus or any Permitted Free Writing Prospectus. 

  

	 	(f)	The Company and each of its Identified Subsidiaries (as defined below) have been duly organized and are validly existing and in good standing under the laws of their respective jurisdictions of organization, are duly
qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to
own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified, in good standing or have such power or authority would not, individually or in the aggregate, have a
material adverse effect on the business, properties, management, financial position, results of operations or prospects of the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”). As used in this Agreement,
“Identified Subsidiary” means the subsidiaries listed in Schedule I to this Agreement. The Company does not have any significant subsidiaries that are not listed on Schedule I
hereto. 

  
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	 	(g)	The Company has an authorized capitalization as set forth in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus; all the outstanding shares of capital stock of the Company have been
duly and validly authorized and issued and are fully paid and non-assessable and are not subject to any pre-emptive or similar rights; except as described in or expressly contemplated by the Registration Statement, the Prospectus or any Permitted
Free Writing Prospectus, there are no outstanding rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or instruments convertible into or exchangeable for, any shares of capital stock or other equity interests
in the Company or any of its subsidiaries, nor any contracts, commitments, agreements, understandings or arrangements of any kind relating to the issuance of any capital stock of the Company or any such subsidiary, any such convertible or
exchangeable securities or any such rights, warrants or options; the capital stock of the Company conforms in all material respects to the description thereof contained in the Registration Statement, the Prospectus and any Permitted Free Writing
Prospectus; and all the outstanding shares of capital stock or other equity interests of each Identified Subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable (except, in the case of any
foreign subsidiary, for directors’ qualifying shares) and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third
party (except as otherwise described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus). 

  

	 	(h)	The Company has full right, power and authority to execute and deliver this Agreement and any Terms Agreement and perform its obligations hereunder or thereunder; and all action required to be taken for the due and
proper authorization, execution and delivery by it of this Agreement and any Terms Agreement and the consummation by it of the transactions contemplated hereby and thereby has been duly and validly taken (or, in the case of any Terms Agreement, such
action will have been duly and validly authorized). 

  

	 	(i)	This Agreement has been, and any Terms Agreement will have been, duly authorized, executed and delivered by the Company. 

  

	 	(j)	This Agreement conforms in all material respects to the description thereof contained in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus. 

 

	 	(k)	The Shares to be issued by the Company and sold by the Selling Stockholder in connection with any sale hereunder or under any Terms Agreement have been duly authorized by the Company and, when issued and delivered and
paid for by the Selling Stockholder, will be duly and validly issued, will be fully paid and nonassessable and will conform to the description thereof in the Registration Statement, the Prospectus, and any Permitted Free Writing Prospectus; the
Shares and all other shares of outstanding capital stock of the Company conform to the description thereof contained in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus; and the shareholders of the Company do not
have any preemptive or similar rights with respect to the Shares. 

  
 11 

	 	(l)	Neither the Company nor any of its subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time
or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject; or (iii) in violation of any law or statute or any judgment,
order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect. 

  

	 	(m)	The execution, delivery and performance by the Company of this Agreement or any Terms Agreement, the issuance and sale of the Shares, the compliance by the Company with the terms hereof or of any Terms Agreement and the
consummation of the transactions contemplated hereby or by any Terms Agreement will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of
its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the
charter or by-laws or similar organizational documents of the Company or any of its Identified Subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or
governmental or regulatory authority, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation or default that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect. 

  

	 	(n)	No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company
of this Agreement or any Terms Agreement, the issuance and sale of the Shares and compliance by the Company with the terms hereof or of any Terms Agreement and the consummation of the transactions contemplated hereby or by any Terms Agreement,
except for those that have been obtained and for the registration of the Shares under the Act and such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state securities laws.

  
 12 

	 	(o)	Except as described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, there are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which
the Company or any of its subsidiaries is a party or to which any property of the Company or any of its subsidiaries is the subject that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect; to the best
knowledge of the Company, no such investigations, actions, suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened by others; and (i) there are no current or pending legal, governmental or
regulatory actions, suits or proceedings that are required under the Act to be described in the Registration Statement or the Prospectus that are not so described in the Registration Statement or the Prospectus and (ii) there are no statutes,
regulations or contracts or other documents that are required under the Act to be filed as exhibits to the Registration Statement or described in the Registration Statement or the Prospectus that are not so filed as exhibits to the Registration
Statement or described in the Registration Statement or the Prospectus. 

  

	 	(p)	Ernst & Young LLP, who have audited certain consolidated financial statements of the Company and its subsidiaries are independent public accountants with respect to the Company and its subsidiaries within the
applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Act. 

  

	 	(q)	The Company and its subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to the businesses of the
Company and its subsidiaries, taken as a whole, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere with the use made and proposed to be made of
such property by the Company and its subsidiaries, (ii) are disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or (iii) would not reasonably be expected, individually or in the aggregate, to
have a Material Adverse Effect. 

  

	 	(r)	The Company and its subsidiaries own or possess adequate rights to use all material patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights,
licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) necessary for the conduct, in all material respects, of their businesses, taken as a whole; and
the conduct of their businesses, taken as a whole, will not conflict in any material respect with any such rights of others, and the Company and its subsidiaries have not received any notice of any material claim of infringement or conflict with any
such rights of others. 

  

	 	(s)	No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers, stockholders or other affiliates of the Company or any of its
subsidiaries, on the other, that is required by the Act to be described in the Registration Statement or the Prospectus and that is not so described in such documents. 

  
 13 

	 	(t)	Neither the Company nor any of its subsidiaries is an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as
amended, and the rules and regulations of the Commission thereunder. 

  

	 	(u)	The Company and its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed or have requested extensions of the filing deadlines therefore, except in any case where the failure to
so file would not reasonably be expected to have a Material Adverse Effect; the Company and its subsidiaries have paid all federal, state, local and foreign taxes required to be paid through the date hereof, except any such taxes that are being
contested in good faith by appropriate proceedings and for which the Company, to the extent required by GAAP, has set aside on its books adequate reserves, except for any inadequate reserves that would not, individually or in the aggregate, have a
Material Adverse Effect; and except as otherwise disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, there is no tax deficiency that has been, or would reasonably be expected to be, asserted against the
Company or any of its subsidiaries or any of their respective properties or assets, except those as would not, individually or in the aggregate, have a Material Adverse Effect. 

 

	 	(v)	The Company and its subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign
governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described in the Registration Statement, the Prospectus and any Permitted Free
Writing Prospectus, except where the failure to possess or make the same would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and except as described in the Registration Statement, the Prospectus or
any Permitted Free Writing Prospectus, neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any such
license, certificate, permit or authorization will not be renewed in the ordinary course, except where such revocation, modification or renewal would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

  

	 	(w)	Except as described in the Registration Statement, Prospectus or any Permitted Free Writing Prospectus, no labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the
knowledge of the Company, is contemplated or threatened, except for those as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

  
 14 

	 	(x)	(i) Except as described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, the Company and its subsidiaries (A) are, and at all prior times were, in compliance with any and
all applicable federal, state, local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes,
pollutants or contaminants (collectively, “Environmental Laws”), (B) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable
Environmental Laws to conduct their respective businesses, and (C) have not received notice of any actual or potential liability under or relating to any Environmental Laws, including for the investigation or remediation of any disposal or
release of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any event or condition that would reasonably be expected to result in any such notice, and (ii) except as described in the Registration
Statement, the Prospectus or any Permitted Free Writing Prospectus, there are no costs or liabilities associated with Environmental Laws of or relating to the Company or its subsidiaries, except in the case of each of clauses (i) and (ii)
above, for any such failure to comply, or failure to receive required permits, licenses or approvals, or cost or liability, as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

 

	 	(y)	(i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which the Company or any member of its
“Controlled Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any
liability (each, a “Plan”) has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no
prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) for each
Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the Code, whether or not waived, has occurred or is reasonably
expected to occur; (iv) the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan), except for any liability as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (v) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur, except for
any reportable event as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (vi) neither the Company nor any member of its Controlled Group has incurred, nor reasonably expects to incur,
any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan”, within
the meaning of Section 4001(a)(3) of ERISA), except for any liability as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 15 

	 	(z)	The Company maintains an effective system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by
the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure
that such information is accumulated and communicated to the Company’s management as appropriate to allow timely decisions regarding required disclosure. The Company has carried out evaluations of the effectiveness of its disclosure controls
and procedures as required by Rule 13a-15 of the Exchange Act. 

  

	 	(aa)	The Company maintains systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed
by, or under the supervision of, the Company’s principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with
management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is
permitted only in accordance with management’s general or specific authorization; (iv) interactive data in eXtensible Business Reporting Language (“XBRL Data”) included or incorporated by reference in the Registration
Statement fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto; and (v) the recorded accountability for assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, there are no material weaknesses in
the Company’s internal control over financial reporting. 

  

	 	(bb)	The Registration Statement and the documents incorporated by reference therein include and incorporate by reference all XBRL Data required to be included therein; and the XBRL Data included or incorporated by reference
in the Registration Statement or the documents incorporated by reference therein fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable
thereto. 

  

	 	(cc)	 The Company and its subsidiaries have insurance covering their respective properties, operations, personnel and
businesses, including business interruption insurance, which insurance is in amounts and insures against such losses and risks as the Company believes in its reasonable judgment are adequate to protect the

  
 16 

	 	
Company and its subsidiaries and their respective businesses; and neither the Company nor any of its subsidiaries has (i) received notice from any insurer or agent of such insurer that
capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business, except where such notice or non-renewal would not reasonably be expected to have a Material Adverse Effect.

  

	 	(dd)	Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, employee, agent, affiliate or other person associated with or acting on behalf of the Company or any of its
subsidiaries has (i) used any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct
or indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official
capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any
applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under any other applicable anti-bribery or anti-corruption laws; or
(iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or
benefit. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption
laws. 

  

	 	(ee)	The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines issued, administered or enforced by any governmental or regulatory agency (collectively, the “Anti-Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental or
regulatory agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

  
 17 

	 	(ff)	Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any director, officer, or employee, agent, or affiliate or other person associated with or acting on behalf of the Company or any of
its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury
(“OFAC”) or the U.S. Department of State and including, without limitation, the designation as a “specially designated national” or “blocked person”), the United Nations Security Council, the European Union, Her
Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor is the Company, any of its subsidiaries located, organized or resident in a country or territory that is the subject or the target of
Sanctions, including, without limitation, Cuba, Iran, North Korea, Sudan, Syria and Crimea (each, a “Sanctioned Country”). For the past five years, the Company and its subsidiaries have not knowingly engaged in, are not now
knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country. 

 

	 	(gg)	No subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other
distribution on such subsidiary’s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s properties or assets to the Company or any other
subsidiary of the Company, except, in each case, as described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus. 

  

	 	(hh)	Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would reasonably be expected to give rise to a valid claim against
the Company or any of its subsidiaries or any of the Agents for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Shares by the Selling Stockholder. 

 

	 	(ii)	No person has the right to require the Company or any of its subsidiaries to register any securities for sale under the Act by reason of the filing of the Registration Statement with the Commission or the issuance and
sale of the Shares. 

  

	 	(jj)	The Company has not taken, directly or indirectly, any action designed to or that would reasonably be expected to cause or result in any stabilization or manipulation of the price of the Shares. 

 

	 	(kk)	No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) included or incorporated by reference in the Registration Statement, the Prospectus or any
Permitted Free Writing Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 

  
 18 

	 	(ll)	Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included or incorporated by reference in the Registration Statement, the Prospectus
and any Permitted Free Writing Prospectus is not based on or derived from sources that are reliable and accurate in all material respects. 

  

	 	(mm)	There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules
and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302 and 906 related to certifications. 

  

	 	(nn)	The Company is not an “ineligible issuer” and is a “well-known seasoned issuer”, in each case as defined under the Act and at the times specified in the Act in connection with the offering of the
Shares. The Company has paid the registration fee for this offering pursuant to Rule 457 under the Act. 

  

	 	(oo)	The Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under
the Exchange Act or delisting the Common Stock from the Exchange nor has the Company received any notification that the Commission or the Exchange is contemplating terminating such registration or listing. The outstanding shares of the Common
Stock have been approved for listing and the Shares being sold hereunder have been approved for listing, subject only to official notice of issuance, on the Exchange. 

 

	 	(pp)	Except for the New York State stock transfer tax, there are no transfer taxes or other similar fees or charges under U.S. federal law or the laws of any state thereof, or any political subdivision thereof, required to
be paid in connection with the execution and delivery of this Agreement or the issuance and sale by the Company of the Shares. 

  

	 	(qq)	The Common Stock is an “actively-traded security” excepted from the requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule. 

 

	 	(rr)	Any certificate signed by any officer of the Company or any subsidiary of the Company delivered to the Agents or to counsel for the Agents pursuant to or in connection with this Agreement shall be deemed a
representation and warranty by the Company to the Agents as to the matters covered thereby. 

 4. Representations and
Warranties of the Selling Stockholder. The Selling Stockholder represents and warrants to each Agent, on and as of each Representation Date that: 
  

	 	(a)	 The Selling Stockholder has full right, power and authority to execute and deliver this Agreement and any Terms
Agreement and perform its obligations hereunder or thereunder; and all action required to be taken for the due and proper 

  
 19 

	 	
authorization, execution and delivery by it of this Agreement and any Terms Agreement and the consummation by it of the transactions contemplated hereby and thereby has been duly and validly
taken (or, in the case of any Terms Agreement, such action will have been duly and validly authorized). 

  

	 	(b)	This Agreement has been, and any Terms Agreement will have been, duly authorized, executed and delivered by the Selling Stockholder. 

 

	 	(c)	The execution, delivery and performance by the Selling Stockholder of this Agreement or any Terms Agreement, the sale of the Shares, the compliance by the Selling Stockholder with the terms hereof or of any Terms
Agreement and the consummation of the transactions contemplated hereby or by any Terms Agreement will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any property or assets of the Selling Stockholder or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which
the Selling Stockholder or any of its subsidiaries is a party or by which the Selling Stockholder or any of its subsidiaries is bound or to which any of the property or assets of the Selling Stockholder or any of its subsidiaries is subject,
(ii) result in any violation of the provisions of the certificate of formation or limited liability company agreement or similar organizational documents of the Selling Stockholder or (iii) result in the violation of any law or statute or
any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority. 

  

	 	(d)	No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Selling
Stockholder of this Agreement or any Terms Agreement, the sale of the Shares and compliance by the Selling Stockholder with the terms hereof or of any Terms Agreement and the consummation of the transactions contemplated hereby or by any Terms
Agreement, except for those that have been obtained and such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state securities laws. 

 

	 	(e)	At the time when the Company issues the Shares to the Selling Stockholder, the Selling Stockholder will have good and valid title to the Shares to be sold hereunder or under any Terms Agreement, free and clear of all
liens, encumbrances, equities or adverse claims; and upon the delivery of, against payment for, such Shares pursuant to this Agreement or any Terms Agreement, any purchaser will acquire good and marketable title thereto, free and clear of all liens,
encumbrances, equities or adverse claims. 

  

	 	(f)	The Selling Stockholder has not taken, directly or indirectly, any action designed to or that would reasonably be expected to cause or result in any stabilization or manipulation of the price of the Shares.

  
 20 

	 	(g)	The Registration Statement does not or will not, as then amended or supplemented, as of each Representation Date, contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; as of each Representation Date, the Prospectus, as then amended or supplemented, together with all of the then issued Permitted Free Writing Prospectuses, if any, will not contain
an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the
foregoing representations and warranties in this Section 4(g) apply only to information in the Registration Statement and the Prospectus relating to the Selling Stockholder furnished to the Company in writing by the Selling Stockholder
expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus (or any amendment or supplement thereto) or any Permitted Free Writing Prospectus, it being understood and agreed that the only such information furnished by the
Selling Stockholder consists of the information set forth on Schedule II-A attached hereto. 

 

	 	(h)	Except as disclosed in the annual, quarterly and current reports of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, and Noble Corporation, a Cayman Islands company,
filed with the Commission on Forms 10-K, 10-Q and 8-K, neither the Selling Stockholder nor any of its subsidiaries nor, to the knowledge of the Selling Stockholder, any director, officer, employee, agent, affiliate or other person associated with or
acting on behalf of the Selling Stockholder or any of its subsidiaries has (i) used any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in
furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including of any government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of
the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under any
other applicable anti-bribery or anti-corruption laws; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence
payment, kickback or other unlawful or improper payment or benefit. The Selling Stockholder and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and
ensure compliance with all applicable anti-bribery and anti-corruption laws. 

  
 21 

	 	(i)	The operations of the Selling Stockholder and its subsidiaries are and have been conducted at all times in compliance with the Anti-Money Laundering Laws and no action, suit or proceeding by or before any court or
governmental or regulatory agency, authority or body or any arbitrator involving the Selling Stockholder or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Selling Stockholder,
threatened. 

  

	 	(j)	Neither the Selling Stockholder nor any of its subsidiaries, nor, to the knowledge of the Selling Stockholder, any director, officer, or employee, agent, or affiliate or other person associated with or acting on behalf
of the Selling Stockholder or any of its subsidiaries is currently the subject or the target of any Sanctions, nor is the Selling Stockholder, any of its subsidiaries located, organized or resident in a Sanctioned Country; and the Selling
Stockholder will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund
or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or
(iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For the past five years, the Selling
Stockholder and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target
of Sanctions or with any Sanctioned Country. 

  

	 	(k)	The Selling Stockholder has been duly organized and is validly existing and in good standing under the laws of Delaware, is duly qualified to do business and is in good standing in each jurisdiction in which its
ownership or lease of property or the conduct of its businesses requires such qualification, and have all power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged, except where the failure to
be so qualified, in good standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties, management, financial position, results of operations or prospects of the
Selling Stockholder and its subsidiaries taken as a whole. 

  

	 	(l)	That each sale of Shares by the Selling Stockholder is not and will not be prompted by any material information concerning or relating to the Company which is not set forth in the Registration Statement or the
Prospectus. 

 5. Certain Covenants of the Company. The Company hereby agrees with each Agent: 

 

	 	(a)	 For so long as the delivery of a prospectus is required (whether physically or through compliance with
Rule 172 under the Act or any similar rule) in connection with the offering or sale of the Shares, before amending or supplementing the Registration Statement or the Prospectus (in each case, other than due to the filing of an Incorporated
Document), (i) to furnish to each Agent a 

  
 22 

	 	
copy of each such proposed amendment or supplement within a reasonable period of time before filing any such amendment or supplement with the Commission, (ii) that the Company will not use
or file any such proposed amendment or supplement to which an Agent reasonably objects, unless the Company’s legal counsel has advised the Company that filing such document is required by law, and (iii) that the Company will not use or
file any Permitted Free Writing Prospectus to which an Agent reasonably objects. 

  

	 	(b)	To prepare a Prospectus Supplement with respect to any Shares sold pursuant to this Agreement in a form previously approved by the Agents and to file such Prospectus Supplement pursuant to Rule 424(b) under the Act
(and within the time periods required by Rule 424(b) and Rules 430A, 430B or 430C under the Act) and to file any Permitted Free Writing Prospectus to the extent required by Rule 433 under the Act and to provide copies of the
Prospectus and such Prospectus Supplement and each Permitted Free Writing Prospectus (to the extent not previously delivered or filed on the Commission’s Electronic Data Gathering, Analysis and Retrieval system or any successor system thereto
(collectively, “EDGAR”)) to the Agents via e-mail in “.pdf” format on such filing date to an e-mail account designated by each Agent and, at an Agent’s request, to also furnish
copies of the Prospectus and such Prospectus Supplement to each exchange or market on which sales were effected as may be required by the rules or regulations of such exchange or market. 

 

	 	(c)	To file promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act for so long
as the delivery of a prospectus is required (whether physically or through compliance with Rule 172 under the Act or any similar rule) in connection with the offering or sale of the Shares, and during such same period to advise the Agents,
promptly after the Company receives notice thereof, (i) of the time when any amendment to the Registration Statement has been filed or has become effective or any supplement to the Prospectus, any Permitted Free Writing Prospectus or any
amended Prospectus has been filed with the Commission, (ii) of the issuance by the Commission of any stop order or any order preventing or suspending the use of any prospectus relating to the Shares or the initiation or threatening of any
proceeding for that purpose, pursuant to Section 8A of the Act, (iii) of any objection by the Commission to the use of Form S-3ASR by the Company pursuant to Rule 401(g)(2) under the Act, (iv) of the suspension of the
qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, (v) of any request by the Commission for the amendment of the Registration Statement or the amendment
or supplementation of the Prospectus or for additional information, (vi) of the occurrence of any event as a result of which the Prospectus or any Permitted Free Writing Prospectus as then amended or supplemented includes any untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus or any such Permitted Free Writing Prospectus is
delivered to a purchaser, not misleading and (vii) of the receipt by the Company of any notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto. 

  
 23 

	 	(d)	In the event of the issuance of any such stop order or of any such order preventing or suspending the use of any such prospectus or suspending any such qualification, to use promptly its commercially reasonable efforts
to obtain its withdrawal. 

  

	 	(e)	To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states as an Agent may reasonably designate and to
maintain such qualifications in effect so long as required for the distribution of the Shares; provided that the Company shall not be required to qualify as a foreign corporation, become a dealer of securities, or become subject to taxation
in, or to consent to the service of process under the laws of, any such state. 

  

	 	(f)	To make available to the Agents at their offices in New York City, without charge, as soon as practicable after the Registration Statement becomes effective, and thereafter from time to time to furnish to the Agents, as
many copies of the Prospectus and the Prospectus Supplement (or of the Prospectus or Prospectus Supplement as amended or supplemented if the Company shall have made any amendments or supplements thereto and documents incorporated by reference
therein after the effective date of the Registration Statement) and each Permitted Free Writing Prospectus as the Agents may reasonably request for so long as the delivery of a prospectus is required (whether physically or through compliance with
Rule 172 under the Act or any similar rule); and for so long as this Agreement is in effect, the Company will prepare and file promptly such amendment or amendments to the Registration Statement, the Prospectus or any Permitted Free Writing
Prospectus as may be necessary to comply with the requirements of Section 10(a)(3) of the Act. 

  

	 	(g)	To furnish or make available to the Agents during the term of this Agreement and for a period of two years thereafter (i) copies of any reports or other communications which the Company shall send to its
stockholders or shall from time to time publish or publicly disseminate and (ii) copies of all annual, quarterly and current reports filed with the Commission on Forms 10-K, 10-Q and 8-K, or such other similar form as may be designated by the
Commission, and to furnish to the Agents from time to time during the term of this Agreement such other information as the Agents may reasonably request regarding the Company or its subsidiaries, in each case as soon as such reports, communications,
documents or information becomes available or promptly upon the request of the Agents, as applicable; provided, however, that the Company shall have no obligation to provide the Agents with any document filed on EDGAR or
included on the Company’s Internet website. 

  
 24 

	 	(h)	If, at any time during the term of this Agreement, any event shall occur or condition shall exist as a result of which it is necessary in the reasonable opinion of counsel for the Agents or counsel for the Company, to
further amend or supplement the Prospectus or any Free Writing Prospectus as then amended or supplemented in order that the Prospectus or any such Free Writing Prospectus will not include an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the statements therein not misleading, in light of the circumstances existing at the time the Prospectus or any such Free Writing Prospectus is delivered to a purchaser, or if
it shall be necessary, in the reasonable opinion of either such counsel, to amend or supplement the Registration Statement, the Prospectus or any Free Writing Prospectus in order to comply with the requirements of the Act, in the case of such a
determination by counsel for the Company, immediate notice shall be given, and confirmed in writing, to the Agents to cease the solicitation of offers to purchase the Shares in the Agents’ capacity as agents, and, in either case, the Company
will promptly prepare and file with the Commission such amendment or supplement, whether by filing documents pursuant to the Act, the Exchange Act or otherwise, as may be necessary to correct such untrue statement or omission or to make the
Registration Statement, the Prospectus or any such Free Writing Prospectus comply with such requirements. 

  

	 	(i)	To generally make available to its security holders as soon as reasonably practicable, but not later than 90 days after the close of the period covered thereby, an earnings statement (in a form complying with the
provisions of Section 11(a) under the Act and Rule 158 of the Commission promulgated thereunder) covering the twelve-month period beginning not later than the first day of the Company’s fiscal quarter next following the
“effective date” (as defined in such Rule 158) of the Registration Statement. 

  

	 	(j)	The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares; provided that nothing herein shall prevent the Company from filing or submitting reports under the Exchange Act or issuing press
releases in the ordinary course of business. 

  

	 	(k)	 (i) Except as otherwise agreed between the Company and the Agents, to pay all costs, expenses, fees and
taxes in connection with (A) the preparation and filing of the Registration Statement (including registration fees pursuant to Rule 456(b)(1)(i) under the Act), the Prospectus, any Permitted Free Writing Prospectus and any amendments or
supplements thereto, and the printing and furnishing of copies of each thereof to the Agents and to dealers (including costs of mailing and shipment), (B) the registration, issue and delivery of the Shares, (C) the preparation, printing
and delivery to the Agents of this Agreement, the Shares, and such other documents as may be required in connection with the offer, purchase, sale, issuance or delivery of the Shares and any cost associated

  
 25 

	 	
with electronic delivery of any of the foregoing by the Agents to investors, (D) the qualification of the Shares for offering and sale under state laws and the determination of their
eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Agents in connection therewith) and the printing and furnishing of copies of any blue sky surveys
or legal investment surveys to the Agents, (E) the listing of the Shares on the Exchange and any registration thereof under the Exchange Act, (F) any filing for review of the public offering of the Shares by FINRA, (G) the fees and
disbursements of counsel to the Company and (H) the performance of the Company’s other obligations hereunder; provided that the Agents agree to timely and properly pay the New York State stock transfer tax, and the Selling
Stockholder agrees to reimburse the Agents for associated carrying costs if such tax payment is not rebated on the date of payment and for any portion of such tax payment not rebated. It is understood, however, that the Agents shall be responsible
for any transfer taxes on resale of Shares by the Agents, any costs and expenses associated with the sale and marketing of the Shares and fees of the Agents’ counsel other than as specifically provided above or elsewhere in this Agreement.

 (ii) If Shares having an aggregate Gross Sales Price of $100,000,000 or more have not been offered and sold under this
Agreement and all Terms Agreements by June 17, 2016 (or such earlier date at which the Company terminates this Agreement), the Company shall reimburse the Agents for all of the Agents’ out-of-pocket expenses, including the reasonable fees
and disbursements of a single counsel for the Agents incurred by the Agents in connection with the offering contemplated by this Agreement. 
  

	 	(l)	The Company will not, and each Agent covenants that it will not, distribute any offering material in connection with the offer and sale of the Shares, other than the Registration Statement, the Prospectus, any Permitted
Free Writing Prospectus and other materials permitted by the Act or the rules and regulations promulgated thereunder. 

  

	 	(m)	From and including the date hereof through and including June 17, 2016, the Company will not (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Act (other than a registration
statement on Form S-8) relating to any shares of its Common Stock or any securities convertible into, or exercisable or exchangeable for, such shares or (ii) enter into any swap or other agreement that transfers, in whole or in part, any
of the economic consequences of ownership of such shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of shares or such other securities, in cash or otherwise, without the prior written
consent of the Selling Stockholder or the applicable Agent with respect to such Agency Transaction, other than the Shares to be sold hereunder and any securities of the Company issued pursuant to, or upon the exercise or conversion of any securities
of the Company that are outstanding at the time such Transaction Proposal is delivered and issued pursuant to, the Company’s equity incentive plans disclosed in the Prospectus. 

  
 26 

	 	(n)	Pursuant to reasonable procedures developed in good faith, to retain copies of each Permitted Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Act.

  

	 	(o)	To use its reasonable efforts to cause the Shares to be listed on the Exchange. 

  

	 	(p)	That it consents to each Agent trading in the Common Stock for such Agent’s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.

  

	 	(q)	If immediately prior to the third anniversary (the “Renewal Deadline”) of the initial effective date of the Registration Statement, the aggregate Gross Sales Price of Shares sold by the Company is less
than the Maximum Amount and this Agreement has not expired or been terminated, the Company will, prior to the Renewal Deadline, file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to
the Shares, in a form satisfactory to the Agents. If the Company is no longer eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration
statement relating to the Shares, in a form satisfactory to the Agents, and will use its best efforts to cause such registration statement to be declared effective within 60 days after the Renewal Deadline. The Company will take all other action
necessary or appropriate to permit the issuance and sale of the Shares to continue as contemplated in the expired registration statement relating to the Shares. References herein to the Registration Statement shall include such new automatic shelf
registration statement or such new shelf registration statement, as the case may be. 

  

	 	(r)	That each Transaction Proposal made by the Selling Stockholder that is accepted by an Agent by means of a Transaction Acceptance and each execution and delivery by the Selling Stockholder of a Terms Agreement shall be
deemed to be (i) an affirmation that the representations and warranties of the Company herein contained and contained in any certificate delivered to the Agents pursuant hereto are true and correct at the Time of Acceptance or the date of such
Terms Agreement, as the case may be, and (ii) an undertaking that such representations and warranties will be true and correct on any Time of Sale, any Closing Date and at the time of delivery to the applicable Agent of Shares pursuant to the
Transaction Proposal and Transaction Acceptance or the Time of Delivery, as applicable, as though made at and as of each such time (it being understood that such representations and warranties shall relate to the Registration Statement, the
Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of such Transaction Acceptance or Terms Agreement, as the case may be). 

  
 27 

	 	(s)	That each time that (i) the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall be amended or supplemented (including, except as noted in the proviso at the end of this
Section 5(s), by the filing of any Incorporated Document, but excluding any prospectus supplement filed pursuant to Section 5(b) hereof) or (ii) the Shares are delivered to an Agent pursuant to a Terms Agreement, in each case, the
Company shall, unless the Agents agree otherwise, furnish or cause to be furnished to the Agents forthwith a certificate, dated the date of filing with the Commission or the date of effectiveness of such amendment or supplement, as applicable, as to
the matters set forth in Exhibit A-1 hereto at the time of the filing or effectiveness of such amendment or supplement, as applicable, as though made at and as of such time (except that
such statements shall be deemed to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to such time) or, in lieu of such certificate, a certificate of the same tenor as the
certificate referred to in Section 7(a)(i) hereof, modified as necessary to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of such certificate;
provided, however, that the Company will not be required to furnish such a certificate to the Agents in connection with the filing of a Current Report on Form 8-K unless (A) such Current Report on Form 8-K is filed at any
time during which either a Transaction Acceptance is binding or a prospectus relating to the Shares is required to be delivered under the Act and (B) the Agents have reasonably requested such a certificate based upon the event or events
reported in such Current Report on Form 8-K. 

  

	 	(t)	 That each time that (i) the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus
shall be amended or supplemented (including, except as noted in the proviso at the end of this Section 5(t), by the filing of any Incorporated Document, but excluding any prospectus supplement filed pursuant to Section 5(b) hereof) or
(ii) the Shares are delivered to the Agents pursuant to a Terms Agreement, in each case, the Company shall, unless the Agents agree otherwise, furnish or cause to be furnished forthwith to the Agents and to counsel for the Agents the written
opinions of (A) Davis Polk & Wardwell LLP, special counsel for the Company, and (B) the General Counsel of the Company, a Deputy or Assistant General Counsel of the Company or other counsel satisfactory to the Agents, dated the date of
filing with the Commission or the date of effectiveness of such amendment or supplement, as applicable, in form and substance reasonably satisfactory to the Agents, of the same tenor as the opinions referred to in Section 7(a)(iii) and
Section 7(a)(ii) hereof, respectively, but modified as necessary to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of such opinions or, in
lieu of such opinions, counsel last furnishing such opinions to the Agents shall furnish the Agents with letters substantially to the effect that the Agents may rely on such last opinions to the same extent as though they were dated the date of
such letters authorizing reliance (except that statements in such last opinions shall be deemed to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and

  
 28 

	 	
supplemented to the time of delivery of such letters authorizing reliance); provided, however, that the Company will not be required to furnish such opinions to the Agents in
connection with the filing of a Current Report on Form 8-K unless (1) such Current Report on Form 8-K is filed at any time during which either a Transaction Acceptance is binding or a prospectus relating to the Shares is required to be
delivered under the Act and (2) the Agents have reasonably requested such opinions based upon the event or events reported in such Current Report on Form 8-K. 

 

	 	(u)	That each time that (i) the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall be amended or supplemented (including, except as noted in the proviso at the end of this
Section 5(u), by the filing of any Incorporated Document, but excluding any prospectus supplement filed pursuant to Section 5(b) hereof) or (ii) the Shares are delivered to an Agent pursuant to a Terms Agreement, in each case, the Company
shall, unless the Agents agree otherwise, cause Ernst & Young LLP promptly to furnish to the Agents a letter, dated the date of filing with the Commission or the date of effectiveness of such amendment or supplement, as applicable, of the same
tenor as the letter referred to in Section 7(a)(iv) hereof, but modified to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the date of such letter; provided,
however, that the Company will not be required cause Ernst & Young LLP to furnish such letter to the Agents in connection with the filing of a Current Report on Form 8-K unless (A) such Current Report on Form 8-K is filed at any time
during which either a Transaction Acceptance is binding or a prospectus relating to the Shares is required to be delivered under the Act and (B) the Agents have reasonably requested such a letter based upon the event or events reported in such
Current Report on Form 8-K. 

  

	 	(v)	To disclose in its quarterly reports on Form 10-Q, in its annual report on Form 10-K and/or, in prospectus supplements, the number of the Shares issued to Noble pursuant to the Settlement Agreement and sold by Noble
through the Agents under this Agreement, the net proceeds to the Selling Stockholder, if any, from the sale of the Shares and the compensation paid by the Selling Stockholder, if any, with respect to sales of the Shares pursuant to this Agreement
during the relevant quarter. 

  

	 	(w)	To reasonably cooperate with any reasonable due diligence review requested by the Agents or the Agents’ counsel from time to time in connection with the transactions contemplated hereby or any Terms Agreement.

  

	 	(x)	That no Stock Issuance (as defined in the Settlement Agreement) shall occur when there is a Suspension Notice (as defined in the Settlement Agreement) in effect. 

 

	 	(y)	To promptly furnish to the Agents any instructions to issue and sell shares of Common Stock pursuant to the Settlement Agreement. 

  
 29 

 6. Certain Covenants of the Selling Stockholder. The Selling Stockholder hereby
agrees with each Agent: 
  

	 	(a)	The Selling Stockholder will not prepare or have prepared on its behalf or use, distribute or refer to, any “free writing prospectus”, as defined in Rule 405 under the Act, without the prior consent of
the Agents. 

  

	 	(b)	The Selling Stockholder will not directly or indirectly use the proceeds of the Shares sold hereunder or under any Terms Agreement, or lend, contribute or otherwise make available such proceeds to a subsidiary, joint
venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any
activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of
Sanctions. 

  

	 	(c)	The Selling Stockholder will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares. 

  

	 	(d)	From and including the date hereof through and including June 17, 2016, the Selling Stockholder will not (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into, or exercisable or
exchangeable for, such shares or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of such shares, whether any such transaction described in clause (i) or (ii)
above is to be settled by delivery of shares or such other securities, in cash or otherwise, without the prior written consent of the Agents, other than the Shares to be sold hereunder. 

 

	 	(e)	The Selling Stockholder consents to each Agent trading in the Common Stock for such Agent’s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.

  

	 	(f)	 Each Transaction Proposal made by the Selling Stockholder that is accepted by an Agent by means of a Transaction
Acceptance and each execution and delivery by the Selling Stockholder and the Company of a Terms Agreement shall be deemed to be (i) an affirmation that the representations and warranties of the Selling Stockholder herein contained and
contained in any certificate delivered to the Agents pursuant hereto are true and correct at the Time of Acceptance or the date of such Terms Agreement, as the case may be, and (ii) an undertaking that such representations and warranties will
be true and correct on any Time of Sale, any 

  
 30 

	 	
Closing Date and at the time of delivery to the applicable Agent of Shares pursuant to the Transaction Proposal and Transaction Acceptance or the Time of Delivery, as applicable, as though made
at and as of each such time (it being understood that such representations and warranties shall relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of such Transaction
Acceptance or Terms Agreement, as the case may be). 

  

	 	(g)	Each time that (i) the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall be amended or supplemented (including, except as noted in the proviso at the end of this
Section 6(g), by the filing by the Company of any Incorporated Document, but excluding any prospectus supplement filed pursuant to Section 5(b) hereof) or (ii) the Shares are delivered to an Agent pursuant to a Terms Agreement, in
each case, the Selling Stockholder shall, unless the Agents agree otherwise, furnish or cause to be furnished forthwith to the Agents and to counsel for the Agents a certificate of the same tenor as the certificate referred to in
Section 7(b)(i) hereof; provided, however, that the Selling Stockholder will not be required to furnish such certificate to the Agents in connection with the filing by the Company of a Current Report on Form 8-K unless
(1) such Current Report on Form 8-K is filed at any time during which either a Transaction Acceptance is binding or a prospectus relating to the Shares is required to be delivered under the Act and (2) the Agents have reasonably requested
such certificate based upon the event or events reported in such Current Report on Form 8-K. 

  

	 	(h)	To report to the Company as soon as practicable following the end of each fiscal quarter of the Company the number of the Shares sold through the Agents under this Agreement, the net proceeds to the Selling Stockholder,
if any, from the sale of the Shares and the compensation paid by the Selling Stockholder, if any, with respect to sales of the Shares pursuant to this Agreement during the relevant quarter. 

7. Execution of Agreement. Each Agent’s obligation to execute this Agreement shall be subject to the satisfaction of the following
conditions in connection with, and on the intended date of the execution of, this Agreement: 
  

	 	(a)	the Company shall have delivered to the Agents and to the Selling Stockholder: 

(i) an officer’s certificate signed by one of its executive officers certifying as to the matters set forth in
Exhibit A-1 hereto; 
 (ii) an opinion of the
General Counsel or a Deputy or Assistant General Counsel of the Company, addressed to the Agents and dated the date of this Agreement, in the form of Exhibit B hereto; 

  
 31 

 (iii) an opinion and a 10b-5 statement of Davis Polk & Wardwell LLP, special
counsel for the Company, addressed to the Agents and dated the date of this Agreement, in the form of Exhibit C hereto; 

(iv) a letter of Ernst & Young LLP, dated the date of this Agreement and addressed to the Agents, in a form reasonably
satisfactory to the Agents and the Agents’ counsel; 
 (v) evidence reasonably satisfactory to the Agents and the
Agents’ counsel that the Registration Statement is effective; 
 (vi) evidence reasonably satisfactory to the Agents and
the Agents’ counsel that the Shares have been approved for listing on the Exchange, subject only to notice of issuance on or before the date hereof; 

(vii) resolutions duly adopted by the Company’s board of directors, and certified by an officer of the Company,
authorizing the Company’s execution of this Agreement and the consummation by the Company of the transactions contemplated hereby, including the issuance of the Shares; and 

(viii) such other documents as the Agents shall reasonably request; 

 

	 	(b)	the Selling Stockholder shall have delivered to the Agents: 

 (i) an
officer’s certificate signed by one of its executive officers certifying as to the matters set forth in Exhibit A-2 hereto; 

(ii) an opinion of Baker Botts L.L.P., counsel for the Selling Stockholder, addressed to the Agents and dated the date of this
Agreement, in the form of Exhibit D hereto; 
 (iii) resolutions duly adopted by the Selling
Stockholder’s members or managers, and certified by an officer of the Selling Stockholder, authorizing the Selling Stockholder’s execution of this Agreement and the consummation by the Selling Stockholder of the transactions contemplated
hereby, including the sale of the Shares; 
 (iv) a properly completed and executed United States Treasury Department Form
W-9 or W-8 (or other applicable form or statement specified by the Treasury Department regulations in lieu thereof) in order to facilitate the Agents’ documentation of their compliance with the reporting and withholding provisions of the Tax
Equity and Fiscal Responsibility Act of 1982 with respect to the transactions herein contemplated; and 
 (v) such other
documents as the Agents shall reasonably request; 

  
 32 

	 	(c)	the Agents shall have received the favorable opinion of Cravath, Swaine & Moore LLP, special counsel for the Agents, as to the matters set forth in Exhibit E hereto.

 8. Conditions of the Agents’ Obligation. Each Agent’s obligation to solicit purchases on an agency basis
for the Shares or otherwise take any action pursuant to a Transaction Acceptance and to purchase the Shares pursuant to any Terms Agreement shall be subject to the satisfaction of the following conditions: 

 

	 	(a)	At the Time of Acceptance, at the time of the commencement of trading on the Exchange on the Purchase Date and at the time of closing on the Closing Date or, with respect to a transaction pursuant to a Terms Agreement,
at the Time of Sale and at the Time of Delivery: 

 (i) The representations and warranties on the part of the
Company and the Selling Stockholder herein contained or contained in any certificate of an officer or officers of the Company or the Selling Stockholder delivered pursuant to the provisions hereof shall be true and correct in all respects. 

(ii) The Company and the Selling Stockholder shall have performed and observed its covenants and other obligations hereunder
and/or under any Terms Agreement, as the case may be, in all material respects. 
 (iii) With respect to an Agency
Transaction, from the Time of Acceptance until the Closing Date, or, with respect to a transaction pursuant to a Terms Agreement, from the Time of Sale until the Time of Delivery, trading in the Common Stock on the Exchange shall not have been
suspended. 
 (iv) From the date of this Agreement, no event or condition of a type described in Section 3(e) hereof
shall have occurred or shall exist, which event or condition is not described in any Permitted Free Writing Prospectus (excluding any amendment or supplement thereto) or the Prospectus (excluding any amendment or supplement thereto) and the effect
of which in the judgment of the Agents makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or at the Time of Delivery, as the case may be, on the terms and in the manner contemplated
by this Agreement or any Terms Agreement, as the case may be, any Permitted Free Writing Prospectus and the Prospectus. 

(v) The Shares to be sold pursuant to the Transaction Acceptance or pursuant to a Terms Agreement, as applicable, shall have
been approved for listing on the Exchange, subject only to notice of issuance. 
 (vi) (A) No action shall have been
taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or as of the Time of Delivery, as the case may be,
prevent the issuance or sale of the Shares and (B) no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date or as of the Time of Delivery, as the case may be, prevent the issuance
or sale of the Shares. 

  
 33 

 (vii) (A) No order suspending the effectiveness of the Registration
Statement shall be in effect, and no proceeding for such purpose or pursuant to Section 8A under the Act shall be pending before or threatened by the Commission; (B) the Prospectus and each Permitted Free Writing Prospectus shall have been
timely filed with the Commission under the Act (in the case of any Permitted Free Writing Prospectus, to the extent required by Rule 433 under the Act); (C) all requests by the Commission for additional information shall have been complied
with to the satisfaction of the Agents; and (D) no suspension of the qualification of the Shares for offering or sale in any jurisdiction, and no initiation or threatening of any proceedings for any of such purposes, will have occurred and be
in effect at the time of a Transaction Acceptance. 
 (viii) No amendment or supplement to the Registration Statement, the
Prospectus or any Permitted Free Writing Prospectus shall have been filed to which the Agents shall have reasonably objected in writing. 

(ix) Subsequent to the relevant Time of Acceptance or, in the case of a Placement, subsequent to execution of the applicable
Terms Agreement, (A) no downgrading shall have occurred in the rating accorded any debt securities or preferred equity securities of or guaranteed by the Company or any of its subsidiaries by any “nationally recognized statistical rating
organization”, as such term is defined by the Commission for purposes of Section 3(a)(62) of the Exchange Act and (B) no such organization shall have publicly announced that it has under surveillance or review, or has changed its
outlook with respect to, its rating of any debt securities or preferred equity securities of or guaranteed by the Company or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading) in each case that
has not been described in any Permitted Free Writing Prospectus issued prior to any related Time of Sale. 
  

	 	(b)	At every date specified in Sections 5(s), 5(t), 5(u) and 6(g) hereof and on such other dates as reasonably requested by the Agents, the Agents shall have received the officer’s certificates, opinions of
counsel and accountants’ letters provided for under Sections 5(s), 5(t), 5(u) and 6(g), respectively. 

 9.
Termination by the Agents. 
  

	 	(a)	If the solicitation of purchases on an agency basis of the Shares, as contemplated by this Agreement, is not carried out by any Agent for any reason permitted under this Agreement or if such sale is not carried out
because the Company or the Selling Stockholder is unable to comply in all material respects with any of the terms of this Agreement or any Terms Agreement, the Company and the Selling Stockholder shall not be under any obligation or liability under
this Agreement to such Agent (except to the extent provided in Sections 5(k) and 11 hereof) and such Agent shall be under no obligation or liability to the Company under this Agreement (except to the extent provided in Section 11 hereof)
or to one another hereunder. 

  
 34 

	 	(b)	Each Agent may terminate this Agreement with respect to itself for any reason upon giving prior written notice to the Company and the Selling Stockholder. Any such termination shall be without liability of any
party to any other party, except that the provisions of Sections 5(g) and 5(i) (to the extent any Shares have been sold pursuant to this Agreement) and Sections 5(k) and 11 hereof shall remain in full force and effect notwithstanding such
termination. 

  

	 	(c)	(i) In the case of any purchase by an Agent pursuant to a Terms Agreement, the obligations of such Agent pursuant to such Terms Agreement shall be subject to termination at any time at or prior to the Time of
Delivery, if, (A) since the time of execution of the Terms Agreement or the respective dates as of which information is given in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, (I) trading generally
shall have been materially suspended or materially limited on or by, as the case may be, either the Exchange or the NASDAQ Global Select Market, (II) trading of any securities of the Company shall have been suspended on any exchange or in any
over-the counter market, (III) a general moratorium on commercial banking activities in New York shall have been declared by either Federal or New York State authorities, (IV) there shall have occurred any attack on, or outbreak or
escalation of hostilities or act of terrorism involving, the United States, or any change in financial markets or any calamity or crisis that, in each case, in such Agent’s judgment, is material and adverse or (V) any material disruption
of settlements of securities or clearance services in the United States that would materially impair settlement and clearance with respect to the Shares and (B) in the case of any of the events specified in clauses (A)(I) through (V), such
event singly or together with any other such event specified in clauses (A)(I) through (V) makes it, in such Agent’s judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Prospectus. If such
Agent elects to terminate its obligations pursuant to this paragraph, the Selling Stockholder shall be notified promptly in writing. 

(ii) In the case of any Agency Transaction, the obligations of the applicable Agent to make the payment specified in Section
2(c) of this Distribution Agreement shall be subject to termination or reduction as determined by such Agent in good faith and in a commercially reasonable manner taking into account the nature and duration of the relevant event or events in clause
(A), at any time at or prior to the scheduled Closing Date for such Agency Transaction, if, (A) on any Exchange Business Day on which Shares subject to such Agency Transaction are scheduled to be sold, (I) trading generally shall have been
materially suspended or materially limited on or by, as the case may be, either the Exchange or the NASDAQ Global Select Market, (II) trading of any securities of the Company shall have been suspended on any exchange or in any over-the counter
market, (III) a general moratorium on commercial banking activities in New York shall have been declared by either Federal or New York State 

  
 35 

 
authorities, (IV) there shall have occurred any attack on, or outbreak or escalation of hostilities or act of terrorism involving, the United States, or any change in financial markets or any
calamity or crisis that, in each case, in such Agent’s judgment, is material and adverse or (V) any material disruption of settlements of securities or clearance services in the United States that would materially impair settlement and
clearance with respect to the Shares. If such Agent elects to terminate or so reduce its obligations to make the payment specified in Section 2(c) of this Distribution Agreement pursuant to this paragraph, the Selling Stockholder shall be notified
promptly in writing. 
 10. Termination by the Selling Stockholder. The Selling Stockholder may terminate this Agreement in its
sole discretion at any time upon prior written notice to the Agents; provided that, with respect to any pending sale through a Direct Seller, the obligations of the Selling Stockholder and the Company, including, without limitation, the
provisions of Sections 1(e) and 5(k), shall remain in full force and effect notwithstanding such termination. 
 11. Indemnity and
Contribution. 
  

	 	(a)	The Company agrees to indemnify and hold harmless each Agent, each Agent’s affiliates, the directors and officers of each Agent and each Agent’s affiliates, and each person, if any, who controls such Agent
within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and the Selling Stockholder, the Selling Stockholder’s affiliates, the directors and officers of the Selling Stockholder and the Selling Stockholder’s
affiliates, and each person, if any, who controls the Selling Stockholder within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, in each case, from and against any and all losses, claims, damages and liabilities
(including, without limitation, reasonable out of pocket legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred) that arise out of, or are based upon,
(i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order
to make the statements therein not misleading or (ii) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Permitted Free Writing Prospectus (or any
amendment or supplement thereto) or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case
except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any Agent Information or any Selling
Stockholder Information, it being understood and agreed that the only such information furnished by the Agents and the Selling Stockholder consists of the information described as such in subsections (b) and (c) below, respectively.

  
 36 

	 	(b)	The Selling Stockholder agrees to indemnify and hold harmless each Agent, each Agent’s affiliates, the directors and officers of each Agent and the Agent’s affiliates, and each person, if any, who controls
such Agent within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and the Company, its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act, in each case to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of,
or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to the Selling Stockholder furnished to the Company in writing by the Selling
Stockholder expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus (or any amendment or supplement thereto) or any Permitted Free Writing Prospectus, it being understood and agreed that the only such information
furnished by the Selling Stockholder consists of the information set forth on Schedule II-A attached hereto. 

 

	 	(c)	Each Agent agrees to indemnify and hold harmless the Company, its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of
the Act or Section 20 of the Exchange Act and the Selling Stockholder, in each case, to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out
of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to the Agents furnished to the Company in writing by the Agents expressly for use
in the Registration Statement, the Basic Prospectus, the Prospectus (or any amendment or supplement thereto) or any Permitted Free Writing Prospectus, it being understood and agreed that the only such information furnished by the Agents consists of
the information set forth on Schedule II-B attached hereto. 

  

	 	(d)	 If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall
be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a), (b) or (c) above, such person (the “Indemnified Person”) shall promptly notify the person against
whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under this Section 11
except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve
it from any liability that it may have to an Indemnified Person otherwise than under this Section 11. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person
thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the

  
 37 

	 	
Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 11 that the Indemnifying Person may designate in such proceeding
and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably
satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or
(iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than
one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be paid or reimbursed as they are incurred. Any such separate firm for the Agents, their affiliates, directors and
officers and any control persons of the Agents shall be designated in writing by the Agents or, if applicable, the Direct Seller, any such separate firm for the Selling Stockholder, its affiliates, directors and officers and any control persons of
the Selling Stockholder shall be designated in writing by the Selling Stockholder and any such separate firm for the Company, its directors, its officers who signed the Registration Statement and any control persons of the Company shall be
designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but, if settled with such consent or if there be a final judgment for the plaintiff,
the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have
requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written
consent if (A) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (B) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request
prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have
been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such
Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

  
 38 

	 	(e)	If the indemnification provided for in paragraphs (a), (b) and (c) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then
each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities
(i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Selling Stockholder, on the one hand, and the applicable Agents, on the other, from the offering of the Shares or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and the Selling
Stockholder, on the one hand, and the applicable Agents, on the other, in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The
relative benefits received by the Company and the Selling Stockholder, on the one hand, and the applicable Agents, on the other, shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the
Selling Stockholder from the sale of the Shares and the total discounts and commissions received by the Agents in connection therewith bear to the aggregate Gross Sales Price of such Shares. The relative fault of the Company and the Selling
Stockholder, on the one hand, and the applicable Agents, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company or the Selling Stockholder, on the one hand, or by the applicable Agents, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. 

  

	 	(f)	The Company, the Selling Stockholder and the Agents agree that it would not be just and equitable if contribution pursuant to this Section 11 were determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph
(e) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this
Section 11, in no event shall an Agent be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Agent with respect to the offering of the Shares exceeds the amount of any damages
that such Agent has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

  
 39 

	 	(g)	The remedies provided for in this Section 11 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. 

12. Notices. All notices and other communications under this Agreement and any Terms Agreement shall be in writing and shall be
deemed to have been duly given if mailed or transmitted and confirmed by any standard form of communication, and (a) shall be sufficient in all respects if delivered or sent to: if to J.P. Morgan Securities LLC, to J.P. Morgan Securities LLC, 383
Madison Avenue, 7th Floor, New York, New York 10179, to the attention of the Special Equities Group, Adam Rosenbluth (email adam.s.rosenbluth@jpmorgan.com) and Brett Chalmers (email
brett.chalmers@jpmorgan.com); and if to HSBC Securities (USA) Inc., to HSBC Securities (USA) Inc., Attention: Prospectus Department, 452 Fifth Avenue, New York, New York 10018, telephone: +1 (877) 429-7459, or by emailing:
nyequity.syndicate@us.hsbc.com; (b) if to the Selling Stockholder, shall be sufficient in all respects if delivered or sent to the Selling Stockholder at the officers of the Selling Stockholder at 13135 South Dairy Ashford Road, Sugar Land,
Texas 77478, to the attention of Legal Department (email: SRechter@noblecorp.com), with a copy to John D. Geddes at Baker Botts L.L.P., One Shell Plaza, 910 Louisiana Street, Houston, Texas 77002-4995 (email: john.geddes@bakerbotts.com);
and (c) if to the Company, shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 333 North Central Avenue, Phoenix, Arizona 85004, to the attention of the Chief Financial Officer (email
kathleen_quirk@fmi.com), with a copy to Monique A. Cenac at Jones Walker LLP, 333 N. Central Avenue, 25th Floor, Phoenix, Arizona 85004 (email mcenac@joneswalker.com). Notwithstanding the foregoing, Transaction Proposals shall be delivered
by the Selling Stockholder to the Agents via e-mail in “.pdf” format to the applicable Agent as follows: if to J.P. Morgan Securities LLC, to Adam Rosenbluth (email: adam.s.rosenbluth@jpmorgan.com), Brett Chalmers (email:
brett.chalmers@jpmorgan.com), Jemil Salih (email: jemil.d.salih@jpmorgan.com) and Ara Movsesian (email: ara.movsesian@jpmorgan.com), if to HSBC Securities (USA) Inc., to Jeffrey Nicklas (email: jeffreynicklas@us.hsbc.com); and Transaction
Acceptances shall be delivered by the Agents to the Company via e-mail in “.pdf” format to: Kathleen L. Quirk (email: kathleen_quirk@fmi.com), with copies to Dionne M. Rousseau (email: drousseau@joneswalker.com) and Monique A. Cenac
(email: mcenac@joneswalker.com). 
 13. No Fiduciary Relationship. The Selling Stockholder acknowledges and agrees that each Agent is
acting solely in the capacity of an arm’s length contractual counterparty to the Selling Stockholder with respect to the offering of Shares contemplated hereby (including in connection with determining the terms of the offering) and not as a
financial advisor or a fiduciary to, or an agent of, the Selling Stockholder or any other person. Additionally, no Agent is advising the Selling Stockholder or any other person as to any legal, tax, investment, accounting or regulatory matters in
any jurisdiction. The Selling Stockholder shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and no Agent shall
have any responsibility or liability to the Selling Stockholder with respect thereto. Any review by the Agents of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the
benefit of the Agents and shall not be on behalf of the Selling Stockholder. 

  
 40 

 14. Governing Law; Construction. This Agreement, any Terms Agreement and any claim,
counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement or any Terms Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the
laws of the State of New York, other than rules governing choice of applicable law. The Section headings in this Agreement and any Terms Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement
or any Terms Agreement. 
 15. Submission to Jurisdiction. Except as set forth below, no Claim may be commenced, prosecuted or
continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have exclusive jurisdiction over the
adjudication of such matters, and the Selling Stockholder and the Company consent to the jurisdiction of such courts and personal service with respect thereto. Each of the Agents, the Selling Stockholder and the Company, on its behalf and, to
the extent permitted by applicable law, on behalf of its stockholders and affiliates, waives all right to trial by jury in any action, proceeding or counterclaim, whether based upon contract, tort or otherwise, in any way arising out of or relating
to this Agreement or any Terms Agreement. The Company and the Selling Stockholder each agree that a final and non-appealable judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon
the Company and the Selling Stockholder and may be enforced in any other courts in the jurisdiction of which the Company or the Selling Stockholder is or may be subject, by suit upon such judgment. 

16. Parties in Interest. The agreements set forth herein and in any Terms Agreement have been and are made solely for the benefit
of the Agents and the Selling Stockholder and, to the extent provided in Section 11 hereof, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives
and executors and administrators. No other person, partnership, association or corporation (including a purchaser, as such purchaser, from any of the Agents) shall acquire or have any right under or by virtue of this Agreement or any Terms
Agreement. 
 17. Counterparts. This Agreement and any Terms Agreement may be signed in counterparts (which may include
counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. 

18. Successors and Assigns. This Agreement shall be binding upon the Agents, the Company and the Selling Stockholder and their
respective successors and assigns and any successor or assign of any substantial portion of the Company’s, the Selling Stockholder’s and the Agents’ respective businesses and/or assets. 

19. Survival. The respective indemnities, rights of contribution, representations, warranties and agreements of the Company, the
Selling Stockholder and the Agents contained in 

  
 41 

 
this Agreement or made by or on behalf of the Company, the Selling Stockholder or the Agents pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of
and payment for the Shares and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Company, the Selling Stockholder or the Agents. 

20. Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term
“affiliate” has the meaning set forth in Rule 405 under Act and (b) the term “significant subsidiary” has the meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act. 

21. Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 
 22. Miscellaneous.

  

	 	(a)	Certain of the Agents may be direct or indirect subsidiaries of banks. Such Agents are not banks and are separate from any bank affiliated thereto. Because such Agents are separately incorporated entities,
each such Agent is solely responsible for its own contractual obligations and commitments, including obligations with respect to sales and purchases of securities. Securities sold, offered or recommended by such Agents are not deposits, are not
insured by the Federal Deposit Insurance Corporation, are not guaranteed by a branch or agency of any bank affiliated therewith and are not otherwise an obligation or responsibility of a branch or agency of any bank affiliated therewith.

  

	 	(b)	Lending affiliates of the Agents may have lending relationships with issuers of securities underwritten or privately placed by the Agents. To the extent required under the securities laws, prospectuses and other
disclosure documents for securities underwritten or privately placed by such Agents will disclose the existence of any such lending relationships and whether the proceeds of the issue will be used to repay debts owed to affiliates of such Agents.

  

	 	(c)	The Agents and one or more of their respective affiliates may make markets in the Common Stock or other securities of the Company, in connection with which they may buy and sell, as agent or principal, for long or short
account, shares of the Common Stock or other securities of the Company, at the same time that the Agents are acting as agents pursuant to this Agreement; provided that each Agent acknowledges and agrees that any such transactions are not
being, and shall not be deemed to have been, undertaken at the request or direction of, or for the account of, the Company or the Selling Stockholder, and that neither the Company nor the Selling Stockholder has and shall have control over any
decision by such Agents and their respective affiliates to enter into any such transactions. 

  
 42 

	 	(d)	Each Agent acknowledges and agrees that the arrangements among the Agents in connection with the transactions contemplated by this Agreement shall be governed by J.P. Morgan Securities LLC’s Master Agreement Among
Underwriters (the “MAAU”) (whether or not each such Agent has previously signed the MAAU), and any Direct Seller may act on behalf of the other Agents hereunder in connection with the sales of the Shares and otherwise as if it is
the Manager (as defined in the MAAU). It is agreed and understood that the application of the MAAU to the transactions contemplated by this Agreement is solely for purposes of convenience and shall not create any implication that the Agents are
underwriters for purposes of the Act or otherwise. 

  

	 	(e)	Except as may otherwise be provided in a Terms Agreement, if an Agent is appointed as a Direct Seller, each of the Agents represents to the Selling Stockholder that such Direct Seller is authorized to act on behalf of
the several Agents in connection with making any determination or judgment to be made by the Agents pursuant to this Agreement, and the Selling Stockholder shall be entitled to act and rely upon any request, notice, consent, waiver or agreement
purportedly given on behalf of the Agents when the same shall have been given by such Direct Seller; provided, however, that at such time as an Agent is party to a Transaction Acceptance at that time in effect, the consent, approval,
determination, judgment or similar action by such Agent shall also be required to the extent provided by this Agreement. 

[Signature page follows] 

  
 43 

 If the foregoing correctly sets forth the understanding among the Selling Stockholder, the
Company and the Agents, please so indicate in the space provided below for the purpose, whereupon this letter and your acceptance shall constitute a binding agreement among the Selling Stockholder, the Company and each Agent. 

 

			
	Very truly yours,
	
	NOBLE DRILLING (U.S.) LLC
		
	By:	 	 /s/ Dennis Lubojacky

	Name:	 	 Dennis Lubojacky 

	Title:	 	Vice President

  

			
	Accepted and agreed to as of the date first above written:
	
	J.P. MORGAN SECURITIES LLC
		
	By:	 	 /s/ Adam S. Rosenbluth

	Name:	 	Adam S. Rosenbluth
	Title:	 	Executive Director
	
	HSBC SECURITIES (USA) INC.
		
	By:	 	 /s/ Jeffrey Nicklas

	Name:	 	Jeffrey Nicklas
	Title:	 	Director
	
	FREEPORT-MCMORAN INC.
		
	By:	 	 /s/ Kathleen L. Quirk

	Name:	 	Kathleen L. Quirk
	Title:	 	 Executive Vice President,
 Chief Financial
Officer & Treasurer

 [Distribution Agreement]EX-4.1

 Exhibit 4.1 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

COMMON STOCK PURCHASE WARRANT 

IDI, INC. 
  

			
	Warrant Shares:                 	  	Initial Exercise Date: November     , 2016    

 THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,
                     or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the Initial Exercise Date and on or prior to the close of business on the two year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe
for and purchase from IDI, Inc., a Delaware corporation (the “Company”), up to                  shares (as subject to adjustment hereunder, the “Warrant
Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that
certain Securities Purchase Agreement (the “Purchase Agreement”), dated May 17, 2016, among the Company and the purchasers signatory thereto. 

Section 2. Exercise. 

(a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or
times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the
Holder appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto. Within three (3) Trading Days of the date said Notice of Exercise is delivered to the
Company, the Holder shall deliver to the Company payment of the aggregate Exercise Price of the shares thereby purchased by wire 

 
transfer or cashier’s check drawn on a United States bank or, if available, pursuant to the cashless exercise procedure specified in Section 2(c) below. No ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three
(3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering
the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of
such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the
provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

(b) Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $8.00, subject to adjustment
hereunder (the “Exercise Price”). 
 (c) Cashless Exercise. If at any time after the original Issue Date, there is no
effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless
exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 

 

			
	(A) =	  	the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;
		
	(B) =	  	the Exercise Price of this Warrant, as adjusted hereunder; and
		
	(X) =	  	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in
accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant
Shares. The Company agrees not to take any position contrary to this Section 2(c). 
 “VWAP” means, for any date, the price
determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding

  
 2 

 
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York
City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or
quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest
of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise
pursuant to this Section 2(c). 
 (d) Mechanics of Exercise. 

(i) Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted by the Transfer Agent to the Holder by
crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and
either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B), this Warrant is being exercised via cashless exercise, and otherwise by physical delivery
of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is one (1) Trading Day after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise the Holder shall be
deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, with irrespective of the date of delivery of the Warrant Shares; provided payment of the aggregate
Exercise Price other than in the case of a Cashless Exercise) is received within three Trading Days of delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of
Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of
the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares
are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. 

(ii) Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a
Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant. 

  
 3 

 (iii) Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to
the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

(iv) Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after
such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant
Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price
at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which
case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of
the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company,
evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

(v) No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such
fraction multiplied by the Exercise Price or round up to the next whole share. 
 (vi) Charges, Taxes and Expenses. Issuance of
Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares
shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be 

  
 4 

 
issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the
Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and
all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares. 

(vii) Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof. 
 (e) Holder’s Exercise Limitations. The Company shall not effect any exercise of
this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of
Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as
defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its
Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in
relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the
Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as
reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written

  
 5 

 
notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading
Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of
Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 
 Section 3. Certain
Adjustments. 
 (a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common
Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller
number of shares or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares
of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon
exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date
for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or
re-classification. 
 (b) Subsequent Rights Offerings. In addition to any adjustments
pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock
(the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which 

  
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the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such
Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 

(c) Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by
way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be
entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any
limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the
Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion
of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 

(d) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or
substantially all of its assets in one or a series of related transactions, (iii) any direct or indirect purchase offer, tender offer, or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common
Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property,
or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a 

  
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reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of
Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to
the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a
Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this
Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes Value”
means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental
Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the
Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental
Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and
(D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The Company shall cause any successor entity in a Fundamental Transaction in which the
Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to
written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the 

  
 8 

 
option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this
Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to
any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares
of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately
prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein. 

(e) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and
outstanding. 
 (f) Notice to Holder. 

(i) Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly deliver to the Holder by e-mail a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 (ii) Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company
is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the
voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by e-mail to the Holder at its last e-mail address as it shall appear upon the Warrant
Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken 

  
 9 

 
for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to
such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of
which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice
provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

Section 4. Transfer of Warrant. 

(a) Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and
to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the
making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the
Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the
Holder delivers an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 (b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges
shall be dated the original Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

  
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 (c) Warrant Register. The Company shall register this Warrant, upon records to be
maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the
purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 (d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the
Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition
of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement. 

(e) Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any
applicable state securities law, except pursuant to sales registered or exempted under the Securities Act. 
 Section 5.
Miscellaneous. 
 (a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. 

(b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated
as of such cancellation, in lieu of such Warrant or stock certificate. 
 (c) Saturdays, Sundays, Holidays, etc. If the last or
appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day. 

(d) Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise 

  
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of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against
impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take
all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such
authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 

(e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be
determined in accordance with the provisions of the Purchase Agreement. 
 (f) Restrictions. The Holder acknowledges that the Warrant
Shares acquired upon the exercise of this Warrant, if not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws. 

(g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’
fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

  
 12 

 (h) Notices. Any notice, request or other document required or permitted to be given or
delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement. 
 (i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

(j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be
entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to
waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 
 (k) Successors and
Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 

(l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the
Holder. 
 (m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provisions or the remaining provisions of this Warrant. 
 (n) Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 ******************** 

(Signature Page Follows) 

  
 13 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto
duly authorized as of the date first above indicated. 
  

					
	IDI, INC.
		
	By:	 	  

		 	Name:	 	Michael Brauser
		 	Title:	 	Executive Chairman

  
 14 

 NOTICE OF EXERCISE 

 

	TO:	IDI, INC. 

  

					
	 (1) The undersigned hereby elects to purchase
                 Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise
price in full, together with all applicable transfer taxes, if any.
  

(2) Payment shall take the form of (check applicable box):
  

[    ] in lawful money of the United States; or

 
 [    ] [if permitted the cancellation of such
number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in
subsection 2(c).
  
 (3) Please issue said Warrant Shares in the name
of the undersigned or in such other name as is specified below:

			
		 	  
	  	
	  
 The Warrant Shares shall be delivered to the following DWAC
Account Number:

			
		 	  
	  	
			
		 	  
	  	
			
		 	  
	  	
	  
 (4) Accredited Investor. The
undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

  

			
	[SIGNATURE OF HOLDER]	 	

  

			
	Name of Investing Entity:	 	  

			
	Signature of Authorized Signatory of Investing Entity:	 	  

			
	Name of Authorized Signatory:	 	  

			
	Title of Authorized Signatory:	 	  

			
	Date:	 	  

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

 

					
	Name:	 		 	
		 		 	  

		 		 	(Please Print)
			
	Address:	 		 	
		 		 	  

		 		 	(Please Print)
			
	Dated:                  ,         	 		 	
			
	Holder’s Signature:
                                         
                   	 		 	
			
	Holder’s Address:

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