Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 3 dated as of June 24, 2020 (this “Agreement”) to the Revolving Credit Agreement dated as
of September 16, 2016, as amended as of October 26, 2016, as amended and restated as of November 14, 2017 and as amended and restated as of November 21, 2018, as amended as of August 16, 2019 and as amended as of
April 21, 2020 (as further amended, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”), among ALCOA CORPORATION, a Delaware corporation (“Holdings”), ALCOA NEDERLAND
HOLDING B.V., a besloten vennootschap met beperkte aansprakelijkheid incorporated under the laws of the Netherlands (the “Borrower”), the several banks and other financial institutions or entities from time to time party as
Lenders and Issuers thereto and JPMorgan Chase Bank, N.A. (the “Administrative Agent”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Existing Credit Agreement, except as
otherwise expressly set forth herein. 
 WHEREAS, the Borrower has requested that the Existing Credit Agreement be amended as set forth
herein; 
 WHEREAS, the Lenders party hereto (which constitute the Required Lenders under the Existing Credit Agreement) and the
Administrative Agent are willing, subject to the terms and conditions set forth below, to amend the Existing Credit Agreement on the terms set forth herein (the Existing Credit Agreement, as so amended, is referred to as the “Amended Credit
Agreement”). 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable
consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows: 

SECTION 1. Rules of Interpretation. The rules of interpretation set forth in Section 1.02(a) of the Existing Credit Agreement are
hereby incorporated by reference herein, mutatis mutandis. 
 SECTION 2. Amendment to the Existing Credit Agreement. On
the terms and subject to the conditions set forth herein, effective as of the Amendment No. 3 Effective Date, the Existing Credit Agreement is hereby amended as follows: 

(a) Section 1.01 of the Existing Credit Agreement is hereby amended by inserting the following defined terms in the appropriate
alphabetical order therein: 
 “Outstanding Notes” shall mean the series of senior unsecured notes set forth on Schedule
1.01(f). 

  
 2 

 

 “2020 Senior Notes” shall mean senior unsecured notes issued by the Borrower in
the fiscal year ending on December 31, 2020. 
 “Cash Netting Notice” shall mean a written noticed delivered by the
Borrower to the Administrative Agent (a) on or prior to January 1, 2021, in respect of the fiscal quarter ending on March 31, 2021, and (b) on or prior to April 1, 2021, in respect of the fiscal quarter ending on
June 30, 2021, in each case electing to utilize the netting provisions set forth in the definitions of “Consolidated Cash Interest Expense” and “Total Indebtedness” for such fiscal quarter. 

(b) Section 1.01 of the Existing Credit Agreement is hereby amended by adding at the end of the definition of “Available
Credit” before the period the following phrase: 
 minus (c) with respect to the fiscal quarters ending on March 31,
2021 and June 30, 2021, in each case, in respect of which a Cash Netting Notice has been timely delivered and not revoked in writing by the Borrower, an amount equal to one-third of the Net Proceeds
received by the Borrower from the issuance of the 2020 Senior Notes; provided that, for the avoidance of doubt, to the extent that the Revolving Credit Outstandings exceed the amount of Available Credit then permitted to be incurred after
giving effect to this clause (c) of this definition, the Borrower shall prepay, in accordance with Section 2.11 hereof, such portion of the Loans (or cash collateralize Letters of Credit in accordance with the last paragraph of Article
VII) as shall be necessary such that the aggregate principal amount of the Revolving Credit Outstandings shall not exceed the amount of Available Credit then permitted to be incurred. 

(c) Section 1.01 of the Existing Credit Agreement is hereby amended by revising the definition of “Consolidated Cash Interest
Expense” by deleting the “and” at the end of subclause (iii), inserting “and” after subclause (iv) and inserting a new subclause (v) at the end of subclause (b) thereof: 

(v) for the fiscal quarters ending on June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021 and
June 30, 2021 (in the case of each of the fiscal quarters ending on March 31, 2021 and June 30, 2021, so long as a Cash Netting Notice has been timely delivered in respect of such fiscal quarter and not revoked in writing by the
Borrower), any interest or other financing costs accrued during such period in respect of the 2020 Senior Notes. 

  
 3 

 

 (d) Section 1.01 of the Existing Credit Agreement is hereby amended by amending the
definition of “Consolidated EBITDA” by inserting a new subclause (xvi) at the end of subclause (a) thereof: 
 (xvi) non-cash expenses during such period in connection with non-service net periodic benefit costs in an amount not to exceed $125,000,000 with respect to any consecutive four
fiscal quarter period. 
 (e) Section 1.01 of the Existing Credit Agreement is hereby amended by amending and restating the definition
of “Total Indebtedness” in its entirety as set forth below: 
 “Total Indebtedness” shall mean, as of any date, an
amount equal to (a) the aggregate principal amount of Indebtedness of Holdings, the Borrower and the Restricted Subsidiaries outstanding as of such date of the type set forth in clauses (a), (b), (c) and (f) of the definition of
“Indebtedness”, other funded Indebtedness that would appear on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP and Indebtedness incurred pursuant to Permitted Receivables Facilities, minus
(b) for any date occurring on or before June 30, 2021 (provided that, in the case of such measurement with respect to each of the fiscal quarters ending March 31, 2021 and June 30, 2021, a Cash Netting Notice has been timely
delivered in respect of such fiscal quarter and not revoked in writing by the Borrower), an amount equal to the lesser of (a) unrestricted cash and cash equivalents that would appear on a balance sheet prepared as of such date on a consolidated
basis in accordance with GAAP and (b) the amount of (x) the Net Proceeds of the 2020 Senior Notes minus (y) the aggregate principal amount of Outstanding Notes that are redeemed, repurchased or repaid by or on behalf of the
Borrower after June 24, 2020 (which amount in this clause (b) shall not be negative) ; provided that, for the avoidance of doubt, “Total Indebtedness” shall not include any Indebtedness in respect of Hedging Agreements.

 (f) Section 6.01 of the Existing Credit Agreement is hereby amended by adding at the end of such section the following new clause
(d): 
 (d) Notwithstanding anything to the contrary in this Section 6.01, if and to the extent that any portion of the proceeds of the
2020 Senior Notes are applied to repay, repurchase or redeem Outstanding Notes, then, upon such repayment, repurchase or redemption, the incurrence of such portion of 2020 Senior Notes so applied (and including any bona fide fees, premium and
expenses relating to such portion of the 2020 Senior Notes) shall be deemed to have been incurred (and permitted under) clause (a)(ii) (in the case of repayment, repurchase or redemption of the senior unsecured notes due 2024 and 2026) or clause
(a)(xxiv) of this Section 6.01 (in the case of repayment, repurchase or redemption of the senior unsecured notes due 2028). 
 (g) The
Credit Agreement is hereby further amended and modified by inserting Schedule 1.01(f) attached to this Amendment. 

  
 4 

 

 SECTION 3. Effectiveness of this Agreement. This Agreement, the amendment of the Existing
Credit Agreement as set forth in Section 2 hereof shall become effective on the first date (the “Amendment No. 3 Effective Date”) on which each of the following conditions shall have been satisfied: 

(a) The Administrative Agent shall have received counterparts of this Agreement that, when taken together, bear the signatures of Holdings, the
Borrower, the Required Lenders (as such term is defined in the Existing Credit Agreement) and the Administrative Agent. 
 (b) The
representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or, in the case of representations and warranties qualified as to materiality, in all respects) on and as of the
Amendment No. 3 Effective Date, except in the case of any such representation and warranty that expressly relates to a prior date, in which case such representation and warranty shall be true and correct in all material respects (or in all
respects, as applicable) as of such earlier date. 
 (c) The Administrative Agent shall have received, at least one Business Day prior to
the Amendment No. 3 Effective Date, all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation,
the USA PATRIOT Act and 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”), that has been requested at least ten Business Days prior to the Amendment No. 3 Effective Date. 

(d) At the time of and immediately after giving effect to this Agreement, no Event of Default or Default shall have occurred and be
continuing. 
 (e) The Administrative Agent shall have received the fees set forth in Section 5 and all reasonable and documented out-of-pocket expenses in connection with this Agreement to the extent required under Section 9.05 of the Credit Agreement. 

SECTION 4. Representations and Warranties. The Borrower represents and warrants to the Administrative Agent and to each of the Lenders:

 (a) This Agreement has been duly authorized, executed and delivered by the Borrower, and each of this Agreement and the Amended Credit
Agreement constitutes a legal, valid and binding obligation of the Borrower enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of
creditors’ rights or by general principles of equity limiting the availability of equitable remedies. 
 (b) At the time of and
immediately after giving effect to this Agreement, no Event of Default or Default has occurred and is continuing. 

  
 5 

 

 SECTION 5. Fees. The Borrower agrees to pay to the Administrative Agent for the benefit of
each Lender who timely executes and delivers a counterpart to this Agreement an amount equal to 0.05% of the amount of such Lender’s Commitment under the Existing Credit Agreement immediately prior to the Amendment No. 3 Effective Date.

 SECTION 6. Counterparts; Amendments. (a) This Agreement may not be amended nor may any provision hereof be waived except
pursuant to a writing signed by each of the parties hereto. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of
an executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of an original executed counterpart of this Agreement. 

(b) The words “execution”, “signed”, “signature”, “delivery” and words of like import in or relating
to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar State laws based on the Uniform Electronic Transactions Act. Each party hereto executing this Agreement through
electronic means hereby represents and warrants that it has the corporate capacity and authority to execute this Agreement through electronic means and that there are no restrictions for doing so in such party’s organizational documents. 

SECTION 7. Credit Agreement. (a) Except as expressly set forth herein, this Agreement (a) shall not by implication or
otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or the Borrower under the Existing Credit Agreement or any other Loan Document and (b) shall not alter, modify,
amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full
force and effect. Nothing herein shall be deemed to entitle the Borrower to any future consent to, or waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Existing
Credit Agreement or any other Loan Document in similar or different circumstances. After the Amendment No. 3 Effective Date, any reference in the Loan Documents to the Credit Agreement shall mean the Credit Agreement as modified hereby. This
Agreement shall constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents. 
 (b)
For the avoidance of doubt, the parties hereto agree that, to the extent that any amendment made to the Existing Credit Agreement in accordance with Section 2 of this Agreement shall constitute a novation within the meaning of Article 1271 et
seq. of the Luxembourg Civil Code, then, notwithstanding any such novation, all the rights (including in relation to Liens) of the Secured Parties against the Loan Parties shall be maintained in accordance with Article 1278 of the Luxembourg Civil
Code. 

  
 6 

 

 SECTION 8. Applicable Law; Waiver of Jury Trial. (a) THIS AGREEMENT AND ANY
CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

(b) EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTIONS 9.11 AND 9.15 OF THE EXISTING CREDIT AGREEMENT AS IF SUCH SECTION WERE SET
FORTH IN FULL HEREIN. 
 (c) Notwithstanding paragraph (a) of this Section, if any Dutch Loan Party is represented by an attorney
in connection with the signing and/or execution of this Agreement (including by way of accession to this Agreement), any other Loan Document, or any other agreement, deed or document referred to in, or made pursuant to, any Loan Document, it is
hereby expressly acknowledged and accepted by the other parties to this Agreement that the existence and extent of the attorney’s authority and the effects of the attorney’s exercise or purported exercise of his or her authority shall be
governed by the laws of the Netherlands. 
 SECTION 9. Notices. All notices hereunder shall be given in accordance with the
provisions of Section 9.01 of the Amended Credit Agreement. 
 SECTION 10. Headings. The Section headings used herein are for
convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first written above. 
  

			
	ALCOA CORPORATION
		
	By 	 	/s/ Renato C.A. Bacchi
		 	Name: Renato C.A. Bacchi
		 	Title: Senior Vice President and Treasurer

  

			
	ALCOA NEDERLAND HOLDING B.V.
		
	By 	 	/s/ Renato C.A. Bacchi
		 	Name: Renato C.A. Bacchi
		 	Title: Managing Director

  
 [Amendment No. 3
Signature Page] 

 
			
	 JPMORGAN CHASE BANK, N.A.,

individually as a Lender and as
 Administrative
Agent

		
	By 	 	/s/ James Shender
		 	Name: James Shender
		 	Title: Executive Director

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	CITIBANK, N.A.
		
	By 	 	/s/ Sumeet Singal
		 	Name: Sumeet Singal
		 	Title: Vice President

  
 [Amendment No. 3
Signature Page] 

			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
		
	By 	 	/s/ Judith Smith
		 	Name: Judith Smith
		 	Title: Authorized Signatory
		
	By 	 	/s/ Bastien Dayer
		 	Name: Bastien Dayer
		 	Title: Authorized Signatory

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	MORGAN STANLEY SENIOR FUNDING, INC.
		
	By 	 	/s/ Jake Dowden
		 	Name: Jake Dowden
		 	Title: Vice President

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	ABN AMRO CAPITAL USA LLC
		
	By 	 	/s/ Jamie Matos
		 	Name: Jamie Matos
		 	Title: Director
		
	By 	 	/s/ Amit Wynalda
		 	Name: Amit Wynalda
		 	Title: Executive Director

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	BANCO BRADESCO S.A., NEW YORK BRANCH
		
	By 	 	/s/ Fabiana G. Paes de Barros
		 	Name: Fabiana G. Paes de Barros
		 	Title: Manager
		
	By 	 	/s/ Sonia Bettencourt
		 	Name: Sonia Bettencourt
		 	Title: Coordinator

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3,
AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	 BANCO BILBAO VIZCAYA

ARGENTARIA,S.A. NEW YORK BRANCH

		
	By 	 	/s/ Brian Crowley
		 	Name: Brian Crowley
		 	Title: Managing Director
		
	By 	 	/s/ Miriam Trautmann
		 	Name: Miriam Trautmann
		 	Title: Senior Vice President

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	 SIGNATURE PAGE TO AMENDMENT NO. 3,

AMONG ALCOA CORPORATION, ALCOA
 NEDERLAND HOLDING B.V., THE
LENDERS
 PARTY THERETO AND JPMORGAN CHASE
 BANK, N.A., AS
ADMINISTRATIVE AGENT

	
	Name of Institution:
	
	 BANK OF AMERICA, N.A.

		
	By 	 	/s/ Brandon Weiss
		 	Name: Brandon Weiss
		 	Title: Vice President

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	 SIGNATURE PAGE TO AMENDMENT NO. 3,

AMONG ALCOA CORPORATION, ALCOA
 NEDERLAND HOLDING B.V., THE
LENDERS
 PARTY THERETO AND JPMORGAN CHASE
 BANK, N.A., AS
ADMINISTRATIVE AGENT

	
	Name of Institution:
	
	 BNP PARIBAS

		
	By 	 	/s/ Nicolas Anberree
		 	Name: Nicolas Anberree
		 	Title: Director
		
	By 	 	/s/ Claudia Zarate
		 	Name: Claudia Zarate
		 	Title: Managing Director

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	 SIGNATURE PAGE TO AMENDMENT NO. 3,

AMONG ALCOA CORPORATION, ALCOA
 NEDERLAND HOLDING B.V., THE
LENDERS
 PARTY THERETO AND JPMORGAN CHASE
 BANK, N.A., AS
ADMINISTRATIVE AGENT

	
	Name of Institution:
	
	 DEUTSCHE BANK AG NEW YORK BRANCH

		
	By 	 	/s/ Yumi Okabe
		 	Name: Yumi Okabe
		 	Title: Vice President
		
	By 	 	/s/ Jennifer Culbert
		 	Name: Jennifer Culbert
		 	Title: Vice President

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	 SIGNATURE PAGE TO AMENDMENT NO. 3,

AMONG ALCOA CORPORATION, ALCOA
 NEDERLAND HOLDING B.V., THE
LENDERS
 PARTY THERETO AND JPMORGAN CHASE
 BANK, N.A., AS
ADMINISTRATIVE AGENT

	
	Name of Institution:
	
	GOLDMAN SACHS BANK USA
		
	By 	 	/s/ Jamie Minieri
		 	Name: Jamie Minieri
		 	Title: Authorized Signatory

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	 SIGNATURE PAGE TO AMENDMENT NO. 3,

AMONG ALCOA CORPORATION, ALCOA
 NEDERLAND HOLDING B.V., THE
LENDERS
 PARTY THERETO AND JPMORGAN CHASE
 BANK, N.A., AS
ADMINISTRATIVE AGENT

	
	Name of Institution:
	
	MUFG BANK, LTD.
		
	By 	 	/s/ Liwei Liu
		 	Name: Liwei Liu
		 	Title: Vice President

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	 SIGNATURE PAGE TO AMENDMENT NO. 3,

AMONG ALCOA CORPORATION, ALCOA
 NEDERLAND HOLDING B.V., THE
LENDERS
 PARTY THERETO AND JPMORGAN CHASE
 BANK, N.A., AS
ADMINISTRATIVE AGENT

	
	Name of Institution:
	
	SUMITOMO MITSUI BANKING CORPORATION
		
	By 	 	/s/ Jun Ashley
		 	Name: Jun Ashley
		 	Title: Director

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	 SIGNATURE PAGE TO AMENDMENT NO. 3,

AMONG ALCOA CORPORATION, ALCOA
 NEDERLAND HOLDING B.V., THE
LENDERS
 PARTY THERETO AND JPMORGAN CHASE
 BANK, N.A., AS
ADMINISTRATIVE AGENT

	
	Name of Institution:
	
	TRUIST BANK
		
	By 	 	/s/ Matthew J. Davis
		 	Name: Matthew J. Davis
		 	Title: Senior Vice President

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	 SIGNATURE PAGE TO AMENDMENT NO. 3,

AMONG ALCOA CORPORATION, ALCOA
 NEDERLAND HOLDING B.V., THE
LENDERS
 PARTY THERETO AND JPMORGAN CHASE
 BANK, N.A., AS
ADMINISTRATIVE AGENT

	
	Name of Institution:
	
	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
		
	By 	 	/s/ Robert Grillo
		 	Name: Robert Grillo
		 	Title: Director

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	 SIGNATURE PAGE TO AMENDMENT NO. 3,

AMONG ALCOA CORPORATION, ALCOA
 NEDERLAND HOLDING B.V., THE
LENDERS
 PARTY THERETO AND JPMORGAN CHASE
 BANK, N.A., AS
ADMINISTRATIVE AGENT

	
	Name of Institution:
	
	THE BANK OF NEW YORK MELLON
		
	By 	 	/s/ William M. Feathers
		 	Name: William M. Feathers
		 	Title: Director

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	 SIGNATURE PAGE TO AMENDMENT NO. 3,

AMONG ALCOA CORPORATION, ALCOA
 NEDERLAND HOLDING B.V., THE
LENDERS
 PARTY THERETO AND JPMORGAN CHASE
 BANK, N.A., AS
ADMINISTRATIVE AGENT

	
	Name of Institution:
	
	ING BANK N.V., DUBLIN BRANCH
		
	By 	 	/s/ Pádraig Matthews
		 	Name: Pádraig Matthews
		 	Title: Director
		
	By 	 	/s/ Sean Hassett
		 	Name: Sean Hassett
		 	Title: Director

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3,
AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By 	 	/s/ Joseph McElhinny
		 	Name: Joseph McElhinny
		 	Title: Vice President

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3,
AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	WESTPAC BANKING CORPORATION
		
	By 	 	/s/ Stuart Brown
		 	Name: Stuart Brown
		 	Title: Tier Two Attorney

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3,
AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	 BANK OF MONTREAL EUROPE

		
	By 	 	/s/ Jim Barry
		 	Name: Jim Barry
		 	Title: Managing Director, Corporate Banking
		
	By 	 	/s/ John Murphy
		 	Name: John Murphy
		 	Title: Head of Regulatory Reporting

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3,
AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	 THE BANK OF NOVA SCOTIA

		
	By 	 	/s/ Ian Stephenson
		 	Name: Ian Stephenson
		 	Title: Managing Director
		
	By 	 	/s/ Priya Francis
		 	Name: Priya Francis
		 	Title: Associate

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3,
AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	 RIYAD BANK, HOUSTON AGENCY

		
	By 	 	/s/ Michael Meiss
		 	Name: Michael Meiss
		 	Title: General Manager
		
	By 	 	/s/ Roxanne Crawford
		 	Name: Roxanne Crawford
		 	Title: Vice President, Administrative Officer

  
 [Amendment No. 3
Signature Page] 

 
			
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 3,
AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	 ROYAL BANK OF CANADA

		
	By 	 	/s/ Jennifer Flann
		 	Name: Jennifer Flann
		 	Title: Director, Corporate Client Group

  
 [Amendment No. 3
Signature Page] 

 Schedule 1.01(f) 

Outstanding Debt 
 1. Senior unsecured
notes due 2024 
 2. Senior unsecured notes due 2026 
 3.
Senior unsecured notes due 2028Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

AMONG

 

THERAVANCE BIOPHARMA, INC.

 

GLAXOSMITHKLINE PLC

 

GSK FINANCE (NO.3) PLC

 

Dated as of June 22, 2020

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS.	1
	 	 	 
	2.	REGISTRATION.	3
	 	 	 
	3.	OBLIGATIONS OF THE COMPANY.	3
	 	 	 
	4.	OBLIGATIONS OF EACH HOLDER.	6
	 	 	 
	5.	INDEMNIFICATION.	7
	 	 	 
	6.	MISCELLANEOUS.	9

 

    

     

    

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of June 22, 2020, is by and among THERAVANCE BIOPHARMA, INC.,
a Cayman Islands exempted company (the “Company”), GLAXOSMITHKLINE PLC, a public limited company incorporated
under the laws of England and Wales, with registered number 03888792 (“GSK”), and GSK FINANCE (NO.3) PLC, a
public limited company incorporated under the laws of England and Wales, with registered number 12615561 (“GSK Issuer”).

 

RECITALS

 

WHEREAS, the Company
has agreed, on the terms and subject to the conditions set forth in the Purchase Agreement, dated as of June 17, 2020 (the “Purchase
Agreement”), among the Company, GSK, GSK Issuer and the Initial Purchasers named therein, to enter into a registration
rights agreement in connection with the sale by GSK Issuer of its $280,336,000 aggregate principal amount of Exchangeable Senior
Notes due 2023 (the “Notes”), unconditionally and irrevocably guaranteed by GSK and exchangeable for 9,644,792
ordinary shares of the Company, par value $0.00001 per ordinary share (the “Shares”), currently held by Glaxo
Group Limited, a private limited company, with registered number 00305979 (“Glaxo”), the sole owner of GSK Issuer;
and

 

WHEREAS, in order
to induce investors to purchase the Notes, GSK Issuer and GSK have requested that the Company provide certain registration rights
with respect to offers and resales of the Shares under the Securities Act of 1933, as amended (the “Securities Act”).

 

NOW, THEREFORE,
in consideration of the parties entering into the Purchase Agreement and this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.             DEFINITIONS.

 

For purposes of
this Agreement, the following terms shall have the meanings specified:

 

“Business
Day” means any day other than a Saturday or Sunday in the City of New York or a day on which banks in the City of New
York are required or authorized by law to be closed.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Closing
Date” means June 22, 2020.

 

“Effective
Date” means the date on which any Registration Statement is declared effective by the Commission or becomes effective
automatically upon the filing thereof pursuant to the rules of the Commission, as the case may be.

 

“Electing
Holder” means any Holder that has returned to the Company a completed and signed Notice and Questionnaire in accordance
with Section 4(a) and otherwise provided to the Company any other information requested by the Company in accordance with
Section 4(a).

 

    1

     

    

 

“Eligible
Market” means any of the New York Stock Exchange, The Nasdaq Global Select Market, The Nasdaq Global Market or The Nasdaq
Capital Market.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Final
Exchange Period” means (1) in the case of Notes to be redeemed by GSK Issuer, the period beginning on, and including,
the date on which GSK Issuer provides the related redemption notice to holders of the Notes and ending at 5:00 p.m., New York City
time, on the fifth Business Day prior to the related redemption date, and (2) in all other cases, the period beginning on and including
March 22, 2023 and ending at 5:00 p.m., New York City time, on the fifth Business Day prior to the maturity date of the Notes.

 

“Holder”
means any person owning Registrable Securities received on exchange of Notes therefor and any person owning Notes, who in respect
of which, it has validly submitted an exchange notice. For the avoidance of doubt, Glaxo or any of its affiliates shall not be
deemed a Holder hereunder.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Notice
and Questionnaire” means a selling shareholder notice and questionnaire substantially in the form attached hereto as
Exhibit B.

 

“Registrable
Securities” means the 9,644,792 Shares held by Glaxo as of the date hereof and for which the Notes will be exchanged
upon exercise by holders of the Notes of their rights under the Notes to exchange such Notes for Shares, together with any shares
of the Company issued or issuable with respect to the Shares as a result of any share sub-division, share capitalization, recapitalization,
exchange or similar event or otherwise.

 

“Registration
Statement” means any registration statement covering the offer and resale of the Registrable Securities filed by the
Company with the Commission pursuant to Section 2 hereof.

 

“Related
Judgment” shall have the meaning set forth in Section 6(i).

 

“Related
Proceedings” shall have the meaning set forth in Section 6(i).

 

“Required
Effectiveness Date” means September 1, 2020.

 

“Registration
End Date” means the earlier to occur of (1) the date on which all of the Registrable Securities have been sold pursuant
to either the Registration Statement or Rule 144 and (2) six (6) months following the maturity date of the Notes.

 

“Rule 144”
shall have the meaning set forth in Section 2(b).

 

“Rule 172”
shall have the meaning set forth in Section 3(c).

 

“Specified
Courts” shall have the meaning set forth in Section 6(h).

 

“Violation”
shall have the meaning set forth in Section 5(a).

 

    2

     

    

 

Capitalized terms
used herein and not otherwise defined shall have the respective meanings specified in the Purchase Agreement.

 

2.             REGISTRATION.

 

(a)       Filing
of Registration Statement. The Company shall prepare and file with the Commission a Registration Statement as a “shelf”
registration statement under Rule 415 under the Securities Act or any successor provision to cover the resale of the Registrable
Securities by Holders from time to time and shall have such Registration Statement declared effective by the Commission or, if
eligible, become automatically effective upon filing, as the case may be, prior to the Required Effectiveness Date. The Registration
Statement shall include a Plan of Distribution in the form attached hereto as Exhibit A that permits the resale or other disposition
from time to time of the Registrable Securities by Electing Holders in respect of the Registrable Securities held by it.

 

(b)       Effectiveness.
If the Registration Statement is not automatically effective upon filing pursuant to the rules of the Commission, the Company shall
use all reasonable efforts to cause the Registration Statement to become effective on or prior to the Required Effectiveness Date.
Subject to the terms and conditions hereunder, the Company shall use its reasonable efforts to maintain the effectiveness of the
Registration Statement filed pursuant to Section 2(a) until the Registration End Date; provided, however, that if at
any time between the first date on which all of the Registrable Securities remaining to be sold under the Registration Statement
(in the reasonable opinions of counsel to the Company and counsel to GSK Issuer) may be immediately resold to the public under
Rule 144 under the Securities Act or any successor provision and the Registration End Date, the Company meets the condition of
Rule 144(c)(1), the obligation to maintain the effectiveness of the Registration Statement pursuant to this Section 2 and to comply
with Section 3(b) shall be terminated.

 

3.             OBLIGATIONS
OF THE COMPANY.

 

In addition to performing
its obligations hereunder, including without limitation those pursuant to Section 2 above, the Company shall:

 

(a)       by
9:30 a.m. New York time on the Business Day following the Effective Date, file with the Commission pursuant to Rule 424 under
the Securities Act a prospectus, with respect to offers and resales of Registrable Securities under the Registration Statement
to be included in the Registration Statement;

 

    3

     

    

 

(b)       following
the Effective Date and within five (5) Business Days after the date of receipt by the Company of a Notice and Questionnaire
validly delivered by an Electing Holder in accordance with Section 4(a), subject to Sections 3(e), 3(f) and 3(g), prepare
and file with the Commission, such amendments or post-effective amendments to the Registration Statement or supplements to the
prospectus included therein as may be required such that each such Electing Holder delivering a Notice and Questionnaire is named
as a selling shareholder in the Registration Statement in such a manner as to permit such Electing Holder to deliver the prospectus
included in the Registration Statement to purchasers of the Registrable Securities in accordance with applicable law; provided,
however, that: (i) between the Effective Date and the Registration End Date, the Company shall not be required to file more
than one such amendment or supplement each calendar month (regardless of the number of Electing Holders who validly submit a Notice
and Questionnaire in any calendar month), it being understood that such amendment or supplement will be filed on the first Business
Day of the respective calendar month and shall only cover the Registrable Securities held by Electing Holders who have validly
delivered a Notice and Questionnaire no later than five (5) Business Days before the first Business Day of such month; and (ii)
notwithstanding clause (i), the Company shall, not later than the maturity date or redemption date for the Notes, as the case may
be, file an applicable amendment or supplement to the Registration Statement in order to include all Electing Holders who are not
then so named and who have validly delivered a Notice and Questionnaire to the Company at any time during the Final Exchange Period
(it being understood that the Company shall not have an obligation to file more than one such amendment or supplement during the
Final Exchange Period and prior to the maturity date or redemption date for the Notes with respect to holders of Notes who exchange
such Notes during the Final Exchange Period provided that all such Electing Holders are named in such amendment or supplement on
or prior to the maturity date or redemption date, as the case may be);

 

(c)       if
Rule 172 under the Securities Act or any successor provision (“Rule 172”) is unavailable, so long as a Registration
Statement is effective covering offers and resales of the applicable Registrable Securities by one or more Electing Holders, furnish
to such Electing Holders such number of copies of the prospectus included in the Registration Statement, and any amendment or supplement
thereto (in each case, excluding any amendment or supplement made through the incorporation by reference of ordinary course Exchange
Act filings), in conformity with the requirements of the Securities Act and such other documents as such Electing Holders may reasonably
request, in each case, in order to facilitate the transfer or other disposition of the Registrable Securities held by such Electing
Holders;

 

(d)       subject
to Sections 3(e), 3(f) and 3(g), use all reasonable efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under the securities or “blue sky” laws of such jurisdictions within the United States
as shall be reasonably requested from time to time by an Electing Holder (in light of their intended plan of distribution), or,
if requested, provide evidence to such Electing Holder that such Registrable Securities are exempt from such registration or qualification,
and (ii) do any and all other acts or things which may reasonably be necessary or advisable to enable an Electing Holder of
Registrable Securities included in the Registration Statement to consummate the transfer or other disposition of the Registrable
Securities in such jurisdictions in connection with the exchange of the Notes; provided, that the Company shall not be required
in connection therewith or as a condition thereto to qualify to do business or take any action that would subject the Company to
general service of process or taxation in any such jurisdiction where it is not then so subject;

 

    4

     

    

 

(e)       subject
to Section 3(g), notify each Holder in writing after becoming aware of the occurrence of any event or existence of any condition
as a result of which the prospectus included in the Registration Statement, or any amendment or supplement thereto, in each case,
as then in effect, contains an untrue statement of material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances then existing and that resales of
Registrable Securities are suspended and, subject to Section 3(g), as promptly as reasonably practicable prepare and file with
the Commission and, if Rule 172 is unavailable, furnish, without charge, each Electing Holder a reasonable number of copies of
a supplement or an amendment to such prospectus or amendment or supplement thereto as may be necessary so that such prospectus
as so amended or supplemented does not contain an untrue statement of material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and
promptly notify each Holder in writing that resales of Registrable Securities may be resumed;

 

(f)       use
all reasonable efforts to prevent the issuance of any stop order or other order suspending the effectiveness of the Registration
Statement and, if such an order is issued, to suspend resales of Registrable Securities, to use all reasonable efforts to obtain
the withdrawal thereof at the earliest possible time and to promptly notify each Holder in writing of the issuance of such order
and, if applicable, the resolution thereof and that resales of Registrable Securities may be resumed;

 

(g)       notify
each Holder in writing in the event that, in the judgment of the Company, it is advisable to suspend use of a prospectus included
in, and accordingly resales of Registrable Securities under, the Registration Statement, if the Company is in possession of material
nonpublic information due to pending developments or other events, disclosure of which the Company believes would not be in its
best interests or would be detrimental to it at such time (which notice need not specify the nature of the event giving rise to
such suspension); provided that the Company shall not register any securities for its own account or that of any other shareholder
during any period covered by any deferral and provided further that the Company shall not so suspend the use of a prospectus
for a period or periods in excess of sixty (60) consecutive days or an aggregate of one hundred twenty (120) days in any twelve
(12) month period and to promptly notify each Holder in writing when resales of Registrable Securities may be resumed;

 

(h)       notify
each Holder, promptly after it shall receive notice thereof, of the Effective Date of the Registration Statement and of the effectiveness
of any post-effective amendment thereto;

 

(i)       permit
one special counsel for the Holders, at the sole expense of the Holders, to review the Registration Statement and all amendments
and supplements thereto, and any comments made by the staff of the Commission concerning the Holders or the transactions contemplated
by this Agreement and the Purchase Agreement and the Company’s responses thereto, within a reasonable period of time prior
to the filing thereof with the Commission (or, in the case of comments made by the staff of the Commission, within a reasonable
period of time following the receipt thereof by the Company);

 

    5

     

    

 

(j)       subject
to Sections 3(e), 3(f) and 3(g), if requested by an Electing Holder already named in the Registration Statement in accordance
with the procedures set forth in Section 3(b), within five (5) Business Days of the request or, in the event that resales
of Registrable Securities have been suspended, within two (2) Business Days following the last day of the period of suspension,
incorporate in a prospectus supplement or post-effective amendment such information as the Electing Holder reasonably requests
to be included therein relating to the sale and distribution of the Registrable Securities, including, without limitation, information
with respect to the Electing Holder, the number of Registrable Securities being offered or sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities being sold in such offering; and

 

(k)       use
its reasonable efforts to provide a CUSIP number, transfer agent and registrar for the Registrable Securities not later than the
Effective Date of the Registration Statement.

 

4.            OBLIGATIONS
OF EACH HOLDER.

 

In connection with
the registration of Registrable Securities pursuant to any Registration Statement, a Holder shall:

 

(a)      to
effect registration of such Holder’s Registrable Securities following the Effective Date, furnish to the Company a completed
and signed Notice and Questionnaire and such other information in writing regarding itself and the intended method of disposition
of such Registrable Securities as the Company shall reasonably request (which, for the avoidance of doubt, may be submitted by
the Holder to the Company contemporaneously with the Holder’s delivery of an exchange notice relating to the Notes to GSK);

 

(b)      upon
receipt of any written notice from the Company that resales of Registrable Securities have been suspended in accordance with Sections 3(e),
3(f) or 3(g), immediately discontinue any resale or other disposition of such Registrable Securities pursuant to the Registration
Statement until such Holder receives written notice from the Company that resales of Registrable Securities may be resumed, and
in each case maintain the confidentiality of such notice and its contents;

 

(c)      to
the extent required by applicable law, deliver a prospectus to the purchaser of such Registrable Securities;

 

(d)      notify
the Company when it has resold all of the Registrable Securities held by it;

 

(e)      immediately
notify the Company in the event that any information supplied by such Holder in writing for inclusion in the Registration Statement
or related prospectus or amendment or supplement is untrue or omits to state a material fact required to be stated therein or necessary
to make such information not misleading in the light of the circumstances then existing; and

 

(f)       immediately
discontinue any resale or other disposition of such Registrable Securities pursuant to the Registration Statement until the filing
of an amendment or supplement to such prospectus as may be necessary pursuant to Section 3(e) above so that such prospectus as
so amended or supplemented with respect to such Holder’s information does not contain an untrue statement of material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the
light of the circumstances then existing; and use all reasonable efforts to assist the Company as may be appropriate to make such
amendment or supplement effective for such purpose.

 

    6

     

    

 

Each Holder agrees,
by acquisition of the Notes and exchange thereof for Registrable Securities, that no Holder shall be entitled to offer, sell or
otherwise transfer any such Registrable Securities other than pursuant to the Registration Statement, in compliance with Rule 144
or pursuant to another exemption from registration under the Securities Act and that each such Holder shall not be entitled to
sell any such Registrable Securities pursuant to the Registration Statement and related prospectus unless (i) such Holder has delivered
to the Company a completed and signed Notice and Questionnaire and any other information requested in accordance with Section 4(a),
together with such other information required by Section 4(f) or by the transfer agent in connection with the transfer or
other disposition of such Registrable Securities, (ii) such Holder has validly submitted an exchange notice in respect of the Notes
and such Notes have been exchanged for Registrable Securities and (iii) any required amendment or post-effective amendment to the
Registration Statement or supplements to the prospectus included therein has been filed with the Commission in accordance with
Section 3(b) or, if the Registration Statement is a subsequent Registration Statement, such subsequent Registration Statement has
been filed with the Commission, and, with respect to an amendment or post-effective amendment to the Registration Statement or
a subsequent Registration Statement, such amendment or post-effective amendment or subsequent Registration Statement has been declared
effective by the Commission or otherwise become effective.

 

5.             INDEMNIFICATION.

 

In the event that
any Registrable Securities are included in a Registration Statement under this Agreement:

 

(a)       To
the extent permitted by applicable law, the Company will indemnify and hold harmless each Electing Holder, the officers, directors,
employees, agents, representatives and equityholders of each Electing Holder, legal counsel and accountants for each Electing Holder,
any underwriter (as defined in the Securities Act) for such Electing Holder and each person, if any, who controls such Electing
Holder or underwriter within the meaning of the Securities Act or the Exchange Act against any losses, claims, damages or liabilities
(whether joint or several) to which they may become subject under the Securities Act, the Exchange Act or any state securities
laws, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) (collectively, “Losses”)
arise out of or are based upon any of the following statements, omissions or violations (collectively, a “Violation”):
(i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement under which
such Registrable Securities were registered, including any preliminary prospectus, or the final prospectus or any free writing
prospectus (as defined in Rule 433 under the Securities Act) or any amendments or supplements thereto; (ii) the omission or alleged
omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading;
or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities laws or
any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities laws; and the Company will
reimburse each Electing Holder, officer, director, employee, agent, representative, equityholder, legal counsel, accountant, underwriter
of such Electing Holder or person who controls such Electing Holder or underwriter for any legal expenses or other out-of-pocket
expenses reasonably incurred by any such person in connection with investigating or defending any such Loss; provided, however,
that the foregoing indemnity shall not apply to amounts paid in settlement of any such Loss if such settlement is effected without
the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any case for
any such Loss to the extent that it arises out of or is based upon (x) a Violation that occurs in reliance upon and in conformity
with any written information furnished expressly for use in connection with the registration
of offers and resales of Registrable Securities by or on behalf of any Electing Holder, underwriter for such Electing Holder, or
person controlling such Electing Holder or underwriter or (y) offers, sales or transfers of Registrable Securities in violation
of Section 4; provided further, however, that the foregoing indemnity with respect to any preliminary prospectus shall
not inure to the benefit of any Electing Holder, underwriter for such Electing Holder or person controlling such Electing Holder
or underwriter from whom the person asserting any such Loss purchased Registrable Securities in the applicable offering, if a copy
of the prospectus (as then amended or supplemented if the Company shall have furnished any amendments or supplements thereto) is
provided to the Electing Holder and underwriter but was not sent or given by or on behalf of such Electing Holder or underwriter
to such person, if required by law so to have been delivered, at or prior to the written confirmation of the resale of such Registrable
Securities to such person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise to such
loss, claim, damage or liability.

 

    7

     

    

 

(b)      To
the extent permitted by applicable law, each Electing Holder who is named in the Registration Statement as a selling shareholder
shall, acting severally and not jointly, indemnify and hold harmless the Company, its directors, its officers who signed the registration
statement, employees, agents and representatives of the Company, each person, if any, who controls the Company within the meaning
of the Securities Act or the Exchange Act, legal counsel and accountants for the Company, any underwriter, any other Holder reselling
Registrable Securities in such Registration Statement and any controlling person of any such underwriter or Holder against any
Losses to which any of the foregoing persons may become subject under the Securities Act, the Exchange Act or any state securities
laws, insofar as any such Loss arises out of or is based upon any Violation, in each case to the extent (and only to the extent)
that such Violation occurs in reliance upon and conformity with written information furnished (or not furnished, in the case of
an omission) expressly for use in connection with the registration of offers and resales of Registrable Securities by or on behalf
of such Electing Holder; and each such Electing Holder will reimburse any person intended to be indemnified pursuant to this Section
5(b) for any legal or other out-of-pocket expenses reasonably incurred by such person in connection with investigating or defending
any such Loss; provided, however, that the foregoing indemnity shall not apply to amounts paid in settlement of any Loss
if such settlement is effected without the consent of such Electing Holder (which consent shall not be unreasonably withheld);
and, provided further, that in no event shall any indemnity under this Section 5(b) exceed the net proceeds from the resale
of the Registrable Securities by such Electing Holder under the Registration Statement.

 

(c)       Promptly
after receipt by an indemnified party under this Section 5 of notice of the commencement of any action (including any governmental
action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 5,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right
to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed,
to assume the defense thereof with counsel selected by such indemnifying party in its sole discretion; provided, however,
that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel)
shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation
of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver
written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial
to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this
Section 5, but the omission to deliver written notice to the indemnifying party will not relieve it of any liability that it may
have to an indemnified party otherwise than under this Section 5.

 

    8

     

    

 

(d)       If
the indemnification provided for in this Section 5 is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any Losses or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified
party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss or expense in
such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified
party on the other in connection with the statements or omissions that resulted in such Loss or expense, as well as any other relevant
equitable considerations; provided, however, that such contribution shall not exceed the net proceeds from the resale
of Registrable Securities by such Electing Holder under the Registration Statement. The relative fault of the indemnifying party
and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent
such statement or omission.

 

(e)       The
remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available
to any indemnified party at law or in equity.

 

(f)       The
obligations of the Company and the Electing Holders under this Section 5 shall survive the completion of any resale of Registrable
Securities under the Registration Statement, and otherwise.

 

6.             MISCELLANEOUS.

 

(a)       Further
Assurances. The parties agree to cooperate fully with the other parties and to execute such further instruments, documents
and agreements and to give such further written assurances and deliver such opinions as may be reasonably requested by the other
parties to better evidence and reflect the transactions described herein and contemplated hereby and to carry into effect the intents
and purposes of this Agreement.

 

(b)       Underwritten
Offerings. Notwithstanding anything in this Agreement to the contrary, the Company is not obligated to participate in or provide
for any underwritten offering of Registrable Securities.

 

(c)       Expenses
of Registration. All reasonable expenses (other than underwriting discounts and commissions and the fees and disbursements
of counsel of any Electing Holder) incurred in connection with the registrations, filings and qualifications described herein,
including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees and the fees
and disbursements of counsel for the Company shall be borne by the Company.

 

    9

     

    

 

(d)       Notices.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given upon the earlier to occur
of actual receipt or (i) upon personal delivery to the party to be notified, (ii) when sent by electronic mail if sent during normal
business hours of the recipient, if not, then on the next Business Day or (iii) one (1) day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. Unless otherwise designated by the intended
recipient to the other parties hereto at least ten (10) days in advance, all notices addressed to the Company, GSK, Glaxo or GSK
Issuer will be directed as follows:

 

If to the Company:

 

Theravance Biopharma, Inc.

PO Box 309

Ugland House, South Church
Street

George Town, Grand Cayman,
Cayman Islands

Attn: Office of General
Counsel

Tel: (650) 808-6000

Email: legal@theravance.com

 

with a copy to:

 

Theravance Biopharma, Inc.

c/o Theravance Biopharma US, Inc.

901 Gateway Boulevard

South San Francisco, CA 94080

Attention: Office of General Counsel

 

Skadden, Arps, Meagher & Flom LLP

525 University Avenue

Palo Alto, California 94301-1908

Attn: Amr Razzak

Tel: 650-470-4533

Email: amr.razzak@skadden.com

 

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

550 Allerton Street

Redwood City, California 94063

Attn: Jeffrey Vetter

Tel: 650-321-2400

Email: jvetter@gunderson.com

 

If to GSK, Glaxo
or GSK Issuer:

 

GlaxoSmithKline plc

980 Great West Road

Brentford, TW8 9GS

England

Attention: Victoria Whyte

Tel: +44 20 8047 5000

E-mail: company.secretary@gsk.com

 

with a copy to:

 

Cleary Gottlieb Steen &
Hamilton LLP

2 London Wall Place

London EC2Y 5AU, England

Attn: Sebastian Sperber

Tel: +44 20 7614 2200

Email: ssperber@cgsh.com

 

and if to a Holder, to such address
as shall be designated by such Holder in the Notice and Questionnaire of such Holder or any amendment thereto.

 

    10

     

    

 

(e)      Severability.
If one or more provisions of this Agreement are held unenforceable under applicable law, such provision shall be excluded from
this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

(f)       Entire
Agreement; Amendment; Waiver. This Agreement constitutes the full and entire understanding and agreement among the parties
hereto with regard to the subjects hereof. The parties agree that this Agreement shall become effective on the Closing Date. Any
term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a
particular instance and either retroactively or prospectively) only with the written consent of the Company and the Holders of
a majority of the Registrable Securities. Any amendment or waiver effected in accordance with this Section 6(f) shall be binding
upon the Company and each current and future Holder of any Registrable Securities.

 

(g)      Successors
and Assigns. Except as explicitly provided herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the respective successors and assigns of the parties (including transferees of any Registrable Securities);
provided that, except as explicitly provided herein, the rights of a Holder hereunder may not be assigned to a person without
a corresponding transfer of Registrable Securities to such person. Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors or assigns any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as explicitly provided in this Agreement.

 

(h)      Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall be deemed
one and the same instrument. This Agreement, once executed by a party, may be delivered to any other party hereto by email transmission
of a .pdf file.

 

(i)       Governing
Law; Waiver of Immunity. This Agreement shall be governed by and construed under the laws of the state of New York. Any
legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby (“Related
Proceedings”) shall be instituted in (i) the federal courts of the United States of America located in the City and County
of New York, Borough of Manhattan or (ii) the courts of the State of New York located in the City and County of New York, Borough
of Manhattan (collectively, the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction
(except for proceedings instituted in regard to the enforcement of a judgment of any such court (a “Related Judgment”),
as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. The parties irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts
and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other
proceeding brought in any such court has been brought in an inconvenient forum. With respect to any Related Proceeding, each party
irrevocably waives, to the fullest extent permitted by applicable law, all immunity (whether on the basis of sovereignty or otherwise)
from jurisdiction, service of process, attachment (both before and after judgment) and execution to which it might otherwise be
entitled in the Specified Courts, and with respect to any Related Judgment, each party waives any such immunity in the Specified
Courts or any other court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or
in respect of any such Related Proceeding or Related Judgment, including, without limitation, any immunity pursuant to the United
States Foreign Sovereign Immunities Act of 1976, as amended.

 

    11

     

    

 

(j)       Appointment
of Agent for Service of Process. The Company hereby irrevocably designates, appoints and empowers Theravance Biopharma US,
Inc. with offices currently at 901 Gateway Boulevard, South San Francisco, CA 94080, as its designee, appointee and agent to receive,
accept and acknowledge for and on its behalf service of any and all legal process summons, notices and documents that may be served
in any action, suit or proceeding brought against the Company in any United States or state court with respect to any matter arising
out of or based upon this Agreement and that may be made on such designee, appointee and agent in accordance with legal procedures
prescribed for such court. Each of GSK and GSK Issuer hereby irrevocably designates, appoints and empowers GlaxoSmithKline Capital
Inc., with offices currently at 1105 North Market Street, Suite 1300, Wilmington, Delaware 19801, as its designee, appointee and
agent to receive, accept and acknowledge for and on its behalf, service of any and all legal process, summons, notices and documents
that may be served in any action, suit or proceeding brought against GSK or GSK Issuer in any such United States or state court
with respect to any matter arising out of or based upon this Agreement and that may be made on such designee, appointee and agent
in accordance with legal procedures prescribed for such court.

 

(k)      Pronouns.
All pronouns or any variation thereof shall be deemed to refer to the masculine, feminine or neuter, singular or plural, as the
identity of the person, persons, entity or entities may require.

 

(l)       Titles
and Subtitles. The titles and subtitles used in this Agreement are for convenience of reference only and are not to be considered
in construing or interpreting this Agreement.

 

(m)      Third
Party Beneficiaries. All the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and
shall be enforceable by the parties hereto and the Holders from time to time of the Registrable Securities and the respective
successors and assigns of the parties hereto and such Holders.

 

[Signature Pages to Follow]

 

    12

     

    

 

IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date first above written.

 

	 	THERAVANCE BIOPHARMA, INC.
	 	 
	 	By:	/s/ Rick E Winningham
	 	 	Name: Rick E Winningham
	 	 	Title: Chief Executive Officer
	 	 	 
	 	GSK FINANCE (NO.3) PLC
	 	 
	 	By:	/s/ P. K.
    Hopkins
	 	 	Name: P. K. Hopkins
	 	 	Title: Director
	 	 	 
	 	GLAXOSMITHKLINE PLC
	 	 
	 	By:	/s/ IAIN MACKAY
	 	 	Name: Iain Mackay
	 	 	Title: Chief Financial Officer
	 	 	 
	 	By:	/s/ SARAH-JANE HALL
	 	 	Name: Sarah-Jane Hall
	 	 	Title: Group Treasurer

 

    

     

    

 

EXHIBIT A

 

FORM OF PLAN OF DISTRIBUTION

 

This prospectus relates to the offer and sale
from time to time of up to 9,644,792 ordinary shares received upon exchange of the notes by the holders thereof. As discussed above
under the caption “Description of Share Capital—Registration Rights Agreement”, the ordinary shares received
by selling shareholders upon exchange of their notes will be “restricted securities” within the meaning of Rule 144(a)(3)
of the Securities Act and will contain a legend setting out such restriction and will be segregated until such time as they are
sold under the registration statement, of which this prospectus forms a part. We are registering the resale of the ordinary shares
received upon exchange of the notes to provide the holders thereof with freely tradable securities, but such shares will not become
freely tradable until sold pursuant to the registration statement, of which this prospectus forms a part, and the transfer agent
for our ordinary shares receives properly completed and executed transfer instructions from the selling shareholder acceptable
to the transfer agent, including a notice of transfer, a confirmation of sale from such selling shareholder’s broker-dealer
or other agent and an opinion from our counsel enabling the transfer agent to deliver unrestricted shares to the selling shareholder.
The registration of such shares does not necessarily mean that any of the shares will be sold by the selling shareholders.

 

The selling shareholders may, from time to time,
offer the ordinary shares covered by this prospectus in one or more transactions (which may involve crosses or block transactions)
on the Nasdaq Global Select Market or otherwise, in secondary distributions pursuant to and in accordance with the rules of the
Nasdaq Global Select Market, in the over-the-counter market, in negotiated transactions, through the writing of options on such
shares (whether such options are listed on an options exchange or otherwise), or a combination of such methods of sale, at fixed
prices, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices
and through any other method permitted by applicable law. In addition, any ordinary shares covered by this prospectus that qualify
for sale under Rule 144 under the Securities Act or pursuant to another exemption from the registration requirements of the Securities
Act, if available, may be sold under that rule or exemption rather than pursuant to this prospectus. The selling shareholders will
act independently of us in making decisions with respect to the timing, manner and size of each sale.

 

The selling shareholders may effect such transactions
by selling the ordinary shares covered by this prospectus to or through broker-dealers or through other agents, and such broker-dealers
or agents may receive compensation in the form of commissions from the selling shareholders and/or the purchasers of shares for
whom they may act as agent. The selling shareholders and any agents or broker-dealers that participate in the distribution of such
ordinary shares may be deemed to be “underwriters” within the meaning of the Securities Act, and any commissions received
by them and any profit on the sale of such ordinary shares may be deemed to be underwriting commissions or discounts under the
Securities Act.

 

    Exhibit A-1

     

    

 

In connection with the sale of the ordinary
shares received upon exchange of the notes or interests therein, the selling shareholders may enter into hedging transactions with
broker-dealers or other financial institutions, which may in turn engage in short sales of our ordinary shares in the course of
hedging the positions they assume.

 

In order to comply with the securities laws
of certain states, if applicable, the ordinary shares covered by this prospectus must be sold in such jurisdictions only through
registered or licensed brokers or dealers. In addition, in certain states such ordinary shares may not be sold unless they have
been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement
is available and is complied with.

 

The selling shareholders are subject to the
applicable provisions of the Exchange Act and the rules and regulations under the Exchange Act, including Regulation M. This regulation
may limit the timing of purchases and sales of any of the ordinary shares offered in this prospectus by the selling shareholders.
The anti-manipulation rules under the Exchange Act may apply to sales of such ordinary shares in the market and to the activities
of the selling shareholders and their affiliates. Furthermore, Regulation M may restrict the ability of any person engaged in the
distribution of the ordinary shares offered by this prospectus to engage in market-making activities for the particular ordinary
shares being distributed for a period of up to five business days before the distribution. The restrictions may affect the marketability
of such ordinary shares and the ability of any person or entity to engage in market-making activities for the ordinary shares.

 

At a time a particular offer of the ordinary
shares covered by this prospectus is made, a prospectus supplement, if required, will be distributed that will set forth the name
or names of any dealers or agents and any commissions and other terms constituting compensation from the selling shareholders and
any other required information. The ordinary shares covered by this prospectus may be sold from time to time at varying prices
determined at the time of sale or at negotiated prices.

 

The selling shareholders party to the Registration
Rights Agreement have agreed to indemnify us, our directors, officers who signed the registration statement of which this prospectus
forms a part, employees, agents and representatives, and each person, if any, who controls us, our legal counsel, accountants,
any underwriter, any other selling shareholder and any controlling person of any such underwriter or selling shareholder from and
against certain liabilities related to the sale of such selling shareholder’s ordinary shares offered in this prospectus,
including liabilities under the Securities Act.

 

    Exhibit A-2

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