Document:

EX-4.5

 Exhibit 4.5 
  

 
 ChemoCentryx, Inc. 

 
  

INDENTURE 
 Dated as of
            , 20     
  

 

[                    ] 

Trustee 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
	 Section 1.1.
	 	 Definitions.
	  	 	1	 
	 Section 1.2.
	 	 Other Definitions.
	  	 	4	 
	 Section 1.3.
	 	 Incorporation by Reference of Trust Indenture Act.
	  	 	4	 
	 Section 1.4.
	 	 Rules of Construction.
	  	 	5	 
		
	 ARTICLE II. THE SECURITIES
	  	 	5	 
	 Section 2.1.
	 	 Issuable in Series.
	  	 	5	 
	 Section 2.2.
	 	 Establishment of Terms of Series of Securities.
	  	 	6	 
	 Section 2.3.
	 	 Execution and Authentication.
	  	 	8	 
	 Section 2.4.
	 	 Registrar and Paying Agent.
	  	 	9	 
	 Section 2.5.
	 	 Paying Agent to Hold Money in Trust.
	  	 	10	 
	 Section 2.6.
	 	 Securityholder Lists.
	  	 	10	 
	 Section 2.7.
	 	 Transfer and Exchange.
	  	 	10	 
	 Section 2.8.
	 	 Mutilated, Destroyed, Lost and Stolen Securities.
	  	 	10	 
	 Section 2.9.
	 	 Outstanding Securities.
	  	 	11	 
	 Section 2.10.
	 	 Treasury Securities.
	  	 	12	 
	 Section 2.11.
	 	 Temporary Securities.
	  	 	12	 
	 Section 2.12.
	 	 Cancellation.
	  	 	12	 
	 Section 2.13.
	 	 Defaulted Interest.
	  	 	12	 
	 Section 2.14.
	 	 Global Securities.
	  	 	13	 
	 Section 2.15.
	 	 CUSIP Numbers.
	  	 	14	 
		
	 ARTICLE III. REDEMPTION
	  	 	15	 
	 Section 3.1.
	 	 Notice to Trustee.
	  	 	15	 
	 Section 3.2.
	 	 Selection of Securities to be Redeemed.
	  	 	15	 
	 Section 3.3.
	 	 Notice of Redemption.
	  	 	15	 
	 Section 3.4.
	 	 Effect of Notice of Redemption.
	  	 	16	 
	 Section 3.5.
	 	 Deposit of Redemption Price.
	  	 	16	 
	 Section 3.6.
	 	 Securities Redeemed in Part.
	  	 	16	 
		
	 ARTICLE IV. COVENANTS
	  	 	17	 
	 Section 4.1.
	 	 Payment of Principal and Interest.
	  	 	17	 
	 Section 4.2.
	 	 SEC Reports.
	  	 	17	 
	 Section 4.3.
	 	 Compliance Certificate.
	  	 	17	 
	 Section 4.4.
	 	 Stay, Extension and Usury Laws.
	  	 	17	 
		
	 ARTICLE V. SUCCESSORS
	  	 	18	 
	 Section 5.1.
	 	 When Company May Merge, Etc.
	  	 	18	 
	 Section 5.2.
	 	 Successor Corporation Substituted.
	  	 	18	 

  
 i 

							
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	 	19	 
	 Section 6.1.
	 	 Events of Default.
	  	 	19	 
	 Section 6.2.
	 	 Acceleration of Maturity; Rescission and Annulment.
	  	 	20	 
	 Section 6.3.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee.
	  	 	21	 
	 Section 6.4.
	 	 Trustee May File Proofs of Claim.
	  	 	21	 
	 Section 6.5.
	 	 Trustee May Enforce Claims Without Possession of Securities.
	  	 	22	 
	 Section 6.6.
	 	 Application of Money Collected.
	  	 	22	 
	 Section 6.7.
	 	 Limitation on Suits.
	  	 	23	 
	 Section 6.8.
	 	 Unconditional Right of Holders to Receive Principal and Interest.
	  	 	23	 
	 Section 6.9.
	 	 Restoration of Rights and Remedies.
	  	 	23	 
	 Section 6.10.
	 	 Rights and Remedies Cumulative.
	  	 	24	 
	 Section 6.11.
	 	 Delay or Omission Not Waiver.
	  	 	24	 
	 Section 6.12.
	 	 Control by Holders.
	  	 	24	 
	 Section 6.13.
	 	 Waiver of Past Defaults.
	  	 	25	 
	 Section 6.14.
	 	 Undertaking for Costs.
	  	 	25	 
		
	 ARTICLE VII. TRUSTEE
	  	 	25	 
	 Section 7.1.
	 	 Duties of Trustee.
	  	 	25	 
	 Section 7.2.
	 	 Rights of Trustee.
	  	 	26	 
	 Section 7.3.
	 	 Individual Rights of Trustee.
	  	 	28	 
	 Section 7.4.
	 	 Trustee’s Disclaimer.
	  	 	28	 
	 Section 7.5.
	 	 Notice of Defaults.
	  	 	28	 
	 Section 7.6.
	 	 Reports by Trustee to Holders.
	  	 	28	 
	 Section 7.7.
	 	 Compensation and Indemnity.
	  	 	28	 
	 Section 7.8.
	 	 Replacement of Trustee.
	  	 	29	 
	 Section 7.9.
	 	 Successor Trustee by Merger, Etc.
	  	 	30	 
	 Section 7.10.
	 	 Eligibility; Disqualification.
	  	 	30	 
	 Section 7.11.
	 	 Preferential Collection of Claims Against Company.
	  	 	30	 
		
	 ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	31	 
	 Section 8.1.
	 	 Satisfaction and Discharge of Indenture.
	  	 	31	 
	 Section 8.2.
	 	 Application of Trust Funds; Indemnification.
	  	 	32	 
	 Section 8.3.
	 	 Legal Defeasance of Securities of any Series.
	  	 	32	 
	 Section 8.4.
	 	 Covenant Defeasance.
	  	 	34	 
	 Section 8.5.
	 	 Repayment to Company.
	  	 	35	 
	 Section 8.6.
	 	 Reinstatement.
	  	 	35	 
		
	 ARTICLE IX. AMENDMENTS AND WAIVERS
	  	 	35	 
	 Section 9.1.
	 	 Without Consent of Holders.
	  	 	35	 
	 Section 9.2.
	 	 With Consent of Holders.
	  	 	36	 
	 Section 9.3.
	 	 Limitations.
	  	 	37	 
	 Section 9.4.
	 	 Compliance with Trust Indenture Act.
	  	 	37	 
	 Section 9.5.
	 	 Revocation and Effect of Consents.
	  	 	37	 
	 Section 9.6.
	 	 Notation on or Exchange of Securities.
	  	 	38	 
	 Section 9.7.
	 	 Trustee Protected.
	  	 	38	 
		
	 ARTICLE X. MISCELLANEOUS
	  	 	38	 
	 Section 10.1.
	 	 Trust Indenture Act Controls.
	  	 	38	 
	 Section 10.2.
	 	 Notices.
	  	 	39	 

  
 ii 

							
	 Section 10.3.
	 	 Communication by Holders with Other Holders.
	  	 	40	 
	 Section 10.4.
	 	 Certificate and Opinion as to Conditions Precedent.
	  	 	40	 
	 Section 10.5.
	 	 Statements Required in Certificate or Opinion.
	  	 	40	 
	 Section 10.6.
	 	 Rules by Trustee and Agents.
	  	 	40	 
	 Section 10.7.
	 	 Legal Holidays.
	  	 	41	 
	 Section 10.8.
	 	 No Recourse Against Others.
	  	 	41	 
	 Section 10.9.
	 	 Counterparts.
	  	 	41	 
	 Section 10.10.
	 	 Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.
	  	 	41	 
	 Section 10.11.
	 	 No Adverse Interpretation of Other Agreements.
	  	 	42	 
	 Section 10.12.
	 	 Successors.
	  	 	42	 
	 Section 10.13.
	 	 Severability.
	  	 	42	 
	 Section 10.14.
	 	 Table of Contents, Headings, Etc.
	  	 	42	 
	 Section 10.15.
	 	 Securities in a Foreign Currency.
	  	 	42	 
	 Section 10.16.
	 	 Judgment Currency.
	  	 	43	 
	 Section 10.17.
	 	 Force Majeure.
	  	 	43	 
	 Section 10.18.
	 	 U.S.A. Patriot Act.
	  	 	43	 
		
	 ARTICLE XI. SINKING FUNDS
	  	 	44	 
	 Section 11.1.
	 	 Applicability of Article.
	  	 	44	 
	 Section 11.2.
	 	 Satisfaction of Sinking Fund Payments with Securities.
	  	 	44	 
	 Section 11.3.
	 	 Redemption of Securities for Sinking Fund.
	  	 	45	 

  
 iii 

 CHEMOCENTRYX, INC. 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of
                    , 20         
  

					
	 § 310(a)(1)
	 		  	7.10
	 (a)(2)
	 		  	7.10
	 (a)(3)
	 		  	 Not Applicable

	 (a)(4)
	 		  	 Not Applicable

	 (a)(5)
	 		  	7.10
	 (b)
	 		  	7.10
	 § 311(a)
	 		  	7.11
	 (b)
	 		  	7.11
	 (c)
	 		  	 Not Applicable

	 § 312(a)
	 		  	2.6
	 (b)
	 		  	10.3
	 (c)
	 		  	10.3
	 § 313(a)
	 		  	7.6
	 (b)(1)
	 		  	7.6
	 (b)(2)
	 		  	7.6
	 (c)(1)
	 		  	7.6
	 (d)
	 		  	7.6
	 § 314(a)
	 		  	4.2, 10.5
	 (b)
	 		  	 Not Applicable

	 (c)(1)
	 		  	10.4
	 (c)(2)
	 		  	10.4
	 (c)(3)
	 		  	 Not Applicable

	 (d)
	 		  	 Not Applicable

	 (e)
	 		  	10.5
	 (f)
	 		  	 Not Applicable

	 § 315(a)
	 		  	7.1
	 (b)
	 		  	7.5
	 (c)
	 		  	7.1
	 (d)
	 		  	7.1
	 (e)
	 		  	6.14
	 § 316(a)
	 		  	2.10
	 (a)(1)(A)
	 		  	6.12
	 (a)(1)(B)
	 		  	6.13
	 (b)
	 		  	6.8
	 § 317(a)(1)
	 		  	6.3
	 (a)(2)
	 		  	6.4
	 (b)
	 		  	2.5
	 § 318(a)
	 		  	10.1

  
 Note: This
reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 
  

  
 iv 

 Indenture dated as of
                , 20     between ChemoCentryx, Inc., a Delaware corporation (“Company”), and
[            ] (“Trustee”). 
 Each party agrees as follows for
the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture. 
 ARTICLE
I. 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1. Definitions. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified
herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders. 

“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under
common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any
person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise. 

“Agent” means any Registrar, Paying Agent or Notice Agent. 

“Board of Directors” means the board of directors of the Company or any duly authorized committee thereof. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 

“Business Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in connection
with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close. 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of
corporate stock. 
 “Company” means the party named as such above until a successor replaces it and thereafter means the
successor. 
 “Company Order” means a written order signed in the name of the Company by an Officer. 

 “Corporate Trust Office” means the office of the Trustee at which at any
particular time its corporate trust business related to this Indenture shall be principally administered. 
 “Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Depositary” means,
with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency
registered under the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 

“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due
and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 
 “Dollars” and
“$” means the currency of The United States of America. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Foreign Currency” means any currency or currency unit issued by a government other than the
government of The United States of America. 
 “Foreign Government Obligations” means, with respect to Securities of any
Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and
which are not callable or redeemable at the option of the issuer thereof. 
 “GAAP” means accounting principles generally
accepted in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 

“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form
established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 

“Holder” or “Securityholder” means a person in whose name a Security is registered. 

“Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of
particular Series of Securities established as contemplated hereunder. 

  
 2 

 “interest” with respect to any Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity. 
 “Maturity,” when used with respect to any Security,
means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Officer” means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant
Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the Company. 
 “Officer’s Certificate”
means a certificate signed by any Officer. 
 “Opinion of Counsel” means a written opinion of legal counsel who is
acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. The opinion may contain customary limitations, conditions and exceptions. 

“person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “principal” of
a Security means the principal of the Security plus, when appropriate, the premium, if any, on, [and any Additional Amounts in respect of,] the Security. 

“Responsible Officer” means any officer of the Trustee in its Corporate Trust Office having responsibility for administration
of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject. 

“SEC” means the Securities and Exchange Commission. 

“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered
under this Indenture. 
 “Series” or “Series of Securities” means each series of debentures, notes or
other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated Maturity” when used with
respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable. 

“Subsidiary” of any specified person means any corporation, association or other business entity of which more than 50% of
the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such
person or one or more of the other Subsidiaries of that person or a combination thereof. 

  
 3 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§
77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust
Indenture Act as so amended. 
 “Trustee” means the person named as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is
more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 

“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of
America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such
depositary receipt. 
 Section 1.2. Other Definitions. 

 

			
	 TERM
	  	DEFINED IN
SECTION
	 “Bankruptcy Law”
	  	6.1
	 “Custodian”
	  	6.1
	 “Event of Default”
	  	6.1
	 “Judgment Currency”
	  	10.16
	 “Legal Holiday”
	  	10.7
	 “mandatory sinking fund payment”
	  	11.1
	 “New York Banking Day”
	  	10.16
	 “Notice Agent”
	  	2.4
	 “optional sinking fund payment”
	  	11.1
	 “Paying Agent”
	  	2.4
	 “Registrar”
	  	2.4
	 “Required Currency”
	  	10.16
	 “Specified Courts”
	  	10.10
	 “successor person”
	  	5.1

 Section 1.3. Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings: 

  
 4 

 “Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined. 
 Section 1.4. Rules of Construction. 

Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; and 

(e) provisions apply to successive events and transactions. 

ARTICLE II. 
 THE SECURITIES 

Section 2.1. Issuable in Series. 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be
issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of
the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the
terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities
may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 

  
 5 

 Section 2.2. Establishment of Terms of Series of Securities. 

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of
Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board
Resolution, supplemental indenture hereto or Officer’s Certificate: 
 2.2.1. the title (which shall distinguish the Securities of that
particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 

2.2.2. the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 2.2.3. any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); 

2.2.4. the date or dates on which the principal of the Securities of the Series is payable; 

2.2.5. the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates
(including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or
dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

2.2.6. the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by
wire transfer, mail or other means; 
 2.2.7. if applicable, the period or periods within which, the price or prices at which and the terms
and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
 2.2.8. the
obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and
the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

  
 6 

 2.2.9. the dates, if any, on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 

2.2.10. if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable; 
 2.2.11. the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities; 

2.2.12. if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 
 2.2.13. the currency of denomination of the
Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 

2.2.14. the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the
Securities of the Series will be made; 
 2.2.15. if payments of principal of or interest, if any, on the Securities of the Series are to be
made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 

2.2.16. the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if
such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

2.2.17. the provisions, if any, relating to any security provided for the Securities of the Series; 

2.2.18. any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in the
right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 

2.2.19. any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series; 

2.2.20. any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such
Series if other than those appointed herein; 

  
 7 

 2.2.21. the provisions, if any, relating to conversion or exchange of any Securities of such
Series, including if applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events
requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed; 

2.2.22. any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such
Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; and 

2.2.23. whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the terms of
subordination, if any, of such guarantees. 
 All Securities of any one Series need not be issued at the same time and may be issued from
time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 

Section 2.3. Execution and Authentication. 

An Officer shall sign the Securities for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee shall at any
time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each
Security shall be dated the date of its authentication. 
 The aggregate principal amount of Securities of any Series outstanding at any
time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in
Section 2.8. 
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2)
shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the
Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 

  
 8 

 The Trustee shall have the right to decline to authenticate and deliver any Securities of
such Series: (a) if the Trustee, being advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of
directors and/or vice-presidents or a committee of Responsible Officers shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of
the Company. 
 Section 2.4. Registrar and Paying Agent. 

The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to
Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange
(“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”). The Registrar shall keep a register with respect
to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent. If at any
time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided, however, that any appointment of the Trustee as the
Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company. 

The Company may also from time to time designate one or more co-registrars, additional paying agents
or additional notice agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent
and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name
or address of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar” includes any co-registrar; the term
“Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent. 

The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying
Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 

  
 9 

 Section 2.5. Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company
in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold
in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying
Agent for the Securities. 
 Section 2.6. Securityholder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Securityholders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other times
as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities. 

Section 2.7. Transfer and Exchange. 

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to
register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of
transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or
9.6). 
 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any
Series for the period beginning at the opening of business fifteen days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day such notice is
sent, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in
part. 
 Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

  
 10 

 If there shall be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the
Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that Series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 2.9. Outstanding Securities. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 

If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that
the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other than the Company, a Subsidiary of the Company or an
Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to
accrue. 

  
 11 

 The Company may purchase or otherwise acquire the Securities, whether by open market
purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below). 

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 

Section 2.10. Treasury Securities. 

In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand,
authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on
any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 

Section 2.11. Temporary Securities. 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the
Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture
as the definitive Securities. 
 Section 2.12. Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities
(subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to replace Securities that
it has paid or delivered to the Trustee for cancellation. 
 Section 2.13. Defaulted Interest. 

If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before the special record
date, the Company shall send to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful
manner. 

  
 12 

 Section 2.14. Global Securities. 

2.14.1. Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 

2.14.2. Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in
addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to
appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Security
shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to
the principal amount of the Global Security with like tenor and terms. 
 Except as provided in this Section 2.14.2, a Global Security
may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any
such nominee to a successor Depositary or a nominee of such a successor Depositary. 
 2.14.3. Legends. Any Global Security issued
hereunder shall bear a legend in substantially the following form: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.” 

  
 13 

 In addition, so long as the Depository Trust Company (“DTC”) is the Depositary,
each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 
 “UNLESS THIS
GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

2.14.4. Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any
request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

2.14.5. Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 
 2.14.6.
Consents, Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a
written statement of the Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to
this Indenture. 
 Section 2.15. CUSIP Numbers. 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. 

  
 14 

 ARTICLE III. 

REDEMPTION 

Section 3.1. Notice to Trustee. 

The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to
redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to
redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of Series of Securities to be
redeemed. The Company shall give the notice at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee. 

Section 3.2. Selection of Securities to be Redeemed. 

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if
less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities are in the form of Global Securities, in accordance with the procedures of the
Depositary, (b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed, or (c) if not otherwise
provided for under clause (a) or (b) in the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of Global
Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of the principal of Securities of the
Series that have denominations larger than $1,000 may be selected for redemption. Securities of the Series and portions of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of
any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called
for redemption also apply to portions of Securities of that Series called for redemption. 
 Section 3.3. Notice of
Redemption. 
 Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an
Officer’s Certificate, at least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of
redemption to each Holder whose Securities are to be redeemed. 
 The notice shall identify the Securities of the Series to be redeemed and
shall state: 
 (a) the redemption date; 

  
 15 

 (b) the redemption price; 

(c) the name and address of the Paying Agent; 

(d) if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and
that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the
original Security; 
 (e) that Securities of the Series called for redemption must be surrendered to the Paying Agent to
collect the redemption price; 
 (f) that interest on Securities of the Series called for redemption ceases to accrue on and
after the redemption date unless the Company defaults in the deposit of the redemption price; 
 (g) the CUSIP number, if
any; and 
 (h) any other information as may be required by the terms of the particular Series or the Securities of a Series
being redeemed. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its
expense, provided, however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice. 
 Section 3.4. Effect of Notice of Redemption. 

Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest to the redemption date. 
 Section 3.5. Deposit of
Redemption Price. 
 On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent
money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 

Section 3.6. Securities Redeemed in Part. 

Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the
same maturity equal in principal amount to the unredeemed portion of the Security surrendered. 

  
 16 

 ARTICLE IV. 

COVENANTS 

Section 4.1. Payment of Principal and Interest. 

The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal
of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying
Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture. 

Section 4.2. SEC Reports. 

To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the
SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee
as of the time of such filing via EDGAR for purposes of this Section 4.2. 
 Delivery of reports, information and documents to the
Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

Section 4.3. Compliance Certificate. 

To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which the Officer may have knowledge). 
 Section 4.4. Stay,
Extension and Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the
Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

  
 17 

 ARTICLE V. 

SUCCESSORS 

Section 5.1. When Company May Merge, Etc. 

The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and
assets to, any person (a “successor person”) unless: 
 (a) the Company is the surviving corporation or the
successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture; and 

(b) immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

 The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the
foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture. 

Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the
Company. Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith. 

Section 5.2. Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company
in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale,
conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities. 

  
 18 

 ARTICLE VI. 

DEFAULTS AND REMEDIES 

Section 6.1. Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events,
unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 

(a) default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of
such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on the
30th day of such period); or 
 (b) default in the payment of principal
of any Security of that Series at its Maturity; or 
 (c) default in the performance or breach of any covenant or warranty of
the Company in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that Series),
which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the
outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(d) the Company pursuant to or within the meaning of any Bankruptcy Law: 

(i) commences a voluntary case, 

(ii) consents to the entry of an order for relief against it in an involuntary case, 

(iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, 

(iv) makes a general assignment for the benefit of its creditors, or 

(v) generally is unable to pay its debts as the same become due; or 

(e) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Company in an involuntary case, 

  
 19 

 (ii) appoints a Custodian of the Company or for all or substantially all of
its property, or 
 (iii) orders the liquidation of the Company, 

and the order or decree remains unstayed and in effect for 60 days; or 

(f) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a
supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 
 The term “Bankruptcy
Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

The Company will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of
such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to take in respect thereof. 

Section 6.2. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of
Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after such a declaration of acceleration with
respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of
that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the
non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

 No such rescission shall affect any subsequent Default or impair any right consequent thereon. 

  
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 Section 6.3. Collection of Indebtedness and Suits for Enforcement by
Trustee. 
 The Company covenants that if 

(a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default
continues for a period of 30 days, or 
 (b) default is made in the payment of principal of any Security at the Maturity
thereof, or 
 (c) default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a
Security, 
 then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then
due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such
Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel. 

If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys
adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

Section 6.4. Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in
such proceeding or otherwise, 

  
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 (a) to file and prove a claim for the whole amount of principal and interest
owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, reasonable expenses, disbursements and
advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, 
 and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.5. Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of
any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 Section 6.6. Application of Money Collected. 

Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by
the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 First: To the payment of all amounts due the Trustee under Section 7.7; and 

Second: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and 

Third: To the Company. 

  
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 Section 6.7. Limitation on Suits. 

No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (a) such Holder has
previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series; 

(b) the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c) such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs,
expenses and liabilities which might be incurred by the Trustee in compliance with such request; 
 (d) the Trustee for 60
days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (e)
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series; 

it being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series. 

Section 6.8. Unconditional Right of Holders to Receive Principal and Interest. 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for
the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

Section 6.9. Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

  
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 Section 6.10. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 6.11. Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12. Control by Holders. 

The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that 

(a) such direction shall not be in conflict with any rule of law or with this Indenture, 

(b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, 

(c) subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if
the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and 

(d) prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity
satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

  
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 Section 6.13. Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the
Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such
Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).
Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereon. 
 Section 6.14. Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of
such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date). 
 ARTICLE
VII. 
 TRUSTEE 

Section 7.1. Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others. 

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any

  
 25 

 
such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s
Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements of this Indenture. 

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that: 
 (i) This paragraph does not limit the effect of paragraph (b) of this Section. 

(ii) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts. 
 (iii) The Trustee shall not be liable with respect to
any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to
the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with
Section 6.12. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph
(a), (b) and (c) of this Section. 
 (e) The Trustee may refuse to perform any duty or exercise any right or power
unless it receives indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability
in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the Trustee in its satisfaction. 

(h) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set
forth in paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee. 

Section 7.2. Rights of Trustee. 

(a) The Trustee may rely on and shall be protected in acting or refraining from acting upon any document (whether in its
original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

  
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 (b) Before the Trustee acts or refrains from acting, it may require an
Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary. 

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance thereon. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such
request or direction. 
 (g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit. 
 (h) The Trustee shall not be deemed to have notice
of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the
Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture. 

(i) In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or
damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage. 

(j) The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation
or duty to do so. 

  
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 Section 7.3. Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an
Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. 

Section 7.4. Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication. 

Section 7.5. Notice of Defaults. 

If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall send to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of
such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a
committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Securityholders of that Series. 

Section 7.6. Reports by Trustee to Holders. 

Within 60 days after each anniversary of the date of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names
and addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA § 313. 

A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities
exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange. 

Section 7.7. Compensation and Indemnity. 

The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it.
Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 

  
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 The Company shall indemnify each of the Trustee and any predecessor Trustee (including for
the cost of defending itself) against any cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the performance
of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations
hereunder, unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the
reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and
agents of the Trustee. 
 The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or
by any officer, director, employee, shareholder or agent of the Trustee through willful misconduct or negligence. 
 To secure the
Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on
particular Securities of that Series. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.1(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

The provisions of this Section shall survive the termination of this Indenture. 

Section 7.8. Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the Securities of one or more Series by so
notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and
the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 
 (a) the Trustee fails
to comply with Section 7.10; 
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered
with respect to the Trustee under any Bankruptcy Law; 
 (c) a Custodian or public officer takes charge of the Trustee or its
property; or 
 (d) the Trustee becomes incapable of acting. 

  
 29 

 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the
successor Trustee appointed by the Company. 
 If a successor Trustee with respect to the Securities of any one or more Series does not take
office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent
jurisdiction for the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee
shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the
benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 

Section 7.9. Successor Trustee by Merger, Etc. 

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee, subject to Section 7.10. 

Section 7.10. Eligibility; Disqualification. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a
combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b). 

Section 7.11. Preferential Collection of Claims Against Company. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated. 

  
 30 

 ARTICLE VIII. 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.1. Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all
Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when 

(a) either 

(i) all Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost
or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or 
 (ii) all such
Securities of such Series not theretofore delivered to the Trustee for cancellation 
 (1) have become due and payable by
reason of sending a notice of redemption or otherwise, or 
 (2) will become due and payable at their Stated Maturity within
one year, or 
 (3) have been called for redemption or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 

(4) are deemed paid and discharged pursuant to Section 8.3, as applicable; 

and the Company, in the case of (1), (2) or (3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in
trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the
Securities of such Series on the dates such installments of principal or interest are due; 
 (b) the Company has paid or
caused to be paid all other sums payable hereunder by the Company; and 
 (c) the Company shall have delivered to the Trustee
an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with. 

  
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 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive. 

Section 8.2. Application of Trust Funds; Indemnification. 

(a) Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or
8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by
Sections 8.1, 8.3 or 8.4. 
 (b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf
of Holders. 
 (c) The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government
Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written
certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were
deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 

Section 8.3. Legal Defeasance of Securities of any Series. 

Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company
shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as
it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to: 

  
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 (a) the rights of Holders of Securities of such Series to receive, from the
trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or installment of principal or
interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such
Series; 
 (b) the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and 

(c) the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection
therewith; 
 provided that, the following conditions shall have been satisfied: 

(d) the Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the
Trustee as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government
Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect
thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the
opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, on and any
mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of principal or interest and such sinking fund payments are due; 

(e) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound; 
 (f) no Default or Event of Default with
respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

(g) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either
case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and
discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 

  
 33 

 (h) the Company shall have delivered to the Trustee an Officer’s
Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(i) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 

Section 8.4. Covenant Defeasance. 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company
may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect
to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 and designated
as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby;
provided that the following conditions shall have been satisfied: 
 (a) with reference to this Section 8.4, the Company
has irrevocably deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and
assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants
or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such
Series on the dates such installments of principal or interest are due; 
 (b) such deposit will not result in a breach or
violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

(c) no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
date of such deposit; 

  
 34 

 (d) the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel to the effect that the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to
Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred; 

(e) The Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the
Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
 (f) The
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied
with. 
 Section 8.5. Repayment to Company. 

Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for
the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another
person. 
 Section 8.6. Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with
Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture
with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to
apply all such money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on [or any Additional Amounts with respect to] any Securities because of the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the
Holders. 
 ARTICLE IX. 

AMENDMENTS AND WAIVERS 

Section 9.1. Without Consent of Holders. 

The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any
Securityholder: 
 (a) to cure any ambiguity, defect or inconsistency; 

  
 35 

 (b) to comply with Article V; 

(c) to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(d) to add guarantees with respect to Securities of any Series or secure Securities of any Series; 

(e) to surrender any of the Company’s rights or powers under this Indenture; 

(f) to add covenants or events of default for the benefit of the holders of Securities of any Series; 

(g) to comply with the applicable procedures of the applicable depositary; 

(h) to make any change that does not adversely affect the rights of any Securityholder; 

(i) to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by
this Indenture; 
 (j) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with
respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or 

(k) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

 Section 9.2. With Consent of Holders. 

The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal
amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the
Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive
compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 
 It shall not be necessary
for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental
indenture or waiver under this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to send such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 

  
 36 

 Section 9.3. Limitations. 

Without the consent of each Securityholder affected, an amendment or waiver may not: 

(a) reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the rate of or extend the time for payment of interest (including default interest) on any Security; 

(c) reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for,
the payment of any sinking fund or analogous obligation; 
 (d) reduce the principal amount of Discount Securities payable
upon acceleration of the maturity thereof; 
 (e) waive a Default or Event of Default in the payment of the principal of or
interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration); 
 (f) make the principal of or interest, if any, on any Security payable in any currency
other than that stated in the Security; 
 (g) make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or 

(h) waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s
option. 
 Section 9.4. Compliance with Trust Indenture Act. 

Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect. 
 Section 9.5. Revocation and Effect of Consents. 

Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a
continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. 

  
 37 

 Any amendment or waiver once effective shall bind every Securityholder of each Series
affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 
 The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a
record date is fixed, then notwithstanding the second immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke
any consent previously given or take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.6. Notation on or Exchange of Securities. 

The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter
authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section 2.3 new Securities of that Series that reflect the amendment or waiver.

 Section 9.7. Trustee Protected. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officer’s Certificate or an Opinion of Counsel or both complying with
Section 10.4. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its
rights, duties, liabilities or immunities under this Indenture. 
 ARTICLE X. 

MISCELLANEOUS 

Section 10.1. Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this
Indenture by the TIA, such required or deemed provision shall control. 

  
 38 

 Section 10.2. Notices. 

Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in
writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier guaranteeing next day delivery, to the
others’ address: 
 if to the Company: 

ChemoCentryx, Inc. 
 850 Maude
Avenue 
 Mountain View, CA 94043 

Attention: Corporate Secretary 
 with a copy to:

 Latham & Watkins LLP 

12670 High Bluff Drive 
 San
Diego, CA 92130 
 Attention: Michael Sullivan, Esq. 

if to the Trustee: 

[                ] 

Attention: [            ] 

with a copy to: 

[                ] 

Attention: [            ] 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication to a Securityholder shall be sent electronically or by first-class mail to his, her or its address shown on
the register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other
Securityholders of that or any other Series. 
 If a notice or communication is sent or published in the manner provided above, within the
time prescribed, it is duly given, whether or not the Securityholder receives it. 
 If the Company sends a notice or communication to
Securityholders, it shall send a copy to the Trustee and each Agent at the same time. 
 Notwithstanding any other provision of this
Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the
Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary. 

  
 39 

 Section 10.3. Communication by Holders with Other Holders. 

Securityholders of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 10.4. Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a) an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel
stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

Section 10.5. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
 (a) a
statement that the person making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as
to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c) a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a
statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 

Section 10.6. Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules
and set reasonable requirements for its functions. 

  
 40 

 Section 10.7. Legal Holidays. 

A “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment
may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 

Section 10.8. No Recourse Against Others. 

A director, officer, employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the
Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Securities. 
 Section 10.9. Counterparts. 

This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. 
 Section 10.10. Governing Law; Waiver of Jury Trial; Consent to Jurisdiction. 

THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 THE COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES)
EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be
instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the “Specified Courts”), and each
party irrevocably submits to the non exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to
such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The Company, the Trustee and the Holders (by their acceptance of the Securities) each hereby
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 any such suit, action or other
proceeding has been brought in an inconvenient forum. 

  
 41 

 Section 10.11. No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 10.12. Successors. 

All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture
shall bind its successor. 
 Section 10.13. Severability. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 10.14. Table of
Contents, Headings, Etc. 
 The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.15. Securities in a Foreign Currency. 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to
Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series
or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal amount of Securities of such Series which
shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the
purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source
as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than
Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 

  
 42 

 All decisions and determinations provided for in the preceding paragraph shall, in the
absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders. 

Section 10.16. Judgment Currency. 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining
judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered
(the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the
day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency
(i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or
recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained
for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or
required by law, regulation or executive order to close. 
 Section 10.17. Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 
 Section 10.18. U.S.A. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  
 43 

 ARTICLE XI. 

SINKING FUNDS 

Section 11.1. Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the
terms of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. 

The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a
“mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of
any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the
Securities of such Series. 
 Section 11.2. Satisfaction of Sinking Fund Payments with Securities. 

The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made
pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and
(2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities
(except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so
credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption,
and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the
delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment,
provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by
the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company. 

  
 44 

 Section 11.3. Redemption of Securities for Sinking Fund. 

Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that
Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Securities to be redeemed upon such sinking
fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in
and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 

  
 45 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written. 
  

			
	ChemoCentryx, Inc.
		
	By:	 	  

		 	Name:
		 	Its:
	
	[                ], as Trustee
		
	By:	 	  

		 	Name:
		 	Its:Exhibit 4.1

    

    Execution Copy

      

    STANDBY PURCHASE AGREEMENT

    POLYMET MINING CORP.

    and

    GLENCORE AG

    Dated: May 6, 2019

     

      

    
      
        

    

    TABLE OF CONTENTS

    
      	
               

            	
              Page 

              

            
	1. DEFINITIONS AND INTERPRETATION	
               2

            
	 	 
	2. THE RIGHTS OFFERING	
               3

            
	 	
               

            
	3. REPRESENTATIONS AND WARRANTIES	
               4

            
	 	
               

            
	4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY	
               4

            
	 	
               

            
	5. REPRESENTATIONS AND WARRANTIES OF GLENCORE	
               4

            
	 	
               

            
	6. CONDUCT OF BUSINESS DURING RIGHTS OFFERING	
               4

            
	 	
               

            
	7. AMENDED AND RESTATED CORPORATE GOVERNANCE AGREEMENT	
               6

            
	 	
               

            
	8. DEMAND REGISTRATION	
               6

            
	 	
               

            
	9. CONDITIONS AND TERMINATION RIGHTS	
               6

            
	 	 
	10. DOCUMENTATION FOR INSPECTION 

            	 7
	 	
               

            
	11. TERMINATION RIGHTS	
               7

            
	 	
               

            
	12. CONSEQUENCES OF TERMINATION	
               7

            
	 	
               

            
	13. EXCLUSIVITY	
               8

            
	 	
               

            
	14. CONFIDENTIALITY AND ANNOUNCEMENTS	
               8

            
	 	
               

            
	15. FURTHER ASSURANCE	
               10

            
	 	
               

            
	16. NOTICES	
               10

            
	 	
               

            
	17. GENERAL	
               11

            
	 	
               

            
	18. GOVERNING LAW AND JURISDICTION	
               14

            

    

    

      

    
      
        

    

     
      	SCHEDULE 1 DEFINITIONS	
               1-1

            
	
               

            	
               

            
	SCHEDULE 2 PROVISIONS RELATING TO THE RIGHTS OFFERING	
               2-1

            
	
               

            	
               

            
	SCHEDULE 3 FORM OF LAUNCH PRESS ANNOUNCEMENT	
               3-1

            
	
               

            	
               

            
	SCHEDULE 4 FORM OF PRELIMINARY PROSPECTUS	
               4-1

            
	
               

            	
               

            
	SCHEDULE 4.3.3	
               4-1

            
	
               

            	
               

            
	SCHEDULE 5 REPRESENTATIONS AND WARRANTIES OF POLYMET	
               5-1

            
	
               

            	
               

            
	SCHEDULE 6 REPRESENTATIONS AND WARRANTIES OF GLENCORE	
               6-1

            
	
               

            	
               

            
	
              SCHEDULE S1 MATERIAL AGREEMENTS 

              

            	
               1

            
	
               

            	
               

            
	
              EXHIBIT 5.4(E) FORM OF CANADIAN COUNSEL OPINION 

              

            	
               2

            
	
               

            	
               

            
	
              EXHIBIT 5.4(F) FORM OF US OPINION 

              

            	
               1

            

    

    

    
      
        

    

    THIS AGREEMENT is entered into as of May 6, 2019

    PARTIES:

    POLYMET MINING CORP., whose registered office is at 100 King Street West, Suite 5700, Toronto, ON  M5X 1C7 (“PolyMet” or the “Company”); and

    GLENCORE AG, a corporation formed under the laws of Switzerland whose registered office is at Baarermattstrasse 3,
        P.O. Box 1301, CH‐6341, Baar, Switzerland (“Glencore”).

    WHEREAS

    
      	
              A.

            	
              Pursuant to certain debentures (collectively, the “Debentures”)

                  issued pursuant to the purchase agreement made as of October 31, 2008 (as amended from time to time to the date hereof, the “Purchase Agreement”)
                  between Poly Met Mining Inc. (“PMI”, and together with the Company, “PLM”), the Company and Glencore, PMI is indebted to Glencore: (a) in the principal amount of US$25,000,000, plus accrued interest of US$33,815,052 pursuant to the Convertible Debentures (the “Convertible Debt”); and (b) in the principal amount of US$140,000,000 plus accrued interest of US$47,045,521 pursuant to the Non‐Convertible Debentures (the “Non‐Convertible Debt” together with the Convertible Debt, the “Glencore
                    Debt”), in each case as at the date of this Agreement, for an aggregate total of US$259,416,390, plus additional interest which accrues after the date of this Agreement.

            

    

    

    

    
      	
              B.

            	
              Pursuant to an extension agreement (the “Extension Agreement”)

                  made as of March 22, 2019 between PMI, the Company and Glencore, Glencore agreed to extend the maturity date of the Glencore Debt for a period of time to provide the Company with an opportunity to arrange a rights offering (the “Rights Offering”) and related transactions to effect a repayment of the Glencore Debt, and the Company agreed to extend the expiry date of and make
                  certain other amendments to the exchange warrant issued by the Company on October 31, 2008 relating to the Convertible Debentures (the “Exchange Warrant”)

                  and to issue new purchase warrants to replace certain purchase warrants issued in March 2018 (the “2018 Purchase Warrants”), each of which expired on March 31, 2019.

            

    

    

    

    
      	
              C.

            	
              As contemplated by the Extension Agreement, the Company and Glencore entered into a warrant amending agreement (the “Warrant Amending Agreement”) dated March 22, 2019 pursuant to which Company agreed to (a) extend the expiry date of the Exchange Warrant to the earlier of (x) March 31,
                  2020, and (y) the date on which the Convertible Debt is fully repaid (the “Expiry Date Extension”); (b) issue 6,458,001 new purchase warrants (the “2019 Purchase Warrants”) to Glencore having an expiry date of March 31, 2024 and an exercise price equal to the “market price” (as defined under the TSX
                  Company Manual, but otherwise have the same terms and conditions as the 2018 Purchase Warrants) of the Shares on the TSX as soon as written receipt of the TSX is obtained (the “2019 Purchase Warrant Issuance”); and (c) use its commercially reasonable best efforts to reduce the exercise price (the
                  “Exercise Price Reduction”) of the Exchange Warrant to the lowest price permitted by the TSX and NYSE American (collectively, the “Exchanges”), in each case subject to obtaining any necessary approvals or consents of the Exchanges.

            

    

    
      
        
          
            

              
                	
                        D.

                      	On March 29, 2019,  Amendment 26 to the Purchase Agreement became effective.

              

            

              

              

          

        

        
          
            

          - 2 -

        

        
         

          

        
          	
                  E.

                	
                  On March 29, 2019, the 2019 Purchase Warrant Issuance occurred.

                   

                    

                

           

      

    

    
      	
              F.

            	
              On March 29, 2019, the Expiry Date Extension occurred.

               

                

            

    

    
      	
              G.

            	
              On April 18, 2019, the Exercise Price Reduction occurred.

               

                

            

    

    
      	
              H.

            	
              As contemplated by Section 3(d) and Schedule B of the Extension Agreement, the Company intends to raise US$265,000,000 (the “Gross Proceeds”) by way of the Rights Offering to its Shareholders on the terms and conditions set out herein and in the draft Preliminary Prospectus
                  attached hereto as Schedule 4.

               

                

            

    

    
      	
              I.

            	
              As contemplated by Schedule B of the Extension Agreement, Glencore has agreed to provide a standby commitment in respect of the Rights Offering on
                  the terms and conditions set out in Schedule 2.

               

                

            

    

    
      	
              J.

            	
              Glencore agrees to waive its right of first refusal contained in paragraphs 11, 12 and 13 of the subscription agreement (the “Subscription Agreement”) dated November 12, 2010 between the Company and Glencore (as confirmed by paragraph 13 of the subscription agreement dated
                  November 30, 2011 between the Company and Glencore), as applicable, to the issue of the Rights and the Rights Offering Shares and the Standby Shares.

            

    

     

    

    THE PARTIES AGREE as follows:

    
      	
              1.

            	
              Definitions and Interpretation

               

                

            

    

    
      	
              1.1

            	
              Words defined in Schedule 1 have, where used in this Agreement, the meanings given to them
                  in that Schedule.

               

                

            

    

    
      	
              1.2

            	
              In this Agreement:

               

                

            

    

    
      	
              1.2.1

            	
              the table of contents and the headings are inserted for convenience only and do not affect
                  the interpretation of this Agreement;

               

                

            

    

    
      	
              1.2.2

            	
              references to Sections, Articles and Schedules are to sections of this Agreement, sections of the Schedules, articles of the
                  Schedules and schedules to this Agreement respectively unless otherwise stated and references to “this Agreement” include the Schedules;

               

                

            

    

    
      	
              1.2.3

            	
              references to a statutory provision are references to it as from time to time amended, consolidated or re‐enacted (with or without modification) and include all instruments or orders made under it;

               

                

            

    

    
      	
              1.2.4

            	
              whenever a provision of this Agreement requires an approval or consent and the approval or consent is not delivered in writing
                  within the applicable time limit, then, unless otherwise specified, the Party whose consent or approval is required shall be conclusively deemed to have withheld its approval or consent;

            

    

    
      

      

      
        
          

        - 3 -

      

      

      
        	
                1.2.5

              	
                unless the context requires otherwise any definition of or reference to any agreement, instrument or other document shall be
                    construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set out herein or in
                    any such agreement, instrument or other document) in accordance with the terms hereof and thereof. For the avoidance of doubt, if a “Further Extension Agreement” as defined in the Extension Agreement is entered into as contemplated by
                    the Extension Agreement any reference to the “Extension Agreement” shall be construed as referring to the Extension Agreement as amended and supplement by the “Further Extension Agreement”;

                 

                  

              

      

    

    
      	
              1.2.6

            	
              unless the context requires otherwise any reference herein to any Person shall be construed to include such Person’s successors
                  and permitted assigns;

               

                

            

    

    
      	
              1.2.7

            	
              unless the context requires otherwise the words “this Agreement”, “herein,” “hereof” and “hereunder,” and words of similar
                  import, when used in this Agreement, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof;

               

                

            

    

    
      	
              1.2.8

            	
              where the “including” or “includes” is used in this Agreement it means “including (or includes) without limitation”;

               

                

            

    

    
      	
              1.2.9

            	
              words importing the plural include the singular and vice versa; and

                  

                

            

    

    
      	
              1.2.10

            	
              except as otherwise provided herein, references to a time of day are to Vancouver, B.C. time.

               

                

            

    

    
      	
              2.

            	
              The Rights Offering

               

                

            

    

    
      	
              2.1

            	
              In accordance with the terms and conditions of this Agreement, the Company agrees to make the Rights Offering and issue Rights
                  to the holders of its outstanding Shares on the Record Date and Glencore agrees to exercise its Basic Subscription Right in full and has informed the Company that it has yet to determine whether or not it will exercise its Additional
                  Subscription Privilege, and shall subscribe for the Standby Shares in accordance with the provisions of Schedule 2.

               

                  

            

    

    
      	
              2.2

            	
              Glencore and the Company hereby acknowledge that the completion of the Rights Offering will trigger: (a) Section 13 of the 2016‐1 Purchase Warrants which will require the exercise price in the 2016‐1
                  Purchase Warrants to be adjusted in accordance with the formulae set forth in Section 13(b) of the 2016‐1 Purchase Warrants; (b) Article 4 of a warrant indenture between PolyMet and Computershare Trust Company of Canada dated October 18,
                  2016 (the “2016 Warrant Indenture”) with regards to the 2016‐2
                  Purchase Warrants which will require the exercise price of the 2016‐2 Purchase Warrants to be adjusted in accordance with the formulae set forth in
                  Section 4.1(b) of the 2016 Warrant Indenture; and (c) Section 13 of the 2019 Purchase Warrants which will require the exercise price in the 2019 Purchase Warrants to be adjusted in accordance with the formulae set forth in
                  Section 13(b) of the 2019 Purchase Warrants.  

               

                  

            

    

    
      	
              2.3

            	
              Glencore and the Company hereby acknowledge that the completion of the Rights Offering will trigger Section 12 in the Exchange
                  Warrant which will require the exercise prices in the Exchange Warrant to be adjusted in accordance with the formulae set forth in Section 12(d) of the Exchange Warrant.

            

    

    

    

    
      
        

      - 4 -

    

    

    

    
      
        	
                2.4

              	
                Glencore waives the provisions of paragraphs 11, 12, and 13 of the Subscription Agreement with respect to the issue of the
                    Rights Offering Securities, provided that the waiver contemplated by this Section 2.4 shall be revoked upon the earlier of: (a) termination of this Agreement in accordance with its terms; or (b) the Company having committed a material
                    breach of this Agreement.

                 

                  

              

      

    

    
      	
              3.

            	
              Representations and Warranties

               

                

            

    

    
      	
              3.1

            	
              All representations and warranties of PolyMet and Glencore contained in this Agreement shall survive the completion of the
                  transactions contemplated herein.

               

                

            

    

    
      	
              4.

            	
              Representations and Warranties of the Company

               

                

            

    

    
      	
              4.1

            	
              The Company represents and warrants to Glencore as set out in Schedule 5. Capitalized terms used in Schedule 5 shall have the same definitions as the defined terms in the Agreement.

               

                

            

    

    
      	
              4.2

            	
              The Company shall not do, or omit to do, anything which would or might reasonably be expected to cause a representation or
                  warranty set out in Schedule 5 to become untrue, inaccurate or misleading at any time (by reference to the circumstances subsisting at that time) before the Rights Offering Closing Date.

               

                

            

    

    
      	
              4.3

            	
              The Company shall notify Glencore immediately if it becomes aware of a fact or circumstance which has caused or would be
                  reasonably likely to cause a representation or warranty set out in Schedule 5 to become untrue, inaccurate or misleading at any time (by reference to circumstances subsisting at that time) before the Rights Offering Closing Date.

               

                

            

    

    
      	
              4.4

            	
              The Company accepts that Glencore is relying upon the representations and warranties set out in Schedule 5 in connection with
                  entering into this Agreement and consummating the transactions contemplated hereby.

               

                

            

    

    
      	
              5.

            	
              Representations and Warranties of Glencore

               

                

            

    

    
      	
              5.1

            	
              Glencore represents and warrants to the Company as set out in Schedule 6.

               

                  

            

    

    
      	
              5.2

            	
              Glencore accepts that the Company is relying upon the representations and warranties set out in Schedule 6 in connection with
                  entering into this Agreement and consummating the transactions contemplated hereby.

               

                

            

    

    
      	
              6.

            	
              Conduct of Business During Rights Offering

               

                

            

    

    
      	
              6.1

            	
              The Company hereby undertakes that, except with the prior written approval of Glencore, between the date of this Agreement and
                  the Rights Offering Closing Date it shall (and shall procure that each of its Subsidiaries (including, for the avoidance of doubt, PMI) shall) conduct its business and operations in the ordinary course of business consistent with past
                  practice and without limiting the generality of the foregoing in accordance with the following terms:

            

    

    

    

    
      
        

      - 5 -

    

    

    

    
      
        	
                6.1.1

              	
                it will perform and observe all of the terms and conditions contained in each of the Credit Documents (as defined in the
                    Extension Agreement) to which it is a party;

                 

                  

              

      

    

    
      	
              6.1.2

            	
              it will, at all times, undertake all appropriate efforts for the purposes of managing its property and undertaking in a
                  commercially reasonable manner and maintaining its properties and assets in accordance with usual and accepted proper practice for its industry so as to maintain the value and utility of such properties and assets;

               

                

            

    

    
      	
              6.1.3

            	
              not make any payments or disbursements, nor incur any liability, except in respect of ordinary course of business expenses
                  relating to the business of Company or PMI;

               

                

            

    

    
      	
              6.1.4

            	
              remit to the appropriate Governmental Entity when due all sales and other taxes collected or deemed to be collected by it
                  (including, without limitation, goods and services tax and provincial sales tax);

               

                

            

    

    
      	
              6.1.5

            	
              remit to the appropriate Governmental Entity all source deductions (including, without limitation, withholding taxes, employment
                  insurance and Canada Pension Plan contributions) at the same time as its payroll is paid; and

               

                

            

    

    
      	
              6.1.6

            	
              not enter into or agree to enter into, or amend, any material contracts.

               

                

            

    

    
      	
              6.2

            	
              The Company covenants and agrees with Glencore that, except with the prior written approval of Glencore, between the date of
                  this Agreement and the Rights Offering Closing Date it shall not (and procure that each of its Subsidiaries (including for the avoidance of doubt, PMI) shall not):

               

                

            

    

    
      	
              6.2.1

            	
              pay any amount to its employees, officers or directors in their capacities as such by way of salary, bonus, commission,
                  directors fees (other than (i) the special committee fees that have been disclosed in writing prior to the date of the Extension Agreement; and (ii) the annual cost of living salary increases approved at the meeting of the Board of
                  Directors of the Company on March 1, 2019) or otherwise in excess of the amounts currently being paid in accordance with contractual arrangements and policies existing as at 30 June 2018;

               

                

            

    

    
      	
              6.2.2

            	
              enter into any “change of control” agreement or any amendment or modification of any existing agreement to include “change of
                  control” provisions which have the effect of creating new payment obligations and/or accelerating existing payment obligations) or any new or amended employment or retention or bonus agreement or any other similar agreement with any of
                  its employees, officers or directors;

               

                

            

    

    
      	
              6.2.3

            	
              amend or propose any amendments to its constating documents;

               

                

            

    

    
      	
              6.2.4

            	
              amend or adopt any shareholder rights plan or issue any securities other than common shares in the ordinary course of business
                  and/or pursuant to the Rights Offering; or

               

                

            

    

    

    

    
      
        

      - 6 -

    

    

    

    
      
        	
                6.2.5

              	
                guarantee, endorse or otherwise become surety for or upon any obligations of others.

                 

                  

              

      

    

    
      	
              6.3

            	
              The Company shall allow representatives of Glencore reasonable access to the operations of the Company and its Subsidiaries
                  (subject to the Company receiving reasonable notice), subject always to appropriate restrictions to ensure that the Company or any of its Subsidiaries does not breach any legal or contractual confidentiality obligations.

               

                

            

    

    
      	
              7.

            	
              Amended and Restated Corporate Governance Agreement

               

                

            

    

    
      	
              7.1

            	
              The Company covenants and agrees, on or prior to the Rights Offering Closing Date, to execute and deliver the amended and
                  restated corporate governance agreement in substantially the form set out in Schedule 4.3.3 (the “Amended and Restated Corporate Governance Agreement”)

                  to terminate the restrictions set out in Section 3(b) of the Existing Corporate Governance Agreement. For greater certainty, the Company shall not be
                  obligated to enter into the Amended and Restated Corporate Governance Agreement if this Agreement is terminated in accordance with its terms prior to the completion and closing of the Rights Offering.

               

                

            

    

    
      	
              8.

            	
              Demand Registration

               

                

            

    

    
      	
              8.1

            	
              Effective as of the Rights Offering Closing Date, Glencore and the Company shall execute and deliver a registration rights
                  agreement (the “2019 Registration Rights Agreement”) in
                  customary form, pursuant to which the Company will agree to provide registration rights under the 1933 Act, and the rules and regulations promulgated thereunder, and applicable state securities laws, and qualification rights under
                  Canadian Securities Laws with respect to the Shares acquired by Glencore in connection with this Agreement and any Shares issued under the 2019 Purchase Warrants.

               

                  

            

    

    
      	
              9.

            	
              Conditions and Termination Rights

               

                

            

    

    
      	
              9.1

            	
              For the avoidance of doubt, no obligation under this Agreement is subject to any conditions precedent other than as expressly
                  set out in this Section 9 or Article 6 of Schedule 2.

               

                  

            

    

    
      	
              9.2

            	
              The Company will use its best efforts to procure that each of the conditions set out in Section 6.3 and Section 6.4 of Article 6
                  of Schedule 2 and this Section 9 are fulfilled by the time referred to therein or herein or by such later time as may be agreed in writing with Glencore. The Company shall notify Glencore immediately in the event that the Company or any
                  of its directors or officers become aware that any such condition has become or might reasonably be expected to become incapable of fulfilment by the time referred to therein or by such later time as may be agreed in writing with
                  Glencore.

               

                

            

    

    
      	
              9.3

            	
              Neither Party shall be entitled to claim that any obligation under this Agreement need not be performed as a result of any
                  condition set out in Section 6.3, Section 6.4 or Section 6.5 of Article 6 of Schedule 2 not being satisfied if the failure to satisfy such condition is as a result of any action or inaction constituting a breach of: (a) this Agreement;
                  (b) the Extension Agreement; (c) the Warrant Amending Agreement; or (d) the Purchase Agreement, by the Party seeking to rely on it.

            

    

    

    

    

    

    
      
        

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              10.

            	
              Documentation for Inspection

                

               

                

            

    

    
      	
              10.1

            	
              
                The Company shall promptly (and in any event within five Business Days) deliver to Glencore all due diligence materials reasonably requested by
                    Glencore.

              

               

                

            

    

    
      
        	
                11.

              	
                Termination Rights

                 

                  

              

      

    

    
      	
              11.1

            	
              Glencore may terminate this Agreement by providing written notice to the Company at any time if PolyMet shall have not prepared
                  and filed the Preliminary Prospectus with the Securities Authorities and the Registration Statement with the SEC and obtained a receipt or analogous decision document (the “Decision Document”) on or as of the date that this Agreement is executed.

               

                

            

    

    
      	
              11.2

            	
              For the avoidance of doubt, without limiting Glencore’s rights under Schedule 2, Glencore may terminate this Agreement by providing written notice to the Company at any time prior to, but not after, the date on which the Final Prospectus and Registration Statement is
                  mailed to the Qualifying Shareholders pursuant to Section 2.5(b) of Schedule 2 if:

               

                

            

    

    
      	
              11.2.1

            	
              the Company has committed a material breach of this Agreement (which shall include, for the avoidance of doubt, any material
                  breach of any representations or warranties set out in this Agreement) and, if capable of cure, has not cured it within a reasonable time; or

                

               

                

            

    

    
      	
              11.2.2

            	
              a Triggering Event has occurred; or

               

                

            

    

    
      	
              11.2.3

            	
              the Company or one of its Affiliates has otherwise committed a material breach of any other material agreement between the
                  Company and/or its Affiliates on the one hand and Glencore and/or its Affiliates on the other hand and if capable of cure, has not been cured in the time permitted under the applicable agreement.

               

                

            

    

    
      	
              11.3

            	
              The Company may terminate this Agreement by giving written notice to Glencore at any time prior to, but not after, the date on
                  which the Final Prospectus and Registration Statement is mailed to the Qualifying Shareholders pursuant to Section 2.5(b) of Schedule 2 if Glencore has committed a material breach of this Agreement and, if capable of cure, has not cured
                  it within a reasonable time.

               

                

            

    

    
      	
              11.4

            	
              Glencore or the Company may terminate this Agreement immediately by giving written notice to the other party if Glencore
                  delivers, or is deemed pursuant to Section 4.2 of Schedule 2 to have delivered, to the Company a Second Request Notification indicating that Glencore has elected not to respond and comply with a Second Request.

               

                

            

    

    
      	
              12.

            	
              Consequences of Termination

               

                

            

    

    
      	
              12.1

            	
              If this Agreement is terminated pursuant to Section 11.1, Section 11.2, Section 11.3 or Section 11.4, or Article 7 of
                  Schedule 2, then:

               

                

            

    

    
      	
              12.1.1

            	
              this Agreement shall terminate and the Parties’ obligations under this Agreement shall cease immediately, except as set out in
                  Section 12.1.4;

               

                

            

    

    
      	
              12.1.2

            	
              neither Party will have any claim against any other Party, provided however that this limitation shall not apply in respect of:
                  (x) any fraud; or (y) a breach of this Agreement which occurred on or prior to the termination of this Agreement (which fraud or breach and liability therefore shall not be effected by the termination of this Agreement);

               

                

            

    

    

    

    
      
        

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                12.1.3

              	
                the applications for the listing of the Rights Offering Securities shall be withdrawn and the Company shall procure that the
                    listing will not become effective (except to the extent such listing has already become effective); and

                 

                  

              

      

    

    
      	
              12.1.4

            	
              the provisions of Section 1, Section 14.5,
                  Section 14.6, Section 16 to Section 18 and Article 8 of Schedule 2 will remain in full force and effect.

               

                  

            

    

    
      	
              13.

            	
              Exclusivity

               

                

            

    

    
      	
              13.1

            	
              The Company hereby agrees that, from the date of this Agreement until the earliest of: (a) the Rights Offering Closing Date; or
                  (b) the termination of this Agreement in accordance with its terms, it shall not, and shall procure that none of its Subsidiaries, representatives, advisers, agents or employees shall, directly or indirectly:

               

                

            

    

    
      	
              13.1.1

            	
              solicit, negotiate or initiate the submission of proposals, indications of interest or offers of any kind which could lead to a
                  Competing Transaction;

               

                

            

    

    
      	
              13.1.2

            	
              enter into or participate in any discussions or negotiations with any third party in relation to a proposal or request in
                  respect of a Competing Transaction, or which may lead to a Competing Transaction;

               

                

            

    

    
      	
              13.1.3

            	
              provide any information to any third party in connection with a possible Competing Transaction; or

               

                

            

    

    
      	
              13.1.4

            	
              recommend any Competing Transaction to its Shareholders.

               

                

            

    

    
      	
              13.2

            	
              The Company hereby agrees that, with immediate effect, it shall and shall procure that its Subsidiaries and its or their
                  representatives, advisors, agents or employees shall cease any ongoing activities that are prohibited pursuant to Section 13.1.

               

                  

            

    

    
      	
              13.3

            	
              The Company will promptly (and in any event within one Business Day) inform Glencore if the Company or any of its Subsidiaries
                  or its or their representatives, advisors, agents or employees receives or is informed of any proposal that could lead to a Competing Transaction.

               

                

            

    

    
      	
              14.

            	
              Confidentiality and Announcements

               

                

            

    

    
      	
              14.1

            	
              The Company shall release the Launch Press Announcement immediately after the conclusion of trading on the TSX and NYSE American
                  on the date of execution of this Agreement or, in the event that this Agreement is executed outside of trading hours of the TSX and NYSE American, before the commencement of trading on the next trading day following the execution of this
                  Agreement.

               

                

            

    

    
      	
              14.2

            	
              The Company shall release press announcements as required in relation to:

            

    

    

    

    
      
        

      - 9 -

    

    

    

    
      
        	
                14.2.1

              	
                obtaining a receipt for the Final Prospectus from the Securities Authorities and the filing of the Registration Statement, the
                    setting of the Record Date and the commencement of the Rights Offering; and

                 

                  

              

      

    

    
      	
              14.2.2

            	
              the levels of take up of Rights following the expiry of the Rights Offering; the above being referred to as the “Press Announcements”,

            

    

    provided that any Press Announcement shall, so far as is practicable, be made after consultation
        with Glencore and after taking into account its reasonable requirements regarding the content, timing and manner of dispatch the Press Announcement.

    
      	
              14.3

            	
              Subject to Section 14.4, no announcement, circular or communication (each an “Announcement”) concerning the existence or content of this Agreement shall be made by either Party (or any of its Subsidiaries or, in the case of Glencore, any Subsidiaries of Glencore plc)
                  without the prior written approval of the other Party provided that, for the avoidance of doubt, Glencore hereby approves the release of the Launch Press Announcement.

               

                

            

    

    
      	
              14.4

            	
              Section 14.3 does not apply to any Announcement if, and to the extent that, it is required to be made by the rules of any
                  Securities Authority or any governmental, regulatory, stock exchange or supervisory body or court of competent jurisdiction (“Relevant Authority”) to
                  which the Party making the Announcement is subject, whether or not any of the same has the force of law, provided that any Announcement shall, so far as is practicable, be made after consultation with the other Party and after taking into
                  account its reasonable requirements regarding the content, timing and manner of despatch of the Announcement in question.

               

                

            

    

    
      	
              14.5

            	
              Subject to Section 14.6, each Party shall treat as strictly confidential all information received or obtained as a result of
                  entering into or performing this Agreement which relates to the subject matter and provisions of this Agreement; the negotiations relating to this Agreement; or the other Party.

                  

                

            

    

    
      	
              14.6

            	
              A Party may disclose information which would otherwise be confidential if and to the extent:

               

                

            

    

    
      	
              14.6.1

            	
              required by the law of any relevant jurisdiction;

               

                

            

    

    
      	
              14.6.2

            	
              required by any Relevant Authority to which the Party making the disclosure is subject, whether or not such requirement has the
                  force of law;

               

                

            

    

    
      	
              14.6.3

            	
              disclosure is made to the professional advisers, auditors, insurance providers and bankers of either Party who have a bona fide need to know such information provided that the Party making such disclosure shall be responsible for the actions of any professional advisor,
                  auditor, insurance provider or banker to which information is disclosed to. That is, if any action by such persons would, if taken by a Party, constitute a violation of the provisions of this Agreement; the other Party shall be entitled
                  to claim against the first Party as though such Party had taken the relevant actions;

               

                

            

    

    
      	
              14.6.4

            	
              the information has come into the public domain through no fault of that Party; or

            

    

    

    

    
      
        

      - 10 -

    

    

    

    
      
        	
                14.6.5

              	
                the other Party has given prior written approval to the disclosure, provided that any disclosure shall, so far as is
                    practicable, be made only after consultation with the other Party.

                 

                  

              

      

    

    
      	
              15.

            	
              Further Assurance

               

                

            

    

    
      	
              15.1

            	
              The Company and Glencore each undertake that they will execute such further documents and give any such further consents as may
                  be required in order to give effect to this Agreement.

               

                

            

    

    
      	
              15.2

            	
              The Company and Glencore will provide all reasonable assistance and co‐operation and supply all such information as may be required in order to obtain the necessary approvals for the transactions contemplated hereunder (subject always to any legal or contractual
                  confidentiality obligations owed to third parties).

                  

                

            

    

    
      	
              16.

            	
              Notices

               

                

            

    

    
      	
              16.1

            	
              Except as otherwise provided in this Agreement, a notice or other communication given under or in connection with this Agreement
                  (a “Notice”) must be:

               

                

            

    

    
      	
              16.1.1

            	
              in writing;

               

                

            

    

    
      	
              16.1.2

            	
              in the English language; and

               

                

            

    

    
      	
              16.1.3

            	
              sent by a Permitted Method to the Notified Address.

                  

                

            

    

    
      	
              16.2

            	
              A Permitted Method means any of the methods set out in the first column below. The second column sets out the time on which a
                  Notice given by such Permitted Method will be deemed to be given and in proving service of such Notice it will be sufficient to prove that delivery was made or that the Notice was properly addressed and posted or faxed or emailed in full
                  to the Notified Address.

               

                

            

    

    	
            (1)

                Permitted Method

             

              

          	
            (2)

                Date on which Notice Deemed Given

          
	
            Personal delivery

          	
            When delivered at the Notified Address if delivered before 6.00 p.m. (recipient’s time) on any Business Day and in any other case at 9.00 a.m.
                (recipient’s time) on the Business Day following delivery

             

              

          
	
            First class pre‐paid post

          	
            Two Business Days after posting

             

              

          
	
            Fax transmission

          	
            On completion of transmission if before 6.00 p.m. (recipient’s time) on any Business Day and in any other case at 9.00 a.m. (recipient’s time) on the
                Business Day following transmission

             

              

          
	
            Email transmission

          	
            On completion of transmission if before 6.00 p.m. (recipient’s time) on any Business Day and in any other case at 9.00 a.m. (recipient’s time) on the
                Business Day following transmission

          

    

    

    
      
        

      - 11 -

    

    
      	
              16.3

            	
              The Notified Addresses of each of the parties is as set out below:

               

                

            

    

    	
            Name of Party

          	
            Address

          	
            Fax number/Email

          	
            Attention:

          
	
            Glencore

          	
            Baarermattstrasse 3

                PO Box 1301, 6341 Baar Switzerland

             

              

          	
            mweber@glencore.com

          	
            Matthew Weber

          
	
            Copy to (which shall not constitute notice):

          	
            McCarthy Tétrault LLP

                Suite 5300, 66 Wellington Street West

                Toronto, ON  M5K 1E6 Canada

          	
            +1 416 868 0673

            ataylor@mccarthy.ca

            rtaplin@mccarthy.ca

             

          	
            Adam Taylor and Roger Taplin

          
	
            Copy to (which shall not constitute notice):

          	
            Curtis, Mallet‐Prevost, Colt & Mosle LLP

                101 Park Avenue

                New York, New York 10178‐0061

             

              

          	
            + 1 917 368 8918

                jostrager@curtis.com

          	
            Jeffrey N. Ostrager

          
	
            Company

          	
            Suite 5700, 100 King Street West

            Toronto, ON  M5X 1C7

             

              

          	
            +1 416 915 4149

          	
            Jon Cherry

          
	
            Copy to (which shall not constitute notice):

          	
            Troutman Sanders LLP

                The Chrysler Building

                405 Lexington Avenue

                New York, NY 10174

                United States

             

              

          	
            +1 212‐704‐5950

                joseph.walsh@troutmansanders.com

          	
            Joseph Walsh

          
	
            Copy to (which shall not constitute notice):

          	
            Norton Rose Fulbright LLP

            Suite 3800, 200 Bay Street

            Toronto, ON  M5J 2Z4

            Canada

             

              

          	
            +1 416‐216‐2967

            Robert.mason@nortonrosefulbright.com

             

          	
            Robert Mason

          
	
            Copy to (which shall not constitute notice):

          	
            Farris, Vaughan, Wills & Murphy LLP

            Suite 2500, 700 West Georgia Street

            Vancouver, BC  V7Y 1B3

            Canada

          	
            +1 604‐661‐9349

            dnawata@farris.com

          	
            Denise Nawata

          

    

    

    or such other Notified Address as any of the parties may, by written notice to the other parties, substitute for their Notified Address
        set out above.

    
      	
              17.

            	
              General

               

                

            

    

    
      	
              17.1

            	
              This Agreement may be executed in any number of counterparts, each of which when executed and delivered is an original and all
                  of which taken together evidence the same agreement.

            

    

    

    

    
      
        

      - 12 -

    

    

    

    
      
        	
                17.2

              	
                This Agreement, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby
                    or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or by a PDF attachment to an email, shall be treated in all manner and respects as an original agreement or instrument
                    and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any Party hereto or to any such agreement or instrument, each other Party hereto or
                    thereto shall re‐execute original forms thereof and deliver them to all other Parties. No Party hereto or to any such agreement or instrument shall
                    raise the use of a facsimile machine or by a PDF attachment to an email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or email as
                    a defence to the formation or enforceability of a contract and each such Party forever waives any such defence.

                 

                  

              

      

    

    
      	
              17.3

            	
              This Agreement is binding on and enures for the benefit of the successors, permitted assigns or legal personal representatives
                  of the Parties.

               

                

            

    

    
      	
              17.4

            	
              No Party may assign its rights under this Agreement without the prior written consent of the other Party. Notwithstanding the
                  foregoing, Glencore may assign its rights and interests in this Agreement to an Affiliate without PolyMet’s prior written consent subject to the transferee agreeing in writing to be bound by the terms and conditions hereof.

               

                

            

    

    
      	
              17.5

            	
              Other than in respect of the Glencore Indemnified Parties in Article 8 of Schedule 2, nothing in this Agreement, express or
                  implied, is intended to or shall confer upon any Person, other than the Parties, any right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement. With respect to those provisions of the Agreement applicable to
                  Glencore Indemnified Parties, Glencore is executing, delivering and holding this Agreement as agent and trustee for such Glencore Indemnified Parties.

               

                

            

    

    
      	
              17.6

            	
              The obligations of the Parties under this Agreement have effect notwithstanding anything revealed in any investigation made by
                  or on behalf of any Person.

               

                

            

    

    
      	
              17.7

            	
              The language used in this Agreement is the language chosen by the Parties to express their mutual intent, and no rule of strict
                  construction shall apply against any Party.

               

                

            

    

    
      	
              17.8

            	
              No failure by any Party to exercise any right or remedy under any provision of this Agreement will operate as a waiver and no
                  single or partial exercise of any right or remedy of any Party will preclude the further exercise or enforcement of any such right or remedy. No waiver by either Party will be deemed to have been made unless it is in writing refers
                  specifically to this Agreement and executed by the waiving Party.

               

                

            

    

    
      	
              17.9

            	
              No amendment of this Agreement or of any of the documents referred to in this Agreement will be effective unless it is in
                  writing, refers specifically to this Agreement and is duly executed by each Party.

               

                

            

    

    
      	
              17.10

            	
              This Agreement shall not create, nor shall be deemed to create, any partnership, fiduciary relationship or duty between the
                  Parties or constitute either Party the agent or legal representative of the other.

               

                

            

    

    
      	
              17.11

            	
              Unless otherwise specified, time periods within or following which any payment is to be made or act is to be done, shall be
                  calculated by excluding the day on which the period commences and including the day on which the period ends and by extending the period to the next Business Day following if the last day of the period is not a Business Day.

            

    

    

    

    
      
        

      - 13 -

    

    

    

    
      
        	
                17.12

              	
                If any provision of this Agreement is or becomes illegal, invalid or unenforceable under the law of any jurisdiction, neither
                    the legality, validity nor enforceability of the remaining parts of this Agreement will be affected or impaired in any way.

                 

                  

              

      

    

    
      	
              17.13

            	
              Each Party shall bear its own expenses in the preparation of this Agreement.

               

                

            

    

    
      	
              17.14

            	
              This Agreement, the Extension Agreement, the Purchase Agreement and the Warrant Amending Agreement and the documents
                  contemplated herein and therein represent the entire agreement with respect to the subject matter dealt with herein and supersede all prior discussions,
                  negotiations, agreements, understandings whether oral or written, Except as expressly represented and warranted herein, no Party shall be considered to have given any other express or implied representations or warranties, including as a
                  result of oral or written statements. In the event of a conflict between this Agreement on the one hand, and the Extension Agreement, the Warrant Amending Agreement or the Purchase Agreement on the other hand, the Extension Agreement
                  and/or the Warrant Amending Agreement and/or the Purchase Agreement (as the case may be) shall prevail.

               

                

            

    

    
      	
              17.15

            	
              Time is of the essence in this Agreement.

               

                

            

    

    
      	
              17.16

            	
              Unless otherwise provided, all dollar amounts referred to in this Agreement are to United States currency or “American dollars”.
                  If, in connection with any action or proceeding brought in connection with this Agreement or any resulting judgment, it becomes necessary to convert any amount due hereunder in one currency (the “first currency”) into another currency (the “second currency”), then the conversion
                  shall be made at the Judgment Conversion Rate on the first Business Day prior to the day on which payment is received. If the conversion is not able to be made in the manner contemplated by the preceding paragraph in the jurisdiction in
                  which the action or proceeding is brought, then the conversion shall be made at the Judgment Conversion Rate on the day on which the judgment is given. If the Judgment Conversion Rate on the date of payment is different from the Judgment
                  Conversion Rate on such first Business Day or on the date of judgment, as the case may be, the Party shall pay such additional amount (if any) in the second currency as may be necessary to ensure that the amount paid on such payment date
                  is the aggregate amount in the second currency which, when converted at the Judgment Conversion Rate on the date of payment, is the amount due in the first currency, together with all costs, charges and expenses of conversion. Any
                  additional amount owing pursuant to the provisions of this section shall be due as a separate debt and shall give rise to a separate cause of action and shall not be affected by or merged into any judgment obtained for any other amounts
                  due under or in respect of this Agreement.

               

                

            

    

    
      	
              17.17

            	
              The term “Judgment Conversion Rate” used
                  in this section means the noon rate of exchange for Canadian dollars in the other currency published by the Bank of Canada for the date in question.

            

    

    

    

    
      
        

      - 14 -

    

    

    

    
      
        	
                18.

              	
                Governing Law and Jurisdiction

                 

                  

              

      

    

    
      	
              18.1

            	
              This Agreement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of British
                  Columbia and the federal laws of Canada applicable therein, and shall be construed and treated in all respects as a British Columbia contract. Each Party hereby irrevocably attorns to the non‐exclusive jurisdiction of the courts of the Province of British Columbia in respect to all matters arising under and in relation to this Agreement.

            

    

     

      

    Signatures to appear on the following page.

     

      

  

  
    
      

    - 15 -

  

  

    

    This Agreement has been entered into on the date stated at the beginning of this Agreement.

    	
            Signed by Patrick Keenan

                for and on behalf of

                POLYMET MINING CORP.

          	/s/ Patrick Keenan
	 	
            Authorised signatory

          
	 	 
	 	 
	
            Signed by Martin Haering

            for and on behalf of

                GLENCORE AG

          	/s/ Martin Haering

          
	 	
            Authorised signatory

          
	 	 
	 	 
	
            Signed by Nicola Leigh

            for and on behalf of

                GLENCORE AG

          	/s/ Nicola Leigh

          
	 	
            Authorised signatory

          

     

    

     

    

    
      
        

    

     

      

    SCHEDULE 1

        DEFINITIONS

    	
            5 Day VWAP

          	
            has the meaning given to it in Section 2.5(a) of Schedule 2

             

              

          
	
            1933 Act

          	
            means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder

             

              

          
	
            1934 Act

          	
            means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder

             

              

          
	
            2016 Warrant Indenture

          	
            has the meaning given to it in Section 2.2

             

              

          
	
            2016‐1 Purchase Warrants

          	
            means purchase warrants to acquire 625,000 Shares that were issued by PolyMet to Glencore AG on October 28, 2016

             

              

          
	
            2016‐2 Purchase Warrants

          	
            means the purchase warrants to acquire 7,055,626 Shares that were issued by PolyMet to Glencore AG on October 28, 2016

             

              

          
	
            2018 Purchase Warrants

          	
            has the meaning given to it in the Recitals

             

              

          
	
            2019 Purchase Warrant

          	
            has the meaning given to it in the Recitals

             

              

          
	
            2019 Purchase Warrant Issuance

          	
            has the meaning given to it in the Recitals

             

              

          
	
            2019 Registration Rights Agreement

          	
            has the meaning given to it in Section 8.1

             

              

          
	
            ABC Violation

          	
            means any violation, or activity or conduct which would amount to a violation but for jurisdictional reasons, of:

            (a) any Anti‐Corruption Laws;

            (b) any Anti‐Money Laundering Laws; or

            (c) any Trade Sanctions

             

              

          
	
            Additional Subscription Privilege

          	
            has the meaning given to it in Section 2.2 of Schedule 2

             

              

          
	
            Additional Subscription Shares

          	
            has the meaning given to it in Section 2.6(b) of Schedule 2

             

              

          
	
            Affiliate

          	
            has the meaning given to it under NI 45‐106

             

              

          
	
            Agreement

          	
            means this Standby Purchase Agreement

             

              

          
	
            Amended and Restated Corporate Governance Agreement

          	
            has the meaning given to it in Section 7.1

             

              

          
	
            Amendment 26 to the Purchase Agreement

          	
            means amendment 26 to the Purchase Agreement which was made effective as of March 29, 2019

             

              

          
	
            Announcement

          	
            has the meaning given to it in Section 14.3

             

                

          
	
            Annual Report

          	
            means the Company’s Annual Report on Form 40‐F for the fiscal year ended December 31, 2018, as amended

          

    

    

    
      
        

      - 1-2 -

    

    
    

    

    	
            Anti‐Corruption Laws

          	
            means:

            (a) the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997 (the “OECD Convention”);

            (b) the Foreign Corrupt Practices Act of 1977 of the United States of America, as amended by the Foreign Corrupt Practices Act Amendments of 1988 and 1998, and as may be further amended
                and supplement from time to time (the “FCPA”);

            (c) the UK Bribery Act 2010, Prevention of Corruptions Act 1906 and the 1916 and Public Bodies Corrupt Practices Act 1889;

            (d) any other applicable law (including any: (i) statute, ordinance, rule or regulation; (ii) order of any court, tribunal or any other judicial body; and (iii) rule, regulation, guideline
                or order of any public body, or any other administrative requirement) which:

            i) prohibits the conferring of any gift, payment or other benefit to any Person or any officer, employee, agent or adviser of such Person; and/or

            ii) is broadly equivalent to the FCPA and/or the above United Kingdom laws or was intended to enact the provisions of the OECD Convention or which has as its objective the prevention of
                corruption

             

              

          
	
            Anti‐Money Laundering Laws

          	
            means all laws and regulations related to money laundering and financial record keeping, including related reporting requirements which are applicable
                to any of Glencore, PolyMet or PMI

             

              

          
	
            Applicable Pension Legislation

          	
            means, at any time, any applicable Canadian or United States federal, state or provincial pension legislation, including all regulations made
                thereunder and all rules, regulations, rulings, guidelines, directives and interpretations made or issued by any Governmental Entity in Canada or the United States having or asserting jurisdiction in respect thereof, each as amended or
                replaced from time to time

             

              

          
	
            Basic Entitlement Shares

          	
            has the meaning given to it in Section 2.4(d) of Schedule 2

             

              

          
	
            Basic Subscription Right

          	
            has the meaning given to it in Section 2.4(c) of Schedule 2

             

              

          
	
            BCSC

          	
            means the British Columbia Securities Commission

             

              

          
	
            Benefit Plan

          	
            means all employee benefit plans or arrangements that are not Pension Plans, including all profit sharing, savings, supplemental retirement, retiring
                allowance, severance, pension, deferred compensation, stock, stock option, welfare, bonus, incentive compensation, phantom stock, legal services, supplementary unemployment benefit plans or arrangements and all life, health, dental and
                disability plans and arrangements in which the employees or former employees of the Company participate or are eligible to participate

             

              

          
	
            Board or Board of Directors

          	
            means the Board of Directors of PolyMet

          

    

    

    
      
        

      - 1-3 -

    

    

    

    	
            Business Day

          	
            means any day, other than a Saturday or a Sunday, upon which banks are open for business in the City of Vancouver, Canada and the City of Zurich,
                Switzerland

             

              

          
	
            claim

          	
            any actual or potential claims, actions, proceedings or investigations (whether by governmental or regulatory bodies or otherwise), demands, judgments
                or awards

             

              

          
	
            Closing Date Indebtedness

          	
            has the meaning given to it in the Extension Agreement

             

              

          
	
            Company or PolyMet

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Competing Transaction

          	
            any transaction or proposed transaction involving the Company or any of its Subsidiaries under which a third party would: (a) acquire any of the
                business (otherwise than in the ordinary course of business) or assets of the Company or any of its Subsidiaries; (b) acquire, from the Company or any of its Subsidiaries, any Shares or other securities in the Company or any of its
                Subsidiaries; (c) undertake any merger, business combination, recapitalisation, amalgamation, plan of arrangement or similar transaction involving the Company or any of its Subsidiaries; or (d) provide any equity or debt financing to the
                Company or any of its Subsidiaries, (provided that the Rights Offering shall not constitute a Competing Transaction)

             

              

          
	
            Computershare

          	
            means Computershare Trust Company of Canada, the registrar and transfer agent of the Company

             

              

          
	
            Convertible Debentures

          	
            means the Debentures that, in accordance with their provisions, are convertible or exchangeable into Shares pursuant to, and in accordance with, the
                provisions set forth in the Exchange Warrant

             

              

          
	
            Convertible Debt

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Debentures

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Decision Document

          	
            has the meaning given to it in Section 11.1

             

              

          
	
            Disclosure Documents

          	
            means the Company’s Management Information Circular dated May 3, 2018 the Company’s Annual Information Form for the year ended December 31, 2018 dated
                March 28, 2019; and the audited consolidated financial statements and accompanying management’s discussion and analysis and all interim financial statements, interim management’s discussion and analyses and material change reports filed
                pursuant to applicable Securities Laws since December 31, 2018; any material change report required to be filed under Securities Laws since December 31, 2018; the Annual Report; all other reports filed by the Company pursuant to the 1934
                Act since December 31, 2018 and any other disclosure documents incorporated by reference in the Prospectus or Registration Statement

             

              

          
	
            Disclosure Letter

          	
            means the disclosure letter executed by the Company and delivered to and accepted by Glencore as of the date of this Agreement

          

    

    

    
      
        

      - 1-4 -

    

    

    

    	
            Encumbrance

          	
            means any hypothec, mortgage, pledge, security interest, encumbrance, lien, charge, deposit arrangement, lease, adverse claim, right of set‐off or
                agreement, trust, deemed trust or any other arrangement or condition that in substance secures payment or performance of an obligation of the Company or PMI, statutory and other non‐commercial leases or encumbrances and includes the
                interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement

             

              

          
	
            Environmental Laws

          	
            has the meaning given to it in paragraph (aa) of Schedule 5

             

              

          
	
            Erie Plant

          	
            means the owned taconite concentrator and pellet plant and supporting infrastructure and surrounding lands located approximately six miles west of the
                NorthMet Deposit, together with all related property and assets

             

              

          
	
            Event of Default

          	
            means: (a) an “Event of Default” as defined in the Debentures; or (b) a breach of a Material Agreement that has had, or reasonably could have, a
                Material Adverse Effect

             

              

          
	
            Exchanges

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Exchange Warrant

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Exercise Price Reduction

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Existing Corporate Governance Agreement

          	
            means the corporate governance agreement dated July 5, 2013 entered into between the Company and Glencore

             

              

          
	
            Expiry Date Extension

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Extension Agreement

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Final Prospectus

          	
            means the (final) short form prospectus to be filed by PolyMet with the Securities Authorities (and the Prospectus to be filed with the SEC pursuant
                to the Multi‐Jurisdictional Disclosure System) in connection with the Rights Offering, as amended by any Prospectus Amendment

             

              

          
	
            first currency

          	
            has the meaning given to it in Section 17.16

             

              

          
	
            Glencore

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Glencore Debt

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Glencore Indemnified Parties

          	
            has the meaning given to it in Section 8.1 of Schedule 2

             

              

          
	
            Glencore Nominee

          	
            means a director nominated by Glencore to the Board

             

              

          
	
            Governmental Entity

          	
            means: (a) any multinational, federal, provincial, state, regional, municipal, local or other government, governmental or public department, central
                bank, court, tribunal, arbitral body, commission, board, bureau or agency, domestic or foreign; (b) any subdivision, agent, commission, board or authority of any of the foregoing; (c) any quasi‐governmental or private body, including any
                tribunal, commission, regulatory agency or self‐regulatory organization, exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing; or (d) any stock exchange, including the TSX and NYSE
                American

          

    

    

    
      
        

      - 1-5 -

    

    

    

    	
            Gross Proceeds

          	
            has the meaning given to it in the Recitals

             

              

          
	
            HSR Act

          	
            means the Hart‐Scott‐Rodino Antitrust Improvements Act of 1976, as amended, and including any rules, regulations and requirements promulgated
                thereunder

             

              

          
	
            HSR Clearance

          	
            means the expiration or termination of any waiting period and any extensions thereof, or any timing agreements or legally binding commitments obtained
                by request or other action of the U.S. Federal Trade Commission and/or the U.S. Department of Justice, as applicable, under the HSR Act relating to the transactions contemplated by this Agreement

             

              

          
	
            IFRS

          	
            means international financial reporting standards, as issued by the International Accounting Standard Board and as adopted in Canada, as in effect
                from time to time

             

              

          
	
            Indemnified Party

          	
            has the meaning given to it in Section 8.6 of Schedule 2

             

              

          
	
            Indemnifying Party

          	
            has the meaning given to it in Section 8.6 of Schedule 2

             

              

          
	
            Intellectual Property Rights

          	
            has the meaning given to it in paragraph (z) of Schedule 5

             

              

          
	
            Judgment Conversion Rate

          	
            has the meaning given to it in Section 17.17

             

              

          
	
            Launch Press Announcement

          	
            means the press announcement, in form attached as Schedule 3

             

              

          
	
            laws

          	
            means any and all applicable laws including all statutes, codes, ordinances, decrees, rules, regulations, municipal by‐laws, judicial or arbitral or
                administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards, instruments, policies, guidelines, and general principles of common law and equity, binding on or affecting the Person referred to
                in the context in which the word is used

             

              

          
	
            Leased Real Properties

          	
            means the land and premises listed on, and legally described in Schedule 5, paragraph (n)
                with respect to which the Company or PMI holds a lease, license, easement, or other interest as further described in Schedule 5, paragraph (n)

             

                

          
	
            Loss (or Losses)

          	
            has the meaning given to it in Section 8.1 of Schedule 2

             

              

          
	
            M3 Technical Report

          	
            means the technical report entitled “NorthMet Project Form NI 43‐101F1 Technical Report, Minnesota, USA” dated March 26, 2018 prepared by M3
                Engineering & Technology Corp.

          

    

    

    
      
        

      - 1-6 -

    

    

    

    	
            Material Adverse Effect

          	
            means any event, occurrence or condition (or series of related events, occurrences or conditions) which, individually or in the aggregate, could
                reasonably be expected to have a material adverse effect on or results in a material adverse change in any of the following: (i) the condition (financial or otherwise), business, assets or results of operations of the Company and its
                Subsidiaries considered as a whole; (ii) the ability of the Company to perform any of its obligations under the terms of this Agreement; and (iii) the validity or enforceability of any of this Agreement or the rights and remedies of
                Glencore under the terms of this Agreement, except any such effect resulting from or arising in connection with: (a) any change in IFRS; (b) any change in the global, national or regional political conditions (including the outbreak of war
                or acts of terrorism) or in the general economic, business, regulatory, political or market conditions or in the national or global financial or capital markets; (c) any change in the industry in which the Company and its Subsidiaries
                operate, provided that for the purposes of (b) and (c) such effect does not primarily relate to (or have the effect primarily relating to) the Company and its Subsidiaries (considered as a whole) or disproportionately adversely affects the
                Company and its Subsidiaries (considered as a whole) compared to other entities operating in the industries in which the Company and its Subsidiaries operate

             

              

          
	
            Material Agreements

          	
            means: (a) those agreements listed on Schedule S1 (as amended, restated, supplemented or replaced as permitted hereunder); and (b) those agreements
                (as amended, supplemented, revised or restated as permitted herein from time to time) of PolyMet or PMI, the breach, non‐performance or cancellation of which or the failure of which to renew could reasonably be expected to have a Material
                Adverse Effect

             

              

          
	
            material change

          	
            has the meaning given to it in the Securities Act

             

              

          
	
            material fact

          	
            has the meaning given to it in the Securities Act

             

              

          
	
            Mineral Rights

          	
            has the meaning given to it in paragraph (bb) of Schedule 5

             

              

          
	
            Misrepresentation

          	
            means: (a) a “misrepresentation” as defined in Section 1(1) of the Securities Act; or (b) as to any document, any untrue statement of a material fact
                or omission to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading

             

              

          
	
            NI 45‐106

          	
            means National Instrument 45‐106 – Prospectus and Registration
                  Exemptions of the Canadian Securities Regulators

             

                

          
	
            NI 54‐101

          	
            means National Instrument 54‐101 – Communication with Beneficial
                  Owners of Securities of a Reporting Issuer of the Canadian Securities Regulators

             

                

          
	
            Non‐Convertible Debentures

          	
            means the Debentures other than the Convertible Debentures

             

              

          
	
            Non‐Convertible Debt

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Non-Material Subsidiaries

             	
            has the meaning given to it in Schedule 5, paragraph (b)

             
	
            NorthMet Deposit

          	
            means the polymetallic copper‐nickel‐cobalt‐platinum group element deposit situated on a mineral lease of approximately 4,200 acres located in St.
                Louis County in northeastern Minnesota, U.S.A., at approximately latitude 47° 36’ north, longitude 91° 58’ west, about 70 miles north of the City of Duluth and 6.5 miles south of the town of Babbitt, together with all related property and
                assets

          

    

    

    
      
        

      - 1-7 -

    

    

    

    	
            NorthMet Project

          	
            means the mining project comprised of the NorthMet Deposit and the Erie Plant

             

              

          
	
            Notice

          	
            has the meaning given to it in Section 16.1

             

              

          
	
            NYSE American

          	
            means the NYSE American, LLC

             

              

          
	
            Owned Real Property

          	
            means the land and premises listed on, and legally described in Schedule 5, paragraph (m)-1 and the buildings and fixtures thereon

             

              

          
	
            Parties or Party

          	
            means Glencore and the Company; “Party” means any one of them and reference to either of them includes a reference to that Party’s legal personal
                representatives, successors and permitted assigns

             

              

          
	
            Pension Plan

          	
            means any plan, program, agreement or arrangement for the purpose of Applicable Pension Legislation or under the Tax Act (whether or not required
                under such law) that is maintained or contributed to or to which there is or may be an obligation to contribute by the Company or PMI in respect of their respective employees or former employees

             

              

          
	
            Permitted Encumbrances

          	
            means the following types of encumbrances: (a) statutory Encumbrances of landlords and Encumbrances of carriers, warehousemen, mechanics, suppliers,
                material men, repairmen and other Encumbrances imposed by law incurred in the ordinary course of business and Encumbrances for taxes, assessments or governmental charges or claims, in either case, for sums not yet overdue or being contested
                in good faith by appropriate proceedings, if such reserve or other appropriate provision, if any, as shall be required by IFRS shall have been made in respect thereof; (b) Encumbrances incurred or deposits made in the ordinary course of
                business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts,
                performance and return‐of‐money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); (c) Encumbrances upon specific items of inventory or other goods and proceeds of any Person securing such
                Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; (d) Encumbrances encumbering deposits made to secure
                obligations arising from statutory, regulatory, contractual or warranty requirements of the Company or PMI, including rights of offset and setoff; (e) bankers’ liens, rights of setoff and other similar Encumbrances existing solely with
                respect to cash on deposit in one or more accounts maintained by the Company or PMI, in each case granted in the ordinary course of business in favour of the bank or banks with which such accounts are maintained, securing amounts owing to
                such bank with respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; provided, however, that in no case shall any such Encumbrances secure (either directly or
                indirectly) the repayment of any debt; (f) leases or subleases (or any Encumbrances related thereto) granted to others that do not materially interfere with the ordinary course of business of the Company or PMI; (g) attachment or judgment
                Encumbrances not giving rise to an Event of Default and which are being contested in good faith by appropriate proceedings; (h) easements, rights‐of‐way, restrictions and other similar charges or encumbrances not materially interfering with
                the ordinary course of business of the Company or PMI; (i) zoning restrictions, licenses, restrictions on the use of real property or minor irregularities in title thereto, which do not materially impair the use of such real property in the
                ordinary course of business of the Company and its Subsidiaries or the value of such real property for the purpose of such business; and (h) Encumbrances securing hedging obligations entered into for bona fide hedging purposes of the Company or PMI not for the purpose of speculation

          

    

    

    
      
        

      - 1-8 -

    

    

    

    	
            person

          	
            includes an individual, corporation, partnership, limited partnership, limited liability partnership, limited liability company, association, trust,
                estate, custodian, trustee, executor, administrator, nominee or other entity or organization, including (without limitation) a Governmental Entity or political subdivision or an agency or instrumentality thereof

             

              

          
	
            PLM

          	
            has the meaning given to it in the Recitals

             

              

          
	
            PMI

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Preliminary Prospectus

          	
            means the preliminary short form prospectus in the form attached as Schedule 4 to be filed by PolyMet with the Securities Authorities (including, for
                the avoidance of doubt, the Preliminary Prospectus filed with the SEC in accordance with the Multi‐Jurisdictional Disclosure System) in connection with the Rights Offering, as amended by any Prospectus Amendment

             

              

          
	
            Press Announcements

          	
            has the meaning given to it in Section 14.2.2

             

              

          
	
            Prospectus

          	
            means, collectively, the Preliminary Prospectus, the Final Prospectus, and any Prospectus Amendment(s)

             

              

          
	
            Prospectus Amendment

          	
            means any amendment to the Preliminary Prospectus or the Final Prospectus

             

              

          
	
            Purchase Agreement

          	
            has the meaning given to it in the Recitals 

             

              

          
	
            Qualifying Jurisdictions

          	
            means all provinces and territories in Canada

             

              

          
	
            Qualifying Shareholders

          	
            has the meaning given to it in Section 2.1 of Schedule 2

          

    

    

    
      
        

      - 1-9 -

    

    

    

    	
            Record Date

          	
            means the record date established pursuant to Section 2.5(a) of Schedule 2 for the purpose of determining the holders of Shares who are entitled to
                receive Rights pursuant to the Rights Offering

             

              

          
	
            registration

          	
            means the qualification of Shares under Securities Laws, by prospectus or otherwise, for distribution in any of the provinces or territories of Canada
                in which PolyMet is a “reporting issuer”, or in the United States

             

              

          
	
            Registration Statement

          	
            means the registration statement on Form F‐10 of which the Prospectus shall form a part, as amended, registering, inter alia, the Rights Offering
                Securities under the 1933 Act and prepared in accordance with the Multi‐Jurisdictional Disclosure System including the exhibits and any schedules thereto and the documents incorporated by reference therein

             

              

          
	
            Relevant Authority

          	
            has the meaning given to it in Section 14.4

             

              

          
	
            Rights

          	
            means the transferable rights to subscribe for Shares offered by PolyMet pursuant to the Rights Offering, with each holder of Shares receiving one
                right per Share held

             

              

          
	
            Rights Certificate

          	
            has the meaning given to it in Section 2.5(b) of Schedule 2

             

              

          
	
            Rights Issue Date

          	
            means the date on which the Rights are issued by the Company to the holders of record of its Shares on the Record Date

             

              

          
	
            Rights Offering

          	
            has the meaning given to it in the Recitals to the Agreement

             

              

          
	
            Rights Offering Closing Date

          	
            has the meaning given to it in Section 6.1 of Schedule 2

             

              

          
	
            Rights Offering Closing Time

          	
            has the meaning given to it in Section 6.1 of Schedule 2

             

              

          
	
            Rights Offering Expiry Date

          	
            means the date on which the Rights will expire and become null and void as set out in the Final Prospectus and Registration Statement, such date being
                the 21st day following the date on which the Final Prospectus or Registration Statement is delivered to holders of record of the Shares on the Record Date, or such later date as may be agreed in writing by PolyMet and Glencore

             

              

          
	
            Rights Offering Expiry Time

          	
            means 5:00 p.m. (Toronto time) on the Rights Offering Expiry Date

             

              

          
	
            Rights Offering Ratio

          	
            has the meaning given to it in Section 2.4(d) of Schedule 2

                

              

          
	
            Rights Offering Securities

          	
            means, collectively, the Rights, the Shares issuable upon exercise of the Rights and the Standby Shares

                

              

          
	
            Rights Offering Shares

          	
            means the Shares issuable pursuant to the Rights Offering

             

              

          
	
            Sarbanes‐Oxley Act

          	
            means the Sarbanes‐Oxley Act of 2002 and all rules and regulations promulgated thereunder

             

              

          
	
            SEC

          	
            means the U.S. Securities and Exchange Commission

          

    

    

    
      
        

      - 1-10 -

    

    

    

    	
            second currency

          	
            has the meaning given to it in Section 17.16

             

              

          
	
            Second Request

          	
            has the meaning given to it in Section 4.2(d) of Schedule 2

             

              

          
	
            Second Request Notification

          	
            Has the meaning given to it in Section 4.2(d) of Schedule 2

             

              

          
	
            Securities Act

          	
            means the Securities Act (British Columbia) and the rules,
                regulations and published policies made thereunder, as now in effect and as they may be promulgated or amended from time to time

             

              

          
	
            Securities Authorities

          	
            means the TSX, the BCSC, the SEC and the NYSE American and the applicable securities commissions and other securities regulatory authorities in each
                of the other provinces and territories of Canada

             

              

          
	
            Securities Laws

          	
            means the Securities Act, together with all other applicable Canadian provincial and territorial securities laws, rules and regulations and published
                policies thereunder, the 1933 Act, the 1934 Act and all other applicable U.S. federal and state securities laws and rules and regulations promulgated thereunder, as now in effect and as they may be promulgated or amended from time to time,
                together with the applicable rules of the TSX and NYSE American

             

              

          
	
            Shareholder

          	
            means a holder of Shares from time to time

             

              

          
	
            Shares

          	
            means common shares in the capital of PolyMet

             

              

          
	
            Standby Commitment

          	
            has the meaning given to it in Section 2.3(a) of Schedule 2

             

              

          
	
            Standby Fee

          	
            has the meaning given to it in Section 2.7 of Schedule 2

             

              

          
	
            Standby Purchaser

          	
            means Glencore

             

              

          
	
            Standby Shares

          	
            has the meaning given to it in Section 2.3(a) of Schedule 2

             

              

          
	
            Subscription Agent

          	
            means Computershare

             

              

          
	
            Subscription Agreement

          	
            has the meaning given to it in the Recitals

             

              

          
	
            Subscription Price

          	
            has the meaning given to it in Section 2.4(a) of Schedule 2

             

              

          
	
            Subsidiary

          	
            has the meaning given to it in NI 45‐106

             

              

          
	
            Tax Act

          	
            means the Income Tax Act (Canada), as amended

             

              

          
	
            Trade Sanctions

          	
            means all laws relating to economic or trade sanctions, including the laws or regulations implemented by the Office of Foreign Assets Controls of the
                United States Department of the Treasury and any similar laws or regulations in other applicable jurisdictions which are applicable to any of Glencore, PolyMet or PMI

             

              

          
	
            Triggering Event

          	
            has the meaning given to it in the Extension Agreement

             

              

          
	
            TSX

          	
            means the Toronto Stock Exchange

             

              

          
	
            US or United States

          	
            means the United States of America its territories and possessions and any of the United States of America and the District of Columbia and other
                areas subject to its jurisdiction

          

    

    

    
      
        

      - 1-11 -

    

    

    

    	
            VWAP

          	
            has the meaning given to it in Section 2.4(a) of Schedule 2

             

              

          
	
            Warrant Amending Agreement

          	
            has the meaning given to it in the Recitals

          

    

    

    

    

    
      
        

    

    SCHEDULE 2

        PROVISIONS RELATING TO THE RIGHTS OFFERING

    ARTICLE 1

        INTERPRETATION

    
      	
              1.1

            	
              Definitions. The defined terms used in
                  this Schedule 2, unless the context otherwise requires, are set out in Schedule 1.

            

    

    ARTICLE 2

        TIMING AND STANDBY COMMITMENT

    
      	
              2.1

            	
              Conduct of Rights Offering. Subject to
                  and in accordance with the provisions hereof, PolyMet agrees to offer, in accordance with Securities Laws and pursuant to the Prospectus and Registration Statement, the Rights to Persons that are the holders of record of Shares on the
                  Record Date: (a) with an address in one of the Qualifying Jurisdictions; or (b) with an address in any other jurisdiction, where PolyMet has satisfied itself that such holder is entitled to receive the Rights Offering Securities under the
                  Rights Offering in accordance with the laws of such jurisdiction and without obliging PolyMet to register the Rights Offering Securities or file a prospectus or other disclosure document or to make any other filings or become subject to
                  any reporting or disclosure obligations that PolyMet is not already obligated to make (together, “Qualifying Shareholders”). The Parties hereby
                  acknowledge and agree that Glencore is a Qualifying Shareholder. With respect to non‐Qualifying Shareholders, the Parties acknowledge and agree that Rights will be issued to the Subscription Agent to hold for their benefit.

               

                

            

    

    
      	
              2.2

            	
              Additional Subscription Privilege.
                  PolyMet shall ensure that each Qualifying Shareholder who has exercised its Rights in full by the Rights Offering Expiry Time shall have the right to subscribe for additional Shares immediately prior to the Rights Offering Expiry Time (if
                  such are available) as a result of Rights that are not exercised by the Rights Offering Expiry Time, subject to pro ration as provided for in the Prospectus (the “Additional Subscription Privilege”).

               

                

            

    

    
      	
              2.3

            	
              Standby Commitment.

               

                

            

    

    
      	
              (a)

            	
              Subject to and in accordance with the provisions of this Agreement, Glencore hereby agrees to subscribe for and PolyMet hereby
                  agrees to issue to Glencore at the Subscription Price and on the Rights Offering Closing Date, as fully paid and non‐assessable Shares, such number of Shares (the “Standby Shares”) equal to the result of (x) minus (y), where: (x) equals the number of Shares determined by dividing the Gross Proceeds by the Subscription Price; and (y) equals the number of Shares subscribed for and
                  taken up under the Rights Offering by holders of Rights, including Glencore, pursuant to the Basic Subscription Right and Additional Subscription Privilege (if any) (such commitment referred to as the “Standby Commitment”).

               

                

            

    

    
      	
              (b)

            	
              Glencore and PolyMet hereby agree that it is the intent of both Parties that Glencore, by virtue of acting as Standby Purchaser
                  hereunder, shall not be deemed an “underwriter” or deemed to be engaged in broker‐dealer activity requiring registration as defined in Applicable Securities Laws, and Glencore and PolyMet shall in the fulfillment of their obligations
                  hereunder act in accordance with this mutual understanding.

            

    

    

    

    
      
        

      - 2-2 -

    

    
    

    

    
      
        	
                2.4

              	
                Offering Size and Price Determination

                 

                  

              

      

    

    
      	
              (a)

            	
              The gross proceeds from the Rights Offering will, subject as provided in Section 2.4(d) of this Schedule 2 below, be equal (as
                  nearly as reasonably practicable) to the Gross Proceeds. The subscription price per Rights Offering Share (the “Subscription Price”) will be payable
                  in US dollars (and the US dollar price will be fixed on the date of the filing of the Final Prospectus). The Subscription Price will be determined by the Parties at the date of filing of the Final Prospectus and shall be discounted by no
                  more than 20% from the then 5 day VWAP for the Shares on the TSX. For the purposes of this Section 2.4(a), “5 day VWAP” means the VWAP on TSX for the
                  five trading days ending on the trading date immediately preceding the date of filing of the Final Prospectus, and “VWAP” means the volume weighted
                  average trading price of the Shares on the TSX, calculated by dividing the total value by the total volume of securities traded for the relevant period and by converting the total value of the trading prices of such securities on the TSX
                  into U.S. dollars at the Judgment Conversion Rate.

               

                

            

    

    
      	
              (b)

            	
              The aggregate number of Rights Offering Shares (as nearly as practicable) which are issuable will be determined by dividing the
                  Gross Proceeds by the Subscription Price, which number will be subject to increase as described in Section 2.4(d) of this Schedule 2 below.

               

                

            

    

    
      	
              (c)

            	
              For each Right held, the holder thereof will be entitled to subscribe for a fractional number of Shares (the “Basic Subscription Right”) determined by dividing the total number of Rights Offering Shares (calculated in accordance with Section 2.4(b) of this
                  Schedule 2 above) by the total the number of Shares outstanding determined on the latest practicable date before the date of the filing of the Final Prospectus.

               

                

            

    

    
      	
              (d)

            	
              The ratio of new Rights Offering Shares offered pursuant to the Basic Subscription Right (“Basic Entitlement Shares”) for each existing Share held will be fixed at the date of the filing of the Final Prospectus as described above (“Rights Offering Ratio”). However, if any Shares are issued prior to the Record Date (where such Shares are not already included in the number of shares determined on the Record
                  Date), the Rights Offering Ratio will remain fixed as determined in the Prospectus and consequently, the number of Rights issued and the Rights Offering Shares will be increased. For the avoidance of doubt, this will not increase the
                  Standby Commitment of Glencore.

               

                

            

    

    
      	
              (e)

            	
              Where a holder’s exercise of Rights would otherwise entitle such holder to fractional Shares, such holder’s entitlement will be
                  reduced to the next lowest whole number of Shares. PolyMet will not be required to issue fractional Shares or to pay cash in lieu thereof.

            

    

    

    

    
      
        

      - 2-3 -

    

    

    

    
      
        	
                2.5

              	
                Timing of Rights Offering. Subject to
                    and in accordance with the provisions hereof, PolyMet agrees that it will file with the Securities Authorities in the Qualifying Jurisdictions and with the SEC: (a) the Preliminary Prospectus and the Registration Statement as soon as
                    practicable following the execution of this Agreement and for the avoidance of doubt, no later than the close of business on the date on which this Agreement is executed; and (b) the Final Prospectus and the Registration Statement on or
                    before the day which is five Business Days immediately following the later of the date on which: (x) all necessary approvals and consents are received from the Securities Authorities that are necessary or advisable, in PolyMet’s
                    opinion, acting reasonably, to proceed with the filing of the Final Prospectus and the Registration Statement and completion of the Rights Offering; or (y) the HSR Clearance shall have been obtained on terms acceptable to Glencore in
                    its sole discretion (or such other date as the Parties may agree acting reasonably). PolyMet will use its best efforts to obtain a Decision Document as soon as possible following the filing of each of the Preliminary Prospectus and
                    Final Prospectus with the Securities Authorities and to obtain final TSX and NYSE American approval of the Rights Offering as soon as possible following the filing of the Preliminary Prospectus with the Securities Authorities and the
                    Registration Statement with the SEC. On receipt of the Decision Document and final TSX and NYSE American approval, PolyMet shall:

                 

                  

              

      

    

    
      	
              (a)

            	
              as soon as reasonably practicable announce that the record date will be the date falling not less than seven trading days after that
                  announcement (the “Record Date”); and

               

                

            

    

    
      	
              (b)

            	
              (i) within two Business Days after the Record Date, mail to holders of record in a Qualifying Jurisdiction a certificate (a “Rights Certificate”) evidencing the total number of rights to which a Qualifying Shareholder is entitled, together with a commercial copy of the Final
                  Prospectus or the Registration Statement, as applicable; (ii) within six Business Days after the Record Date, mail to beneficial holders in a Qualifying Jurisdiction (determined pursuant to and in the manner contemplated by NI 54‐101) a
                  Rights Certificate evidencing the total number of Rights to which a Qualifying Shareholder is entitled, together with a commercial copy of the Final Prospectus or the Registration Statement, as applicable; (iii) within two Business Days
                  after the Record Date, mail to holders of record not in a Qualifying Jurisdiction a commercial copy of the Final Prospectus or the Registration Statement, as applicable, together with a letter advising them that their Rights Certificates
                  will be issued on their behalf to the Subscription Agent; and (iv) within six Business Days after the Record Date, mail to beneficial holders not in a Qualifying Jurisdiction (determined pursuant to and in the manner contemplated by NI
                  54‐101) a commercial copy of the Final Prospectus or the Registration Statement, as applicable together with a letter advising them that their Rights Certificates will be issued on their behalf to the Subscription Agent.

               

                

            

    

    
      	
              2.6

            	
              Additional Subscription Shares and Standby
                    Shares.

               

                

            

    

    
      	
              (a)

            	
              Subject to and in accordance with the provisions hereof, on the Rights Offering Closing Date, Glencore will pay in immediately
                  available funds by wire transfer to an account designated by PolyMet, the aggregate Subscription Price that is payable for the Basic Entitlement Shares and the Standby Shares to be purchased by it hereunder, and PolyMet will issue the
                  Basic Entitlement Shares and the Standby Shares to Glencore as fully paid and non‐assessable Shares, shall update the share register of the Company to enter Glencore as a holder of record of those Shares, and shall deliver to Glencore a
                  certificate in respect of those Shares.

               

                

            

    

    
      	
              (b)

            	
              In the event that Glencore exercises, in full or in part, its Additional Subscription Privilege, Glencore shall be obligated to pay
                  for such Shares (“Additional Subscription Shares”) in accordance with the provisions of the Rights Offering, and on the Rights Offering Closing Date
                  PolyMet will issue the Additional Subscription Shares to Glencore as fully paid and non‐assessable Shares, shall update the share register of the Company to enter Glencore as a holder of record of those Shares, and shall deliver to
                  Glencore a certificate in respect of those Shares.

            

    

    

    

    
      
        

      - 2-4 -

    

    

    

    
      
        	
                2.7

              	
                Standby Fee to Glencore. Subject to
                    the successful completion of the Rights Offering and the Standby Commitment on the Rights Offering Closing Date, in consideration of Glencore providing the Standby Commitment, the Company shall pay Glencore a standby commitment fee (the
                    “Standby Fee”) equal to 3.00% of the sum of: (x) the Closing Date Indebtedness (excluding for these purposes the Standby Fee); and (y) US$6,000,000
                    (for the avoidance of doubt, all as detailed in Schedule 5(dd) of the Disclosure Letter). Such fee shall be payable in cash on the Rights Offering Closing Date.

                 

                  

              

      

    

    
      	
              2.8

            	
              Payment Mechanics. Notwithstanding
                  Section 2.6 and 2.7 of this Schedule 2, PolyMet hereby irrevocably authorizes and directs Glencore to pay and apply such amount of the funds owing by Glencore under Section 2.6 of this Schedule 2 against and in satisfaction of: (a) the
                  Closing Date Indebtedness other than the Standby Fee; (b) the Standby Fee; and (c) to pay the balance of the funds owing by Glencore to PolyMet under Section 2.6 of this Schedule 2 in immediately available funds by wire transfer to an
                  account designated by PolyMet.

               

                

            

    

    
      	
              2.9

            	
              Dealer Manager. The Company shall have
                  the right to retain the services of a managing dealer, soliciting dealer or similar advisor, provided that, for the avoidance of doubt, any fees payable to any such managing dealer, soliciting dealer or similar advisor shall be for the
                  account for the Company and shall not be deducted (if at all) from the proceeds of Rights Offering until the Company has repaid the Closing Date Indebtedness and paid the Standby Fee, in each case in full.

               

                

            

    

    
      	
              2.10

            	
              Miscellaneous. Any Shares held by a
                  member of the Glencore plc group of companies, other than Glencore, shall for all purposes of this Schedule 2, be deemed to be held by Glencore and Glencore shall be entitled to execute and deliver (as agent or otherwise for such other
                  members of the Glencore plc group of companies) any and all notices and/or other documents to be executed and/or delivered by a holder of Shares or Rights and PolyMet shall accept any such notices or other documents so executed and/or
                  delivered.

            

    

    ARTICLE 3

        COVENANTS OF POLYMET

    
      	
              3.1

            	
              Subject to and in accordance with the provisions hereof, PolyMet undertakes and agrees with and in favour of Glencore that:

               

                

            

    

    
      	
              (a)

            	
              Preliminary Prospectus. As provided in
                  Section 2.5 of this Schedule 2, PolyMet will file with the Securities Authorities in the Qualifying Jurisdictions, the Preliminary Prospectus and with the SEC the Registration Statement relating to the proposed distribution of the Rights
                  Offering Securities. The Company will provide Glencore with the reasonable opportunity to review and comment on the Preliminary Prospectus and Registration Statement and will take into account Glencore’s reasonable comments thereon. If
                  requested by PolyMet (acting reasonably), Glencore shall provide to PolyMet, for the purposes of the Prospectus, Registration Statement and any Press Announcement, information regarding Glencore’s future intentions for its holding in
                  PolyMet and will confirm the accuracy of such information provided.

            

    

    

    

    
      
        

      - 2-5 -

    

    

    

    
      
        	
                (b)

              	
                Final Prospectus and Qualification. As
                    provided in Section 2.5 of this Schedule 2, PolyMet will file with the Securities Authorities in the Qualifying Jurisdictions the Final Prospectus and with the SEC the Registration Statement relating to the proposed distribution of the
                    Rights Offering Securities, and take all other reasonable steps and proceedings that may be necessary in order to qualify the distribution of the Rights Offering Securities in each of the Qualifying Jurisdictions in which the Final
                    Prospectus and Registration Statement has been filed. The Company will provide Glencore with the reasonable opportunity to review and comment on the Final Prospectus and Registration Statement and will take into account Glencore’s
                    reasonable comments thereon.

                 

                  

              

      

    

    
      	
              (c)

            	
              Supplementary Material. If required by
                  Securities Laws, PolyMet will prepare any Prospectus Amendments or amendments to the Registration Statement and/or any documentation supplemental thereto and/or any amending or supplemental documentation and/or any similar document
                  required to be filed by it under the Securities Laws. PolyMet will also promptly, and in any event within any applicable time limitation, comply with all applicable filing and other requirements under the Securities Laws as a result of
                  any material change. The Company will provide Glencore with the reasonable opportunity to review and comment on any such documentation and will take into account Glencore’s reasonable comments thereon.

               

                

            

    

    
      	
              (d)

            	
              Consents and Approvals. PolyMet will use
                  its best efforts to obtain all necessary consents, approvals or exemptions for the creation, offering and issuance of the Rights Offering Securities in all Qualifying Jurisdictions and to Glencore as contemplated herein and in the
                  Prospectus and Registration Statement and the entering into and performance by it of the Agreement (including, for the avoidance of doubt, the issuance of the Rights Offering Securities).

               

                

            

    

    
      	
              (e)

            	
              Cease Trade Order or Other Investigation.
                  From the date hereof through the earlier of: (a) the Rights Offering Closing Date; and (b) the termination of the Agreement in accordance with its terms, PolyMet will immediately notify Glencore in writing of any written demand, request
                  or inquiry (formal or informal) by any of the Securities Authorities or other Governmental Entity that concerns any matter relating to the affairs of PolyMet that may affect the Rights Offering, the transactions contemplated herein, or
                  any other matter contemplated by the Agreement, or that relates to the issuance, or threatened issuance, by any such authority of any cease trading or similar order or ruling relating to any securities of PolyMet. Any notice delivered to
                  Glencore as aforesaid will contain reasonable details of the demand, request, inquiry, order or ruling in question. PolyMet will use its best efforts to prevent the issuance of any orders contemplated in this Section 3.1(e) of this
                  Schedule 2 and, if issued, to obtain their prompt withdrawal.

               

                

            

    

    
      	
              (f)

            	
              Listing. PolyMet will take all lawful
                  action as may be required and appropriate so that the Rights Offering Securities have been conditionally approved for listing on the TSX and NYSE American, subject to receipt of customary final documentation.

            

    

    

    

    
      
        

      - 2-6 -

    

    

    

    
      
        	
                (g)

              	
                Securities Laws. PolyMet will take all
                    lawful action as may be necessary and appropriate so that the Rights Offering and the other transactions contemplated in the Agreement will be effected in accordance with Securities Laws. It will consult with Glencore and its advisors
                    upon their reasonable request regarding the manner in which the Rights Offering and the other transactions contemplated herein will comply with applicable Securities Laws, and it will provide to Glencore and its advisors copies of any
                    documents that are to be submitted by it to any Securities Authorities or other regulatory authority for such purpose prior to being so submitted and it will give Glencore and its advisors an opportunity to comment on same and will take
                    into account Glencore's reasonable comments thereon.

                 

                  

              

      

    

    
      	
              (h)

            	
              Obtaining of Report. PolyMet will cause
                  Computershare to deliver to Glencore, as soon as is practicable following the Rights Offering Expiry Time, details concerning the total number of Shares duly subscribed and paid for by holders of Rights under the Rights Offering,
                  including (without limitation) those Shares subscribed and paid for pursuant to the Additional Subscription Privilege, and accordingly the number of Standby Shares for which Glencore must subscribe pursuant to Section 2.3 of this
                  Schedule 2.

               

                

            

    

    
      	
              (i)

            	
              Mailing of Materials. PolyMet will effect
                  and complete the mailing of commercial copies of the Final Prospectus and Registration Statement and the other materials as set out in Section 2.5(b) of this Schedule 2.

               

                

            

    

    
      	
              (j)

            	
              Application of Proceeds. PolyMet shall
                  immediately apply the proceeds of the Rights Offering to repay in full the Closing Date Indebtedness (including, for the avoidance doubt, the Standby Fee) provided for the avoidance of doubt, PolyMet acknowledges Glencore`s rights under
                  Section 2.8 of this Schedule 2. The balance of the proceeds from the Rights Offering shall be applied in the manner and for the purposes described in the Final Prospectus and Registration Statement.

               

                

            

    

    
      	
              (k)

            	
              Registration Rights Agreement. On or before
                  the Rights Offering Closing Date, PolyMet shall execute and deliver the Registration Rights Agreement to Glencore.

               

                

            

    

    
      	
              (l)

            	
              Amended and Restated Corporate Governance
                    Agreement. On or before the Rights Offering Closing Date, PolyMet shall execute and deliver the Amended and Restated Corporate Governance Agreement to Glencore.

               

                

            

    

    
      	
              3.2

            	
              PolyMet undertakes to Glencore that it will not knowingly and intentionally use the proceeds from the Rights Offering, or lend,
                  contribute or otherwise make available such proceeds in any manner that results in an ABC Violation.

            

    

    ARTICLE 4

        REGULATORY COVENANTS

    
      	
              4.1

            	
              General Obligation. Subject to the provisions of this Agreement, prior to the Rights Offering Closing Time, each of the Company and Glencore shall use its respective
                  commercially reasonable efforts to take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper or advisable under the HSR Act to consummate the transactions contemplated by this Agreement, including:
                  (a) making all appropriate applications, notifications and filings (and applications, notifications and filings considered by Glencore to be advisable) under the HSR Act as promptly as practicable; and (b) cooperating with each other in
                  connection with any such application, notification or filing. Glencore shall pay all filing fees for the filings required under the HSR Act.

            

    

    

    

    
      
        

      - 2-7 -

    

    

    

    
      
        	
                4.2

              	
                Cooperation.

                 

                  

              

      

    

    
      	
              (a)

            	
              To the extent not prohibited by applicable law and subject to any applicable privileges (including attorney‐client privilege), each
                  of the Company and Glencore shall use its respective reasonable best efforts to furnish to the other Party all information required for any application, notification or other filing to be made pursuant to the HSR Act in connection with
                  the transactions contemplated by this Agreement. The Company and Glencore shall promptly inform the other Party of any oral communication with, and provide copies of written communications with, any Governmental Entity regarding any such
                  applications, notifications and filings.

               

                

            

    

    
      	
              (b)

            	
              The Company and Glencore shall give each other reasonable prior notice of any communication with, and any proposed understanding,
                  undertaking or agreement with, any Governmental Entity regarding any such applications, notifications or filings or any such transaction. The Parties agree that both the Company and Glencore shall be represented at all in‐person meetings
                  and in all substantive conversations with any Governmental Entity regarding the matters set forth in this Article 4 of this Schedule 2, except if, and to the extent that, any Governmental Entity objects to any Party’s being represented at
                  any such meeting or in any such conversation. To the extent not prohibited by applicable law or any Governmental Entity and subject to any applicable privileges (including attorney‐client privilege), the Parties shall consult and
                  cooperate with one another in connection with any analyses, appearances, presentations, memoranda, briefs, arguments, opinions and proposals made or submitted by or on behalf of any Party hereto in connection with proceedings under or
                  relating to the HSR Act. Unless the Company and Glencore agree otherwise in writing, Glencore shall take the lead in coordinating any applications, notifications or filings, obtaining any necessary approvals, and resolving any
                  investigation or other inquiry of any such agency or other Governmental Entity under the HSR Act.

               

                

            

    

    
      	
              (c)

            	
              The Company shall not, without Glencore’s prior written consent, enter into any timing, settlement or similar agreement, or
                  otherwise agree or commit to any arrangement, that would have the effect of extending, suspending, lengthening or otherwise tolling the expiration or termination of the waiting period applicable to the contemplated transactions under the
                  HSR Act.

               

                

            

    

    
      	
              (d)

            	
              Glencore shall not have an obligation to respond or comply if the U.S. Federal Trade Commission or the U.S. Department of Justice
                  issues a request for additional information or documentary material under 15 U.S.C. Section 18a(e) (a “Second Request”) in connection with the
                  transactions contemplated by this Agreement; provided, further, that Glencore shall notify the Company in writing within 10 Business Days of receiving a Second Request whether Glencore elects to respond and comply with a Second Request (a
                  “Second Request Notification”) and, to the extent Glencore fails to deliver such Second Request Notification within such 10 Business Day period, a
                  Second Request Notification indicating that Glencore has elected not to respond and comply with such Second Request shall be deemed delivered by Glencore and Glencore or the Company may terminate this Agreement pursuant to Section 11.4.

            

    

    

    

    
      
        

      - 2-8 -

    

    

    

    
      
        	
                (e)

              	
                If Glencore delivers a Second Request Notification confirming Glencore’s affirmative election to respond and comply with the
                    Second Request, then Glencore, at any time and in its sole discretion, may deliver an updated Second Request Notification to the Company indicating that Glencore no longer elects to respond and comply with such Second Request and
                    Glencore or the Company may terminate this Agreement pursuant to Section 11.4.

                 

                  

              

      

    

    
      	
              4.3

            	
              No Obligation to Make Divestiture or take
                    Certain Other Actions.  Notwithstanding the foregoing, nothing in this Article 4 of this Schedule 2 or otherwise in this Agreement shall require Glencore or any Affiliate of Glencore to (i) propose, negotiate, effect or agree to,
                  the sale, divestiture, license, holding separate or other disposition of any assets or businesses of Glencore or any Affiliate of Glencore; (ii) terminate, restrict, modify or amend any existing relationships, ventures, contractual rights
                  or obligations of Glencore or any Affiliate of Glencore (including pursuant to this Agreement); (iii) expend any material funds or incur any material burden; (iv) create any relationship, contractual rights or obligations; (v) effectuate
                  any other change or restructuring to Glencore or any Affiliate of Glencore; (vi) commence or participate in any litigation in order to obtain any waivers, consents or approvals of any Governmental Entity; (vii) litigation, defend,
                  challenge or contest any action, suit or proceeding (including any action, suit or proceeding seeking a temporary restraining order or preliminary injunction) challenging this Agreement or the transactions contemplated hereby or otherwise
                  take any action that limits the freedom of action with respect to; (viii) or Glencore’s ability to retain any of the businesses or assets of, Glencore or any Affiliate of Glencore.

            

    

    ARTICLE 5

        CHANGES

    
      	
              5.1

            	
              Material Change During Distribution.

               

                

            

    

    
      	
              (a)

            	
              During the period from the date of the Agreement to the Rights Offering Closing Date, PolyMet will promptly (and in any event within
                  one Business Day) notify Glencore in writing of any material change (actual, anticipated, contemplated or threatened, financial or otherwise) in the business, affairs, operations, assets, liabilities (contingent or otherwise) or capital
                  of PolyMet and its Subsidiaries taken as a whole.

               

                

            

    

    
      	
              (b)

            	
              During the period from the date hereof to the Rights Offering Closing Date, PolyMet will promptly (and in any event within one
                  Business Day) notify Glencore in writing of:

            

    

    

    

    
      
        

      - 2-9 -

    

    

    

    
      
        	
                (i)

              	
                any material fact that has arisen or been discovered and that would be required to be disclosed in the Prospectus or Registration
                    Statement if filed on such date; and

                 

                  

              

      

    

    
      	
              (ii)

            	
              any change in any material fact contained in the Prospectus or Registration Statement, including (without limitation) all documents
                  incorporated by reference, which fact or change is, or may be, of such a nature as to result in a Misrepresentation in the Prospectus or Registration Statement or that would result in the Prospectus or Registration Statement not complying
                  with applicable Securities Laws.

               

                

            

    

    
      	
              (c)

            	
              PolyMet will promptly, and in any event within any applicable time limitation, comply, to the satisfaction of Glencore, acting
                  reasonably, with all applicable filings and other requirements under the Securities Laws as a result of such fact or change.

               

                

            

    

    
      	
              5.2

            	
              Change in Securities Laws. If during
                  the period of distribution to the public of the Rights, there is any change in the Securities Laws that, in the opinion of Glencore, acting reasonably, requires the filing of a Prospectus Amendment or an amendment to the Registration
                  Statement, PolyMet will promptly prepare and file such Prospectus Amendment with the appropriate Securities Authority in each of the Qualifying Jurisdictions where such filing is required and file any amendment to the Registration
                  Statement with the SEC. PolyMet will provide Glencore with the reasonable opportunity to review any comment on any Prospectus Amendment and any amendment to the Registration Statement and will take into account Glencore’s reasonable
                  comments thereon.

                  

                

            

    

    
      	
              5.3

            	
              Change in Rights Offering Closing Date. If

                  a material change occurs after the date of filing of the Final Prospectus with the Securities Authorities and the filing of the Registration Statement with the SEC and prior to the Rights Offering Closing Date, the Rights Offering Closing
                  Date will be, unless PolyMet and Glencore otherwise agree in writing, the later of the previously scheduled Rights Offering Closing Date and the sixth Business Day following the date on which all applicable filings or other requirements
                  of the Securities Laws with respect to such material change have been complied with in all Qualifying Jurisdictions and any appropriate documents obtained for such filings and notice of such filings from PolyMet or PolyMet’s counsel have
                  been received by Glencore, provided that in no event shall the Rights Offering Closing Date be later than June 30, 2019.

            

    

    ARTICLE 6

        RIGHTS OFFERING CLOSINGS AND CONDITIONS

    
      	
              6.1

            	
              Rights Offering Closing. The closing of
                  the Rights Offering, including the closing of the purchase by Glencore and sale by PolyMet of the Standby Shares, if any, to be purchased by Glencore hereunder will be completed at 8:30 a.m. (Vancouver time) (the “Rights Offering Closing Time”) on the second Business Day following the Rights Offering Expiry Date (the “Rights Offering Closing Date”) or at such other time and/or on such other date as PolyMet and Glencore may agree upon in writing. On such date, and upon payment being made by Glencore in
                  accordance with Sections 2.6 and 2.8 of this Schedule 2 PolyMet will: (x) deliver (or cause to be delivered) to Glencore definitive certificates representing the number of Shares that is equal to the aggregate of: (a) the number of Basic
                  Entitlement Shares to be purchased by Glencore; (b) the number of any Standby Shares to be purchased by Glencore; and (c) the number of any Additional Subscription Shares to be purchased by Glencore, such certificates to be registered in
                  the name of Glencore or one or more designees of Glencore, as applicable; and (y) pay the Standby Fee to Glencore or one or more of its designees.

               

                

            

    

    

    

    
      
        

      - 2-10 -

    

    

    

    
      
        	
                6.2

              	
                Electronic Closing. On or before the
                    Rights Offering Closing Time, the Company will deliver to Matthew Weber at matthew.weber@glencore.com, with a copy to Adam Taylor at ataylor@mccarthy.ca and Roger Taplin rtaplin@mccarthy.ca by electronic delivery of all documents
                    (including, for the avoidance of doubt, certificates representing the Basic Entitlement Shares to be purchased by Glencore) and instruments to be executed and delivered by or on behalf of the Company other than the delivery at the
                    Rights Offering Closing Time, as the case may be, the certificates representing the number of Shares that is equal to the number of Standby Shares (and, if applicable any Additional Subscription Shares) to be purchased by Glencore,
                    which certificates will be delivered by Computershare to Matthew Weber, Baarermattstrasse 3, PO Box 1301, CH‐6341, Baar, Switzerland and Glencore will deliver to Patrick Keenan at pkeenan@polymetmining.com, with a copy to Robert Mason
                    at robert.mason@nortonrosefulbright.com and Denise Nawata at dnawata@farris.com by electronic delivery all documents and instruments to be executed and delivered by or on behalf of Glencore and will wire, in immediately available funds,
                    the amounts to be paid by Glencore on the Rights Offering Closing Date to an account designated in writing by the Company at least two Business Days prior to the Rights Offering Closing Date for receipt by the Company at the Rights
                    Offering Closing Time. All documents and instruments delivered to Matthew Weber on behalf of Glencore or Patrick Keenan on behalf of the Company are to be held for delivery to the appropriate Party at the Rights Offering Closing Time if
                    and when all such documents and instruments have been delivered and such certificates have been delivered as aforesaid and such funds have been received.

                 

                  

              

      

    

    
      	
              6.3

            	
              Mutual Conditions. The respective
                  obligations of each of PolyMet and Glencore to complete the issuance by PolyMet and the subscription by Glencore for the Rights Offering Shares are subject to the following conditions being satisfied in full, provided that in the case of
                  PolyMet, only if PolyMet has used its best efforts to comply with (or cause to be complied with) such conditions:

               

                

            

    

    
      	
              (a)

            	
              There shall not be any order issued by a Governmental Entity pursuant to laws, nor shall there be any determination or change of
                  law, in either case which suspends, ceases, restricts or suspends trading in the Rights or the Shares or operates to prevent or restrict the lawful sale or distribution of the Rights Offering Securities (which suspension, cessation,
                  prevention or restriction, as the case may be, is continuing).

               

                

            

    

    
      	
              (b)

            	
              The Rights shall be listed on the TSX and NYSE American.

               

                

            

    

    
      	
              (c)

            	
              The TSX and NYSE American shall have approved the listing of the Rights Offering Shares, subject to the filing of customary
                  documents with the TSX and NYSE American.

               

                

            

    

    
      	
              6.4

            	
              Conditions in Favour of Glencore. The
                  obligation of Glencore to complete the subscription of the Rights Offering Share is subject to the following conditions being satisfied in full, which conditions are for the exclusive benefit of Glencore, any of which may be waived, in
                  whole or in part, by Glencore, in its sole and absolute discretion:

            

    

    
      

      

      
        
          

        - 2-11 -

      

      

      
        	
                (a)

              	
                The Parties shall have entered into the Amended and Restated Corporate Governance Agreement.

                 

                  

              

      

    

    
      	
              (b)

            	
              The Parties shall have entered into the 2019 Registration Rights Agreement.

               

                

            

    

    
      	
              (c)

            	
              None of this Agreement, the Extension Agreement and Warrant Amending Agreement shall have been terminated in accordance with its
                  provisions.

               

                

            

    

    
      	
              (d)

            	
              No Triggering Event shall have occurred.

               

                

            

    

    
      	
              (e)

            	
              All actions required to be taken by or on behalf of PolyMet including the passing of all requisite resolutions of the directors of
                  PolyMet and all requisite filings with any Governmental Entity will have occurred on or prior to the Rights Offering Closing Date, so as to validly authorize the execution and filing of the Preliminary Prospectus, the Final Prospectus,
                  any Prospectus Amendment and Registration Statement and to create and issue the Rights Offering Securities, in each case having the attributes contemplated by the Prospectus and Registration Statement, and PolyMet will have taken all
                  requisite actions, including the passing of all requisite resolutions of the directors of PolyMet, and have made and/or obtained all necessary filings, approvals, orders, rulings and consents of all relevant securities regulatory
                  authorities and other Governmental Entities required in connection with the Rights Offering, the other transactions contemplated in the Agreement and the purchase of Standby Shares by Glencore as contemplated herein.

               

                

            

    

    
      	
              (f)

            	
              Glencore shall have received a legal opinion as to matters of the laws of Canada dated as of the Rights Offering Closing Date from
                  PolyMet’s Canadian counsel (who may rely, to the extent appropriate in the circumstances, as to matters of fact, on certificates of officers of PolyMet) substantially in the form of Exhibit 5.4(E).

               

                

            

    

    
      	
              (g)

            	
              Glencore shall have received a legal opinion as to matters of the laws of the United States dated as of the Rights Offering Closing
                  Date from Troutman Sanders LLP, United States counsel to the Company (who may rely, to the extent appropriate in the circumstances, as to matters of fact, on certificates of officers of PolyMet) substantially in the form of Exhibit
                  5.4(F).

               

                

            

    

    
      	
              (h)

            	
              Glencore shall have received at the Rights Offering Closing Date, a certificate or certificates dated the Rights Offering Closing
                  Date signed on behalf of PolyMet by the Chief Executive Officer and the Chief Financial Officer of PolyMet or such other officers of PolyMet acceptable to Glencore, acting reasonably, in form and content satisfactory to Glencore, acting
                  reasonably, addressed to Glencore certifying for and on behalf of PolyMet and not in their personal capacity after having made due enquiry, with respect to the following matters:

               

                

            

    

    
      	
              (i)

            	
              its constating documents;

            

    

    

    

    
      
        

      - 2-12 -

    

    

    

    
      
        	
                (ii)

              	
                the resolutions of its board of directors relevant to the approval of the Preliminary Prospectus, the Final Prospectus and
                    Registration Statement and the signing and filing thereof, the allotment and issue of the Rights Offering Securities and the authorization of the Agreement and the transactions contemplated therein; and

                 

                  

              

      

    

    
      	
              (iii)

            	
              the incumbency and signatures of certain of its authorized signing officers.

               

                

            

    

    
      	
              (i)

            	
              PolyMet shall have performed or complied with, in all material respects, each of its covenants contained in the Agreement and each
                  of its representations and warranties which are qualified as to materiality shall be true and correct, and all representations and warranties not so qualified shall be true and correct in all material respects, and Glencore shall have
                  received at the Rights Offering Closing Date a certificate or certificates dated the Rights Offering Closing Date, and signed on behalf of PolyMet by the Chief Executive Officer and the Chief Financial Officer of PolyMet or such other
                  officers of PolyMet acceptable to Glencore, acting reasonably, in form and content satisfactory to Glencore, acting reasonably, addressed to Glencore certifying for and on behalf of PolyMet and not in their personal capacity after having
                  made due enquiry and after having carefully examined the Prospectus and Registration Statement, including all documents incorporated by reference that:

               

                

            

    

    
      	
              (i)

            	
              since the respective dates as of which information is given in the Final Prospectus or Registration Statement, as amended or
                  supplemented which has been filed and receipted, as required, there has been no requirement to file a Prospectus Amendment under Securities Laws or an amendment of the Registration Statement with the SEC;

               

                

            

    

    
      	
              (ii)

            	
              no order, ruling, determination or change in law, in any such case, having the effect of preventing, restricting or suspending the
                  sale or distribution of the Rights suspending the sale or ceasing the trading of the Rights Offering Securities or any other securities of PolyMet or prohibiting the sale of the Rights Offering Securities has been issued by any regulatory
                  authority and is continuing in effect and no proceedings for that purpose have been instituted or are pending or, to the knowledge of such officers, contemplated or threatened under Securities Laws or by any Governmental Entity;

               

                

            

    

    
      	
              (iii)

            	
              all representations and warranties of PolyMet made in this Agreement, the Extension Agreement and the Warrant Amending Agreement
                  which are qualified as to materiality shall be true and correct, and all representations and warranties not so qualified shall be true and correct in all material respects, as of the Rights Offering Closing Time, as though made on and as
                  of the Rights Offering Closing Time;

               

                

            

    

    
      	
              (iv)

            	
              all covenants of PolyMet in this Agreement, the Extension Agreement and the Warrant Amending Agreement to be performed on or before
                  the Rights Offering Closing Time, shall have been duly performed by PolyMet in all material respects;

            

    

    

    

    
      
        

      - 2-13 -

    

    

    

    
      
        	
                (v)

              	
                neither the Rights nor any Shares will have been delisted or suspended or halted from trading for a period of greater than one
                    Business Day at any time prior to the Rights Offering Closing Date; and

                 

                  

              

      

    

    
      	
              (vi)

            	
              no Material Adverse Effect will have occurred or have been disclosed (if previously undisclosed) at any time after the date hereof
                  and prior to the Rights Offering Closing Date; and

               

                

            

    

    
      	
              (j)

            	
              The HSR Clearance shall have been obtained on terms acceptable to Glencore in its sole discretion and shall remain in full force and
                  effect.

               

                

            

    

    
      	
              (k)

            	
              Rights Offering Closing Date shall have occurred on or before June 30, 2019.

               

                

            

    

    
      	
              6.5

            	
              Conditions in Favour of PolyMet. The
                  obligation of PolyMet to issue the Standby Shares to Glencore is subject to the following conditions being satisfied in full which conditions are for the exclusive benefit of PolyMet, any of which may be waived, in whole or in part, by
                  PolyMet, in its sole and absolute discretion:

               

                

            

    

    
      	
              (a)

            	
              Glencore shall have performed or complied with, in all material respects, each of its covenants contained in the Agreement and each
                  of its representations and warranties shall be true and correct and PolyMet shall have received at the Rights Offering Closing a certificate or certificates dated the Rights Offering Closing Date and signed on behalf of Glencore by such
                  officers of Glencore acceptable to PolyMet, acting reasonably, addressed to PolyMet certifying for and on behalf of Glencore and not in their personal capacity after having made due enquiry that:

               

                

            

    

    
      	
              (i)

            	
              all representations and warranties of Glencore made in the Agreement shall be true and correct as of the Rights Offering Closing
                  Time, as though made on and as of the Rights Offering Closing Time; and

                  

                

            

    

    
      	
              (ii)

            	
              all covenants of Glencore in the Agreement to be performed on or before the Rights Offering Closing Time, shall have been duly
                  performed by Glencore in all material respects.

            

    

    ARTICLE 7

        TERMINATION

    
      	
              7.1

            	
              Termination by PolyMet or Glencore.
                  Either PolyMet or Glencore may terminate the Agreement by giving written notice to the other Party, if the conditions set out in Section 6.3 of this Schedule 2 are not satisfied on or before the Rights Offering Closing Date or such other
                  date as may be agreed in writing by PolyMet and Glencore.

               

                

            

    

    
      	
              7.2

            	
              Termination by PolyMet. PolyMet may
                  terminate the Agreement by giving written notice to Glencore at any time if any of the conditions set out in Section 6.5 of this Schedule 2 are not satisfied on or before the Rights Offering Closing Date, provided however that PolyMet
                  will be entitled to make such election to terminate only if PolyMet has complied with its obligations under the Agreement.

               

                

            

    

    
      	
              7.3

            	
              Termination by Glencore. Glencore may
                  terminate the Agreement by giving written notice to PolyMet at any time if:

               

                

            

    

     

     

     

     

    
      

      

      

      

      
        
          

        - 2-14 -

      

      

      

      
        
          	
                  (a)

                	
                  PolyMet fails to: (i) obtain final listing approval from the TSX or NYSE American for the Rights at least two days prior to the
                      date named as the Record Date in the Final Prospectus; (ii) obtain conditional listing approval from the TSX and NYSE American in respect of the Shares issuable upon exercise of the Rights and the Standby Shares, prior to or on the
                      Rights Offering Closing Date, subject to receipt of customary final documentation;

                   

                    

                

        

        
          	
                  (b)

                	
                  any of the conditions set out in Section 6.4 of this Schedule 2 are not satisfied on or before the Rights Offering Closing Date;

                   

                    

                

        

        
          	
                  (c)

                	
                  the Rights Offering Closing Date shall not have occurred on or before June 30, 2019;

                   

                    

                

        

        
          	
                  (d)

                	
                  the Shares are de‐listed or suspended or halted for trading for a period greater than one Business Day for any reason by the TSX
                      or NYSE American at any time; or

                   

                    

                

        

        
          	
                  (e)

                	
                  if the Rights Offering is otherwise terminated or cancelled.

                

        

      

    

    ARTICLE 8

        INDEMNIFICATION

    
      	
              8.1

            	
              PolyMet covenants and agrees to protect, indemnify and hold harmless Glencore for and on behalf of itself and for and on behalf
                  of and in trust for each of its Affiliates and Glencore’s and their respective directors, officers, shareholders, partners, employees and agents (collectively, the “Glencore Indemnified Parties”) from and against any and all direct and indirect losses, claims, damages, demands, costs, expenses and other liabilities of any kind, (“Losses”) which any of them may be subject to or suffer or incur to any third party:

               

                

            

    

    
      	
              (a)

            	
              by reason of or in any way arising, directly or indirectly, out of any Misrepresentation or alleged Misrepresentation in the
                  Prospectus or Registration Statement (other than a Misrepresentation in the Prospectus or Registration Statement attributable to information provided by or on behalf of Glencore in respect of itself expressly for inclusion in the
                  Prospectus or Registration Statement); and/or

            

    

    

      

    

    
      
        

      - 2-15 -

    

    
      
        	
                (b)

              	
                by reason of or in any way, directly or indirectly, out of any order made or any inquiry, investigation or proceeding instituted,
                    threatened or announced by any Governmental Entity or by any other Person, based upon any Misrepresentation or alleged Misrepresentation in the Prospectus or Registration Statement (other than a Misrepresentation in the Prospectus or
                    Registration Statement attributable to information provided by or on behalf of the Glencore Indemnified Parties in respect of themselves for inclusion in the Prospectus or Registration Statement); and/or

                 

                  

              

      

    

    
      	
              (c)

            	
              the non‐compliance or alleged non‐compliance by PolyMet with any requirement of Securities Laws or any other laws in connection with
                  the Rights Offering; and/or

               

                

            

    

    
      	
              (d)

            	
              by reason of, or in any way arising, directly or indirectly, out of any breach or default of or under any representation, warranty,
                  covenant or agreement of PolyMet contained in the Agreement.

               

                

            

    

    
      	
              8.2

            	
              The indemnification in this Article 8 may not be used by Glencore to bring a claim against PolyMet in circumstances where
                  Glencore has not suffered any Losses to a third party. The indemnification in this Article 8 may not be used by PolyMet to bring a claim against Glencore in circumstances where PolyMet has not suffered any Losses.

               

                

            

    

    
      	
              8.3

            	
              Glencore covenants and agrees to protect, indemnify and hold harmless PolyMet for and on behalf of itself and for and on behalf
                  of and in trust for each of its directors, officers, employees and agents from and against any and all Losses caused or incurred to any third party by reason of, or in any way arising, directly or indirectly, out of: (a) any breach or
                  default of or under any representation, warranty, covenant or agreement of Glencore contained herein; or (b) any information relating solely to Glencore that Glencore provided to PolyMet in writing expressly for inclusion in the
                  Prospectus or Registration Statement.

               

                

            

    

    
      	
              8.4

            	
              The indemnification by PolyMet contained in Section 8.1 of this Schedule 2 will not apply in respect of any Losses caused or
                  incurred by reason of or arising out of any Misrepresentation, order, inquiry, investigation or other matter or thing referred to herein which is based upon or results directly from any information relating solely to Glencore that
                  Glencore provided to PolyMet in writing expressly for inclusion in the Prospectus or Registration Statement.

               

                

            

    

    
      	
              8.5

            	
              Nothing in this Article 8 shall affect the ability of the Company to bring a claim against Glencore in respect of any breach of
                  this Agreement by Glencore, and nothing in this Article 8 shall affect the ability of Glencore to bring a claim against the Company in respect of any breach of this Agreement by the Company.

               

                

            

    

    
      	
              8.6

            	
              In the event that any claim, action, suit or proceeding, including, without limitation, any inquiry or investigation (whether
                  formal or informal), is brought or instituted against any of the Persons in respect of which indemnification is or might reasonably be considered to be provided for herein, such Person (an “Indemnified Party”) shall promptly notify the Person from whom indemnification is being sought (being either PolyMet under Section 8.1 of this Schedule 2 or Glencore under Section 8.2 of this
                  Schedule 2, as the case may be (the “Indemnifying Party”)) and the Indemnifying Party shall promptly retain counsel who shall be reasonably
                  satisfactory to the Indemnified Party to represent the Indemnified Party in such claim, action, suit or proceeding, and the Indemnifying Party shall pay all of the reasonable fees and disbursements of such counsel relating to such claim,
                  action, suit or proceeding.

            

    

    

    

    
      
        

      - 2-16 -

    

    

    

    
      
        	
                8.7

              	
                In any such claim, action, suit or proceeding, the Indemnified Party shall have the right to retain other counsel to act on
                    such Person’s behalf, provided that the fees and disbursements of such other counsel shall be paid by the Indemnified Party unless:

                 

                  

              

      

    

    
      	
              (a)

            	
              the Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the retention of such other counsel; or

               

                

            

    

    
      	
              (b)

            	
              the named parties to any such claim, action, suit or proceeding (including any added, third or impleaded parties) include both the
                  Indemnifying Party and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them (such as the availability of different defenses),

               

                

            

    

    provided, however, the Indemnifying Party shall not, in connection with any such claim, action, suit or proceeding in
        the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate legal firm for all Persons or corporations in respect of which indemnification is or might reasonably be considered to be provided for herein and such
        firm shall be designated in writing by the Indemnified Party (on behalf of itself and its directors, officers, employees and agents).

    
      	
              8.8

            	
              Notwithstanding anything herein contained, neither PolyMet nor Glencore shall agree to any settlement of any such claim, action,
                  suit or proceeding unless the other has consented in writing thereto, and neither Party shall be liable for any settlement of any such claim, action, suit or proceeding unless it has consented in writing thereto.

               

                

            

    

    
      	
              8.9

            	
              If the indemnification provided for in this Article 8 is held by a court of competent jurisdiction to be unavailable to an
                  Indemnified Party with respect to any Losses referred to herein, the Indemnifying Party, in lieu of indemnifying such Indemnified Party thereunder, shall to the extent permitted by law contribute to the amount paid or payable by such
                  Indemnified Party as a result of such Loss 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 act or omission that
                  resulted in such Loss, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by a court of law by reference to, among other things, whether
                  the untrue or alleged untrue statement of 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.

               

                

            

    

    
      	
              8.10

            	
              The obligations of PolyMet and Glencore under this Article 8 shall survive completion of any offerings described herein and any
                  termination of the Agreement. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of the Indemnified Party, consent to entry of any judgment or enter into any settlement which does not
                  include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation.

               

                

            

    

    
      	
              8.11

            	
              To the extent any indemnification by an Indemnifying Party is prohibited or limited by law, the Indemnifying Party agrees to
                  make the maximum contribution with respect to any amounts for which it would otherwise be liable under this Article 8 to the fullest extent permitted by law; provided, however, that no Person guilty of fraudulent misrepresentation shall
                  be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

            

    

    

    

  

  
    
      

    - 3-1 -

  

  
  

    

    SCHEDULE 3

        FORM OF LAUNCH PRESS ANNOUNCEMENT

    (See attached)

     

      

    
      
        

      - 4-1 -

    

    
    SCHEDULE 4

        FORM OF PRELIMINARY PROSPECTUS

    (See attached)

     

      

    
      
        

      - 4-1 -

    

    
     

    

    SCHEDULE 4.3.3

        FORM OF AMENDED AND RESTATED CORPORATE GOVERNANCE AGREEMENT

    AMENDED AND RESTATED CORPORATE GOVERNANCE
            AGREEMENT

    DATED the ___ day of________________, 2019.

    WHEREAS:

    
      	
              A.

            	
              PolyMet Mining Corp. (“PolyMet” or the “Company”) and Glencore AG (“Glencore”) are party to a standby
                  purchase agreement dated May 6, 2019 (the “Standby Purchase Agreement”).

               

                

            

    

    
      	
              B.

            	
              The Parties have previously entered into the Existing Corporate Governance Agreement.

               

                

            

    

    
      	
              C.

            	
              Pursuant to Section 7.1 of the Standby Purchase Agreement, the Parties have agreed to enter into this Amended and Restated Corporate
                  Governance Agreement to amend and restate the Existing Corporate Governance Agreement.

               

                

            

    

    NOW THEREFORE in consideration of the foregoing,
        and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows.

    
      	
              1.

            	
              Upon the execution of this Agreement, the Existing Corporate Governance Agreement shall be amended and restated and superseded and
                  replaced in its entirety by this Agreement. 1

                

               

                

            

    

    
      	
              2.

            	
              All capitalized terms used but not otherwise defined herein shall have the meanings given thereto in the Standby Purchase Agreement.

               

                

            

    

    
      	
              3.

            	
              From and after the date of this Agreement, the Company hereby covenants and agrees that:

               

                

            

    

    
      	
              (a)

            	
              at the relevant time, as long as the number of issued and outstanding Shares held by Glencore (on a fully diluted basis) relative to
                  all the issued and outstanding Shares (on a fully diluted basis) is at least 10%, Glencore shall have the right but not the obligation to designate that number of Glencore Nominees that is the greater of:

               

                

            

    

    
      	
              (i)

            	
              one; and

               

                

            

    

    
      	
              (ii)

            	
              the number of the directors of the Company out of the total number of directors of the Company which is proportionate to Glencore's
                  holdings of issued and outstanding Shares (on a fully diluted basis) relative to all the issued and outstanding Shares (on a fully diluted basis), provided that if the foregoing calculation does not result in a whole number, the number of
                  Glencore Nominees which Glencore is entitled to designate will be rounded down to the nearest whole number;

            

    

    

    

    

    

    

    

    
      
        
1 This agreement will not be executed until closing, the signatures will be held in escrow.

    

    
      
        

      - 4-2 -

    

    

    

    
      
        	
                (b)

              	
                to take all such actions to appoint the Glencore Nominees to the Board as soon as reasonably practicable following notice of
                    Glencore’s request to appoint the Glencore Nominees, which, for the avoidance of doubt, such actions may include increasing the number of directors on the Board or procuring the resignation of members of the Board at the time of
                    appointing the Glencore Nominees.

                 

                  

              

      

    

    
      	
              (c)

            	
              to mail to Shareholders in accordance with applicable corporate and Securities Laws, a management proxy circular in which the Board
                  will:

               

                

            

    

    
      	
              (i)

            	
              nominate all of the Glencore Nominees for election at the Company’s annual general meetings held after the date of this Agreement
                  where directors are elected (and every such Company meeting thereafter) (“Company AGM”); and

               

                

            

    

    
      	
              (ii)

            	
              make a written recommendation to Shareholders in favour of the election of all of the Glencore Nominees;

               

                

            

    

    
      	
              (d)

            	
              to solicit proxies for the Company AGM in favour of Shareholder approval of the election of all of the Glencore Nominees;

               

                

            

    

    
      	
              (e)

            	
              to notify Glencore in advance of any meeting of shareholders of PolyMet to be called by PolyMet after the completion of the
                  transactions contemplated by this Agreement, of the intention of PolyMet to include the election of directors of PolyMet as business to be conducted at such meeting in sufficient time for Glencore to designate the Glencore Nominees to be
                  included in the proxy circular for such meeting and the Company agrees to include such individuals so designated by Glencore among managements nominees as directors of the Company at such meeting; and

               

                

            

    

    
      	
              (f)

            	
              that if any individual nominated or designated by Glencore as aforesaid as a director of PolyMet and elected or appointed as a
                  director of PolyMet should resign, other than at an annual general meeting of shareholders of PolyMet, then Glencore shall be entitled to designate another individual as a director of PolyMet in place of the individual who so resigned.

               

                

            

    

    
      	
              4.

            	
              Glencore hereby covenants and agrees to nominate or designate as a director of PolyMet only individuals who are qualified to serve
                  as a director of PolyMet under applicable law (notwithstanding that such individual may not be “independent” under Securities Laws).

               

                

            

    

    
      	
              5.

            	
              All rights previously granted by PolyMet to Glencore to appoint directors to the Board remain in full force and effect unamended by
                  this Agreement.

               

                

            

    

    
      	
              6.

            	
              This agreement shall be governed and construed in accordance with the laws of the Province of British Columbia and the laws of
                  Canada applicable therein. Each of the parties hereto hereby attorn to the jurisdiction of the courts of the Province of British Columbia.

            

    

    

    

    
      
        

      - 4-3 -

    

    

    

    
      
        	
                7.

              	
                No supplement, modification, amendment, waiver, discharge or termination of this agreement is binding unless it is executed in
                    writing by each of the parties to this agreement. No waiver of, failure to exercise or delay in exercising any provision of this agreement constitutes a waiver of any other provision (whether or not similar) nor does such waiver
                    constitute a continuing waiver unless otherwise expressly provided.

                 

                  

              

      

    

    
      	
              8.

            	
              This agreement may be executed in counterparts, all of which will be considered one and the same agreement, and will become
                  effective when one or more counterparts will have been signed by each Party and delivered to the other Party. Delivery of an executed counterpart of this agreement by facsimile or transmitted electronically shall be equally effective as
                  delivery of a manually executed counterpart of this Agreement.

            

    

     

      

    [Signature page follows]

    

    

    
      
        

      - 4-4 -

    

    IN WITNESS WHEREOF the
        parties hereto have executed this Amended and Restated Corporate Governance Agreement as of the date first above written.

    	 	 
            POLYMET MINING CORP.

                 

                 

          
	 	 	 
	 	 	 
	 	By: 

          	 
	 	 	Name: 

          
	 	 	Title: 

          
	 	 	 
	 	 	 
	 	 
            GLENCORE AG

                 

                 

          
	 	 	 
	 	 	 
	 	By: 

          	 
	 	 	Name: 

          
	 	 	Title: 

          

    

    

    

    

    
      
        

    

    SCHEDULE 5

        REPRESENTATIONS AND WARRANTIES OF POLYMET

    PolyMet represents and warrants to Glencore as at the date of the Agreement, the Rights Issue Date and the Rights Offering Closing Date
        (by reference to the circumstances subsisting on each respective date), that:

    
      	
              (a)

            	
              The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its
                  incorporation and has the corporate power and authority to own its properties and to carry on its business as now being conducted. The Company is duly qualified to do business as a foreign corporation and is in good standing in each
                  jurisdiction in which the nature of the business conducted or property owned or leased by it makes such qualification necessary.

               

                

            

    

    
      	
              (b)

            	
              
                The only Subsidiaries of the Company are PMI and the companies set out in Schedule 5(b) of the Disclosure Letter.
                    The companies set out in Schedule 5(b)of the Disclosure Letter are non-material subsidiaries (the “Non-Material Subsidiaries”). PMI is incorporated under the laws of the State of Minnesota and is wholly‐owned by the Company. Except as set out in Schedule 5(b) of the Disclosure Letter, the Non-Material Subsidiaries are incorporated under the laws of the State of
                    Minnesota and are wholly-owned by the Company. PMI is duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has the corporate power and authority to own its
                  properties and to carry on its business as now being conducted. Except as set out in Schedule 5(b) of the Disclosure Letter, the Non-Material Subsidiaries are duly incorporated, validly existing and in
                    good standing under the laws of the jurisdiction of their incorporation and have the corporate power and authority to own their properties and to carry on their business as now being conducted. PMI is duly qualified to do
                  business as a foreign corporation and is in good standing in each jurisdiction in which the nature of the business conducted or property owned or leased by it makes such qualification necessary. Except as set out in Schedule 5(b) of the Disclosure Letter, the Non-Material Subsidiaries are duly qualified to do business as foreign corporations and are in good standing in each jurisdiction in which the
                    nature of the business conducted or property owned or leased by them makes such qualification necessary.

              

               

                

            

    

    
      	
              (c)

            	
              The Company has full corporate power and authority and has taken all requisite action on its part necessary for: (i) the
                  authorization, execution and delivery of the Agreement; (ii) authorization of the performance of all of its obligations hereunder; and (iii) in respect of the Company, the authorization, issuance (or reservation for issuance) and delivery
                  of the Rights Offering Securities.

               

                

            

    

    
      	
              (d)

            	
              The Agreement has been duly executed and delivered by the Company and the Agreement constitutes a legal, valid and binding
                  obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by: (i) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium,
                  liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies; or (ii) equitable principles relating to the availability of specific performance, injunctive relief and other equitable
                  remedies.

               

                

            

    

    
      	
              (e)

            	
              No notice, registration and filing or report with, and no consent, approval, order or other authorization of, any Governmental
                  Entity is required in connection with the execution, delivery and performance of the Transaction Documents by the Company or PMI, other than those that are set out in Schedule 5(e) of the Disclosure Letter.

               

                

            

    

    
      	
              (f)

            	
              There has been no voluntary or involuntary action taken either by or against the Company or PMI for any such Person’s winding‐up,
                  dissolution, liquidation, bankruptcy, receivership, administration or similar or analogous events in respect of such Person or all or any part of its assets or revenues.

            

    

    

    

    
      
        

      - 5-2 -

    

    
    

    

    
      
        	
                (g)

              	
                Set forth on Schedule 5(g) of the Disclosure Letter, is a description of: (i) the authorized capital stock of the Company and PMI;
                    (ii) the number of Shares of capital stock of the Company issued and outstanding; the number of shares of capital stock of PMI issued and outstanding; (iii) the number of Shares of capital stock of the Company issuable pursuant to the
                    Company’s equity compensation plans (including those issuable subject to approval by the Company’s shareholders); (iv) the number of Shares of capital stock of the Company issuable and reserved for issuance pursuant to securities
                    exercisable for, or convertible into or exchangeable for any Shares of capital stock of the Company; and (v) the number of shares of capital stock of PMI issuable and reserved for issuance pursuant to securities exercisable for, or
                    convertible into or exchangeable for any shares of capital stock of PMI. All of: (x) the issued and outstanding Shares of the Company’s capital stock; and (y) issued and outstanding shares of PMI’ capital stock, have been duly
                    authorized and validly issued and are fully paid and non‐assessable. Except as set forth on Schedule 5(g) of the Disclosure Letter, no Person is entitled to pre‐emptive or similar statutory or contractual rights with respect to any
                    securities of the Company or PMI. There is no shareholder rights plan or similar “poison pill” arrangement with respect to the Shares, the Company or any securities of the Company. Except as set forth on Schedule 5(g) of the Disclosure
                    Letter, there are no outstanding warrants, options, convertible securities or other rights, agreements or arrangements of any character under which the Company or PMI is or may be obligated to issue any equity securities of any kind,
                    and except as contemplated by this Agreement, the Company’s equity compensation plans (including those issuable subject to approval by the Company’s shareholders), neither the Company nor PMI are currently in negotiations for the
                    issuance of any equity securities of any kind. Except as set forth on Schedule 5(g) of the Disclosure Letter, the Company has no knowledge of any voting agreements, buy‐sell agreements, option or right of first purchase agreements or
                    other agreements of any kind among any of the securityholders of the Company or PMI relating to the securities of the Company or PMI held by them. Except as set forth on Schedule 5(g) of the Disclosure Letter, neither the Company nor
                    PMI has granted any Person the right to require the Company or PMI to register any securities of the Company or PMI under the 1933 Act or Securities Laws, whether on a demand basis or in connection with the registration of securities of
                    the Company or PMI for its own account or for the account of any other Person.

                 

                  

              

      

    

    
      	
              (h)

            	
              The Company has filed all Disclosure Documents with the Securities Authorities and SEC pursuant to Canadian Securities Laws and 1934
                  Act, respectively, since December 31, 2018. When filed, all Disclosure Documents complied as to form in all material respects with the requirements of the applicable Securities Laws and 1934 Act, respectively, and did not contain any
                  untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, not misleading. The Company and PMI are engaged only in the business described in the Disclosure Documents, and
                  the Disclosure Documents contain a complete and accurate description of the business of the Company and PMI in all material respects.

               

                

            

    

    
      	
              (i)

            	
              Since December 31, 2018, there has not been:

            

    

    

    

    
      
        

      - 5-3 -

    

    
      
        	
                (i)

              	
                any change in the consolidated assets, liabilities, financial condition or operating results of PLM from that reflected in the
                    financial statements included in the Annual Report, except changes in the ordinary course of business which have not had, in the aggregate, a Material Adverse Effect;

                 

                  

              

      

    

    
      	
              (ii)

            	
              any declaration or payment of any dividend, or any authorization or payment of any distribution, on any of the capital stock of the
                  Company or PMI, or any redemption or repurchase of any securities of the Company or PMI;

               

                

            

    

    
      	
              (iii)

            	
              material damage, destruction or loss, whether or not covered by insurance, to any assets or properties of the Company or PMI;

               

                

            

    

    
      	
              (iv)

            	
              any waiver by the Company or PMI of a material right or of a material debt owed to it;

               

                

            

    

    
      	
              (v)

            	
              any satisfaction or discharge of any Encumbrance or payment of any obligation by the Company or PMI, except in the ordinary course
                  of business and which is not material to the assets, properties, financial condition, operating results or business of the Company and PMI taken as a whole (as such business is presently conducted and as it is proposed to be conducted);

               

                

            

    

    
      	
              (vi)

            	
              any material change or amendment to a material agreement by which the Company or PMI or any of their respective assets or properties
                  are bound or subject;

               

                

            

    

    
      	
              (vii)

            	
              any material labour difficulties or labour union organizing activities with respect to employees of the Company or PMI;

               

                

            

    

    
      	
              (viii)

            	
              any material transaction entered into by the Company or PMI other than in the ordinary course of business; or

               

                

            

    

    
      	
              (ix)

            	
              any other event or condition of any character that may have a Material Adverse Effect.

               

                

            

    

    
      	
              (j)

            	
              The execution, delivery and performance of the Agreement by the Company and the issuance and sale of the Rights Offering Securities
                  by the Company will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default under: (i) the Company’s constating documents (including any certificates of designation) or articles
                  or any shareholders agreement relating to it; or (ii) except where it could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect: (A) any statute, rule, regulation or order of any
                  Governmental Entity having jurisdiction over the Company or PMI or any of their respective properties; or (B) any agreement or instrument to which the Company or PMI is a party or by which the Company or PMI is bound or to which any of
                  the properties of the Company or PMI is subject (including an event that with notice or lapse of time or both would become a default, and including any event that would give to others any rights of termination, amendment, acceleration or
                  cancellation, with or without notice, lapse of time or both). Except where it could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, neither the Company nor PMI, to the Company’s
                  knowledge: (x) is in violation of any statute, rule or regulation applicable to the Company or PMI or their respective assets or activities; (y) is in violation of any judgment, order or decree applicable to the Company or PMI or their
                  respective assets or activities; and (z) is in breach or violation of any agreement, note or instrument to which they or their assets are a party or are bound or subject. Except as provided in Schedule 5(cc) of the Disclosure Letter,
                  neither the Company nor PMI has received written notice from any Person of any claim or investigation that, if adversely determined, would render the preceding sentence untrue or incomplete.

            

    

    

    

    
      
        

      - 5-4 -

    

    

    

    
      
        	
                (k)

              	
                Each of the Company and PMI have prepared and filed all tax returns required to have been filed by it with all appropriate
                    Governmental Entities and paid all taxes due owed by it, taking into account permitted extensions. The charges, accruals and reserves on the books of the Company and PMI in respect of taxes for all fiscal periods are adequate, and there
                    are no unpaid assessments against the Company or PMI nor, to the knowledge of the Company, any basis for the assessment of any additional taxes, penalties or interest for any fiscal period or audits by any federal, state or local taxing
                    authority except such as which are not material. All taxes and assessments and levies that either the Company or PMI is required to withhold or to collect for payment have been duly withheld and collected and paid to the proper
                    Governmental Entity or third party when due, taking into account permitted extensions. There are no tax liens or claims pending or, to the Company’s knowledge, threatened against the Company or PMI or any of their respective assets or
                    property. There are no outstanding tax sharing agreements or other such arrangements between the Company or PMI and any other Person.

                 

                  

              

      

    

    
      	
              (l)

            	
              The only jurisdictions (or registration districts within such jurisdictions) in which the Company or PMI has any place of business
                  or stores any material tangible assets are as set forth in Schedule 5(l) of the Disclosure Letter.

               

                

            

    

    
      	
              (m)

            	
              Subject to Schedule 5(m‐1) of the Disclosure Letter, each of the Company and PMI has good and marketable title to all real
                  properties and all other properties and assets owned by it and material to its operations, in each case free from Encumbrances other than Permitted Encumbrances and defects that would materially affect the value thereof or materially
                  interfere with the use made or currently planned to be made thereof by them; and subject to Schedule 5(n) of the Disclosure Letter, each of the Company and PMI directly or indirectly holds any leased real or personal property material to
                  its operations under valid and enforceable leases with no exceptions that would materially interfere with the use made or currently planned to be made thereof by them. Schedule 5(m-1) of the Disclosure Letter sets forth a complete and
                  accurate legal description of all the real property owned in fee by the Company and/or PMI. Each of the Company and PMI has adequate rights of ingress and egress for the operation of the business in the ordinary course from and to the
                  Owned Real Property. Except as set forth in Schedule 5(m‐2) of the Disclosure Letter, neither the Company nor PMI owns any real property other than the Owned Real Property, and neither the Company nor PMI has agreed to acquire any real
                  property or interest in real property other than the Owned Real Property.

            

    

    

    

    
      
        

      - 5-5 -

    

    

    

    
      
        	
                (n)

              	
                Neither the Company nor PMI is party to any lease, sublease, agreement to lease, offer to lease, renewal of lease or other right
                    or interest in or to real property (each a “Lease”) except in respect of the Leased Real Properties. Each Lease is in good standing in all material
                    respects and all amounts owing thereunder have been paid by the Company or PMI. Schedule 5(n) of the Disclosure Letter identifies the Leased Real Properties of the Company or PMI material to their operations. Each of the Company and PMI
                    has adequate rights of ingress and egress for the operation of the business from and to Leased Real Property.

                 

                  

              

      

    

    
      	
              (o)

            	
              The uses to which the Owned Real Property and the Leased Real Property are being put by the Company and PMI are not in breach, in
                  any material respect, of any applicable law.

               

                

            

    

    
      	
              (p)

            	
              No part of the Owned Real Property or the Leased Real Property of the Company or PMI has been taken or expropriated by any
                  Governmental Entity nor has any written notice or proceeding in respect thereof been given or commenced nor is the Company aware of any intent or proposal to give any such notice or commence any such proceedings.

               

                

            

    

    
      	
              (q)

            	
              Subject to Schedule 5(q) of the Disclosure Letter, each of the Company and PMI possesses adequate certificates, authorities or
                  permits issued by appropriate Governmental Entities necessary to conduct the business now operated by it which could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect if not obtained, and has
                  not received any written notice of proceedings relating to the revocation or modification of any such certificate, authority or permit except as identified in Schedule 5(q) of the Disclosure Letter. Each of the Company and PMI is in
                  compliance with all applicable laws, non‐compliance with which could reasonably be expected to have a Material Adverse Effect.

               

                

            

    

    
      	
              (r)

            	
              Neither the Company nor PMI is in default, nor has any event or circumstance occurred which, but for the passage of time or the
                  giving of notice, or both, would constitute a default under any material agreement. No Event of Default has occurred and is continuing.

               

                

            

    

    
      	
              (s)

            	
              There are no existing Encumbrances relating to the assets of the Company or PMI other than Permitted Encumbrances except as set out
                  on Schedule 5(s) of the Disclosure Letter.

               

                

            

    

    
      	
              (t)

            	
              There are no Pension Plans in existence. All Benefit Plans to which the Company or PMI is a party are described in Schedule 5(t) of
                  the Disclosure Letter. There has not been any improper withdrawal or application of any asset of the Benefit Plans. There is no proceeding, action, suit or claim, including by any Governmental Entity (other than routine claims for
                  benefits) pending or, to the Company’s knowledge, threatened involving the Benefit Plans, and no fact exists which could give rise to that type of proceeding, action, suit or claim. All contributions or premiums required to be made or
                  paid by the Company or PMI in respect of the Benefit Plans have been made or paid in accordance with the terms of such plans and all applicable law. All contributions to the Benefit Plans by way of authorized payroll deduction or
                  otherwise have been properly withheld or collected by the Company or PMI and have been fully paid into those plans in compliance with the plans and applicable law. All reports and disclosures relating to the Benefit Plans required by
                  those plans and any applicable law to be filed or distributed have been filed or distributed in compliance with the plans and applicable law.

            

    

    

    

    
      
        

      - 5-6 -

    

    

    

    
      
        	
                (u)

              	
                No material labor dispute with the employees of the Company or PMI exists or, to the knowledge of the Company, is imminent.

                 

                  

              

      

    

    
      	
              (v)

            	
              Each of the Company and PMI has paid all wages and other forms of compensation due and owing and have made and remitted all required
                  statutory and other deductions and there are no outstanding or pending labor or employment‐related liabilities.

               

                

            

    

    
      	
              (w)

            	
              (i) Neither the Company nor PMI is a party to any collective agreement or other labour contract except as set out on Schedule 5(w)
                  of the Disclosure Letter; (ii) no union or other labor organization is actively seeking to organize, or to be recognized as, a collective bargaining unit of employees of the Company or PMI; and (iii) there is no pending or, to the
                  Company’s knowledge, threatened, strike, work stoppage, material unfair labor practice claim, or other material labor dispute against or affecting the Company or PMI.

               

                

            

    

    
      	
              (x)

            	
              All Material Agreements of the Company and PMI are in full force and effect, unamended, and the Company or, to the Company’s
                  knowledge, any other party to any such agreement is not in material default with respect thereto.

               

                

            

    

    
      	
              (y)

            	
              All books and records of the Company and PMI have been fully, properly and accurately kept and completed in accordance with IFRS and
                  there are no material inaccuracies or discrepancies of any kind contained or reflected therein.

               

                

            

    

    
      	
              (z)

            	
              Each of the Company and PMI owns or possesses adequate rights or licenses to the inventions, know‐how, patents, patent rights,
                  copyrights, trademarks, trade names, licenses, approvals, governmental authorizations, trade secrets, confidential information and other intellectual property rights, free and clear of all Encumbrances, equities and other adverse claims,
                  necessary to conduct the business now operated by it and presently contemplated to be operated by it (collectively, “Intellectual Property Rights”),
                  and neither the Company nor PMI has received any written notice of infringement of or conflict with asserted rights of others with respect to any Intellectual Property Rights.

               

                

            

    

    
      	
              (aa)

            	
              The following representations are, in their entirety, subject to Schedule 5(aa) of the Disclosure Letter. To the knowledge of the
                  Company, neither the Company nor PMI: (i) is in violation of any statute, rule, regulation, decision or order of any Governmental Entity relating to the use, disposal or release of hazardous or toxic substances or relating to the
                  protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”); (ii) own or
                  operate any real property contaminated with any substance that is subject to any Environmental Laws, are not liable for any off‐site disposal or contamination pursuant to any Environmental Laws; and (iii) are subject to any claim relating
                  to any Environmental Laws, which violation, contamination, ownership, operation, liability or claim would individually or in the aggregate have a Material Adverse Effect except as set forth in Schedule 5(aa) of the Disclosure Letter, and
                  the Company is not aware of any other pending investigation that might lead to such a claim. The business and operations each of the Company and PMI complies in all material respects with Environmental Laws and each the Company and PMI
                  holds all permits and licenses necessary to conduct its business and operations in compliance with Environmental Laws. All material costs to ensure compliance with Environmental Laws, including those with respect to future closure and
                  rehabilitation costs, are accurately reflected in the Company’s financial statements in accordance with IFRS.

            

    

    

      

    

    
      
        

      - 5-7 -

    

    
      
        	
                (bb)

              	
                Schedule 5(bb) of the Disclosure Letter lists all mineral interests and rights, including claims, concessions, surface rights,
                    easements, exploration licenses and exploitation licenses and leases (collectively, the “Mineral Rights”) associated with the NorthMet Project
                    which are held directly or indirectly by the Company or PMI or to which the Company or PMI is a party. Except as identified in Schedule 5(bb) of the Disclosure Letter or would not reasonably be expected to have a Material Adverse
                    Effect:

                 

                  

              

      

    

    
      	
              (i)

            	
              the Company is the sole legal and beneficial owner of all right, title and interest in and to the Mineral Rights, free and clear of
                  any Encumbrances, except Permitted Encumbrances;

               

                

            

    

    
      	
              (ii)

            	
              all of the Mineral Rights have been properly located and recorded in compliance with applicable Laws and are comprised of valid and
                  subsisting mineral claims;

               

                

            

    

    
      	
              (iii)

            	
              the Mineral Rights are in good standing under applicable Laws and all work required to be performed and filed in respect thereof has
                  been performed and filed, all taxes, rentals, fees, expenditures and other payments in respect thereof have been paid or incurred and all filings in respect thereof have been made;

               

                

            

    

    
      	
              (iv)

            	
              there is no adverse claim against or challenge to the title to or ownership of any of the Mineral Rights;

               

                

            

    

    
      	
              (v)

            	
              the Company has the exclusive right to deal with all of the Mineral Rights;

               

                

            

    

    
      	
              (vi)

            	
              no person other than the Company has any interest in any of the Mineral Rights or the production or profits therefrom or any royalty
                  in respect thereof or any right to acquire any such interest;

               

                

            

    

    
      	
              (vii)

            	
              there are no options, back‐in rights, earn‐in rights, rights of first refusal or similar provisions or rights which would affect the
                  interest of the Company or PMI in any of the Mineral Rights;

               

                

            

    

    
      	
              (viii)

            	
              there are no restrictions on the ability of the Company or PMI to use, transfer or exploit any of the Mineral Rights, except
                  pursuant to applicable laws;

            

    

    

    

    
      
        

      - 5-8 -

    

    

    

    
      
        	
                (ix)

              	
                neither the Company nor PMI has received any written notice from any Governmental Entity of any revocation or intention to revoke
                    any interest of the Company or PMI in any of the Mineral Rights; and

                 

                  

              

      

    

    
      	
              (x)

            	
              the Company has all surface rights, including easements and rights of way from landowners or Governmental Entities, that are
                  required to develop and exploit the NorthMet Project as contemplated in the M3 Technical Report and no third party or group holds any such rights that would be required by the Company or PMI to develop and exploit the NorthMet Project as
                  contemplated in the M3 Technical Report.

               

                

            

    

    
      	
              (cc)

            	
              Except as identified in Schedule 5(cc) of the Disclosure Letter, there are no pending actions, suits or proceedings against or
                  affecting the Company or PMI or any of their respective properties that, if determined adversely, would individually or in the aggregate have a Material Adverse Effect and, to the knowledge of the Company, no such actions, suits or
                  proceedings are threatened or contemplated. There are no pending actions, suits or proceedings against or affecting the Company or PMI that involve this Agreement or the rights of Glencore or the obligations of the Company thereunder and,
                  to the knowledge of the Company, no such actions, suits or proceedings are threatened or contemplated.

               

                

            

    

    
      	
              (dd)

            	
              
                The financial statements included in the Disclosure Documents present fairly and accurately in all material respects the consolidated balance sheets of the
                  Company as of the dates shown and its consolidated statements of loss and comprehensive loss, consolidated statements of changes in shareholder equity and consolidated statement of cash flows for the periods shown, and such other
                  financial statements have been prepared in conformity with IFRS in effect from time to time in Canada applied on a consistent basis throughout the periods involved except as set forth in the notes thereto. Except as set forth in the
                  annual financial statements of the Company included in the Annual Report, neither the Company nor PMI has any liabilities, contingent or otherwise, which individually or in the aggregate would result in a Material Adverse Effect subject
                  to Schedule 5(dd) of the Disclosure Letter. The amount of the Closing Date Indebtedness is
                  anticipated to be US$264,183,982 if the Rights Offering Closing Date occurs on June 30, 2019. Set out in Schedule 5(dd) of the Disclosure Letter is the Closing Date Indebtedness calculated for each day of the months of
                    April, May and June, 2019.

              

               

                

            

    

    
      	
              (ee)

            	
              Each of the Company and PMI maintains in full force and effect insurance coverage that the Company reasonably believes to be
                  adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure. All such insurance policies are: (i) sufficient for compliance with all requirements of applicable Law and of
                  all Material Agreements; (ii) are valid, outstanding and enforceable policies; and (iii) provide adequate insurance coverage in at least such amounts and against at least such risks (but including in any event, public liability) as are
                  usually insured against in the same general area by companies engaged in the same or a similar business. All premiums with respect thereto have been paid in accordance with their respective terms, and no written notice of cancellation or
                  termination has been received with respect to any such policy.

            

    

    

    

    
      
        

      - 5-9 -

    

    

    

    
      
        	
                (ff)

              	
                There are no proceedings pending or, to the Company’s knowledge, threatened against the Company relating to the continued listing
                    of the Shares on the TSX or the NYSE American.

                 

                  

              

      

    

    
      	
              (gg)

            	
              The Company is in material compliance with all applicable provisions of the Sarbanes‐Oxley Act that are in effect.

               

                

            

    

    
      	
              (hh)

            	
              The Company is in material compliance with all applicable corporate governance requirements set forth in the rules of the NYSE
                  American currently in effect.

               

                

            

    

    
      	
              (ii)

            	
              In respect of financial reporting for the fiscal year ended December 31, 2018 and all subsequent periods, the Company maintains a
                  system of internal control over financial reporting (as such term is defined in Rules 13a‐15(f) and 15d‐15(f) of the 1934 Act) sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management’s
                  general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements of the Company in conformity with generally accepted accounting principles and to maintain accountability for
                  assets; (iii) access to the Company’s assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets of the Company is compared with existing assets at
                  reasonable intervals and appropriate actions is taken with respect to any differences. The Company has not been advised of (x) any significant deficiencies in the design or operation of its internal control over financial reporting that
                  could adversely affect its ability to record, process, summarize and report financial data; (y) any material weaknesses in its internal control over financial reporting; or (z) any fraud, whether or not material, that involves management
                  or other employees who have significant role in the internal control over its financial reporting.

               

                

            

    

    
      	
              (jj)

            	
              The Company has established and maintains disclosure controls and procedures (as such term is defined in Rules 13a‐15(e) and
                  15d‐15(e) of the 1934 Act), which are effective in all material respects to perform the functions for which they are established.

               

                

            

    

    
      	
              (kk)

            	
              PricewaterhouseCoopers LLP, which has audited certain financial statements of the Company and delivered its report with respect to
                  the audited financial statements included in the Annual Report, is, with respect to the Company, an independent registered public accounting firm within the meaning of the 1933 Act and the rules and regulations promulgated by the SEC
                  thereunder (including without limitation pursuant to the Sarbanes‐Oxley Act).

               

                

            

    

    
      	
              (ll)

            	
              Neither the aggregate value of the assets in Canada of PolyMet and its Subsidiaries, nor the gross revenues from sales in or from
                  Canada generated from those assets, as determined in accordance with Part IX of the Competition Act (Canada) and the Notifiable Transactions
                  Regulations (Canada), SOR 87‐348, exceeds the prescribed value referred to in Section 110 of the Competition Act (Canada).

               

                

            

    

    
      	
              (mm)

            	
              The “enterprise value” of PolyMet is less than C$1.045 billion, as determined in accordance with Section 3.3 of the Investment Canada Regulations (Canada) SOR 65‐611.

            

    

    

    

    
      
        

      - 5-10 -

    

    

    

    
      
        	
                (nn)

              	
                The Rights Offering Shares issuable to Glencore will be duly and validly issued and registered in the name of Glencore (or as it
                    may direct in writing) and upon receipt of the Subscription Price in respect of the Basic Entitlement Shares and Additional Subscription Shares and on fulfillment of the Standby Commitment, the Rights Offering Shares will be validly
                    issued, fully paid, non‐assessable and will be free and clear of all liens, pledges, claims, encumbrances, security interests or other restrictions except for any restrictions on resale or transfer imposed by Securities Laws and not
                    subject to any option to purchase or similar right (it being acknowledged by Glencore that the number of Standby Shares that it may be entitled to receive pursuant to the Rights Offering will depend on the number of Shares issued to
                    those Persons who have exercised Rights prior to the Rights Offering Expiry Time).

                 

                  

              

      

    

    
      	
              (oo)

            	
              The Rights Offering Shares will be allotted and issued subject to the notice of articles and articles of PolyMet, and on terms that
                  they will, when issued, be fully paid, non‐assessable and free and clear of all encumbrances and restrictions, except for restrictions on transfer imposed by applicable securities laws.

               

                

            

    

    
      	
              (pp)

            	
              PolyMet has provided Glencore with a good faith estimate of PolyMet’s out‐of‐pocket expenses relating to the transactions
                  contemplated by this Agreement. Such expenses shall not exceed US$6,000,000.

               

                

            

    

    
      	
              (qq)

            	
              PolyMet is a reporting issuer in good standing in the Provinces of British Columbia, Alberta and Ontario.

               

                

            

    

    
      	
              (rr)

            	
              PolyMet is qualified to file a prospectus in the form of a short form prospectus pursuant to the provisions of NI 44‐101 – Short
                  Form Prospectus Distributions.

               

                

            

    

    
      	
              (ss)

            	
              The Company has filed all of the technical reports required to be filed under National Instrument 43‐101 – Standards of Disclosure
                  for Mineral Projects in respect of each property material to the Company.

               

                

            

    

    
      	
              (tt)

            	
              The Company has not, at any time since June 30, 2018, entered into any agreement or amendment or executed any payment that would
                  have breached Section 6.1 of this Agreement if such provisions had been in force as at June 30, 2018.

               

                

            

    

    
      	
              (uu)

            	
              (i) the common shares, without par value, of PolyMet are registered under Section 12(b) of the 1934 Act; (ii) PolyMet is required to
                  file reports pursuant to Section 13 of the 1934 Act; (iii) PolyMet has filed all reports required to be filed pursuant to Section 13 of the 1934 Act; and (iv) PolyMet is in compliance with all of its other obligations under the 1934 Act.

               

                

            

    

    
      	
              (vv)

            	
              PolyMet is a “foreign private issuer” within the meaning of Rule 3b‐4 under the 1934 Act, and PolyMet meets the requirements for use
                  of Form F‐10 under the 1933 Act for registration under the 1933 Act of the offering of the Rights Offering Securities to be issued in connection with the Rights Offering.

            

    

    

    

    

    

    
      
        

      - 5-11 -

    

    
    

    

    
      
        	
                (ww)

              	
                No order halting or suspending trading in securities of PolyMet or prohibiting the sale of such securities is outstanding against
                    PolyMet, and to the knowledge of PolyMet and the directors and officers thereof, no investigations or proceedings for such purpose are pending or threatened.

                 

                  

              

      

    

    
      	
              (xx)

            	
              No approval of the Company’s Shareholders or valuation is required for: (i) the execution and delivery by the Company of this
                  Agreement; (ii) the issuance of any of the Rights, the Shares issuable upon exercise of the Rights and/or the Standby Shares as contemplated by this Agreement; (iii) the Extension Agreement; (iv) the Warrant Amending Agreement; (v) the
                  issuance of the 2019 Purchase Warrants; (vi) the Proposed Expiry Date Amendments (as defined in the Extension Agreement); (vii) the Extension Agreement; or (viii) the consummation of the other transactions contemplated by this Agreement,
                  the Extension Agreement, the Warrant Amending Agreement and the Extension Agreement.

               

                

            

    

    
      	
              (yy)

            	
              At the time of its filing with any Securities Authority and the SEC or otherwise and as at the Rights Offering Closing Date, the
                  Prospectus and Registration Statement did and will comply with the requirements of Securities Laws in all material respects; and at the time of its filing and as at the Rights Offering Closing Date, the information and statements
                  contained therein are true and correct in all material respects, contain no Misrepresentation and constitute full, true and plain disclosure of all material facts and do not omit any material facts relating to PolyMet and its Subsidiaries
                  taken as a whole and as concerns the Rights Offering and the transactions contemplated herein; provided that the foregoing will not apply to any information or statements contained in the Prospectus or Registration Statement relating
                  solely to Glencore that Glencore has specifically provided to PolyMet in writing for inclusion in such Prospectus and Registration Statement. The information disclosed
                  to Glencore by or on behalf of Polymet in connection with the negotiation of the Extension Agreement and this Agreement, including any information disclosed in any representation and warranty, including any related disclosure schedule,
                  contained herein or therein, does not include any information that is “material” within the meaning of the Securities Act, the 1933 Act or the 1934 Act, with respect to the Company, and which is not disclosed in the Prospectus.

               

                

            

    

    
      	
              (zz)

            	
              Neither PolyMet nor PMI (nor to the knowledge of PolyMet, any officer, director, employee, advisor or agent of PolyMet or PMI) has
                  engaged in any activity or conduct that has resulted or could result in an ABC Violation and PolyMet and PMI have established and maintained policies and procedures designed to ensure compliance with: (x) Anti‐Corruption Laws;
                  (y) Anti‐Money Laundering Laws; and (z) Trade Sanctions.

               

                

            

    

    
      	
              (aaa)

            	
              The Company has received relief from the Autorité des Marchés Financiers for the translation requirements under Québec law.

            

    

    

    

     

    

    
      
        

      - 6-1 -

    

     

    

    SCHEDULE 6

        REPRESENTATIONS AND WARRANTIES OF GLENCORE

    Glencore represents and warrants to the Company as at the date of this Agreement that:

    
      	
              (a)

            	
              Glencore is a corporation duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its
                  incorporation and has the corporate power and authority to own its properties and to carry on its business as now being conducted.

               

                

            

    

    
      	
              (b)

            	
              Glencore has full corporate power and authority and has taken all requisite action on its part necessary for: (i) the authorization,
                  execution and delivery of the Agreement; and (ii) authorization of the performance of all of its obligations thereunder.

               

                

            

    

    
      	
              (c)

            	
              The Agreement has been duly executed and delivered by Glencore and the Agreement constitutes a legal, valid and binding obligation
                  of Glencore, enforceable against Glencore in accordance with its terms, except as such enforceability may be limited by: (i) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, liquidation or similar laws
                  relating to, or affecting generally the enforcement of, creditors’ rights and remedies; or (ii) equitable principles relating to the availability of specific performance, injunctive relief and other equitable remedies.

               

                

            

    

    
      	
              (d)

            	
              No notice, registration and filing or report with, and no consent, approval, order or other authorization of, any Governmental
                  Entity is required in connection with the execution, delivery and performance of the Transaction Documents by Glencore, other than: (i) HSR Clearance; (ii) an amendment to the Schedule 13D filed with the SEC by Glencore and certain of its
                  affiliates with respect to their beneficial ownership of Shares; and (iii) “Early Warning Reports”, news releases and “insider report” filings under Canadian Securities Laws.

               

                

            

    

    
      	
              (e)

            	
              There has been no voluntary or involuntary action taken either by or against Glencore for any winding‐up, dissolution, liquidation,
                  bankruptcy, receivership, administration or similar or analogous events in respect of Glencore or all or any material part of its assets or revenues.

               

                

            

    

    
      	
              (f)

            	
              The execution and delivery of this Agreement by Glencore will not result in any material breach of any agreement to which it is a
                  party which would have a material adverse effect on its ability to perform its obligations under this Agreement.

            

    

     

      

     

     

  
    
      

    - S1-1 -

  

   

   

    
    SCHEDULE S1

        MATERIAL AGREEMENTS

    See Disclosure Letter.

    

    

    

  

  
    
      

    - 5.4-1 -

  

  
   

    
    EXHIBIT 5.4(E)

        FORM OF CANADIAN COUNSEL OPINION

    

    

    [. . .]

    Glencore AG

        Baarermattstrasse 3

        PO Box 1301, 6341 Baar

        Switzerland

    Dear Sirs:

    RE: PolyMet Mining Corp.

      

    
      	
              1.

            	
              SCOPE OF REVIEW

               

                

            

    

    
      	
              1.1

            	
              We have acted as counsel to PolyMet Mining Corp. (the “Company”) in connection with the negotiation, execution and delivery of a Standby Purchase Agreement (the “Agreement”) dated [. . .] 2019 between the Company and Glencore AG (“Glencore”).

               

                

            

    

    
      	
              1.2

            	
              This opinion is being provided pursuant to Section 5.4(e) of the Agreement. Capitalized terms used but otherwise not defined in
                  this opinion have the same meaning herein as are ascribed thereto in the Agreement.

               

                

            

    

    
      	
              1.3

            	
              For the purposes of giving this opinion, we have examined and reviewed execution copies of the following documents:

               

                

            

    

    
      	
              (a)

            	
              the Agreement;

               

                

            

    

    
      	
              (b)

            	
              the Registration Rights Agreement;

               

                

            

    

    
      	
              (c)

            	
              the Rights Certificate (and together with the Agreement and the Registration Rights Agreement, the “Transaction Documents”);

               

                

            

    

    
      	
              (d)

            	
              the Preliminary Prospectus dated [. . .] 2019; and

               

                

            

    

    
      	
              (e)

            	
              the Final Prospectus dated [. . .], 2019.

               

                

            

    

    
      	
              2.

            	
              LEGAL SYSTEM

               

                

            

    

    
      	
              2.1

            	
              The scope of our review is restricted to and this opinion is rendered solely with respect to the laws of the Province of [. . .], and the federal laws of Canada having application therein as of the date hereof.

                  

                

            

    

    
      	
              3.

            	
              RELIANCE AND ASSUMPTIONS

               

                

            

    

    
      	
              3.1

            	
              In the examination and consideration of the documents (including the Transaction Documents) required to deliver this opinion, we
                  have assumed the genuineness of all signatures thereto, the legal capacity of all individuals, the authenticity of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us
                  as photostatted, telecopied or certified copies and the accuracy and completeness of any information provided to us by any office of public record. We have assumed the Transaction Documents are the legal, valid and binding obligations of
                  the Parties thereto, other than the Company, enforceable against such Parties in accordance with their respective terms.

            

    

    

    

    
      
        

      - 5.4-2 -

    

    

    

    
      
        	
                3.2

              	
                For the purposes of this opinion, we have also examined such other records, certificates and documents and have considered
                    such questions of law and made such investigations and inquiries as we have considered necessary or advisable for the purposes of this opinion, including the following:

                 

                  

              

      

    

    
      	
              (a)

            	
              Certificates of Good Standing for the Company dated [. . .], 2019 and issued by the Registrar under the Business Corporations Act (British Columbia)

               

                

            

    

    
      	
              (b)

            	
              An officer's certificate of the Company dated [. . .], 2019 (the “Officer’s Certificate”) attaching thereto a copy of each of the following:

               

                

            

    

    
      	
              (i)

            	
              the Company’s constating documents; and

               

                

            

    

    
      	
              (ii)

            	
              resolutions of the Board (“Corporate
                    Resolutions”).

               

                

            

    

    
      	
              3.3

            	
              In expressing the opinion in paragraph 4.1 we have relied exclusively upon the certificate referred to in paragraph 3.2(a).

               

                

            

    

    
      	
              3.4

            	
              In expressing the opinion in paragraph 4.3, with respect to the number of common shares of the Company (the “Shares”) that are issued and outstanding, we have relied exclusively upon a letter dated [. . .], 2019 and provided to us by Computershare Investor
                  Services Inc., acting in its capacity as registrar and transfer agent to the Company, a copy of which has been delivered to you.

               

                

            

    

    
      	
              3.5

            	
              In expressing the opinion in paragraph 4.4, we have relied exclusively upon our review of the reporting issuers list prepared by
                  the British Columbia Securities Commission (“BCSC”) and published on the BCSC's website on [. . .], 2019 which list we assume continues to be accurate
                  as of the date hereof.

               

                

            

    

    
      	
              3.6

            	
              In expressing the opinion in paragraphs 4.5 to 4.9 inclusive we have relied upon our review of the Officer’s Certificate
                  referred to in paragraph 3.2(b).

               

                

            

    

    
      	
              3.7

            	
              In expressing the opinion in paragraphs 4.14, we have relied exclusively upon the letter from the Toronto Stock Exchange (“TSX”) dated [. . .], 2019, a copy of which has been provided to you.

               

                

            

    

    
      	
              3.8

            	
              Whenever our opinion herein with respect to the existence or absence of any agreement or other instrument or any agreement or
                  other instrument or any judgment, writ, injunction, decree, order, award or ruling is qualified by the expression “to our knowledge” or “of which we are aware” or words to like effect, it is based solely on the actual knowledge of our
                  current partners and associate lawyers directly involved in, and obtained during the course of, representing the Company in connection with the matters contemplated by the Transaction Documents.

               

                

            

    

    
      	
              3.9

            	
              We understand that the assumptions, qualifications and reliances expressed in the preceding paragraphs are satisfactory to you.

            

    

    

    

    
      
        

      - 5.4-3 -

    

    

    

    
      
        	
                4.

              	
                OPINION

                 

                  

              

      

    

    Based upon and subject to the foregoing and subject to the qualifications hereinafter set forth, we are of the opinion
        that:

    
      	
              4.1

            	
              The Company exists as a company under the Business

                    Corporations Act (British Columbia) and is, with respect to the filing of annual reports, in good standing with the Office of the Registrar of Companies for the Province of British Columbia.

               

                

            

    

    
      	
              4.2

            	
              The Company has the necessary corporate power and capacity to enter into and carry out its obligations under each Transaction
                  Document and to issue the Rights Offering Securities as contemplated by the Agreement.

               

                

            

    

    
      	
              4.3

            	
              The authorized capital of the Company consists of an unlimited number of Shares of which [. . .] Shares are issued and
                  outstanding.

               

                

            

    

    
      	
              4.4

            	
              The Company is a “reporting issuer” under the Securities

                    Act (British Columbia) and is not included in the list of issuers in default prepared by the BCSC.

               

                

            

    

    
      	
              4.5

            	
              Each Transaction Document and the performance by the Company of its obligations thereunder have been duly authorized by all
                  necessary corporate action by the Company.

               

                

            

    

    
      	
              4.6

            	
              Each Transaction Document has been duly executed and delivered by the Company and constitutes a legal, valid and binding
                  obligation of the Company enforceable against the Company in accordance with its terms.

               

                

            

    

    
      	
              4.7

            	
              All necessary corporate action has been taken by the Company to authorize the creation, issuance and distribution of the Rights
                  Offering Securities.

               

                

            

    

    
      	
              4.8

            	
              The execution and delivery of the Prospectus and the filing of the Prospectus pursuant to Securities Laws of the Province of
                  British Columbia has been duly authorized by all necessary corporate action by the Company.

               

                

            

    

    
      	
              4.9

            	
              The Rights have been duly authorized and validly issued by the Company and upon the valid exercise of the Rights and payment of
                  the subscription price for the Rights Offering Shares as provided for in the Rights Certificate, the Rights Offering Shares issued upon the exercise of the Rights will be duly authorized and validly issued as fully paid and non‐assessable
                  common shares in the capital of the Company.

               

                

            

    

    
      	
              4.10

            	
              Upon the payment of the subscription price for the Standby Shares as provided for in the Agreement, the Standby Shares will be
                  duly authorized and validly issued as fully paid and non‐assessable common shares in the capital of the Company.

               

                

            

    

    
      	
              4.11

            	
              Neither the execution and delivery by the Company of a Transaction Document nor the consummation of the transactions
                  contemplated thereby results in a breach (whether after notice or lapse of time or both) of any of the terms, conditions or provisions of or constitute a default under: (i) the notice of articles or articles of the Company; (ii) any
                  applicable law of the of the Province of British Columbia, and the federal laws of Canada having application therein; (iii) any agreement of which we are aware to which the Company is a party or by which the Company is bound; or (iv) any
                  judgment, writ, injunction, decree, order award or ruling of a Governmental Entity of the Province of British Columbia or of Canada and of which we are aware and to which the Company is subject.

            

    

    

    

    
      
        

      - 5.4-4 -

    

    

    

    
      
        	
                4.12

              	
                All documents required to have been filed or delivered by the Company and all proceedings, approvals, consents, authorizations
                    and permits required to have been taken or obtained by the Company under Securities Laws have been filed, delivered, taken or obtained to qualify the distribution of the Rights in the Qualifying Jurisdictions.

                 

                  

              

      

    

    
      	
              4.13

            	
              No prospectus or other documents are required to be filed or delivered, proceedings taken or approvals, permits, consents or
                  authorizations required to be obtained under the Securities Laws of the Qualifying Jurisdictions (other than such as have been filed or obtained) to permit the issue and delivery of the Rights Offering Shares and the Standby Shares.

               

                

            

    

    
      	
              4.14

            	
              The Rights have been approved for listing on the TSX and the Rights Offering Shares and Standby Shares have been conditionally
                  approved for listing on the TSX subject only to the listing conditions set out in the letter from the TSX referred to in paragraph 3.5.

               

                

            

    

    
      	
              4.15

            	
              No notice, registration and filing or report with, an no consent, approval, order or other authorization of, any Governmental
                  Entity having jurisdiction in British Columbia is require in connection with the execution, delivery and performance of the Transaction Documents by the Company, other than those that have been obtained.

               

                

            

    

    
      	
              4.16

            	
              Based on the provisions of the Tax Act the Regulations thereunder, and the proposals to amend the Tax Act and the Regulations
                  publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof, the Rights Offering Securities, when issued, will be qualified investments under the Tax Act and the regulations thereunder for trusts
                  governed by registered retirement savings plans, registered retirement income funds, deferred profit sharing plans and registered education savings plans, provided that the Rights and common shares of the Company are listed at that time
                  on a “designated” stock exchange in Canada (which currently includes the TSX).

               

                

            

    

    
      	
              4.17

            	
              The statements set forth under the heading “Canadian Federal Income Tax Considerations” and “Eligibility for Investment” in the
                  Final Prospectus are accurate subject to the assumptions and other qualifications referred to therein.

               

                

            

    

    
      	
              5.

            	
              QUALIFICATIONS

               

                

            

    

    
      	
              5.1

            	
              The opinions expressed herein are subject to the following qualifications:

               

                

            

    

    
      	
              (a)

            	
              the effects of any applicable bankruptcy, winding up, liquidation, insolvency, fraudulent preference, reorganization, moratorium
                  or any other laws or judicial decisions of whatsoever nature or kind affecting the enforcement of creditors' rights and remedies generally, including, without limitation, the applicable provisions of the Bankruptcy and Insolvency Act (Canada), Winding‐Up and Restructuring Act (Canada),
                  Companies' Creditors Arrangement Act (Canada) and British Columbia
                    Business Corporations Act;

            

    

    

    

    
      
        

      - 5.4-5 -

    

    

    

    
      
        	
                (b)

              	
                general principles of equity which may apply to any proceeding, whether in equity or at law, including, without limitation:

                 

                  

              

      

    

    
      	
              (i)

            	
              the powers of the court to stay proceedings before it and to stay the execution of judgments and to relieve from the
                  consequences of default;

               

                

            

    

    
      	
              (ii)

            	
              the concepts of materiality, good faith and fair dealing;

               

                

            

    

    
      	
              (iii)

            	
              equitable remedies, such as specific performance and injunctive relief, may only be available in the discretion of the court and
                  accordingly may not be available as a remedy in any particular circumstance;

               

                

            

    

    
      	
              (iv)

            	
              principles limiting the availability of a remedy under a circumstance where Glencore has elected another remedy;

               

                

            

    

    
      	
              (v)

            	
              limitations which may be imposed by law on the effectiveness of terms exculpating or exempting a party from a liability; and

               

                

            

    

    
      	
              (vi)

            	
              the requirement that determinations, requests or demands which may be made pursuant to the exercise of discretion must be made
                  reasonably;

               

                

            

    

    
      	
              (c)

            	
              the ability to recover certain costs, fees and expenses in connection with litigation brought before the British Columbia Courts
                  to enforce provisions of the Transaction Documents is in the discretion of the British Columbia Courts and counsel fees are subject to taxation;

               

                

            

    

    
      	
              (d)

            	
              claims becoming barred under laws regarding limitation of actions;

               

                

            

    

    
      	
              (e)

            	
              the Judgment Interest Act (British
                  Columbia) limits interest on a judgment debt;

               

                

            

    

    
      	
              (f)

            	
              determinations, calculations, demands, requests, instructions and acts made by Glencore in the exercise of a discretion given to
                  it under any Transaction Document, may not be enforceable if made or performed unreasonably or arbitrarily, and may not be treated as conclusive notwithstanding contrary provisions in any Transaction Document;

               

                

            

    

    
      	
              (g)

            	
              the Currency Act (Canada) precludes a
                  court in Canada from giving a judgment in any currency other than Canadian currency;

               

                

            

    

    
      	
              (h)

            	
              limitations upon the right of Glencore to receive immediate payment of amounts stated to be payable on demand;

               

                

            

    

    
      	
              (i)

            	
              limitations upon the right of Glencore to enforce any Transaction Document on the basis of a default of a minor or
                  non‐substantive nature or having insubstantial consequences to Glencore;

               

                

            

    

    
      	
              (j)

            	
              we express no opinion on provisions of the Transaction Documents:

            

    

    

    

    
      
        

      - 5.4-6 -

    

    

    

    
      
        	
                (i)

              	
                directly or indirectly purporting to exclude unwritten variations, amendments, waivers or consents or to establish evidentiary
                    standards;

                 

                  

              

      

    

    
      	
              (ii)

            	
              purporting to bind or confer a benefit upon, persons who are not parties to that document;

               

                

            

    

    
      	
              (iii)

            	
              purporting to allow severance of invalid, illegal or unenforceable provisions;

               

                

            

    

    
      	
              (iv)

            	
              dealing with the waiving by a party of certain legal, statutory or equitable rights or doctrines;

               

                

            

    

    
      	
              (v)

            	
              purporting to relieve Glencore from the consequence of its own negligence;

               

                

            

    

    
      	
              (vi)

            	
              which deem the Company to be holding certain assets in trust for Glencore on behalf of Glencore, since third parties dealing
                  with the Company might otherwise have a preferential interest in the assets which are the subject of the deemed trust; or

               

                

            

    

    
      	
              (vii)

            	
              which provide or have the effect of providing for a higher rate of interest after than before default or for the payment of
                  rates and/or fees which may exceed the “criminal interest rate” provisions of the Criminal Code (Canada); and

               

                

            

    

    
      	
              (viii)

            	
              which constitute an agreement to agree;

               

                

            

    

    
      	
              (k)

            	
              provisions providing indemnification for a party's own acts or omissions when such act or omission involves negligence, a wilful
                  or unlawful conduct or is found to constitute a penalty or be against public policy may not be enforceable and the enforceability of rights of indemnity may be limited to the extent that any such indemnity is found by a court to indemnify
                  a party against the consequences of an unlawful act or is found to constitute a penalty or be against public policy; and

               

                

            

    

    
      	
              (l)

            	
              to the extent that a particular contractual provision (including the obligation to pay default interest) is characterized by the
                  British Columbia Courts as a penalty, and not as a genuine pre‐estimate of damages, it will not be enforceable notwithstanding its characterization by the parties.

               

                

            

    

    
      	
              6.

            	
              RELIANCE LIMITATION

               

                

            

    

     This opinion is intended for the sole benefit of the addressees and may not be made available to or relied upon by
        any other person, firm or entity without our prior written consent. This opinion is limited to the matters expressly set forth in this letter, and no opinion has been implied, or may be inferred, beyond the matters expressly stated. This opinion
        speaks only as to law and facts in effect or existing as of the date hereof and we undertake no obligation or responsibility to update or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or any
        changes in any law that may hereafter occur.

    Yours truly,

    
      
        

      - 5.4-7 -

    

    
    EXHIBIT 5.4(F)

        FORM OF US OPINION

    
      	
              1.

            	
              The Registration Statement became effective upon filing with the Securities and Exchange Commission. To the best of our knowledge,
                  no stop order suspending the effectiveness of the Registration Statement has been issued under the Securities Act of 1933, as amended no proceedings for such purpose have been instituted or are pending, contemplated or threatened by the
                  Securities and Exchange Commission.

               

                

            

    

    
      	
              2.

            	
              The execution and delivery each of the Agreement, the Registration Rights Agreement and the Rights Certificate, by the Company and
                  the performance by the Company of obligations thereunder (i) will not result in any violation of the United States federal securities law or the laws of the State of New York and (iii) will not require any consent, approval, authorization
                  or other order of, or registration with, any New York or United States court or other governmental or regulatory authority or agency, except for such consents, approvals, authorizations, orders, or registrations which have been obtained
                  or made by the Company or its subsidiaries and are in full force and effect under the Securities Act of 1933 or applicable state securities or blue sky laws.

               

                

            

    

    
      	
              3.

            	
              Based solely on the review of a letter, dated [. . .], 2019, from the NYSE Regulation delivered to you on the date hereof, the
                  Rights Offering Shares and the Standby Shares have been conditionally approved for listing on the NYSE American.

               

                

            

    

    
      	
              4.

            	
              Based solely on the review of a letter, dated [. . .], 2019, from the NYSE Regulation delivered to you on the date hereof, the
                  Rights have been approved for listing on the NYSE American.

               

                

            

    

    
      	
              5.

            	
              The statements under the heading “Certain United States Federal Income Tax Consideration” in the Final Prospectus, to the extent
                  that such statements purport to constitute summaries of matters of law or regulation or legal conclusions, fairly and accurately summarize the matters described therein in all material respects, except that we render no opinion as to the
                  Company’s status as a “passive foreign investment company” within the meaning of such term in the U.S. Internal Revenue Code of 1986, as amended.

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