Document:

Exhibit 4.1

  

  

  

  
    AUTHORIZED OFFICERS’ CERTIFICATE

    

    

    In connection with the issuance by RELX Capital Inc. (the “Company”) of $500,000,000 aggregate principal amount of 4.750% Notes due 2032 (the “Notes”), each of the undersigned, Scott W. Leibold, President of the Company,
      and Lynn M. Formica, Treasurer of the Company (each, an “Authorized Officer”), hereby certifies on this 20th day of May 2022 that he or she is duly authorized to, and does hereby, deliver this certificate to The Bank of New York Mellon, as trustee,
      principal paying agent and securities registrar (“Trustee”), pursuant to Sections 301 and 303 of the Indenture, dated as of May 9, 1995, among the Company, RELX PLC and the Trustee, as previously amended and supplemented (the “Indenture”); that
      attached hereto as Exhibit A is a true and complete copy of the form of the global notes representing the Notes; and that, pursuant to resolutions adopted by the Directors of the Company granting them such authority, they have authorized the
      issue and sale of the Notes by the Company, and, in connection with such issue, have determined, approved or appointed, as the case may be, the following:

    

    

    1.          Notes.  Pursuant to the Indenture, the Company is authorized to issue $500,000,000 aggregate principal amount of Debt Securities, and pursuant to Section 301 of the
      Indenture, it is hereby determined that such Debt Securities shall have the following terms:

    

    

    (a)          Such Debt Securities shall be known as the “4.750% Notes due 2032” of the Company.

    

    

    (b)          The aggregate principal amount of the Notes which shall be authenticated and delivered under the Indenture shall initially be five hundred million U.S. dollars
      ($500,000,000).

    

    

    (c)          The original issue date for the Notes shall be May 20, 2022.

    

    

    (d)          The principal of the Notes shall be due and payable in full on May 20, 2032.

    

    

    (e)          The Notes shall bear interest at a rate of 4.750% per annum from May 20, 2022. The amount of interest payable on the Notes will be calculated on the basis of a 360-day
      year of twelve 30-day months. Interest shall be payable semi-annually in arrears on May 20 and November 20 of each year, commencing on November 20, 2022, and on the maturity date. If the date on which a payment of interest or principal on the Notes
      is scheduled to be paid is not a Business Day, then that interest or principal will be paid on the next succeeding Business Day but no further interest will be paid in respect of the delay in such payment.

    

    

    (f)          The Regular Record Date for the Notes shall be May 5 and November 5 of each year (whether or not a Business Day).

    

    

    (g)          The Notes shall initially be offered and sold to the public at a price of 99.121% of the principal amount thereof, and the proceeds to the Company from the sale of the
      Notes after underwriting discounts and commissions and before expenses shall be 98.671% of the principal amount thereof.

    

    

    
      
        

    

    
    

    

    

    

    (h)          Prior to February 20, 2032 (the “Par Call Date”), the Notes may be redeemed, in whole or in part, at the option of the Company, at any time or from time to time, on
      notice given not more than 60 days nor less than 10 days prior to the Redemption Date at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

    

    

    (i) 100% of the principal amount of the Notes being redeemed; and

    

    

    (ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a
      semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to the Redemption Date;

    

    

    plus, in either case, accrued and unpaid interest thereon to, but excluding, the Redemption Date (subject to the rights of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date).

    

    

    On or after the Par Call Date, the Notes may be redeemed, in whole or in part, at the option of the Company, at any time or from time to time, on notice given not more than 60 days nor less than 10 days prior to the
      Redemption Date, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date (subject to the rights of the Holders of record on the relevant
      Regular Record Date to receive interest due on the relevant Interest Payment Date).

     

    

    
      The Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.

    

    

    

    2.          General Provisions Applicable to the Notes.

    

    

    (a)          The Notes will constitute senior unsecured debt obligations of the Company and will rank equally with all of the existing and future senior, unsecured and unsubordinated
      debt of the Company.

    

    

    (b)          Section 1108 of the Indenture is applicable to the Notes on the terms described in this Section 2(b). The Notes may be redeemed, at the option of the Company in whole,
      but not in part, at 100% of the principal amount, together with accrued and unpaid interest, if any, to, but excluding, the Redemption Date (subject to the rights of the Holders of record on the relevant Regular Record Date to receive interest due on
      the relevant Interest Payment Date) if, as a result of any change in, or amendment to, the laws, regulations, rulings or treaties of a Relevant Taxing Jurisdiction or any change in official position regarding application or interpretation of those
      laws, regulations, rulings or treaties (including a holding by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or after May 20, 2022 (or if a jurisdiction becomes a Relevant Taxing
      Jurisdiction after such date, the date on which such jurisdiction became a Relevant Taxing Jurisdiction under the Indenture), the Company or the Guarantor, as the case may be, would, on the occasion of the next payment of principal or interest in
      respect of the Notes, be obligated, in making that payment, to pay additional amounts under the Indenture and such obligation cannot be avoided by the Company or the Guarantor, individually or together, taking reasonable measures available to them.
      The Notes may also be redeemed, at the option of the Company in whole, but not in part, at a Redemption Price equal to the greater of:

    

    

    (i) 100% of the principal amount of the Notes being redeemed; and

    

    

    
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    (ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a
      semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to the Redemption Date;

    

    

    plus, in either case, accrued and unpaid interest thereon to, but excluding, the Redemption Date (subject to the rights of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date);

    

    

    if, as a result of any change in, or amendment to, the U.S. Internal Revenue Code of 1986, as amended, or any of its regulations, rulings or official interpretations, which change or amendment is enacted or adopted and becomes effective on or
      after May 20, 2022, the deductibility of interest payments on the Notes or the timing thereof would be affected in any manner which is then adverse to the Company and that effect cannot be avoided by the Company or the Guarantor, individually or
      together, taking reasonable measures available to them.

    

    

    Prior to the giving of any notice of redemption of any Notes pursuant to the above two paragraphs, the Company shall deliver to the Trustee an Opinion of Counsel to the Company and the Guarantor stating that the Company
      is entitled to effect such redemption, together with an Officer’s Certificate of the Company and the Guarantor setting forth a statement of facts showing that the conditions precedent, if any, to the right to redeem have occurred.

    

    

    (c)          The Notes shall be substantially in the forms which have been presented to the Authorized Officers executing this Officers’ Certificate, copies of which forms will be
      filed with this Officers’ Certificate in the records of the Company and copies of which shall be attached to this certificate and delivered to the Trustee.

    

    

    (d)          The Notes will be issued as fully-registered Global Securities in the form attached hereto as Exhibit A which will be deposited with The Bank of New York Mellon
      on behalf of The Depository Trust Company (“DTC”) and registered in the name of Cede & Co., as nominee of DTC or such other name as may be requested by an authorized representative of DTC. The Global Securities shall bear the legend appearing on
      the form attached hereto as Exhibit A.

    

    

    (e)          There shall be no sinking fund provided for the Notes.

    

    

    (f)          The Notes shall be issuable only in denominations of $1,000 and integral multiples of $1,000 in excess thereof.

    

    

    (g)          The Trustee shall act as Securities Registrar and Principal Paying Agent with respect to the Notes.

    

    

    (h)          Notices to Holders of the Notes in global form shall be given to DTC in accordance with its procedures in effect at the time of any such notice.

    

    

    (i)          Except as stated herein, the Notes do not contain any provisions granting special rights to the Holders thereof.

    

    

    
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    (j)          No portion of the Notes is convertible into common stock or preferred stock.

    

    

    (k)          No recourse shall be had for the payment of the principal of (or premium, if any) or interest, if any, or additional amounts payable under the Indenture, if any, on the
      Notes or the Indenture, or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented thereby, or upon any obligation, covenant or agreement under the Notes or the Indenture, against, and no
      personal liability whatsoever shall attach to, or be incurred by, any incorporator, shareholder, officer or director, as such, past, present or future, of (i) the Company, (ii) the Guarantor, or (iii) any predecessor or successor corporation (either
      directly or through the Company or a predecessor or successor corporation), whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise.  Each Holder by accepting a Note
      waives and releases all such liability.  Such waiver and release are part of the consideration for the issuance of the Notes.

    

    

    (l)          Section 1008 of the Indenture is applicable to the Notes.

    

    

    (m)          The Notes may not be redeemed except as provided in Sections 1(h), 2(b) and 2(n) herein.

    

    

    (n)          Section 1009 of the Indenture is applicable to the Notes on the terms described in this Section 2(n). If a Change of Control Triggering Event occurs, unless the Company
      has delivered notice of redemption in respect of the Notes, the Company shall be required to make an offer to repurchase all, or, at the option of a Holder, any part (equal to $1,000 and integral multiples of $1,000 in excess thereof), of each
      Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), on the terms set forth in the Notes. In the Change of Control Offer, the Company shall offer payment in cash equal to 101% of the principal amount of the Notes
      repurchased plus accrued and unpaid interest, if any, on such Notes repurchased, to, but excluding, the date of repurchase (subject to the rights of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant
      Interest Payment Date), referred to as the “Change of Control Payment.”  The Company shall provide the Trustee with written notification upon the occurrence of any Change of Control Triggering Event.

    

    

    Within 30 days following any Change of Control Triggering Event or, at the option of the Company, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the
      Change of Control Triggering Event, the Company shall give written or electronic notice to the Holders, with a copy to the Trustee, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to
      repurchase the Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is given, referred to as the “Change of Control Payment Date”, pursuant to the procedures
      required by the Notes and described in such notice.

    

    

    The notice shall, if given prior to the date of consummation of the Change of Control Triggering Event, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or
      prior to the Change of Control Payment Date.

    

    

    
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    On the Business Day immediately preceding the Change of Control Payment Date, the Company shall, to the extent lawful, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all
      Notes or portions of Notes properly tendered.

    

    

    On the Change of Control Payment Date, the Company shall, to the extent lawful:

    

    

    	

          	(1)	
            accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer on the Change of Control Payment Date; and

          

    

    

    	

          	(2)	
            deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company.

          

    

    

    The Company shall not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the
      requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer.

    

    

    If 80% or more in nominal amount of the Notes then outstanding have been redeemed or purchased pursuant to a Change of Control Offer, the Company may, on not less than 30 or more than 60 days’ notice to the Holders of
      the Notes given within 30 days after the Change of Control Payment Date, redeem or purchase (or procure the purchase of), at its option, the remaining Notes in their entirety at 101% of their principal amount plus interest accrued to, but excluding,
      the date of such redemption or purchase (subject to the rights of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date).

    

    

    (o)          Notice of redemption shall be given not later than the tenth day and not earlier than the sixtieth day (or, in the case of a redemption following a Change of Control
      Offer as described in Section 2(n) herein, not later than the thirtieth day and not earlier than the sixtieth day) prior to the Redemption Date to each Holder of the Notes to be redeemed, except that redemption notices may be mailed (or delivered
      electronically) more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture. The Company may provide in such notice that payment of the Redemption
      Price and performance of the Company’s obligations with respect to such redemption may be performed by another Person.

    

    

    (p)          The Company may, without giving notice to or seeking the consent of any of the Holders of the Notes, create and issue additional Debt Securities having the same interest
      rate, maturity and other terms (except for the issue date, the public offering price and the first Interest Payment Date) as, and ranking equally and ratably with, the Notes. Any additional Debt Securities having such similar terms, together with the
      Notes, will constitute a single series of Debt Securities under the Indenture, including for purposes of voting and redemptions, and any additional Debt Securities issued as part of the same series as the Notes will either be fungible with the Notes
      for United States federal income tax purposes or be issued under a separate CUSIP number.

    

    

    3.          Suspended Provisions of the Indenture.

    

    

    
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    (a)          The definition of “Business Day” in Section 101 of the Indenture is suspended in its entirety and replaced with the following:

    

    

    “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions in New York City or London are authorized or obligated by law, regulation or executive order to close.

    

    

    (b)          The definition of “Change of Control” in Section 101 of the Indenture is suspended in its entirety and replaced with the following:

    

    

    “Change of Control” means the occurrence of any of the following: (1) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as such
      term is used in Section 13(d)(3) of the Exchange Act) acquires shares in the Guarantor to which attach more than 50% of the voting rights attaching to the issued share capital of the Guarantor; provided that a Change of Control shall be deemed not to
      have occurred if a new holding company acquires the entire issued share capital of the Guarantor and (A) such holding company has substantially the same shareholders as the Guarantor and those shareholders acquired the shares or economic interests in
      the holding company in substantially the same proportion as they hold shares or economic interests in the Guarantor prior to the holding company so acquiring the share capital of the Guarantor and (B) the Guarantor is a wholly owned (directly or
      indirectly) subsidiary of such holding company; or (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all
      of the assets of the subsidiaries and joint ventures of the Guarantor, taken as a whole, to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) (other than an affiliate of the Guarantor).”

    

    

    (c)          The definition of “Component Company” in Section 101 of the Indenture is suspended in its entirety and replaced with the following:

    

    

    “Component Company” means any one of RELX PLC and its direct and indirect subsidiaries (or the successor to any of those companies).

    

    

    (d)          The definition of “Indebtedness” in Section 101 of the Indenture is suspended in its entirety and replaced with the following:

    

    

    “Indebtedness” with respect to any Person means (1) any obligation of such Person for borrowed money, (2) any obligation incurred for all or any part of the purchase price of Property or for the cost of Property
      constructed or of improvements on the Property, other than accounts payable included in current liabilities and incurred in respect of Property purchased in the ordinary course of business, (3) any obligation under capitalized leases (as determined
      in accordance with International Financial Reporting Standards, as in effect immediately prior to the adoption of IFRS 16—“Leases”) of such Person and (4) any direct or indirect guarantees of such Person of any obligation of the type described in the
      preceding clauses (1), (2) or (3) of any other Person.

    

    

    (e)          The definition of “Moody’s” in Section 101 of the Indenture is suspended in its entirety and replaced with the following:

    

    

    
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    “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

    

    

    (f)          The definition of “Rating Event” in Section 101 of the Indenture is suspended in its entirety and replaced with the following:

    

    

    “Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day during the period commencing 60
      days prior to the first public announcement of any Change of Control and ending 60 days following the consummation of such Change of Control (which 60-day period shall be extended following consummation of a Change of Control for so long as the
      rating of the Notes is under publicly announced consideration for a possible downgrade by any Rating Agencies); provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred
      in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if such Rating Agency making the reduction in rating to which this definition would
      otherwise apply does not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
      applicable Change of Control has occurred at the time of the Rating Event).

    

    

    (g)          The definition of “S&P” in Section 101 of the Indenture is suspended in its entirety and replaced with the following:

    

    

    “S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors.

    

    

    (h)          The first parenthetical in Section 805 of the Indenture is suspended in its entirety and replaced with the following:

    

    

    (other than a sale and leaseback transaction involving any property acquired after May 20, 2022)

    

    

    4.          Approval of Documents. The undersigned hereby approves the form, terms and provisions of the Underwriting Agreement, among the Company, RELX PLC, as Guarantor, and BofA
      Securities Inc., Citigroup Global Markets Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc., as Representatives of the several Underwriters named in Schedule 1 thereto, the form of which is attached hereto as Exhibit B.

    

    

    5.          Definitions.  The following terms shall have the meaning indicated below for purposes of this Officers’ Certificate relating to the Notes.  Terms used and not otherwise
      defined herein shall have the meanings ascribed to them in the Indenture.

    

    

    
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    “Treasury Rate” means, with respect to any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs. 

     

    

    The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve
      System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
      Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading)
      (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”); or (2)
      if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury
      constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if
      there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury
      constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.

    

    

    If on the third Business Day preceding the Redemption Date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity
      at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable.  If there is no United States
      Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date
      following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United
      States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the
      average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time.  In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable
      United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal
      places.

    

    

    6.           Inconsistent Provisions. To the extent any provisions of the Notes set forth in this Officers’ Certificate or the Global Securities representing the Notes are
      inconsistent with the provisions of the Indenture, the provisions of the Notes shall supersede such provisions of the Indenture with respect to the Notes (but not any other series of Debt Securities).

    

    

    [Signature Page Follows]

    

    

    

    

    
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    IN WITNESS WHEREOF, the undersigned have executed this Officers’ Certificate and caused it to be delivered as of the date set forth above.

    

    

    

    

    	
            by

          
	 	
            /s/ Scott W. Leibold

          
	 	
            Name:

          	
            Scott W. Leibold

          
	 	
            Title:

          	
            President

          

    

    

    

    

    	
            by

          
	 	
            /s/ Lynn M. Formica

          
	 	
            Name:

          	
            Lynn M. Formica

          
	 	
            Title:

          	
            Treasurer

          

    

    

    

    

    

    

    

    

    Signature Page to Authorized Officers’ Certificate

    

    

    

    

    
      
        

    

    

    

    Exhibit A

    

    

    Form of Global Security

    
      

      

      THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE THEREOF.  TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS
        IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE OR TO THE DEPOSITARY BY A NOMINEE OF THE DEPOSITARY AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE
        IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

      

      

      UNLESS THIS CERTIFICATE 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 CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR 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.

      

      

      RELX Capital Inc.

      4.750% Notes due 2032

      

      

      	
              Principal Amount

            	
              No. 1

            
	
              $500,000,000

            	
              ISIN: US74949LAE20

            
	 	
              CUSIP: 74949L AE2

            

      

      

      

      

      RELX Capital Inc., a corporation incorporated under the laws of the state of Delaware (herein called the “Company,” which term includes any successor corporation under the
        Indenture referred to below), for value received, hereby promises to pay Cede & Co., or its registered assigns, the principal sum of $500,000,000 (five hundred million dollars), as revised by the Schedule of Increases and Decreases in Global
        Security attached hereto, on May 20, 2032 (the “Stated Maturity”), and to pay interest thereon from the most recent Interest Payment Date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided
        for, from May 20, 2022, payable semi-annually in arrears on May 20 and November 20 of each year (each an “Interest Payment Date”), commencing on November 20, 2022, and at Maturity, at the rate of 4.750% per annum, until the principal hereof
        is paid or duly provided for.  Each payment of interest in respect of an Interest Payment Date shall include interest accrued through the day prior to such Interest Payment Date.  The interest, if any, on this Debt Security which is payable, and is
        punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name this Debt Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
        interest payment, which shall be May 5 or November 5 (whether or not a Business Day) immediately preceding such Interest Payment Date, at the office or agency of the Company maintained for such purpose in The City of New York, New York.

      

      

      The amount of interest payable on this Debt Security will be calculated on the basis of a 360-day year of twelve 30-day months. If the date on which a payment of interest or principal on this Debt Security is scheduled
        to be paid is not a Business Day, then that interest or principal will be paid on the next succeeding Business Day but no further interest will be paid in respect of the delay in such payment.

      

      

      
        
          

      

      
      

      

      

      

      Except as otherwise provided in the Indenture, any such interest which is due and payable, but is not punctually paid or duly provided for, on any Interest Payment Date (the “Defaulted Interest”) shall cease to
        be payable to the registered Holder on the relevant Regular Record Date, and the Defaulted Interest may be paid by the Company as follows.  The Company may elect to make payment of any Defaulted Interest to the Persons in whose names this Debt
        Security (or the respective Predecessor Security) is registered at the close of business on the Special Record Date.  The Company shall notify the Trustee in writing at least 30 days prior to the date of the proposed payment of the amount of
        Defaulted Interest proposed to be paid on this Debt Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of
        such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment.  Then the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be
        no more than 15 days and not less than 10 days prior to the date of the proposed payment.  The Trustee shall promptly notify the Company and the Paying Agent of the Special Record Date and shall cause notice of the proposed payment of such
        Defaulted Interest and the Special Record Date to be mailed to each Holder of this Debt Security at the address as it appears in the Securities Register no less than seven days prior to such Special Record Date.

      

      

      If any Interest Payment Date, Redemption Date or Stated Maturity of this Debt Security shall not be a Business Day at any Place of Payment, then payment of principal of (and premium, if any) and interest, if any, with
        respect to this Debt Security need not be made at such Place of Payment on such date, but may be made on the succeeding Business Day at the Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date,
        or at the Stated Maturity; provided that no interest shall accrue for the period from and after the Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

      

      

      Payment of the principal of (and premium, if any) and interest on this Debt Security at Maturity shall be made upon presentation of this Debt Security at the office or agency of the Company.  Payment of the principal
        of (and premium, if any) and interest on this Debt Security shall be payable in immediately available funds; provided, however, that payment of interest may be made at the option of the Company by check mailed to the address of the Person entitled
        thereto as such address shall appear in the Securities Register or by transfer to a bank account maintained by the payee.  Payment of the principal of (and premium, if any) and interest, if any, on this Debt Security, as aforesaid, shall be made in
        such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. Interest payable on any Interest Payment Date will (if this Debt Security is a Global Security) be
        paid to DTC with respect to the portion of this Debt Security held for its account by Cede & Co. or a successor depositary, as the case may be, for the purpose of permitting such party to credit the interest received by it in respect of this
        Debt Security to the accounts of the beneficial owners hereof.

      

      

      This Debt Security is one of a duly authorized issue of senior debt securities of the Company known as the Company’s 4.750% Notes due 2032, initially in the aggregate principal amount of $500,000,000 (herein called the
        “Debt Securities”), issued under an Indenture dated as of May 9, 1995 (such Indenture as originally executed and delivered and hereafter supplemented or amended by Supplemental Indenture No. 1, dated as of March 6, 1998, Supplemental
        Indenture No. 2, dated as of June 3, 1998, the Third Supplemental Indenture, dated as of February 21, 2001, the Fourth Supplemental Indenture, dated as of July 31, 2001, the Fifth Supplemental Indenture, dated as of January 16, 2009, the Sixth
        Supplemental Indenture, dated as of May 12, 2015, the Seventh Supplemental Indenture, dated as of April 30, 2018, and the Eighth Supplemental Indenture, dated as of September 8, 2018, together with the Board Resolutions adopted on May 9, 2022
        authorizing the issuance of this Debt Security and the Officers’ Certificate, dated May 20, 2022, setting forth certain terms of this Debt Security and delivered to the Trustee by the Company pursuant to Section 301 of such Indenture, being herein
        called the “Indenture”) among the Company, RELX PLC, as Guarantor, The Bank of New York Mellon, as trustee, principal paying agent and securities registrar (herein called the “Trustee,” which term includes any other successor trustees
        under the Indenture), to which Indenture, all indentures supplemental thereto and all Board Resolutions and Officers’ Certificates relating thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
        immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Debt Securities and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered.  This Debt Security is subject to additional
        issuances as the Company may determine or as provided for in the Indenture.  The acceptance of this Debt Security shall be deemed to constitute the consent and agreement of the Holder hereof to all of the terms and provisions of the Indenture.

      

      

      
        2

        
          

      

      

      

      

      

      If an Event of Default with respect to this Debt Security shall occur and be continuing, the principal of this Debt Security may be declared due and payable in the manner and with the effect provided in the Indenture.

      

      

      This Debt Security does not have the benefit of any sinking fund obligations.

      

      

      The Company’s obligations under this Debt Security and under the covenants provided in the Indenture are subject to discharge as provided in the Indenture.

      

      

      Reference is made to the further provisions of this Debt Security set forth on the reverse hereof, which provisions shall for all purposes have the same effect as if set forth at this place.

      

      

      Unless the certificate of authentication hereon has been executed by the Principal Paying Agent by manual or facsimile signature, this Debt Security and the Guarantee set forth hereon shall not be entitled to any
        benefit under the Indenture or be valid or obligatory for any purpose.

      

      

      All capitalized terms used in this Debt Security which are not defined herein shall have the meanings assigned to them in the Indenture.

      

      

      

      

      
        3

        
          

      

      

      

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

      

      

      
        	
                RELX CAPITAL INC.

              
	 
	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

        

        

        
          	
                  Attested:

                	 
	
                  Name:

                	 
	
                  Title:

                	 
	 	 

        

        

      

      

      

      

      

      

      

      

      

      Signature Page to the 2032 Global Note No. 1

      

      

      

      

      

      

      
        
          

      

      

      

      This is one of the Debt Securities of the series designated in, and issued under, the Indenture described herein.

      

      

      Dated: May 20, 2022

       

      

      
        	
                THE BANK OF NEW YORK MELLON, as Trustee

              
	 
	 
	
                By:

              	 
	 	
                Authorized Officer

              

        

        

      

      

      

      

      

      

      

      Signature Page to the 2032 Global Note No. 1

      

      

      

      

      
        
          

      

      

      

      Reverse of Note

      RELX Capital Inc.

      4.750% Note due 2032

      

      

      

      

      Payment of Additional Amounts

      

      

      All payments of principal, premium (if any) and interest in respect of this Debt Security or the Guarantee will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or
        governmental charges of whatever nature imposed, levied or collected by or within a Relevant Taxing Jurisdiction (as defined below), unless that withholding or deduction is required by law.

      

      

      If withholding or deduction is required by law, then the Company or the Guarantor, as the case may be, will pay to the Holder of this Debt Security additional amounts (“Additional Amounts”) as may be necessary
        in order that every net payment of principal of (and premium, if any, on) and interest, if any, on this Debt Security after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge
        of any nature whatsoever imposed, levied or collected by or on behalf of the jurisdiction under the laws of which the Company or the Guarantor, as the case may be, is organized or resident for tax purposes (or any political subdivision or taxing
        authority of or in that jurisdiction having power to tax), or any jurisdiction from or through which any amount is paid by the Company or the Guarantor, as the case may be (or any political subdivision or taxing authority of or in that jurisdiction
        having power to tax) (each a “Relevant Taxing Jurisdiction”), will not be less than the amount provided for in this Debt Security to be then due and payable; provided, however, that the Company or the Guarantor, as the case may be, will not
        be required to make any payment of Additional Amounts for or on account of:

      

      

      	

            	(a)	
              any tax, assessment, duty or other governmental charge which would not have been imposed but for:

            

      

      

      	

            	(i)	
              the existence of any present or former connection (other than the mere acquisition, ownership or holding of, or the receipt of payment or the exercise or enforcement of rights in respect of, this Debt Security) between the Holder of this
                Debt Security (or between a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over that Holder, if that Holder is an estate, trust, partnership or corporation or any Person other than the Holder to which
                this Debt Security or any amount payable on this Debt Security is attributable for the purpose of that tax, assessment or charge) and a Relevant Taxing Jurisdiction, including, without limitation, that Holder (or fiduciary, settlor,
                beneficiary, member, shareholder or possessor or person other than the Holder) being or having been a citizen or resident of a Relevant Taxing Jurisdiction, or being or having been present or engaged in a trade or business in a Relevant
                Taxing Jurisdiction, or having or having had a permanent establishment in a Relevant Taxing Jurisdiction; or

            

      

      

      	

            	(ii)	
              the presentation of this Debt Security (where presentation is required) for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment was duly provided for, whichever occurred
                later, except to the extent that the Holder would have been entitled to Additional Amounts on presenting this Debt Security for payment on or before the thirtieth day;

            

      

      

      
        
          

      

      

      

      

      

      	

            	(b)	
              any estate, inheritance, gift, sale, transfer or personal property tax, assessment or other governmental charge of a similar nature;

            

      

      

      	

            	(c)	
              any tax, assessment, duty or other governmental charge that is imposed or withheld by reason of the failure by that Holder or any other Person mentioned in (a) above to comply, after reasonable notice (at least 30 days before any such
                withholding would be payable), with a request of the Company or the Guarantor, as the case may be, addressed to that Holder or that other Person to provide information concerning the nationality, residence or identity of that Holder or that
                other Person, or to make any declaration or other similar claim or satisfy any reporting requirement, which is, in either case, required by a statute, treaty or regulation of the Relevant Taxing Jurisdiction, as a precondition to exemption
                from or reduction of that tax, assessment or other governmental charge;

            

      

      

      	

            	(d)	
              any tax, assessment, duty or other governmental charge imposed by reason of such Holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or personal holding company with respect to the
                United States, or as a corporation which accumulates earnings to avoid United States federal income tax;

            

      

      

      	

            	(e)	
              any tax, assessment, duty or other governmental charge imposed on interest received by:

            

      

      

      	

            	(i)	
              a 10% shareholder (as defined in Section 871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of the Company;

            

      

      

      	

            	(ii)	
              a controlled foreign corporation related to the Company within the meaning of Section 864(d)(4) of the Code; or

            

      

      

      	

            	(iii)	
              a bank receiving interest described in Section 881(c)(3)(A) of the Code;

            

      

      

      	

            	(f)	
              any Debt Security that is presented for payment by or on behalf of a resident of a member state of the European Union who would have been able to avoid any withholding or deduction by presenting the relevant Debt Security to another
                Paying Agent in a member state of the European Union;

            

      

      

      	

            	(g)	
              any tax, assessment, duty or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections) (“FATCA”), any regulations or other
                guidance thereunder, any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental
                agreement in respect of FATCA; or

            

      

      

      	

            	(h)	
              any combination of items (a) through (g) above,

            

      

      

      nor will Additional Amounts be paid with respect to:

      

      

      	

            	●	
              any tax, assessment, duty or other governmental charge that is payable other than by deduction or withholding from payments on this Debt Security; or

            

      

      

      	

            	●	
              any payment to any Holder which is a fiduciary or a partnership or other than the sole beneficial owner of this Debt Security to the extent a beneficiary or settlor with respect to that fiduciary or a member of that partnership or the
                beneficial owner would not have been entitled to those Additional Amounts had it been the Holder of this Debt Security.

            

      

      

      
        
          

      

      

      

      

      

      The Company and the Guarantor will pay any present or future stamp, court or documentary taxes, or any other excise, property or similar taxes, assessments or other charges that arise in a Relevant Taxing Jurisdiction
        from the execution, delivery, registration or enforcement of this Debt Security, the Guarantee or the Indenture, or any other document or instrument in relation thereto (other than a transfer of this Debt Security other than the initial resale of
        this Debt Security), and the Company and the Guarantor agree to indemnify the Trustee and the Holders for any such amounts paid by the Trustee and such Holders.  The foregoing obligations of this paragraph will survive any termination, defeasance
        or discharge of the Indenture and will apply mutatis mutandis to any jurisdiction in which any successor to the Company or the Guarantor is organized or any political subdivision or taxing authority or agency thereof or therein.

      

      

      Optional Redemption

      

      

      Prior to February 20, 2032 (the “Par Call Date”), this Debt Security may be redeemed, in whole or in part, at the option of the Company, at any time or from time to time, on notice given not more than 60 days
        nor less than 10 days prior to the Redemption Date at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

      

      

      	

            	●	
              100% of the principal amount of this Debt Security; and

            

      

      

      	

            	●	
              (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming this Debt Security matured on the Par Call Date) on a semi-annual basis (assuming a
                360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to the Redemption Date;

            

      

      

      plus, in either case, accrued and unpaid interest thereon to, but excluding, the Redemption Date (subject to the rights of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date).

      

      

      On or after the Par Call Date, this Debt Security may be redeemed, in whole or in part, at the option of the Company, at any time or from time to time, on notice given not more than 60 days nor less than 10 days prior
        to the Redemption Date, at a Redemption Price equal to 100% of the principal amount of this Debt Security to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date (subject to the rights of the Holders of record
        on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date).

       

      

      
        The Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.

      

      

      

      If less than all of the Debt Securities are to be redeemed at any time, the Debt Securities to be redeemed will be selected in accordance with the procedures of DTC or on a pro rata basis.  No Debt Securities with a
        principal balance of $1,000 or less will be redeemed in part.  If any Debt Security is to be redeemed in part only, the notice of redemption that relates to that Debt Security will state the portion of the principal amount of that Debt Security
        that is to be redeemed.  A new Debt Security in principal amount equal to the unredeemed portion of the original Debt Security will be issued in the name of the Holder of the Debt Security upon cancellation of the original Debt Security. Debt
        Securities called for redemption become due on the Redemption Date. On and after such Redemption Date, interest will cease to accrue on such Debt Securities or portions of Debt Securities called for redemption unless the Company defaults in the
        payment of the applicable Redemption Price.

      

      

      
        
          

      

      

      

      

      

      Tax Redemption

      

      

      This Debt Security may be redeemed, at the option of the Company in whole, but not in part, at 100% of the principal amount, together with accrued and unpaid interest, if any, to, but excluding, the Redemption Date
        (subject to the rights of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date) if, as a result of any change in, or amendment to, the laws, regulations, rulings or treaties of a
        Relevant Taxing Jurisdiction or any change in official position regarding application or interpretation of those laws, regulations, rulings or treaties (including a holding by a court of competent jurisdiction), which change, amendment, application
        or interpretation becomes effective on or after May 20, 2022 (or if a jurisdiction becomes a Relevant Taxing Jurisdiction after such date, the date on which such jurisdiction became a Relevant Taxing Jurisdiction under the Indenture), the Company
        or the Guarantor, as the case may be, would, on the occasion of the next payment of principal or interest in respect of this Debt Security, be obligated, in making such payment, to pay Additional Amounts as described under the heading “Payment of
        Additional Amounts” above and such obligation cannot be avoided by the Company or the Guarantor, individually or together, taking reasonable measures available to them.

      

      

      This Debt Security may also be redeemed, at the option of the Company in whole, but not in part, at the greater of:

      

      

      	

            	●	
              100% of the principal amount of this Debt Security; and

            

      

      

      	

            	●	
              (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming this Debt Security matured on the Par Call Date) on a semi-annual basis (assuming a
                360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to the Redemption Date;

            

      

      

      plus, in either case, accrued and unpaid interest thereon to, but excluding, the Redemption Date (subject to the rights of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date);

      

      

      if, as a result of any change in, or amendment to, the Code or any of its regulations, rulings or official interpretations, which change or amendment is enacted or adopted and becomes effective on or after May 20, 2022, the deductibility of
        interest payments on this Debt Security or the timing thereof would be affected in any manner which is then adverse to the Company and that effect cannot be avoided by the Company or the Guarantor, individually or together, taking reasonable
        measures available to them.

      

      

      Prior to the giving of any notice of redemption of this Debt Security pursuant to the foregoing two paragraphs, the Company shall deliver to the Trustee an Opinion of Counsel to the Company and the Guarantor stating
        that the Company is entitled to effect such redemption, together with an Officer’s Certificate of the Company and the Guarantor setting forth a statement of facts showing that the conditions precedent, if any, to the right to redeem have occurred.

      

      

      Change of Control - Offer to Repurchase Upon Change of Control Triggering Event

      

      

      If a Change of Control Triggering Event occurs, unless the Company has delivered notice of redemption in respect of this Debt Security, the Company will be required to make an offer to repurchase all, or, at the option
        of a Holder, any part (equal to $1,000 and integral multiples of $1,000 in excess thereof), of each Holder’s Debt Securities pursuant to the offer described below (the “Change of Control Offer”), on the terms set forth below. In the Change
        of Control Offer, the Company shall offer payment in cash equal to 101% of the principal amount of the Debt Securities repurchased plus accrued and unpaid interest, if any, on such Debt Securities repurchased, to, but excluding, the date of
        repurchase, (subject to the rights of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date) referred to as the “Change of Control Payment.”  The Company shall provide the Trustee
        with written notification upon the occurrence of any Change of Control Triggering Event.

      

      

      
        
          

      

      

      

      

      

      Within 30 days following any Change of Control Triggering Event or, at the option of the Company, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the
        Change of Control Triggering Event, the Company shall give written or electronic notice to the Holders, with a copy to the Trustee, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to
        repurchase the Debt Securities on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is given, referred to as the “Change of Control Payment Date”, pursuant to the
        procedures required by the Debt Securities and described in such notice.

      

      

      The notice shall, if given prior to the date of consummation of the Change of Control Triggering Event, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or
        prior to the Change of Control Payment Date.

      

      

      On the Business Day immediately preceding the Change of Control Payment Date, the Company shall, to the extent lawful, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all
        Debt Securities or portions of Debt Securities properly tendered.

      

      

      On the Change of Control Payment Date, the Company shall, to the extent lawful:

      

      

      	

            	●	
              accept for payment all Debt Securities or portions of Debt Securities properly tendered pursuant to the Change of Control Offer on the Change of Control Payment Date; and

            

      

      

      	

            	●	
              deliver or cause to be delivered to the Trustee the Debt Securities properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Debt Securities or portions of Debt Securities being purchased by the
                Company.

            

      

      

      The Company shall not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the
        requirements for an offer made by the Company and such third party purchases all Debt Securities properly tendered and not withdrawn under its offer.

      

      

      If 80% or more in nominal amount of the Debt Securities then outstanding have been redeemed or purchased hereunder pursuant to a Change of Control Offer, the Company may on not less than 30 or more than 60 days’ notice
        to the Holders given within 30 days after the Change of Control Payment Date, redeem or purchase (or procure the purchase of), at its option, the remaining Debt Securities in their entirety at 101% of their principal amount plus interest accrued
        to, but excluding, the date of such redemption or purchase (subject to the rights of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date).

      

      

      General

      

      

      The Indenture permits, with certain exceptions as thereby provided, the Trustee to enter into one or more supplemental indentures for the purpose of adding any provisions to, or changing in any manner or eliminating
        any of the provisions of, the Indenture or of modifying in any manner the rights of the Holders of Debt Securities, in any such case, with the consent of the Holders of not less than a majority in aggregate principal amount of all Outstanding Debt
        Securities affected by such supplemental indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each of the Outstanding Debt Securities affected thereby, affect certain rights of such Holders
        as more fully described in the Indenture.

      

      

      No reference herein to the Indenture and no provision of this Debt Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and
        premium, if any) and interest, if any, on this Debt Security at the times, place and rate, in the coin or currency, and in the manner, herein prescribed.

      

      

      
        
          

      

      

      

      

      

      These Debt Securities are issuable only in registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess thereof, and in book-entry form.

      

      

      Initially, The Bank of New York Mellon will be the Securities Registrar and Principal Paying Agent for this Debt Security.  The Company reserves the right at any time to remove any Paying Agent or Securities Registrar
        without notice, to appoint additional or other Paying Agents, other transfer agents and other Securities Registrars without notice and to approve any change in the office through which any Paying Agent, transfer agent or Securities Registrar acts. 
        None of the Company, the Trustee, any Paying Agent or the Securities Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in this Debt Security
        in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.  Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the
        Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depositary, as a Holder, with respect to this Debt Security in global form or impair, as between such depositary and owners of beneficial
        interests in such global Debt Security, the operation of customary practices governing the exercise of the rights of such depositary (or its nominee) as Holder of such global Debt Security.

      

      

      THE INDENTURE AND THE DEBT SECURITIES AND THE GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

      

      

      No recourse shall be had for the payment of the principal of (or premium, if any, on), or interest, if any, on this Debt Security or the Guarantee, as the case may be, or for any claim based thereon, or upon any
        obligation, covenant or agreement under the Indenture or any indenture supplemental thereto, or any Debt Security, or because of any indebtedness evidenced thereby, against any incorporator, stockholder, officer or director, as such, past, present
        or future, of the Company or the Guarantor or of any predecessor or successor corporation of the Company or the Guarantor, either directly or indirectly through the Company or the Guarantor or any predecessor or successor corporation of the Company
        or the Guarantor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that under the Indenture, this Debt Security and the Guarantee
        are solely corporate obligations, and that no personal liability whatsoever shall attach to, or is incurred by, any incorporator, stockholder, officer or director, past, present or future, of the Company or the Guarantor or of any predecessor or
        successor corporation of the Company or the Guarantor, either directly or indirectly through the Company or the Guarantor or any predecessor or successor corporation of the Company or the Guarantor, because this Debt Security hereby authorized or
        under or by reason of any of the obligations, covenants or agreements contained in the Indenture or this Debt Security or the Guarantee, or to be implied herefrom or therefrom; and that all such personal liability is hereby expressly released and
        waived as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the Debt Securities and the Guarantee.

      

      

      Notice of redemption shall be given not later than the tenth day and not earlier than the sixtieth day (or, in the case of a redemption following a Change of Control Offer as described under the heading “Change of
        Control - Offer to Repurchase Upon Change of Control Triggering Event” above, not later than the thirtieth day and not earlier than the sixtieth day) prior to the Redemption Date to each Holder of this Debt
        Security to be redeemed, except that redemption notices may be mailed (or delivered electronically) more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of this Debt Security or a satisfaction and
        discharge of the Indenture.

      

      

      
        
          

      

      

      

      

      

      Definitions

      

      

      All capitalized terms used in this Debt Security which are not defined herein shall have the meanings assigned to them in the Indenture.

      

      

      “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions in New York City or London are authorized or obligated by law,
        regulation or executive order to close.

      

      

      “Change of Control” means the occurrence of any of the following: (1) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as
        such term is used in Section 13(d)(3) of the Exchange Act) acquires shares in the Guarantor to which attach more than 50% of the voting rights attaching to the issued share capital of the Guarantor; provided that a Change of Control shall be deemed
        not to have occurred if a new holding company acquires the entire issued share capital of the Guarantor and (A) such holding company has substantially the same shareholders as the Guarantor and those shareholders acquired the shares or economic
        interests in the holding company in substantially the same proportion as they hold shares or economic interests in the Guarantor prior to the holding company so acquiring the share capital of the Guarantor and (B) the Guarantor is a wholly owned
        (directly or indirectly) subsidiary of such holding company; or (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or
        substantially all of the assets of the subsidiaries and joint ventures of the Guarantor, taken as a whole, to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) (other than an affiliate of the Guarantor).

      

      

      “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

      

      

      “Fitch” means Fitch Ratings, Ltd. and its successors.

      

      

      “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P, BBB- (or the equivalent) by Fitch, and the equivalent investment grade
        credit rating from any Substitute Rating Agency or Substitute Rating Agencies selected by the Company.

      

      

      “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

      

      

      “Rating Agencies” means (a) each of Moody’s, S&P and Fitch; and (b) if any of the Rating Agencies ceases to rate the Debt Securities or fails to make a rating of the Debt Securities publicly available for
        reasons outside of the Company’s control, a Substitute Rating Agency.

      

      

      “Rating Event” means the rating on the Debt Securities is lowered by each of the Rating Agencies and the Debt Securities are rated below an Investment Grade Rating by each of the Rating Agencies on any day
        during the period commencing 60 days prior to the first public announcement of any Change of Control and ending 60 days following the consummation of such Change of Control (which 60-day period shall be extended following consummation of a Change
        of Control for so long as the rating of the Debt Securities is under publicly announced consideration for a possible downgrade by any Rating Agencies); provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in
        rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if such Rating Agency making the reduction in
        rating to which this definition would otherwise apply does not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the
        applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

      

      

      
        
          

      

      

      

      

      

      “S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors.

      

      

      “Substitute Rating Agency” means a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the
        Board of Directors of the Guarantor) as a replacement for Moody’s, S&P or Fitch, or some or all of them, as the case may be, in accordance with the definition of “Rating Agencies.”

      

      

      “Treasury Rate” means, with respect to any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs. 

       

      

      The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve
        System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the
        Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or
        heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining
        Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to
        the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal
        places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the
        applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.

      

      

      If on the third Business Day preceding the Redemption Date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to
        maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable.  If there is no
        United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with
        a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or
        two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par
        based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time.  In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of
        the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to
        three decimal places.

      

      

      
        
          

      

      

      

      
        SCHEDULE OF INCREASES AND DECREASES IN GLOBAL SECURITY

         

        The initial principal amount of this Global Security shall be $500,000,000. The following decreases/increases in the principal amount of this Debt Security have been made:

         

        

         

        
          	
                  
                    Date of 

                    Decrease/Increase

                  

                	 	
                  
                    Decrease in 

                    Principal Amount

                  

                	 	
                  
                    Increase in 

                    Principal Amount

                  

                	 	
                  
                    Total Principal 

                    Amount

                    

                    Following such 

                    Decrease/Increase

                  

                	 	
                  
                    Notation Made 

                    by or on Behalf of 

                    Trustee

                  

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

        

      

      

      

      

      

      
        
          

      

      

      

      GUARANTEE

      

      

      FOR VALUE RECEIVED, RELX PLC, a public limited company incorporated in England (“RELX PLC” or the “Guarantor”) hereby unconditionally and irrevocably guarantees to
        each Holder and the Trustee due and punctual payment of the principal of (and premium, if any, on) and interest, if any, on this Debt Security (including any Additional Amounts payable in accordance with the terms of this Debt Security and the
        Indenture) and all other amounts due and owing under the Indenture, whether at the Stated Maturity, by declaration of acceleration, call for redemption, repayment at the option of the Holder or otherwise, in accordance with the terms of this Debt
        Security and of the Indenture.  In case of failure of the Company punctually to make any such payment of principal (or premium, if any) or interest, if any (including any Additional Amounts) or such other amounts, the Guarantor hereby agrees to
        cause any such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment at the option of the Holder or otherwise, and as if
        such payment were made by the Company.

      

      

      The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be absolute and unconditional, irrespective of the validity, regularity or
        enforceability of this Debt Security or the Indenture, the absence of any action to enforce the same, any waiver or consent by the Holder of this Debt Security or by the Trustee or the Paying Agent with respect to any provisions of this Debt
        Security or the Indenture, any release of any other guarantor, the recovery of any judgment against the Company or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense
        of any Guarantor.  The Guarantor hereby waives the benefit of diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the
        Company, protest or notice with respect to any Debt Security and all demands whatsoever, and covenants that its Guarantee will not be discharged except by complete performance of all of the obligations of the Guarantor contained in the Indenture
        and this Debt Security and in the Guarantee.  If the Trustee or the Holder of any Debt Security is required by any court or otherwise to return (and does so return) to the Company or to the Guarantor, or any custodian, receiver, liquidator,
        trustee, sequestrator or other similar official acting in relation to the Company or the Guarantor, any amount paid to the Trustee or such Holder in respect of that Debt Security or the Guarantee, to the extent theretofore discharged, shall be
        reinstated in full force and effect.  The Guarantor further agrees, to the fullest extent that it lawfully may do so, that, as between it, on the one hand, and the Holder of this Debt Security and the Trustee, on the other hand, the Maturity of the
        obligations guaranteed hereby may be accelerated as provided in Article Five of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition extant under any applicable Bankruptcy Law preventing such
        acceleration in respect of the obligations guaranteed hereby.

      

      

      The Guarantee of the Guarantor constitutes a direct, unconditional, unsubordinated and (except as provided in the Indenture) unsecured obligation of the Guarantor and will rank at least equally with all other unsecured
        and unsubordinated obligations of the Guarantor (including unsecured and unsubordinated guarantees by the Guarantor of Indebtedness of others), subject, in the event of insolvency, to laws of general applicability relating to or affecting
        creditors’ rights.  The Guarantor hereby agrees that its obligations hereunder may be enforced against the Guarantor, in the event of a default in payment with respect to this Debt Security by the Company, without making prior demand upon or
        seeking to enforce remedies against the Company or other persons.

      

      

      The Guarantor shall be subrogated to all rights of the Trustee and the Holder of this Debt Security against the Company in respect of any amounts paid to the Trustee or such Holder by the Guarantor pursuant to this
        Guarantee; provided, however, that the Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until the principal of (and premium, if any) and interest, if any, on this Debt
        Security shall have been paid in full.

      

      

      
        
          

      

      

      

      

      

      The Holder of the Debt Security on which this Guarantee is endorsed is entitled to the further benefits relating thereto set forth in the Debt Security and the Indenture.  No reference herein to the Indenture and no
        provision of this Guarantee or of the Indenture shall alter or impair the Guarantee of the Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal of (and premium, if any) and interest, if any, and
        Additional Amounts, if any, on the Debt Security upon which this Guarantee is endorsed.

      

      

      REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS GUARANTEE SET FORTH IN SAID DEBT SECURITY AND IN THE INDENTURE, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS
        PLACE.

      

      

      This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the within Debt Security has been authenticated by the Principal Paying Agent, directly or through an
        Authenticating Agent, by manual or facsimile signature of an authorized signatory.

      

      

      All capitalized terms used in this Guarantee which are not defined herein shall have the meanings assigned to them in the Indenture.

      

      

      

      

      
        
          

      

      

      

      IN WITNESS WHEREOF, the Guarantor has caused this instrument to be duly executed.

      

      

      Dated: May 20, 2022

      

      

      
        	
                RELX PLC

              
	 
	 
	
                By:

              	 
	
                Name:

              	
                Adam Westley

              
	
                Title:

              	
                Head of Secretariat

              
	 	 

      

      

      

      

      

      

      

      

      

      Signature Page to Guarantee to the 2032 Global Note No. 1

      

      

    

    

    

    
      
        

    

    Exhibit B

    

    

    
      RELX CAPITAL INC.

      

      

      $500,000,000 4.750% Notes Due 2032

        Guaranteed by

      

      

      RELX PLC

      

      

      

      

      UNDERWRITING AGREEMENT

      

      

      

      

      May 17, 2022

      

      

      BofA Securities, Inc.

      One Bryant Park

      New York, NY 10036

      

      

      Citigroup Global Markets Inc.

      388 Greenwich Street

      New York, NY 10013

      

      

      RBC Capital Markets, LLC

      200 Vesey Street, 8th Floor

      New York, NY 10281

      

      

      SMBC Nikko Securities America, Inc.

        277 Park Avenue

      New York, NY 10172

      

      

      As Representatives of the several Underwriters

           named in Schedule 1

      

      

      c/o Citigroup Global Markets Inc.

      388 Greenwich Street

      New York, NY 10013

      

      

      

      

      Dear Ladies and Gentlemen:

      

      

      Each of RELX Capital Inc., a Delaware corporation (the “Issuer”), and RELX PLC, a public limited company organized under the laws of England (“RELX PLC” or the “Guarantor”), confirms its agreement with each Underwriter
        named in Schedule 1 hereto (the “Underwriters”) with respect to the issuance and sale by the Issuer from the date hereof of $500,000,000 in aggregate principal amount of the Issuer’s 4.750% Notes due 2032 (the “Notes”).  The Notes will be
        guaranteed (the “Guarantee”) by the Guarantor.  Unless the context otherwise requires, all references herein to the Notes shall include the Guarantee.

      

      

      
        
          

      

      

      

      The Notes will be issued under the Indenture dated as of May 9, 1995, among, inter alios, the Issuer, the Guarantor and The Bank of New York Mellon, as successor to JPMorgan
        Chase Bank, N.A. (formerly The Chase Manhattan Bank, N.A.), as trustee (the “Trustee”) (as amended and supplemented, the “Indenture”).

      

      

      As used herein, the term “RELX” means, collectively, RELX PLC and its subsidiaries.  Any reference herein to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Final Prospectus shall be
        deemed to refer to and include the documents incorporated by reference therein pursuant to Item 6 of Form F‐3 (including any amendments thereto) which were filed under the Exchange Act on or before the Effective Date of the Registration Statement
        or the issue date of the Base Prospectus, any Preliminary Prospectus or the Final Prospectus, as the case may be; and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement, the Base
        Prospectus, any Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act after the Effective Date of the Registration Statement or the issue date of the Base
        Prospectus, any Preliminary Prospectus or the Final Prospectus, as the case may be, deemed to be incorporated therein by reference.  Certain terms used herein are defined in Section 21 hereof.

      

      

      SECTION 1.  REPRESENTATIONS AND WARRANTIES.

      

      

      The Issuer and the Guarantor (on behalf of itself and on behalf of the Issuer) represent and warrant to each Underwriter as of the date hereof and as of the Closing Date (as defined herein) as follows:

      

      

      (a)  General.  The Issuer and the Guarantor have prepared and filed with the Commission an automatic shelf registration statement, as defined in Rule 405 (File No. 333-264569) on Form F-3, including a related Base Prospectus (the “Registration Statement”), for registration under the Act, of the offering and sale of the Notes.  Such Registration Statement, including any
        amendments thereto filed prior to the Execution Time, became effective upon filing.  The Issuer may have filed with the Commission, as part of an amendment to the Registration Statement or pursuant to Rule 424(b), one or more preliminary prospectus
        supplements relating to the Notes, each of which has previously been furnished to you.  The Issuer and the Guarantor will file with the Commission a final prospectus supplement relating to the Notes in accordance with Rule 424(b).  As filed, such
        final prospectus supplement shall contain all information required by the Act and the Rules and Regulations, and, except to the extent the Representatives shall agree in writing to a modification, shall be in all substantive respects in the form
        furnished to you prior to the Execution Time or, to the extent not completed at the Execution Time, shall contain only such specific additional information and other changes (beyond that contained in the Base Prospectus and any Preliminary
        Prospectus) as the Issuer has advised you, prior to the Execution Time, will be included or made therein.  The Registration Statement, at the Execution Time, meets the requirements set forth in Rule 415(a)(1)(x).

      

      

      
        2

        
          

      

      

      

      (b)  Registration Statement, Final Prospectus and Indenture.  On the Effective Date, the Registration Statement did, and when the Final Prospectus is first filed in accordance
        with Rule 424(b) and on the Closing Date (as defined herein), the Final Prospectus (and any supplement thereto) will, comply in all material respects with the applicable requirements of the Act, the Exchange Act and the Trust Indenture Act and the
        respective rules thereunder; on the Effective Date, the Registration Statement did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements
        therein not misleading; on the Effective Date and on the Closing Date the Indenture did or will comply in all material respects with the applicable requirements of the Trust Indenture Act and the rules thereunder; and as of its date and on the
        Closing Date, the Final Prospectus (together with any supplement thereto) will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
        under which they were made, not misleading; provided, however, that the Issuer makes no representations or warranties as to (i) that part of the Registration Statement which shall constitute the Statement of Eligibility and Qualification (Form T-1)
        under the Trust Indenture Act of the Trustee or (ii) the information contained in or omitted from the Registration Statement or the Final Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information
        furnished in writing to the Issuer or the Guarantor by or on behalf of any Underwriter through the Representatives specifically for inclusion in the Registration Statement or the Final Prospectus (or any amendment or supplement thereto), it being
        understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in Section 7 hereof.

      

      

      (c)  Disclosure Package.  (i)  The Disclosure Package and (ii) each electronic road show that is a “written communication” within the meaning of Rule 433(d)(8)(i) (including any
        electronic road show identified on Schedule 4), when taken together as a whole with the Disclosure Package, do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein,
        in the light of the circumstances under which they were made, not misleading.  The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with written information furnished to the
        Issuer or the Guarantor by any Underwriter through the Representatives specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as
        such in Section 7 hereof.

      

      

      (d)  Well-Known Seasoned Issuer.  (i) At the time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto for the purposes of complying with
        Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Sections 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Issuer or any person acting on its
        behalf (within the meaning, for this clause only, of Rule 163(c)) made any offer relating to the Notes in reliance on the exemption in Rule 163, and (iv) at the Execution Time (with such date being used as the determination date for purposes of
        this clause (iv)), the Issuer was or is (as the case may be) a “well-known seasoned issuer” as defined in Rule 405.  The Issuer agrees to pay the fees, if any, required by the Commission relating to the Notes within the time required by Rule
        456(b)(1) without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r).

      

      

      
        3

        
          

      

      

      

      (e)  Ineligible Issuer.  (i)  At the earliest time after the filing of the Registration Statement that the Issuer or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2)) of the Notes and (ii) as of the Execution Time (with such date being used as the determination date for purposes of this clause (ii)), the Issuer was not
        and is not an Ineligible Issuer (as defined in Rule 405), without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Issuer be considered an Ineligible Issuer.

      

      

      (f)  Issuer Free Writing Prospectus and Final Term Sheet.  Each Issuer Free Writing Prospectus and the final term sheet prepared and filed pursuant to Section 2(c) hereto does
        not include any information that conflicts with the information contained in the Registration Statement, including any document incorporated therein by reference and any prospectus supplement deemed to be a part thereof that has not been superseded
        or modified.  The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Issuer or the Guarantor by any Underwriter through the
        Representatives specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in Section 7 hereof.

      

      

      (g)  Due Incorporation.  Each of the Issuer and the Guarantor is a duly incorporated and validly existing corporation under the laws of its jurisdiction of incorporation, in
        each case with corporate power and authority necessary to own or hold its respective properties and to conduct the business in which it is engaged as described in the Disclosure Package and the Final Prospectus.

      

      

      (h)  Ownership of Issuer.  All of the issued shares of capital stock of the Issuer have been duly authorized and validly issued and are fully paid and all of such shares are
        beneficially owned directly or indirectly by the Guarantor.

      

      

      (i)  Validity of Agreement.  Each of the Issuer and the Guarantor has the corporate power and authority necessary to execute and deliver this Agreement and perform its
        obligations hereunder, and this Agreement has been duly authorized, executed and delivered by the Issuer and the Guarantor and constitutes a valid and binding agreement of each of the Issuer and the Guarantor, respectively, enforceable in
        accordance with its terms, except as (i) rights to indemnity and contribution hereunder may be limited under applicable law, (ii) the enforceability hereof may be limited by bankruptcy, fraudulent conveyance, insolvency or other similar laws
        affecting creditors’ rights generally and (iii) the availability of equitable remedies may be limited by equitable principles of general applicability.

      

      

      (j)  Validity of Indenture.  Each of the Issuer and the Guarantor has the corporate power and authority necessary to execute and deliver the Indenture and perform its
        obligations thereunder and the Indenture has been duly authorized by each of the Issuer and the Guarantor, has been duly qualified under the Trust Indenture Act and has been executed and delivered by each of the Issuer and the Guarantor and
        constitutes a valid and binding agreement of the Issuer and the Guarantor, enforceable in accordance with its terms, except as (i) the enforceability thereof may be limited by bankruptcy, fraudulent conveyance, insolvency or similar laws affecting
        creditors’ rights generally and (ii) rights of acceleration and the availability of equitable remedies may be limited by equitable principles of general applicability.

      

      

      
        4

        
          

      

      

      

      (k)  Validity of Notes and Guarantee.  The Issuer has the corporate power and authority necessary to execute and deliver the Notes and perform its obligations thereunder and the
        Notes have been duly authorized and, when executed and authenticated as provided in the Indenture and issued and delivered against payment therefor as provided in this Agreement, will constitute valid and binding obligations of the Issuer, entitled
        to the benefits of the Indenture, enforceable in accordance with their terms, except as (i) the enforceability thereof may be limited by bankruptcy, fraudulent conveyance, insolvency or similar laws affecting creditors’ rights generally and
        (ii) rights of acceleration and the availability of equitable remedies may be limited by equitable principles of general applicability; and the Guarantor has corporate power and authority necessary to execute and deliver the Guarantee and perform
        its obligations thereunder and the Guarantee has been duly authorized and, upon execution, authentication, issuance and delivery of, and payment for the Notes with the Guarantee endorsed thereon as provided in the Indenture and in this Agreement,
        the Guarantee will be duly executed and delivered and will constitute valid and binding obligations of the Guarantor, entitled to the benefits of the Indenture, enforceable in accordance with its terms, except as (i) the enforceability thereof may
        be limited by bankruptcy, fraudulent conveyance, insolvency or similar laws affecting creditors’ rights generally and (ii) rights of acceleration and the availability of equitable remedies may be limited by equitable principles of general
        applicability.

      

      

      (l)  Status of Notes and Guarantee.  The Notes will, when duly executed, authenticated and delivered, constitute direct, unconditional and, except as provided in the Indenture
        or the Notes, unsecured obligations of the Issuer and will rank pari passu among themselves at least equally with all other unsecured and unsubordinated indebtedness of the Issuer, whether now or hereafter
        outstanding and the Guarantee will, when duly executed and delivered, constitute a direct, unconditional and, except as provided in the Indenture or the Guarantee, unsecured obligation of the Guarantor and will rank at least equally with all other
        unsecured and unsubordinated indebtedness of the Guarantor, whether now or hereafter outstanding, except, in each case with respect to (x) obligations in respect of national and local taxes, and (y) other obligations given priority by mandatory
        provisions of law.

      

      

      (m)  No Conflicts.  The execution, delivery and performance of this Agreement and the Indenture, the issuance, authentication, sale and delivery of the Notes, the issuance of
        the Guarantee and the endorsement thereof on the Notes and the compliance by the Issuer and the Guarantor with the respective terms thereof, and the consummation of the transactions contemplated hereby and thereby will not conflict with or result
        in a breach under any agreement or instrument to which any of the Combined Businesses is a party or by which it is bound that is material to the Combined Businesses taken as a whole, nor will such action result in any violation of the provisions of
        the Certificate of Incorporation or By-Laws of the Issuer or the Memorandum and Articles of Association of RELX PLC or any statute or any order, filing, rule or regulation of any court or governmental agency or regulatory body having jurisdiction
        over the Combined Businesses.

      

      

      
        5

        
          

      

      

      

      (n)  No Consents.  No consent, approval, authorization or order of, or filing or registration or qualification with, or notification to, any court or governmental agency or body
        having jurisdiction over the Issuer or the Guarantor or any of its or their respective subsidiaries or any of its or their respective properties or assets is required for the execution, delivery and performance of this Agreement and the Indenture
        and the consummation of the transactions contemplated hereby and thereby by the Issuer and the Guarantor, including the issuance, authentication, sale and delivery of the Notes, and the issuance of the Guarantee and the endorsement thereof on the
        Notes, and in each such case compliance with the respective terms thereof, except (i) the registration of the Notes and the Guarantee under the Act, (ii) such consents, approvals, authorizations, registrations or qualifications as may be required
        under the Trust Indenture Act, applicable United States state securities, Blue Sky or similar laws in connection with the purchase and distribution of the Notes by the Underwriters and (iii) such consents, approvals, authorizations, orders,
        filings, registrations, qualifications or notifications as shall have been obtained or made, as the case may be, prior to, and which will be in full force and effect on and as of, the Closing Date (as defined herein) or, if not so obtained or made
        or in full force and effect, as the case may be, would not (x) affect the validity, binding effect or enforceability of the Notes, the Indenture, this Agreement or the Guarantee or (y) (individually or in the aggregate) materially and adversely
        affect the condition (financial or otherwise) of the Combined Businesses, taken as a whole, or impair the Issuer’s or the Guarantor’s ability to perform its or their obligations under the Notes, the Indenture, this Agreement or the Guarantee.

      

      

      (o)  Investment Company.  Neither the Issuer nor the Guarantor is an “investment company” as defined in the United States Investment Company Act of 1940, as amended (the
        “Investment Company Act”), and the offer and sale of the Notes and the Guarantee in the United States will not subject the Issuer or the Guarantor to registration under, or result in a violation of, the Investment Company Act.

      

      

      (p)  Description.  The Notes, the Indenture and the Guarantee conform in all material respects to the descriptions thereof contained in the Disclosure Package and the Final
        Prospectus.

      

      

      (q)  Material Change.  Since the respective dates as of which information is given in the Disclosure Package and the Final Prospectus, there has not been any material adverse
        change in, or any adverse development which materially affects, the condition (financial or otherwise), results of operations, business or properties of the Combined Businesses, taken as a whole, in each case other than as set forth or contemplated
        in the Disclosure Package and the Final Prospectus exclusive of any amendment or supplement thereto.

      

      

      
        6

        
          

      

      

      

      (r)  Financial Statements.  The audited financial statements incorporated by reference in the Disclosure Package and the Final Prospectus present and will present fairly in all
        material respects, as of the Closing Date (as defined herein), the financial condition, results of operations, changes in shareholders’ equity and cash flows of the entities referred to therein in conformity with International Financial Reporting
        Standards (“IFRS”) or U.S. generally accepted accounting principles (“U.S. GAAP”), as the case may be, as in effect as of the date of such audited financial information, at the dates and for the periods indicated, and have been, and will be as of
        the Closing Date (as defined herein), prepared in conformity with IFRS or U.S. GAAP, as the case may be, as in effect as of the date of such audited financial information applied on a consistent basis throughout the period or periods involved.  The
        unaudited interim financial statements, if any, and the related notes, included or incorporated by reference in the Disclosure Package and the Final Prospectus present and will present fairly in all material respects at the Closing Date (as defined
        herein) the financial condition and results of operations of the entities referred to therein at the dates and for the periods indicated in conformity with IFRS or U.S. GAAP, as the case may be, as in effect as of the date of such unaudited
        financial information (except for the absence of notes) applied on a consistent basis throughout the periods shown, subject to normally recurring changes resulting from year-end adjustments.

      

      

      (s)  Auditors.  The auditors who have certified the financial statements and issued the reports included in the Disclosure Package and the Final Prospectus are independent
        public accountants certified by the Public Company Accounting Oversight Board as required by the Act and the Rules and Regulations.

      

      

      (t)  Legal Proceedings.  Except as disclosed in the Disclosure Package and the Final Prospectus, there are no legal or governmental proceedings pending against any of the
        Combined Businesses (i) which are required to be described in the Disclosure Package and the Final Prospectus or (ii) the ultimate resolution of which is expected by the Issuer or the Guarantor to have a material adverse effect on the condition
        (financial or otherwise), results of operations, business or properties of the Combined Businesses, taken as a whole (a “Material Adverse Effect”), and, to the best of the knowledge of the Issuer and the Guarantor, no such proceedings are
        threatened.

      

      

      (u)  No Defaults.  None of the Combined Businesses is (i) in violation of its corporate charter or by-laws, (ii) in default under any agreement, indenture or instrument or (iii)
        in violation of any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Combined Businesses or any of their
        properties, as applicable, except, in the case of clauses (ii) and (iii) above, for any such defaults or violations the effect of which would not, individually or in the aggregate, have a Material Adverse Effect.

      

      

      
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      (v)  Rating.  The Notes have been rated by a “nationally recognized statistical rating organization” (as is defined in Section 3(a)(62) of the Exchange Act), including one or
        more of Moody’s Investors Service, Inc., S&P Global Ratings and Fitch Ratings, Inc.

      

      

      (w)  Sarbanes Oxley Compliance. The Issuer and the Guarantor have complied with the currently applicable provisions of the Sarbanes Oxley Act of 2002, and to their knowledge,
        the Guarantor’s directors and officers named in the latest annual report of the Guarantor submitted to the Commission on Form 20-F, in their capacities as such, have complied with the currently applicable provision of the Sarbanes Oxley Act of
        2002.

      

      

      (x)  Internal Controls over Financial Reporting.  The Issuer and the Guarantor maintain a system of internal control over financial reporting (as defined in Exchange Act Rules
        13a-15(f) and 15d-15(f)) to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles including those
        policies and procedures that: (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Issuer and the Guarantor; (2) provide reasonable assurance that
        transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Issuer and the Guarantor are being made only in accordance
        with authorizations of management and directors of the Issuer and the Guarantor; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Issuer’s or the Guarantor’s assets
        that could have a material effect on the financial statements. The Issuer and the Guarantor’s internal controls over financial reporting are effective and neither the Issuer nor the Guarantor is aware of any material weakness in its internal
        controls over financial reporting.

      

      

      (y)  Disclosure Controls.  The Issuer and the Guarantor maintain “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) under the Exchange Act); such
        disclosure controls and procedures are effective.

      

      

      (z)  True and Complete Documents.  The certificates delivered pursuant to paragraphs (i) and (j) of Section 6 hereof and all other documents delivered by the Issuer and the
        Guarantor or their representatives in connection with the issuance and sale of the Notes were on the dates on which they were delivered, or will be on the dates on which they are to be delivered, true and complete in all material respects.

      

      

      (aa)  Exhibits.  There are no contracts or other documents which are required to be described in the Disclosure Package and the Final Prospectus or filed as exhibits to the
        Registration Statement by the Act or by the Rules and Regulations which have not been described in the Disclosure Package and the Final Prospectus or filed as exhibits to such Registration Statement or incorporated therein by reference as permitted
        by the Act or by the Rules and Regulations or the rules and regulations of the Commission under the Exchange Act, as the case may be.

      

      

      
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      (bb)  Documents Incorporated by Reference.  The documents incorporated by reference into any Preliminary Prospectus or the Final Prospectus, when filed with the Commission, have
        been, or will be, prepared in conformity with the applicable requirements of the Act and the Rules and Regulations and the Exchange Act and the rules and regulations of the Commission thereunder, and none of such documents, when filed with the
        Commission, contained, or will contain, an untrue statement of a material fact or omitted, or will omit, to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and such documents have
        been, or will be, as of the Closing Date, timely filed as required thereby.

      

      

      (cc)  Form F-3.  The conditions for use of Form F-3 by the Issuer for the Registration Statement, as set forth in the General Instructions thereto, have been satisfied, and the
        Guarantor is a “foreign private issuer” (as defined in Rule 405 of the Rules and Regulations).

      

      

      (dd)  Tax Residency of the Issuer.  The Issuer is not resident in the United Kingdom for tax purposes and has no branch, business establishment or other fixed or permanent
        establishment in the United Kingdom, and, except to the extent, if any, specifically set forth in the Disclosure Package and the Final Prospectus, interest will not be payable by the Issuer out of any branch, business establishment or other fixed
        or permanent establishment of the Issuer or any other property in the United Kingdom or out of any source of income in the United Kingdom, and the Notes are not secured by any property situated in the United Kingdom.

      

      

      (ee)  Tax Residency of RELX PLC.  RELX PLC is solely resident in the United Kingdom for United Kingdom tax purposes and has no branch, business establishment or other fixed or
        permanent establishment outside the United Kingdom.

      

      

      (ff)  Unlawful Payments.  None of the Combined Businesses nor, to the knowledge of the Issuer or the Guarantor, any director, officer, employee or agent of the Combined
        Businesses, is aware of or has taken any action that would result in a violation by the Combined Businesses of (1) the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”) or (2) the U.K. Bribery
        Act 2010, as amended, and the rules and regulations thereunder (the “Bribery Act”) or (3) to the extent applicable, any similar law of any other relevant jurisdiction where the Combined Businesses maintain significant operations; and the Combined
        Businesses and, to the knowledge of the Issuer and the Guarantor, the affiliates of the Issuer have conducted their businesses in compliance with the FCPA, the Bribery Act and such other applicable laws and have instituted and maintain policies and
        procedures designed to ensure continued compliance therewith.  No part of the proceeds of the offering will be used, directly or indirectly, in violation of the FCPA, or the Bribery Act or any such similar law.

      

      

      (gg)  Anti-Money Laundering Laws.  The operations of the Combined Businesses are and have been conducted at all times in compliance with applicable financial recordkeeping and
        reporting requirements and the anti-money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency with jurisdiction over
        any of the Combined Businesses (collectively, the “Anti-Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any of the Combined Businesses with
        respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Issuer or the Guarantor, threatened.

      

      

      
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      (hh)  No Conflicts with Sanctions Laws.  None of the Combined Businesses, nor any director or officer of the Combined Businesses, nor, to the knowledge of the Issuer or the
        Guarantor, any employee, agent or controlling person of the Combined Businesses, is currently an individual or entity (for purposes of this paragraph (hh), a “Person”) that is the subject of any sanctions administered or enforced by the United
        States Government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or the Bureau of Industry and Security of the U.S. Department of Commerce), the United
        Nations Security Council, the European Union, the United Kingdom (including sanctions administered or enforced by Her Majesty’s Treasury) (collectively, “Sanctions” and such Persons, “Sanctioned Persons”), nor are the Combined Businesses located,
        organized or resident in a country or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country or territory (collectively, “Sanctioned Countries” and each, a “Sanctioned Country”); and the
        Combined Businesses will not directly or indirectly, use the proceeds of the offering of the Notes hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person for the purpose of
        financing any activities or business of or with any Person or in any country or territory that, at the time of such financing, would be impermissible under Sanctions, or in any other manner that will result in a violation by any Person (including
        any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.  None of the Combined Businesses has engaged in any material, individually or in the aggregate, illegal dealings or transactions with
        or for the benefit of a Sanctioned Person subject, or with or in a Sanctioned Country, in the preceding 3 years, and the Combined Businesses have controls in place to ensure that they do not have any such illegal dealings in the future.  Any
        provision of this Section 1(hh) shall not apply if and to the extent that it is or would be unenforceable by reason of breach of (i) EU Regulation (EC) 2271/96 (as amended) or any law or regulation implementing such regulation in any member state
        of the European Union or the United Kingdom or (ii) any similar blocking or anti-boycott law and, in such case, the enforceability of Section 1(hh) shall not otherwise be affected.

      

      

      (ii)  Cybersecurity. (i)(x) To the knowledge of the Issuer and the Guarantor, there has been no security breach or other compromise of or relating to any of the Issuer’s or the
        Guarantor’s or their respective subsidiaries’ information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or
        on behalf of them), equipment or technology (collectively, “IT Systems and Data”) and (y) the Issuer, the Guarantor and their respective subsidiaries have not been notified of, and have no knowledge of, any event or condition that would reasonably
        be expected to result in any security breach or other compromise to their IT Systems and Data, except as would not, in the case of this clause (i)(x) and (i)(y), individually or in the aggregate, have a Material Adverse Effect; (ii) to the
        knowledge of the Issuer and the Guarantor, the Issuer, the Guarantor and their respective subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or
        governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or
        modification, except as would not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse Effect; and (iii) the Issuer, the Guarantor and their respective subsidiaries have implemented backup and disaster
        recovery technology reasonably consistent in all material respects with industry standards and practices.

      

      

      
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      (jj)  No Stabilization.  Neither the Issuer nor the Guarantor has taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result
        in any stabilization or manipulation of the price of the Notes.

      

      

      SECTION 2.  COVENANTS OF THE ISSUER AND THE GUARANTOR.

      

      

      The Issuer and the Guarantor covenant and agree:

      

      

      (a)  Delivery of Signed Registration Statement.  To furnish or make available promptly to the Representatives and their counsel one signed copy of the Registration Statement as
        originally filed and each amendment or supplement thereto including all consents and exhibits filed therewith.

      

      

      (b)  Delivery of Other Documents.  To deliver promptly to the Representatives, and in such number as they may reasonably request, each of the following documents:  (i) conformed
        copies of the Registration Statement and each amendment thereto, (ii) the Base Prospectus, (iii) each Preliminary Prospectus, (iv) the Final Prospectus and (v) each Issuer Free Writing Prospectus and any amendment or supplement thereto as the
        Representatives may reasonably request.  The Issuer will pay the expenses of printing or other production of all documents relating to the offering.

      

      

      (c)  Final Term Sheet.  To prepare a final term sheet, containing solely a description of final terms of the Notes and the offering thereof, in the form approved by you and
        attached as Schedule 2 hereto and to file such term sheet pursuant to Rule 433(d) within the time required by such Rule.

      

      

      (d)  Revisions to Disclosure Package - Material Changes.  If, at any time prior to the filing of the Final Prospectus pursuant to Rule 424(b), any event occurs as a result of
        which the Disclosure Package would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made or the circumstances then
        prevailing not misleading or it is necessary at any time to amend any document in the Disclosure Package to comply with the Act or the Exchange Act, to (i) notify promptly the Representatives so that any use of the Disclosure Package may cease
        until it is amended or supplemented; (ii) subject to paragraph (f) of this Section 2, amend or supplement the Disclosure Package to correct such statement or omission; and (iii) supply any amendment or supplement to the Underwriters in such
        quantities as they may reasonably request.

      

      

      
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      (e)  Revisions to Final Prospectus - Material Changes.  If the delivery of a prospectus (or the notice referred to in Rule 173(a) under the Act) is required at any time after
        the Closing Date in connection with the offering or sale of the Notes or any other securities relating thereto and if at such time any event has occurred as a result of which the Final Prospectus would include an untrue statement of a material fact
        or omit to state any material fact necessary to make the statements therein not misleading, or if it is necessary at any time to amend the Final Prospectus to comply with the Act or the Exchange Act or the respective rules thereunder, to notify the
        Representatives promptly, in writing, to suspend solicitation of purchases of the Notes; and to promptly advise the Representatives by telephone (with confirmation in writing) and to, subject to paragraph (f) of this Section 2, promptly prepare and
        file with the Commission an amendment or supplement which will correct such statement or omission or an amendment which will effect such compliance.

      

      

      (f)  Copies of Filings with Commission.  Prior to filing with the Commission (i) any amendment or supplement to the Registration Statement, (ii) any amendment or supplement to
        any prospectus (including the Base Prospectus, Preliminary Prospectus and Final Prospectus) or (iii) any material document filed with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act including but not limited to any
        interim or annual report of the Guarantor submitted to the Commission on Form 6-K (“Form 6-K”) or Form 20-F (“Form 20-F”), as the case may be, under the Exchange Act and the rules and regulations thereunder or any amendment of or supplement to any
        such document, to furnish a copy to the Representatives and afford the Representatives a reasonable opportunity to comment on any such proposed amendment or supplement.

      

      

      (g)  Notice to Representatives of Certain Events.  To advise the Representatives immediately (i) when any post-effective amendment to the Registration Statement relating to or
        covering the Notes and the Guarantee becomes effective, (ii) of any request or proposed request by the Commission, whether written or oral, for an amendment or supplement to the Registration Statement, to the Disclosure Package or to the Final
        Prospectus, to any material document filed with or submitted to the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act including but not limited to any interim or annual report of the Guarantor submitted to the Commission
        on Form 6-K or Form 20-F, as the case may be, under the Exchange Act and the rules and regulations thereunder or for any additional information, (iii) of the issuance by the Commission of any stop order suspending
          the effectiveness of the Registration Statement or of any part thereof or any order directed to the Disclosure Package or the Final Prospectus or any document incorporated therein by reference or any notice objecting to the use of the
        Registration Statement or the initiation or threat of any stop order proceeding, (iv) of receipt by the Issuer or the Guarantor of any notification with respect to the suspension of the qualification of the Notes and the Guarantee for sale in any
        jurisdiction or the initiation or threat of any proceeding for that purpose, (v) of any downgrading in the rating of the Notes or any other debt securities of RELX on or prior to the Closing Date by any “nationally recognized statistical rating
        organization” (as defined in Section 3(a)(62) of the Exchange Act), or if any such organization shall have informed the Issuer or the Guarantor or made any public announcement that any such organization has under surveillance or review, or intends
        to or may potentially decrease, its rating of any debt securities of RELX (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading of such rating) as soon as the Issuer or the
        Guarantor is so informed or learns of any such downgrading or public announcement and (vi) of the happening of any event which makes untrue any statement of a material fact made in the Registration Statement, the Disclosure Package or the Final
        Prospectus or which requires the making of a change in such Registration Statement, Disclosure Package or Final Prospectus in order to make any material statement therein not misleading.

      

      

      
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      (h)  Stop Orders.  If the Commission shall issue a stop order suspending the effectiveness of the Registration Statement, to make every
          reasonable effort to obtain the lifting of that order at the earliest possible time.

      

      

      (i)  Earnings Statements.  As soon as practicable, but not later than 16 months after the date of each acceptance by the Issuer of an offer to purchase Notes hereunder, to make
        generally available to its security holders and to the security holders of the Guarantor, and to deliver to the Representatives an earnings statement of the Guarantor (such earnings statement to include information with respect to the Issuer to the
        same extent such information is presented in the Registration Statement) covering a period of at least 12 months beginning after the later of (i) the effective date of the Registration Statement, (ii) the effective date of the most recent
        post-effective amendment to the Registration Statement to become effective prior to the date of such acceptance and (iii) the date of the Guarantor’s most recent Annual Report on Form 20-F filed with the Commission prior to the date of such
        acceptance which will satisfy the provisions of Section 11(a) of the Act (including, at the option of the Guarantor, Rule 158 of the Rules and Regulations).

      

      

      (j)  Free Writing Prospectus.  Each of the Issuer and the Guarantor agrees that, unless it has or shall have obtained the prior written
        consent of the Representatives, and each Underwriter, severally and not jointly, agrees with the Issuer and the Guarantor that, unless it has or shall have obtained, as the case may be, the prior written consent of the Issuer and the Guarantor, it
        has not made and will not make any offer relating to the Notes that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405) required to be filed by the Issuer with
        the Commission or retained by the Issuer under Rule 433 of the Act, other than a free writing prospectus containing the information contained in the final term sheet prepared and filed pursuant to Section 2(c); provided that the prior written
        consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses included in Schedule 3 hereto and any electronic road show.  Any such Issuer Free Writing prospectus consented to by the Representatives or
        the Issuer or the Guarantor is hereinafter referred to as a “Permitted Free Writing Prospectus.”  Each of the Issuer and the Guarantor agrees that (x) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an
        Issuer Free Writing Prospectus and (y) it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission,
        legending and record keeping.

      

      

      
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      (k)  Blue Sky Qualifications.  To endeavor, in cooperation with the Representatives, to qualify the Notes and the Guarantee for offering and sale under the securities laws of
        such jurisdictions within the United States as the Representatives may designate, and to maintain such qualifications in effect for as long as may be required for the distribution of the Notes; and to file such statements and reports as may be
        required by the laws of each jurisdiction in which the Notes and the Guarantee have been qualified as above; provided that in connection therewith the Issuer and the Guarantor shall not be required to
        qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction or to take any other action that would subject it to service of process in suits in any jurisdiction other than those arising out of the
        offering or sale of the Notes in such jurisdiction or to register as a dealer in securities or to become subject to taxation in any jurisdiction.

      

      

      (l)    Clearance.  To cooperate with the Representatives and use their reasonable best efforts to permit the Notes to be eligible for clearance and settlement through the
        facilities of The Depository Trust Company (“DTC”).

      

      

      (m)  Use of Proceeds.  To apply the net proceeds from the sale of the Notes as set forth in the Disclosure Package and the Final Prospectus.

      

      

      (n)   Issuance of Debt.  Between the date of this Agreement and the Closing Date, not to offer, sell, guarantee, or enter into any agreement to sell, any debt securities of the
        Issuer, other than borrowings under revolving credit agreements, term loan credit agreements and lines of credit, borrowings from any other entity within RELX and issuances of commercial paper.

      

      

      (o)  Stabilization or Manipulation.  Not to take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result
        in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any of its securities to facilitate the sale or resale of the Notes.

      

      

      (p)  Exchange Listing.  To use its reasonable best efforts to list, subject to notice of issuance, the Notes on the New York Stock Exchange.

      

      

      SECTION 3.  PURCHASE OF THE NOTES BY THE UNDERWRITERS.

      

      

      (a)  On the basis of the representations and warranties contained in, and subject to the terms and conditions of this Agreement, the Issuer agrees to issue and to sell to the several Underwriters, and each of the
        Underwriters, severally and not jointly, agrees to purchase the principal amount of the Notes set forth opposite that Underwriter’s name in Schedule 1 hereto at a purchase price equal to 98.671% of the principal amount of the Notes, plus accrued
        interest, if any, from May 20, 2022.

      

      

      
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      (b)   The Issuer and the Guarantor shall not be obligated to deliver any of the Notes to be delivered except upon payment for all the Notes to be purchased as provided herein.

      

      

      (c)   Each Underwriter, severally and not jointly, represents and agrees as set forth in Appendix A hereto.

      

      

      SECTION 4.  DELIVERY OF AND PAYMENT FOR THE NOTES.

      

      

      Delivery of and payment for the Notes shall be made at the offices of Simpson Thacher & Bartlett LLP, 425 Lexington Ave, New York, NY 10017, at 10:00 A.M., New York City time, on the third full Business Day
        following the date of this Agreement or at such other date or place as shall be determined by agreement between the Underwriters and the Issuer.  This date and time are sometimes referred to as the “Closing Date”.  On the Closing Date, the Issuer
        shall deliver or cause to be delivered through the facilities of DTC the Notes to the Representatives for the account of each Underwriter against payment to or upon the order of the Issuer of the purchase price, which shall be paid in United States
        Dollars, by wire transfer in immediately available funds.  Time shall be of the essence (except that the Issuer will not be responsible for any delay resulting from any action or inaction of any Underwriter) and delivery at the time and place
        specified pursuant to this Agreement is a further condition of the obligations of each Underwriter hereunder.  The Notes will be evidenced by one or more global certificates in definitive form (the “Global Note”) and will be registered in the name
        of Cede & Co. as nominee of DTC.  The Issuer shall make the Global Note available for inspection by the Representatives in London, United Kingdom, not later than 2:00 P.M., New York City time, on the Business Day prior to the Closing Date.

      

      

      SECTION 5.  PAYMENT OF EXPENSES.

      

      

      The Issuer and the Guarantor will pay or cause to be paid, (a) the costs incident to the authorization, issuance, sale, authentication, transfer and delivery of the Notes and the Guarantee and any taxes payable in that
        connection; (b) the costs incident to the preparation, printing and filing of the Registration Statement and any amendments and exhibits thereto, each Preliminary Prospectus, the Final Prospectus and each Issuer Free Writing Prospectus and each
        amendment or supplement to any of them and to the preparation of this Agreement and the Indenture; (c) the costs of mailing and delivering the Registration Statement as originally filed and each amendment thereto and any post-effective amendments
        thereof (including, in each case, exhibits), each Preliminary Prospectus, the Final Prospectus and any amendment or supplement to any of them; (d) the costs incident to the preparation, printing, authentication, issuance and delivery of
        certificates for the Notes, including any stamp duty, transfer taxes, stock exchange tax, securities transaction tax, value-added tax or any other tax or duty payable in the U.S. or England with respect to the authorization, issuance, sale and
        delivery of the Notes by the Issuer or Underwriters or the Guarantee by the Guarantor, respectively; (e) the costs of registering the Notes under the Exchange Act and listing the Notes on the New York Stock Exchange; (f) the fees and expenses of
        qualifying the Notes and the Guarantee under the securities laws of the several jurisdictions as provided in Section 2(k) and of preparing, printing and distributing a Blue Sky Memorandum and a Legal Investment Survey (including related reasonable
        fees and expenses of counsel to the Underwriters); (g) any fees charged by rating agencies for rating the Notes; (h) the costs of preparing the Notes and the Guarantee; (i) the costs of any filings, if any, required to be made with the Financial
        Industry Regulatory Authority, including filing fees and the reasonable fees and expenses of counsel for the Underwriters relating to such filings; (j) the cost and charges of any transfer agent, registrar or paying agent; (k) the fees and expenses
        of the Trustee and the reasonable fees and disbursements of counsel for the Trustee; (l) all advertising expenses in connection with the offering of the Notes incurred with the consent of the Issuer or the Guarantor; (m) the fees and disbursements
        of counsel and accountants to the Issuer and the Guarantor, and (n) all other costs and expenses incident to the performance of the respective obligations of the Issuer and the Guarantor hereunder provided that, except as provided in this Section 5
        and Section 11, the Underwriters shall pay their own costs and expenses.

      

      

      
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      SECTION 6.  CONDITIONS OF OBLIGATIONS OF THE UNDERWRITERS.

      

      

      The respective obligations of the several Underwriters under this Agreement to purchase the Notes is subject to the accuracy of the representations and warranties of the Issuer and the Guarantor contained herein on the
        Closing Date, to the accuracy of the statements of the officers of the Issuer and the Guarantor made in any certificate furnished pursuant to the provisions hereof, to the performance by the Issuer and the Guarantor of their obligations hereunder,
        and to each of the following additional terms and conditions:

      

      

      (a)  Registration Statement.  The Final Prospectus as amended or supplemented with respect to such Notes and the Guarantee shall have been filed with the Commission pursuant to
        Rule 424(b) under the Act within the applicable time period prescribed for such filing by the Rules and Regulations; the final term sheet contemplated by Section 2(c) hereto, and any other material required to be filed by the Issuer pursuant to
        Rule 433(d) under the Act, shall have been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433; no stop order suspending the effectiveness of the Registration Statement or any part thereof or any
        notice objecting to its use shall have been issued and no stop order proceeding shall have been initiated or threatened by the Commission; any request of the Commission, whether written or oral, for inclusion of additional information in any
        Registration Statement or any prospectus or otherwise shall have been complied with; and the Issuer and the Guarantor shall not have filed with the Commission any amendment or supplement to the Registration Statement or any prospectus without the
        consent of the Representatives.

      

      

      (b)  No Suspension of Sale of the Notes.  No order suspending the sale of the Notes in any jurisdiction designated by the Representatives pursuant to Section 2(k) hereof shall
        have been issued, and no proceeding for that purpose shall have been initiated or threatened.

      

      

      (c)  Ratings Downgrade.  Since the date hereof, there shall not have occurred any downgrading in the ratings accorded the Notes or any other securities of RELX by any
        “nationally recognized statistical rating organization” (as that term is defined in Section 3(a)(62) of the Exchange Act) and no such organization shall have informed the Issuer or the Guarantor or made any public announcement that such
        organization has under surveillance or review, or intends to or may potentially decrease, its rating of the Notes or any other securities of RELX (other than an announcement with positive implications of a possible upgrading, and no implication of
        a possible downgrading, of such rating).

      

      

      
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      (d)  Opinion of RELX PLC’s Counsel.  The Representatives shall have received on the Closing Date an opinion of Freshfields Bruckhaus Deringer LLP, English solicitors to RELX
        PLC, dated the Closing Date, substantially in the form set forth in Exhibit A.

      

      

      (e)  Opinion of U.S. Counsel.  The Representatives shall have received on the Closing Date an opinion and negative assurance letter of Cravath, Swaine & Moore LLP, United
        States counsel to the Issuer and the Guarantor, dated the Closing Date, substantially in the form set forth in Exhibit B.

      

      

      (f)  Opinion of Underwriters’ Counsel.  The Representatives shall have received on the Closing Date an opinion and negative assurance letter from Underwriters’ counsel, Simpson
        Thacher & Bartlett LLP, dated the Closing Date, with respect to the issuance and sale of the Notes, the Registration Statement, the Disclosure Package, the Final Prospectus and other related matters as the Underwriters may reasonably require,
        and the Issuer shall have furnished to such counsel such documents as they reasonably request for the purpose of enabling them to pass upon such matters.

      

      

      (g)  Comfort Letter.  The Representatives shall have received a letter dated the date hereof, in form and substance satisfactory to the Representatives prepared by Ernst &
        Young LLP, London, England, independent accountants and auditors of RELX.

      

      

      (h)  Bring-down Comfort Letter.  With respect to the letter referred to in the preceding paragraph (g) and delivered to the Representatives concurrently with the execution of
        this Agreement (the “initial letter”), the accountants shall have furnished to the Representatives letter (the “bring-down letter”), addressed to the Underwriters and dated the Closing Date (i) confirming that they are independent public
        accountants within the meaning of the Act and are in compliance with the applicable requirements relating to the qualifications of accountants under the Rules and Regulations, (ii) stating with respect to matters involving changes or developments
        since the respective dates as of which specific financial information is given in the Final Prospectus, as of the date of the bring-down letter, the conclusions and findings of such firm with respect to the financial information and other matters
        covered by the initial letter and (iii) confirming in all material respects the conclusions and findings set forth in the initial letter.

      

      

      
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      (i)  Issuer’s Certificate.  The Issuer shall have furnished to the Representatives on the Closing Date a certificate, dated the Closing Date, of its President or Vice President
        and its Treasurer or an Assistant Treasurer stating that:

      

      

      (i)  The representations, warranties and agreements of the Issuer in Section 1 hereof are true and correct as of the Closing Date; the Issuer has complied with all of its agreements contained herein;
        and the conditions set forth in Sections 6(a) and 6(b) hereof have been fulfilled; and

      

      

      (ii)  They have carefully examined the Registration Statement, the Disclosure Package and the Final Prospectus and, in their opinion, (A) the Registration Statement, as of its effective date, did not
        contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, (B) each of the Disclosure Package and the Final Prospectus does not
        contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and
        (C) since the date of the most recent financial statements included in the Disclosure Package and the Final Prospectus, there has not occurred any event required by the Act, the Rules and Regulations, the Exchange Act or the rules and regulations
        promulgated under the Exchange Act to be set forth in an amended or supplemented prospectus which has not been so set forth.

      

      

      (j)  Guarantor’s Certificate.  The Representatives shall have received on the Closing Date a certificate, dated the Closing Date, of the chairman, chief executive officer, chief
        financial officer or company secretary of RELX PLC stating that:

      

      

      (i)  The representations, warranties and agreements of the Guarantor in Section 1 hereof are true and correct as of the Closing Date; the Guarantor has complied with all of its agreements contained
        herein; and the conditions set forth in Sections 6(a) and 6(b) hereof have been fulfilled; and

      

      

      (ii)  They have carefully examined the Registration Statement, the Disclosure Package and the Final Prospectus and, in their opinion, (A) the Registration Statement, as of its effective date, did not
        contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, (B) each of the Disclosure Package and the Final Prospectus does not
        contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
        (C) since the date of the most recent financial statements included in the Disclosure Package and the Final Prospectus, there has not occurred any event required by the Act or by the Rules and Regulations, the Exchange Act or the rules and
        regulations promulgated under the Exchange Act to be set forth in an amended or supplemented prospectus which has not been so set forth, and (D) since the date of the most recent financial statements included or incorporated by reference in the
        Registration Statement (exclusive of any amendment or supplement to such Registration Statement filed after the Execution Time), there has been no material adverse effect on the condition (financial or otherwise), earnings, business or properties
        of the Combined Businesses taken as a whole, except as set forth in or contemplated in the Disclosure Package and the Final Prospectus (exclusive of any amendment or supplement thereto).

      

      

      
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      (k)  Additional Conditions.  There shall not have occurred since the respective dates as of which information is given in the Disclosure Package and the Final Prospectus (i) any
        material adverse change in, or any adverse development which materially affects the condition (financial or otherwise), results of operations, business or properties of the Combined Businesses taken as a whole other than as set forth in or
        contemplated by the Disclosure Package and the Final Prospectus, or (ii) any (A)(1) suspension of trading in any securities issued by the Issuer or the Guarantor or (2) suspension or material limitation of trading generally on or by, as the case
        may be, the New York Stock Exchange, the London or Amsterdam Stock Exchanges or the United States over-the-counter market or the establishment of minimum prices on any of such exchanges or such market in any of the foregoing cases by the Commission
        or such exchange or other regulatory or governmental body having jurisdiction, (B) declaration of a general moratorium on commercial banking activities in New York or England by either Federal, New York State or English authorities, (C) outbreak or
        escalation of hostilities involving the United States or the European Union or the United Kingdom, declaration of a national emergency or war by the United States or the European Union or the United Kingdom or any other calamity or crisis or
        (D) material adverse change in the existing financial, political or general economic conditions in the United States or the European Union or the United Kingdom, including any effect of international conditions on such conditions in the United
        States or the European Union or the United Kingdom, that, in the judgment of the Representatives, is material and adverse and (iii) in the case of any of the events specified in clauses (ii)(A) through (ii)(D), such event singly or together with
        any other such event makes it, in the judgment of the Representatives, impracticable or inadvisable to market or sell the Notes on the terms and in the manner contemplated herein.

      

      

      (l)  Depositary.  The Notes shall have been determined eligible for clearance and settlement through DTC.

      

      

      (m)  Other Information and Documentation.  Prior to the Closing Date, the Issuer and the Guarantor shall have furnished to the Representatives such further information,
        certificates and documents as the Representatives or counsel to the Representatives may reasonably request.

      

      

      All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement which are not stated as being in a form previously approved by the Representatives shall be deemed to be in compliance
        with the provisions hereof only if they are in the form and substance reasonably satisfactory to counsel for the Representatives.

      

      

      
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      The documents required to be delivered by this Section 6 shall be delivered at the offices of Simpson Thacher & Bartlett LLP, counsel for the Underwriters, at 425 Lexington Avenue, New York, New York 10017, on the
        Closing Date.

      

      

      SECTION 7.  INDEMNIFICATION AND CONTRIBUTION.

      

      

      (a)  The Issuer and the Guarantor, jointly and severally, shall indemnify and hold harmless each Underwriter, its affiliates and the directors, officers, employees and agents of each Underwriter and its affiliates and
        each person, if any, who controls any Underwriter within the meaning of either the Act or the Exchange Act from and against any loss, claim, damage or liability, joint or several, and any action in respect thereof, to which they or any of them may
        become subject, under the Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or
        alleged untrue statement of a material fact contained in the Registration Statement for the registration of the Notes as originally filed or in any amendment thereof, or in the Base Prospectus, any Preliminary Prospectus or any other preliminary
        prospectus supplement relating to the Notes, the Final Prospectus, any Issuer Free Writing Prospectus, including but not limited to any electronic road show that is a “written communication” within the meaning of Rule 433(d)(8)(i), the electronic
        roadshow identified in Schedule 4 hereto or the information contained in the final term sheet required to be prepared and filed pursuant to Section 2(c) hereto, or in any amendment thereof or supplement thereto, or arises out of, or is based upon,
        the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading and shall reimburse each such indemnified person for any legal and other expenses reasonably
        incurred by such indemnified person in investigating or defending or preparing to defend against any such loss, claim, damage, liability or action, as such expenses are incurred; provided, however, that the Issuer and the Guarantor shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is based upon, any such untrue statement or
        alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Issuer or the Guarantor by or on behalf of any Underwriter through the Representatives specifically
        for inclusion therein.  The Issuer acknowledges that the statements set forth in the fourth, eighth, ninth and tenth paragraphs under the caption “Underwriting” in the Preliminary Prospectus and the Final Prospectus constitute the only information
        furnished in writing by or on behalf of the several Underwriters for inclusion in any Preliminary Prospectus, the Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus.  The foregoing indemnity agreement is in addition to
        any liability which the Issuer or the Guarantor may otherwise have to any Underwriter or any controlling person of any Underwriter.

      

      

      (b)  Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Issuer and the Guarantor, each of their respective directors, employees, each of the officers who signed the Registration
        Statement, any person, if any, who controls any of the Issuer or the Guarantor within the meaning of the Act or the Exchange Act, the U.S. authorized representative of the Guarantor and any person nominated to become a director of the Issuer who
        signed a consent filed with the Registration Statement from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof, to which the Issuer or the Guarantor or any such controlling person may become subject
        under the Act, the Exchange Act, federal or state statutory law or regulation, at common law or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon any untrue statement or alleged untrue statement of
        a material fact contained in the Registration Statement for the registration of the Notes as originally filed or in any amendment thereof, or in the Base Prospectus, any Preliminary Prospectus or any other preliminary prospectus supplement relating
        to the Notes, the Final Prospectus, any Issuer Free Writing Prospectus or the information contained in the final term sheet required to be prepared and filed pursuant to Section 2(c) hereto, or in any amendment thereof or supplement thereto, or
        arises out of or is based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the same extent as the foregoing indemnity
        from the Issuer to each Underwriter, but only with reference to written information relating to such Underwriter furnished to the Issuer or the Guarantor by or on behalf of such Underwriter through the Representatives specifically for inclusion in
        the documents referred to in the foregoing indemnity.  The Issuer acknowledges that the statements set forth in the fourth, eighth, ninth and tenth paragraphs under the caption “Underwriting” in the Preliminary Prospectus and the Final Prospectus
        constitute the only information furnished in writing by or on behalf of the several Underwriters for inclusion in any Preliminary Prospectus, the Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus.

      

      

      
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      (c)  Promptly after receipt by an indemnified party under subsection (a) or (b) of this Section 7 of notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is
        to be made against the indemnifying party under subsection (a) or (b) of this Section 7, notify the indemnifying party in writing of the claim or the commencement of the action; provided that the failure to notify the indemnifying party shall not
        relieve it from any liability which it may have under this Section 7 except to the extent it has been materially prejudiced by such failure and, provided further, that the failure to notify the indemnifying party shall not relieve it from any
        liability which it may have to an indemnified party otherwise than under this Section 7.  If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be
        entitled to participate therein, and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel satisfactory to the indemnified party.  After notice from the indemnifying
        party to the indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified party under this Section 7 for any legal or other expenses subsequently incurred by the
        indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided that any indemnified party shall have the right to retain its own counsel (including local counsel), and the indemnifying party shall
        bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the actual or potential
        defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties
        which are different from or additional to those available to the indemnifying party, (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a
        reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party.  It is understood that the indemnifying party
        shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate counsel (in addition to any local counsel) for all such indemnified parties and that all
        such fees and expenses shall be reimbursed as they are incurred.  Such firm shall be designated in writing by the relevant Underwriter or Underwriters in the case of parties indemnified pursuant to paragraph (a) above and by the Issuer and the
        Guarantor in the case of parties indemnified pursuant to paragraph (b) above.  The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a
        final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment.  Notwithstanding the foregoing sentence, if at any time an
        indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section 7, the indemnifying party agrees that it shall be liable for any settlement of any
        proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of such request and (ii) such indemnifying party shall not have reimbursed the indemnified party in
        accordance with such request.  No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a
        party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and does
        not include an admission of fault.

      

      

      
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      (d)  If the indemnification provided for in this Section 7 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under Section 7(a) or 7(b) hereof in respect of any loss, claim,
        damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such
        loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Issuer and the Guarantor on the one hand and the relevant Underwriter on the other from
        the offering of the Notes or (ii) if the allocation provided by clause (i) above is not permitted by applicable law or for any reason, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above
        but also the relative fault of the Issuer and the Guarantor on the one hand and such Underwriter on the other with respect to the statements or omissions or actions which resulted in such loss, claim, damage or liability, or action in respect
        thereof, as well as any other relevant equitable considerations.  The relative benefits received by the Issuer and the Guarantor on the one hand and an Underwriter on the other with respect to the offering of Notes shall be deemed to be in the same
        proportion as the net proceeds from such offering (before deducting expenses) received by the Issuer on the one hand, and the total underwriting discounts and commissions received by the Underwriters with respect to the Notes purchased under this
        Agreement, on the other hand, bear to the total gross proceeds from the offering of the Notes under this Agreement, in each case as set forth in the table on the cover page of the Final Prospectus.  The relative fault shall be determined by
        reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Issuer or the Guarantor on the one hand or the Underwriter, on the other,
        the intent of the parties and their respective knowledge, access to information and opportunity to correct or prevent such statement or omission.  For purposes of the preceding two sentences, the net proceeds deemed to be received by the Issuer
        shall be deemed to be also for the benefit of the Guarantor and information supplied by the Issuer shall also be deemed to have been supplied by the Guarantor.  The Issuer, the Guarantor and the Underwriters agree that it would not be just and
        equitable if contribution pursuant to this Section 7 were to be determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred
        to herein.  The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this Section 7 shall be deemed to include, for purposes of this Section 7, any
        legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.  Notwithstanding the provisions of this Section 7, none of the Underwriters shall be responsible for any
        amount in excess of the underwriting discount or commission applicable to the Notes purchased by such Underwriter hereunder.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to
        contribution from any person who was not guilty of such fraudulent misrepresentation.  The Underwriters’ obligations to contribute as provided in this Section 7(d) are several in proportion to their respective underwriting obligations and not
        joint.

      

      

      

      

      
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      SECTION 8.  REPRESENTATIONS, WARRANTIES AND OBLIGATIONS TO SURVIVE DELIVERY.

      

      

      The respective indemnities, agreements, representations, warranties and other statements of the Issuer and the Guarantor and the Underwriters contained in this Agreement, or made by or on behalf of them, respectively,
        pursuant to this Agreement, shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or any officer, director, employee or any person controlling such Underwriter or by or on
        behalf of the Issuer and the Guarantor or any person controlling the Issuer or the Guarantor, and shall survive each delivery of and payment for any of the Notes.  The provisions of Sections 7 and 11 shall survive the termination or cancellation of
        this Agreement.

      

      

      SECTION 9.  TERMINATION.

      

      

      The obligations of the Underwriters hereunder may be terminated by the Representatives by notice given to and received by the Issuer prior to delivery of and payment for the Notes, if, prior to that time, any of the
        events described in Sections 6(c) or 6(k) shall have occurred or if the Underwriters shall decline to purchase the Notes for any reason permitted under this Agreement.

      

      

      
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      SECTION 10.  DEFAULTING UNDERWRITERS.

      

      

      If, on the Closing Date, any Underwriter defaults in the performance of its obligations to purchase the Notes under this Agreement, the remaining non-defaulting Underwriters shall be obligated to purchase the Notes
        which the defaulting Underwriter agreed but failed to purchase on the Closing Date in the respective proportions which the principal amount of Notes set forth opposite the name of each remaining non-defaulting Underwriter in Schedule 1 hereto bears
        to the aggregate principal amount of Notes set forth opposite the names of all the remaining non-defaulting Underwriters in Schedule 1 hereto; provided, however,
        that the remaining non-defaulting Underwriters shall not be obligated to purchase any of the Notes on the Closing Date if the aggregate principal amount of the Notes which the defaulting Underwriter or Underwriters agreed but failed to purchase on
        such date exceeds one-eleventh of the Notes to be purchased on the Closing Date, and any remaining non-defaulting Underwriter shall not be obligated to purchase more than 110% of the principal amount of Notes which it agreed to purchase on the
        Closing Date pursuant to the terms of Section 3.  If the foregoing maximums are exceeded, the remaining non-defaulting Underwriters, or those other underwriters satisfactory to the Representatives who so agree, shall have the right, but shall not
        be obligated, to purchase, in such proportion as may be agreed upon among them, all the Notes to be purchased on the Closing Date.  If the remaining Underwriters or other underwriters satisfactory to the Representatives do not elect to purchase the
        Notes which the defaulting Underwriter or Underwriters agreed but failed to purchase on the Closing Date, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Issuer or the Guarantor, except that the
        Issuer and the Guarantor will continue to be liable for the payment of expenses to the extent set forth in Section 5.  As used in this Agreement, the term “Underwriter” includes, for all purposes of this Agreement unless the context requires
        otherwise, any party not listed in Schedule 1 hereto who, pursuant to this Section 10, purchases Notes which a defaulting Underwriter agreed but failed to purchase.

      

      

      Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to the Issuer or the Guarantor or any non-defaulting Underwriter for damages caused by its default.  If other underwriters
        are obligated or agree to purchase the Notes of a defaulting or withdrawing Underwriter, either the Representatives or the Issuer may postpone the Closing Date for up to seven full Business Days in order to effect any changes that in the opinion of
        counsel for the Issuer and the Guarantor or counsel for the Underwriters may be necessary in any Registration Statement, the Prospectus or in any other document or arrangement.

      

      

      
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      SECTION 11.  REIMBURSEMENT OF UNDERWRITERS’ EXPENSES.

      

      

      If the Issuer shall fail to tender the Notes and the Guarantee for delivery to the Underwriters by reason of any failure, refusal or inability on the part of the Issuer or the Guarantor to perform any agreement on its
        part to be performed, or because any other condition of the Underwriters’ obligations hereunder required to be fulfilled by the Issuer or the Guarantor is not fulfilled (other than by reason of any event described in Section 6(k), except for the
        suspension of trading or minimum prices of the securities of the Issuer or the Guarantor or for an event referred to in clause (i) of such section), the Issuer and the Guarantor, jointly and severally, will reimburse the Underwriters for all
        reasonable out-of-pocket expenses (including fees and disbursements of counsel) incurred by the Underwriters in connection with this Agreement and the proposed purchase of the Notes, and promptly following receipt of an invoice the Issuer and the
        Guarantor, jointly and severally, shall pay the full amount thereof to the Representatives.  If this Agreement is terminated pursuant to Section 10 by reason of the default of one or more Underwriters, neither the Issuer nor the Guarantor shall be
        obligated to reimburse any defaulting Underwriter on account of those expenses.

      

      

      Notwithstanding anything to the contrary herein, each Underwriter agrees (without prejudicing any claim it may have against the Issuer or the Guarantor), at its own expense, to pay the portion of all expenses not
        reimbursed by the Issuer and the Guarantor pursuant to this Section 11 hereof represented by such Underwriter’s pro rata share (based on the principal amount of Notes that such Underwriter agreed to purchase hereunder) of the Notes.

      

      

      SECTION 12.  NOTICES.

      

      

      Except as otherwise provided herein, all notices and other communications hereunder shall be in writing and shall be deemed to have been given only if mailed or transmitted by any standard form of telecommunication. 
        Notices to the Underwriters shall be directed as follows: (i) BofA Securities, Inc., 1540 Broadway, NY8-540-26-02, New York, NY 10036, Attention: High Grade Debt Capital Markets Transaction Management/Legal, Fax No.: 212-901-7881; (ii) Citigroup
        Global Markets Inc., 388 Greenwich Street, New York, NY 10013, Attention: General Counsel, Fax No.: (646) 291-1469; (iii) RBC Capital Markets, LLC, 200 Vesey Street, 8th
        Floor, New York, NY 10281, Attention: USDCM Transaction Management, Telephone No.: (212) 618-7706, Fax No.: (212) 428-6308, E-mail: scott.primrose@rbccm.com; and (iv) SMBC Nikko Securities America, Inc., 277 Park Avenue, New York, NY 10172,
        Attention: Debt Capital Markets, Telephone No.: 1-888-868-6856, E-mail: prospectus@smbcnikko-si.com; with a copy, not constituting notice, to Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, NY 10017, Attention: Mark Brod, Fax
        No.: (212) 455-2502.

      

      

      Notices to the Issuer and the Guarantor shall be directed as follows: (i) RELX Capital Inc., Charles Durante, Secretary, RELX Capital Inc., 1105 North Market Street, Suite 501, Wilmington, DE 19801, Telephone No.:
        (302) 427-9299; and (ii) RELX PLC, 1-3 Strand, London WC2N 5JR, United Kingdom, Attention: Henry Udow, Chief Legal Officer, Telephone No.: 44-20-7166-5500, E-mail: PLC.secretariat@relx.com; with a copy, not constituting notice, to Cravath, Swaine
        & Moore LLP, CityPoint, 1 Ropemaker Street, London, EC2Y 9HR, United Kingdom, Attention: George Stephanakis, Fax No.: 44-20-7860-1150.

      

      

      
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      SECTION 13.  BINDING EFFECT; BENEFITS.

      

      

      This Agreement shall be binding upon each Underwriter, the Issuer, the Guarantor, and their respective successors.  This Agreement and the terms and provisions hereof are for the sole benefit of only those persons,
        except that (a) the representations, warranties, indemnities and agreements of the Issuer and the Guarantor contained in this Agreement shall also be deemed to be for the benefit of the affiliates, directors, officers and employees of each
        Underwriter and the person or persons, if any, who control any Underwriter within the meaning of Section 15 of the Act, and (b) the representations, warranties, indemnities and agreements of the Underwriters contained in this Agreement shall be
        deemed to be for the benefit of directors of the Issuer and the Guarantor, officers of the Issuer and the Guarantor who have signed the Registration Statement, any person controlling the Issuer and the Guarantor and any person nominated to become a
        director of the Issuer who has signed a consent filed with the Registration Statement.  Nothing in this Agreement is intended or shall be construed to give any person, other than the persons referred to in this Section 13, any legal or equitable
        right, remedy or claim under or in respect of this Agreement or any provision contained herein.

      

      

      SECTION 14.  NO FIDUCIARY DUTY.

      

      

      The Issuer and the Guarantor each hereby acknowledges that (a) the purchase and sale of the Notes pursuant to this Agreement is an arm’s-length commercial transaction between the Issuer and the Guarantor, on the one
        hand, and the Underwriters and any affiliate through which it may be acting, on the other, (b) the Underwriters are acting as principal and not as an agent or fiduciary of the Issuer or the Guarantor and (c) the Issuer’s engagement of the
        Underwriters in connection with the offering and the process leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Issuer and the Guarantor each agrees that it is solely responsible for making its
        own judgments in connection with the offering (irrespective of whether any of the Underwriters has advised or is currently advising the Issuer on related or other matters).  The Issuer and the Guarantor each agrees that it will not claim that the
        Underwriters have rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Issuer, in connection with such transaction or the process leading thereto.

      

      

      SECTION 15.  INTEGRATION.

      

      

      This Agreement supersedes all prior agreements and understandings (whether written or oral) among the Issuer, the Guarantor and the Underwriters, or any of them, with respect to the subject matter hereof.

      

      

      
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      SECTION 16.  GOVERNING LAW; COUNTERPARTS.

      

      

      This Agreement shall be governed by and construed in accordance with the laws of the State of New York.  This Agreement may be executed in counterparts and the executed counterparts shall together constitute a single
        instrument.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any  document to be signed in connection with this Agreement shall be deemed to include electronic signatures,
        deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as
        the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

      

      

      SECTION 17.  WAIVER OF JURY TRIAL.

      

      

      The Issuer and the Guarantor each hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or
        the transactions contemplated hereby.

      

      

      SECTION 18.  WAIVER OF IMMUNITY.

      

      

      To the extent that the Issuer or the Guarantor has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal
        process (whether service of notice, attachment in aid or otherwise) with respect to itself or any of its property, the Issuer and the Guarantor hereby irrevocably waive and agree not to plead or claim such immunity in respect of their obligations
        under this Agreement to the fullest extent permitted by applicable law.

      

      

      SECTION 19.  PARAGRAPH HEADINGS.

      

      

      The paragraph headings used in this Agreement are for convenience of reference only, and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

      

      

      SECTION 20.  SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE; CURRENCY INDEMNITY.

      

      

      (a)  The Issuer and the Guarantor each agrees that any legal suit, action or proceeding brought by any Underwriter or by each person, if any, who controls any Underwriter arising out of or based upon this Agreement may
        be instituted in any U.S. Federal or New York State court in the Borough of Manhattan, City of New York, New York, irrevocably waives any objection which it may now or hereafter have to laying of venue in any such suit, action or proceeding in any
        such court and irrevocably accepts and submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding.  Each of the Issuer and the Guarantor hereby appoints Kenneth Thompson II, c/o RELX Inc., at 9443 Springboro
        Pike, Miamisburg, OH 45342, as its authorized agent (the “Process Agent”) upon whom process may be served in any suit, action or proceeding based on this Agreement which may be instituted in any U.S. Federal or New York State court in the Borough
        of Manhattan, City of New York, New York, by any Underwriter or any such controlling person and expressly accepts the jurisdiction of any such court in respect of any such action.  Such appointment shall be irrevocable.  The Process Agent has
        agreed to act as said agent for service of process, and the Issuer and the Guarantor agree to take any and all actions, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force
        and effect as aforesaid.  Service of process upon the Process Agent shall be deemed effective service of process upon the Issuer and the Guarantor; provided that nothing herein shall affect the right of any Underwriter or any person controlling any
        Underwriter to serve process in any other manner permitted by law.  Notwithstanding the foregoing, any action against the Issuer or the Guarantor arising out of or based upon this Agreement may also be instituted by any Underwriter or any person
        controlling any Underwriter in any court in England and Wales, and the Issuer and the Guarantor expressly accept the jurisdiction of any such court in any such action.  The provisions of this Section 19 are intended to be effective upon the
        execution of this Agreement without further action by the Issuer or the Guarantor and the introduction of a true copy of this Agreement into evidence shall be conclusive and final evidence as to such matters.

      

      

      
        27

        
          

      

      

      

      Each of the Issuer and the Guarantor hereby agrees to indemnify each Underwriter against loss incurred by such Underwriter as a result of any judgment or order being given or made for any amount due hereunder or under
        the Notes or the Guarantee and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than United States dollars and as a result of any variation as between (i) the rate of exchange at which the United States
        dollar amount is converted into Judgment Currency for the purpose of such judgment or order, and (ii) the rate of exchange at which such Underwriter would have been able to purchase United States dollars with the amount of the Judgment Currency
        actually received by such Underwriter if such Underwriter had utilized such amount of Judgment Currency to purchase United States dollars as promptly as practicable upon such Underwriter’s receipt thereof.  The foregoing indemnity shall constitute
        a separate and independent obligation of the Issuer and the Guarantor and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid.  The term “rate of exchange” shall include an allowance for any customary or
        reasonable premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.

      

      

      SECTION 21.  DEFINITIONS.

      

      

      The terms that follow, when used in this Agreement, shall have the meanings indicated.

      

      

      “Act” shall mean the Securities Act of 1933, as amended and the rules and regulations of the Commission promulgated thereunder.

      

      

      “Base Prospectus” shall mean the base prospectus referred to in paragraph 1(a) above contained in the applicable Registration Statement at the Execution Time.

      

      

      “Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in New York
        City or London.

      

      

      
        28

        
          

      

      

      

      “Combined Businesses” means RELX PLC and its subsidiaries, associates and joint ventures.

      

      

      “Commission” shall mean the Securities and Exchange Commission.

      

      

      “Disclosure Package” shall mean (i) the Base Prospectus, (ii) the Preliminary Prospectus used most recently prior to the Execution Time, (iii) the Issuer Free Writing Prospectuses, if any, identified
        in Schedule 3 hereto, (iv) the final term sheet prepared and filed pursuant to Section 2(c) hereto, and attached as Schedule 2 hereto, and (v) any other Free Writing Prospectus that the parties hereto
        shall hereafter expressly agree in writing to treat as part of the Disclosure Package.

      

      

      “Effective Date” shall mean each date and time that the applicable Registration Statement and any post-effective amendment or amendments thereto became or
        becomes effective.

      

      

      “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.

      

      

      “Execution Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto.

      

      

      “Final Prospectus” shall mean the prospectus supplement relating to the Notes that was first filed pursuant to Rule 424(b) after the Execution Time, together with the Base Prospectus.

      

      

      “Free Writing Prospectus” shall mean a free writing prospectus, as defined in Rule 405.

      

      

      “Issuer Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433.

      

      

      “Preliminary Prospectus” shall mean any preliminary prospectus supplement to the Base Prospectus referred to in paragraph 1(a) above which is used prior to the filing of the Final Prospectus,
        together with the Base Prospectus.

      

      

      “Registration Statement” shall mean the registration statement, as applicable, referred to in paragraph 1(a) above, including exhibits and financial statements and any prospectus supplement relating
        to the Notes that is filed with the Commission pursuant to Rule 424(b) and deemed part of such registration statement pursuant to Rule 430B, as amended on each Effective Date and, in the event any post-effective amendment thereto becomes effective prior to the Closing Date, shall also mean such registration statement as so amended.

      

      

      “Rules and Regulations” shall mean the rules and regulations of the Commission promulgated under the Act.

      

      

      
        29

        
          

      

      

      

      “Rule 158”, “Rule 163”, “Rule 164”, “Rule 172”, “Rule 405”, “Rule 415”, “Rule 424”, “Rule 430B” and “Rule 433” refer to such rules under the Act.

      

      

      “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended and the rules and regulations of the Commission promulgated thereunder.

      

      

      “Well-Known Seasoned Issuer” shall mean a well-known seasoned issuer, as defined in Rule 405.

      

      

      SECTION 22.  ACKNOWLEDGE AND CONSENT TO EU BAIL-IN.

      

      

      Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding among the Issuer, the Guarantor and the Underwriters, the Issuer and the Guarantor
        acknowledges and accepts that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, and agrees to be bound by:

      

      

      (a)          the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of any Underwriter to the Issuer or the Guarantor under this
        Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

      

      

      (i)          the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;

      

      

      (ii)          the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of any Underwriter or another person, and the issue to or conferral on the
        Issuer or the Guarantor of such shares, securities or obligations;

      

      

      (iii)          the cancellation of the BRRD Liability;

      

      

      (iv)          the amendment or alteration of any interest, if applicable, thereon, or the dates on which any payments are due, including by suspending payment for a temporary period; and

      

      

      (b)          the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution
        Authority.

      

      

      For the purposes of this Section 21:

      

      

      “Bail-in Legislation” means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation,
        rule or requirement as described in the EU Bail-in Legislation Schedule from time to time;

      

      

      
        30

        
          

      

      

      

      “Bail-in Powers” means any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation;

      

      

      “BRRD” means Directive 2014/59/EU, as amended, establishing a framework for the recovery and resolution of credit institutions and investment firms;

      

      

      “BRRD Liability” means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised;

      

      

      “EU Bail-in Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at
        http://www.lma.eu.com/pages.aspx?p=499 (or any such successor webpage); and

      

      

      “Relevant Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to a particular Underwriter.

      

      

      SECTION 23.  ACKNOWLEDGE AND CONSENT TO UK BAIL-IN.

      

      

      Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding among the Issuer, the Guarantor and the Underwriters, the Issuer and the Guarantor
        acknowledges and accepts that a UK Bail-in Liability arising under this Agreement may be subject to the exercise of UK Bail-in Powers by the relevant UK resolution authority , and acknowledges, accepts, and agrees to be bound by:

      

      

      (a)  the effect of the exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to any UK Bail-in Liability of any Underwriter to the Issuer or the Guarantor under this Agreement, that (without
        limitation) may include and result in any of the following, or some combination thereof:

      

      

      (1)  the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon;

      

      

      (2)  the conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other obligations of any Underwriter or another person, and the issue to or conferral on the
        Issuer or the Guarantor of such shares, securities or obligations;

      

      

      (3)  the cancellation of the UK Bail-in Liability;

      

      

      (4)  the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period;

      

      

      
        31

        
          

      

      

      

      (b)  the variation of the terms of this Agreement, as deemed necessary by the relevant UK resolution authority, to give effect to the exercise of UK Bail-in Powers by the relevant UK resolution authority.

      

      

      For the purposes of this Section 22:

      

      

      “UK Bail-in Legislation” means Part I of the UK Banking Act 2009 and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other
        financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings);

      

      

      “UK Bail-in Liability” means a liability in respect of which the UK Bail-in Powers may be exercised;

      

      

      “UK Bail-in Powers” means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment
        firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or
        any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability;

      

      

      SECTION 24.  RECOGNITION OF U.S. SPECIAL RESOLUTION REGIME

      

      

      (a)          In the event that any Underwriter that is a “covered entity”, “covered bank” or “covered FSI” (as the terms are defined in, and interpreted in accordance with 12 C.F.R. §§ 252.82(b); 47.3(b) or 382.2(b),
        respectively) (each, a “Covered Entity”), becomes subject to a proceeding under the U.S. Federal Deposit Insurance Act, as amended, or Title II of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended (together, the “U.S.
        Special Resolution Regime”), the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
        Regime if this Agreement, and any such interest and obligation, were governed by the federal laws of the United States or by the laws of the State of New York.

      

      

      (b)          In the event that any Underwriter that is a Covered Entity or an “affiliate” (as the term is defined in, and interpreted in accordance with, 12 U.S.C. § 1841(k)), of such Underwriter becomes subject to a
        proceeding under a U.S. Special Resolution Regime, default rights (as the term is defined in, and interpreted in accordance with, 12 C.F.R. § § 252.81, 47.2 or 382.1, as applicable) (each, a “Default Right”) under this Agreement that may be
        exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or by the
        laws of the State of New York.

      

      

      
        32

        
          

      

      

      

      If the foregoing correctly sets forth our agreement, please indicate your acceptance hereof in the space provided for that purpose below.

      

      

      
        	 	Very truly yours,

              	 
	 	  	 
	 	RELX CAPITAL INC. 

              	 
	 	 	 
	 	  	 
	

              	
                By: 

              	/s/ Lynn M. Formica

              	 
	 	 	Name:	Lynn M. Formica

              	 
	 	 	Title:	Assistant Treasurer

              	 

        

        

        
          

          

          
            	 	RELX PLC

                  	 
	 	 	 
	 	  	 
	

                  	
                    By: 

                  	/s/ Adam Westley

                  	 
	 	 	Name:	Adam Westley

                  	 
	 	 	Title:	Head of Secretariat

                  	 

            

            

          

        

      

      
        
          

      

      

      

      The foregoing Underwriting Agreement is hereby confirmed and accepted by the Underwriters as of the date first above written.

      

      

      
        
          

          

          
            	BOFA SECURITIES, INC

                  	 
	 	 
	  	 
	
                    By: 

                  	/s/ Sandeep Chawla

                  	 
	 	Authorized Signatory

                  	 
	 	Sandeep Chawla, Managing Director

                  	 

          

        

      

      

      

      
        
          

      

      

      

      
        
          
            
              	CITIGROUP GLOBAL MARKETS INC.

                    	 
	 	 
	  	 
	
                      By: 

                    	/s/ Brian D. Bednarski

                    	 
	 	Authorized Signatory

                    	 
	 	Brian D. Bednarski

                    	 
	 	Managing Director

                    	 

            

          

        

      

      

      

      
        
          

      

      

      

      
        
          
            
              
                	RBC CAPITAL MARKETS, LLC

                      	 
	 	 
	  	 
	
                        By: 

                      	/s/ Scott G. Primrose

                      	 
	 	Authorized Signatory

                      	 

              

            

          

        

        

        

      

      

      

      
        
          

      

      

      

      
        

        

        
          	SMBC NIKKO SECURITIES AMERICA, INC.

                	 
	 	 
	  	 
	
                  By: 

                	/s/ John Bolger

                	 
	 	Name:	John Bolger

                	 
	 	Title:	Managing Director

                	 
	 	 	Authorized Signatory

                	 

          

          

          
            

            

          

        

      

      
        
          

      

      

      

      

      

      Schedule 1

      

      

      

      

      	
              Underwriters

            	 	
              
                Aggregate Principal

                  Amount of Notes

              

            	 
	 	 	 	 
	
              BofA Securities, Inc.

            	 	
              $

            	
              125,000,000

            	 
	
              Citigroup Global Markets Inc.

            	 	
              $

            	
              125,000,000

            	 
	
              RBC Capital Markets, LLC

            	 	
              $

            	
              125,000,000

            	 
	
              SMBC Nikko Securities America, Inc.

            	 	
              $

            	
              125,000,000

            	 
	
               

              Total

            	 	
              
                $

              

            	
              
                500,000,000

              

            	 

      

      

      
        
          

      

      

      

      Schedule 2

      
         

        

        

        

        

        	
                PRICING TERM SHEET

                 

                RELX Capital Inc.

                 

              
	
                $500,000,000 4.750% Notes due 2032

                 

              
	
                Fully and unconditionally guaranteed by

                RELX PLC

                 

              
	
                Issuer:

                 

              	
                RELX Capital Inc.

                 

              
	
                Guarantor:

                 

              	
                RELX PLC

                 

              
	
                Title of Securities:

                 

              	
                4.750% Notes due 2032 (the “Notes”)

                 

              
	
                Principal Amount Offered:

                 

              	
                $500,000,000

                 

              
	
                Maturity Date:

                 

              	
                May 20, 2032

                 

              
	
                Coupon (Interest Rate):

                 

              	
                4.750% per annum

                 

              
	
                Interest Payment Dates:

                 

              	
                Semi-annually on May 20 and November 20 of each year, beginning on November 20, 2022

                 

              
	
                Record Dates:

                 

                Day Count Fraction:

                 

              	
                The 15th calendar day preceding each Interest Payment Date, whether or not such day is a Business Day

                 

                30/360

                 

              
	
                Price to Public (Issue Price):

                 

              	
                99.121% of principal amount, plus accrued interest from the expected settlement date

                 

              
	
                Net Proceeds to the Issuer:

                 

              	
                $493,355,000 (after underwriting discount and before other offering expenses)

                 

              
	
                Benchmark Treasury:

                 

              	
                UST 2.875% due May 15, 2032

              
	
                Benchmark Treasury Price/Yield:

                 

              	
                99-08 / 2.962%

              
	
                Spread to Benchmark Treasury:

                 

              	
                +190 basis points

                 

              
	
                Yield to Maturity:

                 

              	
                4.862%

                 

              

        

        

        
          
            

        

        

        

         

        

        

        	
                Make-Whole Call:

                 

              	
                Make-whole call at the applicable Treasury Rate plus 30 basis points (before February 20, 2032 (the date that is three months prior to the Maturity Date))

                 

              
	
                Par Call:

                 

              	
                At any time on or after February 20, 2032 (the date that is three months prior to the Maturity Date), the Notes will be redeemable in whole or in part at 100% of the principal amount of the Notes being redeemed, plus accrued interest
                  on the principal amount being redeemed to the redemption date.

                 

              
	
                Trade Date:

                 

              	
                May 17, 2022

                 

              
	
                Expected Settlement Date (T+3)*:

                 

              	
                May 20, 2022

                 

              
	
                ISIN:

                 

              	
                US74949LAE20

              
	
                CUSIP:

                 

              	
                74949L AE2

              
	
                Listing / Trading:

                 

              	
                Application will be made to the New York Stock Exchange for the Notes to be listed and traded thereon.  There can be no assurance that any such application will be successful or that any such listing will be granted or maintained.

                 

              
	
                Denominations / Multiple:

                 

              	
                $1,000 / $1,000

              
	
                Delivery:

                 

              	
                DTC

              
	
                Ratings**:

                 

              	
                Moody’s: Baa1 (stable); S&P: BBB+ (stable); Fitch: BBB+ (stable)

                 

              
	
                Joint Book-Running Managers:

                 

              	
                BofA Securities, Inc.

                Citigroup Global Markets Inc.

                RBC Capital Markets, LLC

                SMBC Nikko Securities America, Inc.

              

        

        

        

        

        *It is expected that delivery of the Notes will be made against payment therefore on or about May 20, 2022, which is the third business day following the date hereof (such settlement cycle being referred to as “T+3”). Under Rule 15c6-1 under
          the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the
          Notes on the date of pricing will be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the Notes who
          wish to trade the Notes on the date of pricing should consult their own advisors.

        

        

        **Note:  A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

        

        

        
          
            

        

         

        The Issuer and the Guarantor have filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that
          registration statement and other documents the Issuer and the Guarantor have filed with the SEC for more complete information about the Issuer, the Guarantor and this offering. Certain restrictions relating to the offering that are set forth in
          the prospectus apply to this document.

        

        

        You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the
            prospectus if you request it by calling BofA Securities, Inc. at + 1-800-294-1322, Citigroup Global Markets Inc. at + 1 800-831-9146, RBC Capital Markets, LLC at + 1-866-375-6829 or SMBC Nikko Securities
            America, Inc. at + 1-888-868-6856.

        

        

        

        

        Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded.  Such disclaimers or other notices were automatically generated as a result of this
          communication being sent via Bloomberg or another email system.

        

        

      

      

      

      
        
          

      

      Schedule 3

      

      

      Issuer Free Writing Prospectuses

      

      

      

      

      

      

      None.

      

      

      
        
          

      

      

      

      Schedule 4

      

      

      Electronic Roadshow

      

      

      

      

      Net Roadshow dated May 17, 2022.

      

      

      
        
          

      

      Appendix A

      

      

      Each Underwriter, severally and not jointly, hereby represents and warrants to, and agrees with the Issuer and the Guarantor that:

      

      

      	

            	(a)	
              it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the prospectus to any retail investor in the European Economic
                Area. For the purposes of this provision:

            

      

      

      	

            	(i)	
              the expression “retail investor” means a person who is one (or more) of the following:

            

      

      

      	

            	(1)	
              a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”) or

            

      

      

      	

            	(2)	
              a customer within the meaning of Directive (EU) 2016/97 (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as
                defined in point (10) of Article 4(1) of MiFID II; or

            

      

      

      	

            	(3)	
              not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”); and

            

      

      

      	

            	(ii)	
              the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes;

            

      

      

      	

            	(b)	
              it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any retail investor in the United Kingdom.  For the purposes of this provision:

            

      

      

      	

            	(i)	
              the expression “retail investor” means a person who is one (or more) of the following:

            

      

      

      	

            	(1)	
              a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”);

                or

            

      

      

      	

            	(2)	
              a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client, as defined in
                point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or

            

      

      

      
        
          

      

      

      

      	

            	(3)	
              not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA; and

            

      

      

      	

            	(c)	
              the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes;

            

      

      

      	

            	(d)	
              it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in
                connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer; and

            

      

      

      	

            	(e)	
              it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom.

            

      

      

      
        
          

      

       

      

      Exhibit A

      

      

      [Opinion of RELX PLC’s Counsel]

      

      

      
        
          

      

      

      

      Exhibit B

      

      

      [Opinion and negative assurance letter of U.S. Counsel]EX-10.1

  								EXHIBIT 10.1

  					 

  A-Mark Precious Metals, Inc.

   

  EMPLOYMENT AGREEMENT

  Executed May 18, 2022 

   

   

  This Employment Agreement (this “Agreement”) is between A-MARK PRECIOUS METALS, INC., a Delaware corporation (the “Company” or “A-Mark”), and THOR C. GJERDRUM, an individual (“Mr. Gjerdrum”).

   

  WHEREAS, Mr. Gjerdrum has served the Company as President under the Employment Agreement between Mr. Gjerdrum and the Company dated August 1, 2019 (the “Prior Employment Agreement”), which terminates June 30, 2022.

   

  WHEREAS, the Company seeks to continue to employ Mr. Gjerdrum as its President and in related capacities after the expiration of the Prior Employment Agreement.    

   

  WHEREAS, Mr. Gjerdrum seeks to accept such employment, subject to the terms of this Agreement.  

   

  NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Company and Mr. Gjerdrum hereby agree as follows:

   

  1.	Employment; Term; Effectiveness; Prior Employment Agreement.  The Company hereby employs Mr. Gjerdrum, and Mr. Gjerdrum hereby accepts employment with the Company, in accordance with and subject to the terms and conditions set forth in this Agreement.  The term of Mr. Gjerdrum’s employment under this Agreement (the “Term”) will commence July 1, 2022 (the “Effective Date”) and, unless earlier terminated in accordance with Section 4, will terminate on June 30, 2025. This Agreement will become effective at the Effective Date, except that the restricted stock unit grant under Section 3(c) will be effective at the date specified in that subsection.   The terms of the Prior Employment Agreement remain in effect through June 30, 2022.

   

  2.	Duties.

   

  (a)	During the Term, Mr. Gjerdrum will serve as the President of the Company and in related capacities, reporting to the Chief Executive Officer of the Company.  Mr. Gjerdrum shall have such other offices at the Company or with Company subsidiaries or affiliates as shall be assigned from time to time by the Company (with the concurrence of any affected subsidiary or affiliate), consistent with the specified offices and duties of Mr. Gjerdrum under this Section 2(a).  Mr. Gjerdrum will have such duties and responsibilities as are customary for Mr. Gjerdrum’s positions (including positions in effect under the Prior Employment Agreement) and any other duties, responsibilities or offices he reasonably may be assigned by the Company. 

   

  (b)	During the Term, Mr. Gjerdrum shall devote his full business time and best efforts to the business and affairs of the Company and its subsidiaries.  Mr. Gjerdrum understands and acknowledges that Mr. Gjerdrum’s duties will require business travel from time to time.

   

  1

   

  

  (c)	Upon Mr. Gjerdrum’s termination of employment hereunder for any reason, he agrees to resign from any positions he may then hold with the Company or any of its subsidiaries or affiliates, and that he will execute such documents and take such other action, if any, as may be requested by the Company to give effect to any such resignation.

   

  (d)	Mr. Gjerdrum’s principal job site will be at 2121 Rosecrans Avenue, Suite 6300, El Segundo, California 90245, or such other job site as may be mutually agreed to by the parties.  

   

  3.	Compensation.

   

  (a)	During the Term, the Company shall pay to Mr. Gjerdrum an annual salary of $650,000.  The Board may determine to increase, but not to decrease, the level of salary, in its discretion. Such salary, as in effect at a given time, is the “Base Salary.”  Payment of the Base Salary will be in accordance with the Company's standard payroll practices and subject to all legally required or customary withholdings.  

   

  (b) 	Mr. Gjerdrum will be eligible to receive an annual bonus (the “Performance Bonus”) for each of the Company fiscal years during the Term, with such annual bonus to have a targeted amount equal to 75% of Base Salary for the year.  The Performance Bonus, if any, generally will be based on the extent to which performance goals established by the Company for each of such years have been met, subject to Exhibit A hereto.  Each Performance Bonus, if any, shall be paid within 40 days following the issuance by the Company of financial statements for the fiscal year in respect of which such bonus is payable, provided that in no event shall the Performance Bonus be paid later than January 2 of the year following the end of such fiscal year.  Except as provided in Section 5, Mr. Gjerdrum must be employed by the Company on the last day of the fiscal year to be eligible for the Performance Bonus.  The terms of any bonus payable for fiscal 2022 or earlier periods were governed by the terms of the Prior Employment Agreement.  The Company may award bonuses, separate and apart from the Performance Bonus, in the sole discretion of the Compensation Committee and the Board of Directors.

   

  (c)	The Company will grant to Mr. Gjerdrum a number of restricted stock units (“RSUs”) under the Company’s 2014 Stock Award and Incentive Plan equal to $1,000,000 divided by the average of the closing prices per share of the Company’s Common Stock reported on the Nasdaq Global Select Market on the 15 trading days ending with the date upon which the parties hereto have executed this Agreement (rounded to the nearest whole number of RSUs); such date will be the grant date of the RSUs.

   

  (i)	Vesting.  The RSUs, if they have not previously been forfeited, will vest as to one-third of the RSUs upon each of June 30, 2023, June 30, 2024 and June 30, 2025.  

   

  (ii)	Other Terms.  The RSUs will be subject to such additional terms and conditions as are more fully set forth in the Restricted Stock Units Agreement attached hereto as Exhibit B.

   

  (d) 	Upon submission by Mr. Gjerdrum of vouchers in accordance with the Company's standard procedures, the Company shall reasonably promptly reimburse Mr. Gjerdrum for all reasonable and necessary travel, business entertainment and other business expenses incurred by Mr. Gjerdrum in connection with the performance of his duties under this Agreement.

   

  2

   

  

  (e)	During the Term: 

   

  (i)	Mr. Gjerdrum is entitled to participate in any and all medical insurance, group health, disability insurance and other benefit plans that are made generally available by the Company to employees of the Company (either directly or through a wholly-owned subsidiary), provided that the medical, group health and disability insurance benefits provided by the Company to Mr. Gjerdrum shall be substantially as favorable to Mr. Gjerdrum as those generally provided by the Company to its senior executives.  

   

  (ii)	Mr. Gjerdrum is entitled to receive four weeks paid vacation a year and paid holidays made available pursuant to the Company's policy to all senior executives of the Company.  The Company may, in its sole discretion, at any time amend or terminate any such benefit plans or programs, upon written notice to Mr. Gjerdrum.

   

  (iii)	During the Term, Mr. Gjerdrum will be entitled to continue to participate in the Company’s insurance programs made generally available to senior executives. 

   

  (f)	Upon submission of vouchers in accordance with the Company's standard procedures, the Company shall reasonably promptly directly pay or reimburse Mr. Gjerdrum for his reasonable motor vehicle costs and related expenses, such as insurance, repairs, maintenance, and gas, up to $750.00 per month, during the Term.  

   

  (g)	The Company shall indemnify Mr. Gjerdrum, to the fullest extent permitted by the Company's by-laws and applicable law, for any and all liabilities to which he may be subject as a result of, in connection with or arising out of his employment by the Company (including service as a director) hereunder, as well as the costs and expenses (including reasonable attorneys' fees) of any legal action brought or threatened to be brought against him or the Company or any of its subsidiaries or affiliates as a result of, in connection with or arising out of such employment.  Mr. Gjerdrum shall be entitled to the full protection of any insurance policies that the Company may elect to maintain generally for the benefit of its directors and officers.  The Company shall advance funds to Mr. Gjerdrum in payment of his indemnifiable legal fees to the fullest extent permitted by law.  In the event of any inconsistency or ambiguity between this provision and the Company's by-laws, the by-laws shall prevail; provided, however, that the scope of indemnification provided under the by-laws shall in no event be reduced from the scope as in effect at the Effective Date.

   

  (h)	Compensation paid or payable under this Agreement, including any Performance Bonus paid or payable under Section 3(b), shall be subject to recoupment by the Company in accordance with the terms of any policy relating to recoupment (or clawback) approved by the Board of Directors and in effect at the time of payment of such compensation.

   

  4.  	Termination.  Mr. Gjerdrum’s employment hereunder may be terminated prior to the expiration of the Term under the circumstances set forth in this Section 4.  Upon any termination of Mr. Gjerdrum’s employment, the Term shall immediately end, although this Agreement shall remain in effect and shall govern the rights and obligations of the parties hereto.

    

  (a) 	Mr. Gjerdrum’s employment hereunder will terminate upon Mr. Gjerdrum’s death.

   

  3

   

  

  (b)	Except as otherwise required by law, the Company may terminate Mr. Gjerdrum’s employment hereunder at any time after Mr. Gjerdrum becomes Totally Disabled.  For purposes of this Agreement, Mr. Gjerdrum will be “Totally Disabled” as of the earlier of (l) the date Mr. Gjerdrum becomes entitled to receive disability benefits under the Company's long-term disability plan and (2) Mr. Gjerdrum’s inability to perform the duties and responsibilities contemplated under this Agreement for a period of more than 180 consecutive days due to physical or mental incapacity or impairment.

   

  (c)	The Company may terminate Mr. Gjerdrum’s employment hereunder for Cause at any time after providing written notice to Mr. Gjerdrum.  For purposes of this Agreement, the term “Cause” shall mean any of the following:

  	 

  (1)	Mr. Gjerdrum’s neglect or failure or refusal to perform his duties under this Agreement (other than as a result of total or partial incapacity or disability due to physical or mental illness);

   

  (2)	any intentional act by or omission of Mr. Gjerdrum that materially injures the reputation or business of the Company or any of its affiliates, or his own reputation;

   

  (3)	Mr. Gjerdrum’s conviction (including conviction on a nolo contendere plea) of a felony or any crime involving, in the good faith judgment of the Company, fraud, dishonesty or moral turpitude;

   

  (4)	the breach of an obligation set forth in Section 6;

  	 

  (5)	any other material breach of this Agreement; or

  	 

  (6)	any material violation of the Company's Code of Ethics, as may be amended from time to time (the “Code of Ethics”).

   

  Termination by the Company for Cause shall become effective at such time as is specified by the Board, except that, in the cases of “neglect or failure” to perform his duties under this Agreement, as set forth in 4(c)(1) above, a material breach as set forth in 4(c)(5) above, or a material violation of the Code of Ethics as set forth in 4(c)(6) above, a termination by the Company with Cause shall become effective 30 days following delivery of a written notice by the Company to Mr. Gjerdrum that the Company is terminating his employment with Cause, which specifies in reasonable detail the basis therefor, except the termination will not become effective if within that 30-day period Mr. Gjerdrum has cured the circumstances giving rise to Cause and, in the 12 months preceding the delivery of such written notice, the Company had not delivered a previous notice of the existence of Cause for “neglect or failure” to perform duties under this Agreement.

   

  (d)	The Company may terminate Mr. Gjerdrum’s employment hereunder for any reason (i.e., without Cause), upon 30 days' prior written notice.  

   

  (e)	Mr. Gjerdrum may terminate his employment hereunder for Good Reason at any time after providing written notice to the Company (subject to the timing requirements relating to such notice as provided in this Section 4(e)).  Mr. Gjerdrum also may terminate his employment hereunder without Good Reason, upon 30 days’ written notice to the Company.  For the purposes of this Agreement, “Good Reason” means any of the following occurring during the Term (unless consented to by Mr. Gjerdrum in writing):

   

  4

   

  

  (1)	The Company decreases or fails to pay Mr. Gjerdrum’s Base Salary or Performance Bonus or the benefits provided in Section 3, other than an immaterial failure to pay that is corrected within the applicable cure period;

   

  (2)	Mr. Gjerdrum no longer holds the office as President of the Company (and holds no other senior executive position to which, during the Term, he had previously consented to hold) or his functions and/or duties under Section 2(a) are materially diminished; and

  	 

  (3)	Mr. Gjerdrum’s job site is relocated to a location that is more than one hundred (100) miles from the current location, unless the parties mutually agree to relocate more than such distance from the then current location.

   

  A termination by Mr. Gjerdrum with Good Reason shall be effective only if, within 30 days following delivery of a written notice by Mr. Gjerdrum to the Company that Mr. Gjerdrum is terminating his employment with Good Reason, which specifies in reasonable detail the basis therefor, the Company has failed to cure the circumstances giving rise to Good Reason.  In addition, a termination by Mr. Gjerdrum shall be effective only if the Company receives notice of such termination not later than 90 days after the event constituting Good Reason occurs.

   

  5.	Compensation Following Termination Prior to the End of the Term.  In the event that Mr. Gjerdrum’s employment hereunder is terminated prior to the stated expiration of the Term, Mr. Gjerdrum will be entitled only to the following compensation and benefits under this Agreement upon and following such termination (together with such other provisions that may be set forth in the Restricted Stock Award Agreement or relating to equity awards under the Plan), in lieu of any further compensation under Section 3:

   

  (a)	In the event that Mr. Gjerdrum’s employment hereunder is terminated during but prior to the expiration of the Term by reason of Mr. Gjerdrum’s death or Total Disability, pursuant to Section 4(a) or 4(b), the Company shall pay the following amounts to Mr. Gjerdrum (or Mr. Gjerdrum’s estate, as the case may be), to be paid as soon as practicable following the date of such termination, but in no event prior to the time such payment would not be subject to tax under Code Section 409A:

   

  (1)  	any accrued but unpaid Base Salary for services rendered before the date of termination;

   

  (2) 	the Performance Bonus, if any, not yet paid for any fiscal year ending prior to the date of termination of Mr. Gjerdrum’s employment, payable as and when such Performance Bonus would have been paid had Mr. Gjerdrum’s employment continued;

   

  (3)	any incurred but unreimbursed expenses required to be reimbursed pursuant to Section 3(d) or 3(f);

   

  (4)	any vacation accrued and unused to the date of termination; and

   

  (5)	payment of a pro rata (based on the number of days during the fiscal year of termination that Mr. Gjerdrum was employed) portion of the Performance Bonus, if any, for the fiscal year in which Mr. Gjerdrum’s employment terminated, payable as 

  5

   

  

  and when such bonus would have been paid had Mr. Gjerdrum’s employment continued based on actual performance achieved for the fiscal year.

   

  (b)	In the event that Mr. Gjerdrum’s employment hereunder is terminated prior to the expiration of the Term by the Company for Cause pursuant to Section 4(c) or by Mr. Gjerdrum without Good Reason pursuant to Section 4(e), the Company shall pay the following amounts to Mr. Gjerdrum, to be paid as soon as practicable following the date of such termination, but in no event prior to the time such payment would not be subject to tax under Section 409A of the Code;

   

  (1)	any accrued but unpaid Base Salary for services rendered before the date of termination;

  	 

  (2)	the Performance Bonus, if any, not yet paid for any fiscal year ending prior to the date of termination of Mr. Gjerdrum’s employment, payable as and when such Performance Bonus would have been paid had Mr. Gjerdrum’s employment continued;

  	 

  (3)	any incurred but unreimbursed expenses required to be reimbursed pursuant to Section 3(d) or 3(f); and

  	 

  (4)	any vacation accrued and unused to the date of termination.

   

  (c)	In the event that Mr. Gjerdrum’s employment hereunder is terminated prior to the expiration of the Term by the Company without Cause pursuant to Section 4(d), or by Mr. Gjerdrum with Good Reason pursuant to Section 4(e), the Company shall pay the following amounts to Mr. Gjerdrum, to be paid as soon as practicable following the date of such termination (unless otherwise indicated below), but in no event prior to the time such payment would not be subject to tax under Section 409A of the Code:

   

  (1)	any accrued but unpaid Base Salary for services rendered before the date of termination;

  	 

  (2)	the Performance Bonus, if any, not yet paid for any fiscal year ending prior to the date of termination of Mr. Gjerdrum’s employment, payable as and when such Performance Bonus would have been paid had Mr. Gjerdrum’s employment continued;

  	 

  (3)	any incurred but unreimbursed expenses required to be reimbursed pursuant to Section 3(d) or 3(f);

  	 

  (4)	any vacation accrued and unused to the date of termination;

  	 

  (5)	payment of a pro rata (based on the number of days during the year of termination that Mr. Gjerdrum was employed) portion of the Performance Bonus, if any, for the fiscal year in which Mr. Gjerdrum’s employment terminated, payable as and when such bonus would have been paid had Mr. Gjerdrum’s employment continued based on actual performance achieved for the fiscal year; and

  	 

  (6)	continued payments of Base Salary until the one-year anniversary of the date of termination of Mr. Gjerdrum’s employment, payable in installments in accordance with the Company’s standard payroll practices, subject to Section 5(f). 

  6

   

  

   

  (d)	The benefits to which Mr. Gjerdrum may be entitled upon termination pursuant to the plans, policies and arrangements referred to in Section 3(e) will be determined and paid in accordance with the terms of those plans, policies and arrangements.

   

  (e)	Except as may be provided under this Agreement, under the terms of any incentive compensation, employee benefit or fringe benefit plan applicable to Mr. Gjerdrum at the time of termination of Mr. Gjerdrum’s employment prior to the end of the stated Term, Mr. Gjerdrum will not be entitled to receive any other compensation, or to participate in any other plan, arrangement or benefit, with respect to any future period after the termination of his employment.

   

  (f)	This Agreement is subject to the Company's “Special Rules for Compliance with Code Section 409A Applicable to Employment Agreements,” as from time to time amended or supplemented.

   

  (g)	Effect of Code Sections 4999 and 280G on Payments.

  	 

  (1)  In the event that Mr. Gjerdrum becomes entitled to any benefits or payments in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) under this Agreement or any other plan, arrangement, or agreement with the Company or a subsidiary (the “Payments”), and such Payments will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed) in connection with a change in control, then, subject to reasonable notification to Mr. Gjerdrum and, if he so requests, discussions with his advisors, the Payments under this Agreement shall be reduced (but not below zero) to the Reduced Amount (as defined below), if so reducing the Payments under this Agreement will provide Mr. Gjerdrum with a greater net after-tax amount than would be the case if no such reduction were made.  The “Reduced Amount” shall be an amount expressed in present value that maximizes the aggregate present value to Mr. Gjerdrum, after taxes, of the Payments without causing any Payment to be subject to the Excise Tax, determined in accordance with Section 280G(d)(4) of the Code.  Only amounts payable under this Agreement shall be reduced pursuant to this Section 5(g), and amounts reduced first will be payments that have a parachute payments value equal to their actual or intrinsic value to Mr. Gjerdrum.  Payments payable in cash and having the lowest denominated value relative to the valuation of such Payments as “parachute payments” shall be reduced first.

   

  (2)	In determining the potential impact of the Excise Tax, the Company may rely on any advice it deems appropriate including, but not limited to, the advice of its independent accounting firm, legal advisors and compensation consultants.  For purposes of determining whether any of the Payments will be subject to the Excise Tax and the amount of such Excise Tax, the Company may take into account any relevant guidance under the Code and the regulations promulgated thereunder, including, but not limited to, the following:

   

  (A)  	The amount of the Payments which shall be treated as subject to the Excise Tax shall be equal to the amount of excess parachute payments within the meaning of Section 280G(b)(1) of the Code, as determined by the Company's independent accounting firm or other advisor;

   

  7

   

  

  (B)  	The value of any non-cash benefits or any deferred or accumulated payment or benefit shall be determined by the Company's independent accounting firm or other advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code; and

   

  (C)  	The value of any non-competition covenants contained in this Agreement or other agreement between Mr. Gjerdrum and the Company or an affiliate shall be taken into account to reduce “parachute payments” to the maximum extent allowable under Section 280G of the Code.

   

  For purposes of the determinations under this Section 5(g), Mr. Gjerdrum shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the applicable payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of Mr. Gjerdrum's residence or otherwise applicable to the compensation, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes (unless it is impracticable for Mr. Gjerdrum to itemize his deductions).

   

  6.	Exclusive Employment; Non-solicitation; Non-disclosure of Proprietary Information; Surrender of Records; Inventions and Patents; Code of Ethics; Other Commitments.

   

  (a)	No Conflict; No Other Employment.  During the period of Mr. Gjerdrum’s employment with the Company, Mr. Gjerdrum shall not: (i) engage in any activity that conflicts or interferes with or derogates from the performance of Mr. Gjerdrum’s duties hereunder nor shall Mr. Gjerdrum engage in any other business activity, whether or not such business activity is pursued for gain or profit and including service as a director of any other company, except as approved in advance in writing by the Company (which approval shall not be unreasonably withheld); provided, however, that Mr. Gjerdrum shall be entitled to manage his personal investments and otherwise attend to personal affairs, including charitable, social and political activities, in a manner that does not unreasonably interfere with his responsibilities hereunder, or (ii) engage in any other employment, whether as an employee or consultant or in any other capacity, and whether or not compensated therefor.  

   

  (b)	Non-solicitation.  In consideration of the payment by the Company to Mr. Gjerdrum of amounts that may hereafter be paid to Mr. Gjerdrum pursuant to this Agreement (including, without limitation, pursuant to Sections 3 and 5 hereof) and other obligations undertaken by the Company hereunder, Mr. Gjerdrum agrees that during his employment with the Company and for a period of one year following the date of termination of his employment, without the written consent of the Company Mr. Gjerdrum shall not, directly or indirectly, (i) solicit, encourage or recruit, or attempt to solicit, encourage or recruit any of the employees, agents, consultants or representatives of the Company or any of its affiliates to terminate his, her, or its relationship with the Company or such affiliate; or (ii) solicit, encourage or recruit, or attempt to solicit, encourage or recruit, any of the employees, agents, consultants or representatives of the Company or any of its affiliates to become employees, agents, representatives or consultants of any other person or entity. 

   

  (c)	Proprietary Information.  Mr. Gjerdrum acknowledges that during the course of his employment with the Company he will necessarily have access to and make use of proprietary information and confidential records of the Company and its affiliates.  Mr. Gjerdrum covenants that he shall not during his employment by the Company or its affiliates or at any time thereafter, 

  8

   

  

  directly or indirectly, use for his own purpose or for the benefit of any person or entity other than the Company, nor otherwise disclose, any proprietary information to any individual or entity, unless such disclosure has been authorized in writing by the Company or is otherwise required by law.  Mr. Gjerdrum acknowledges and understands that the term “proprietary information” includes, but is not limited to: (a) the software products, programs, applications, and processes utilized by the Company or any of its affiliates; (b) the name and/or address of any customer or vendor of the Company or any of its affiliates or any information concerning the transactions or relations of any customer or vendor of the Company or any of its affiliates with the Company or such affiliate or any of its or their partners, principals, directors, officers or agents; (c) any information concerning any product, technology, or procedure employed by the Company or any of its affiliates but not generally known to its or their customers, vendors or competitors, or under development by or being tested by the Company or any of its affiliates but not at the time offered generally to customers or vendors; (d) any information relating to the computer software, computer systems, pricing or marketing methods, sales margins, cost of goods, cost of material, capital structure, operating results, borrowing arrangements or business plans of the Company or any of its affiliates; (e) any information which is generally regarded as confidential or proprietary in any line of business engaged in by the Company or any of its affiliates; (f) any business plans, budgets, advertising or marketing plans; (g) any information contained in any of the written or oral policies and procedures or manuals of the Company or any of its affiliates; (h) any information belonging to customers or vendors of the Company or any of its affiliates or any other person or entity which the Company or any of its affiliates has agreed to hold in confidence; (i) any inventions, innovations or improvements covered by this Agreement; and G) all written, graphic and other material relating to any of the foregoing.  Mr. Gjerdrum acknowledges and understands that information that is not novel or copyrighted or patented may nonetheless be proprietary information.  The term “proprietary information” shall not include information generally available to and known by the public or information that is or becomes available to Mr. Gjerdrum on a non­confidential basis from a source other than the Company, any of its affiliates, or the directors, officers, employees, partners, principals or agents of the Company or any of its affiliates (other than as a result of a breach of any obligation of confidentiality).

   

  (d)	Confidentiality and Surrender of Records.  Mr. Gjerdrum shall not during his employment by the Company or its affiliates or at any time thereafter (irrespective of the circumstances under which Mr. Gjerdrum’s employment by the Company terminates), except as required by law, directly or indirectly publish, make known or in any fashion disclose any confidential records to, or permit any inspection or copying of confidential records by, any individual or entity other than in the course of such individual's or entity's employment or retention by the Company.  Upon termination of employment for any reason or upon request by the Company, Mr. Gjerdrum shall deliver promptly to the Company (without retaining any copies) all property and records of the Company or any of its affiliates, including, without limitation, all confidential records.  For purposes hereof, “confidential records” means all correspondence, reports, memoranda, files, manuals, books, lists, financial, operating or marketing records, magnetic tape, or electronic or other media or equipment of any kind which may be in Mr. Gjerdrum’s possession or under his control or accessible to him which contain any proprietary information.  All property and records of the Company and any of its affiliates (including, without limitation, all confidential records) shall be and remain the sole property of the Company or such affiliate during Mr. Gjerdrum's employment by the Company and its affiliates and thereafter.

   

  (e)	Inventions and Patents.  All inventions, innovations or improvements (including policies, procedures, products, improvements, software, ideas and discoveries, whether patent, copyright, trademark, service mark, or otherwise) conceived or made by Mr. Gjerdrum, either 

  9

   

  

  alone or jointly with others, in the course of his employment by the Company, belong to the Company.  Mr. Gjerdrum will promptly disclose in writing such inventions, innovations or improvements to the Company and perform all actions reasonably requested by the Company to establish and confirm such ownership by the Company, including, but not limited to, cooperating with and assisting the Company in obtaining patents, copyrights, trademarks, or service marks for the Company in the United States and in foreign countries.

   

  (f)	Enforcement.  Mr. Gjerdrum acknowledges and agrees that, by virtue of his position, his services and access to and use of confidential records and proprietary information, any violation by him of any of the undertakings contained in this Section 6 would cause the Company and/or its affiliates immediate, substantial and irreparable injury for which it or they have no adequate remedy at law.  Accordingly, Mr. Gjerdrum acknowledges that the Company may seek an injunction or other equitable relief by a court of competent jurisdiction restraining any violation or threatened violation of any undertaking contained in this Section 6, and consents to the entry thereof.  Mr. Gjerdrum waives posting by the Company or its affiliates of any bond otherwise necessary to secure such injunction or other equitable relief.  Rights and remedies provided for in this Section 6 are cumulative and shall be in addition to rights and remedies otherwise available to the parties hereunder or under any other agreement or applicable law.

   

  (g)	Code of Ethics.  Nothing in this Section 6 is intended to limit, modify or reduce Mr. Gjerdrum’s obligations under the Company's Code of Ethics.  Mr. Gjerdrum’s obligations under this Section 6 are in addition to, and not in lieu of, Mr. Gjerdrum’s obligations under the Code of Ethics.  To the extent there is any inconsistency between this Section 6 and the Code of Ethics that would permit Mr. Gjerdrum to take any action or engage in any activity pursuant to this Section 6 that he would be barred from taking or engaging in under the Code of Ethics, the Code of Ethics shall control.

   

  (h)	Cooperation With Regard to Litigation.  Mr. Gjerdrum agrees to cooperate with the Company, during the Term and thereafter (including following Mr. Gjerdrum's termination of employment for any reason), by making himself reasonably available to testify on behalf of the Company or any subsidiary or affiliate of the Company, in any action, suit or proceeding, whether civil, criminal, administrative or investigative, and to assist the Company, or any subsidiary or affiliate of the Company, in any such action suit, or proceeding, by providing information and meeting and consulting with the Board or its representatives or counsel, or representatives or counsel to the Company, or any subsidiary or affiliate of the Company, as reasonably requested.  The Company agrees to reimburse Mr. Gjerdrum, on an after-tax basis each calendar quarter, for all expenses actually incurred in connection with his provision of testimony or assistance in accordance with the provisions of Section 6(h) of this Agreement (including reasonable attorneys' fees) but not later than the last day of the calendar year in which the expense was incurred (or, in the case of an expense incurred in the final quarter of a calendar year, the next following February 15).

   

  (i) 	Non-Disparagement.  Mr. Gjerdrum shall not, at any time during his employment by the Company and its affiliates and thereafter, make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally or otherwise, or take any action which may, directly or indirectly, disparage the Company or any of its subsidiaries or affiliates or their respective officers, directors, employees, advisors, businesses or reputations.  Notwithstanding the foregoing, nothing in this Agreement shall preclude Mr. Gjerdrum from making truthful statements that are required by applicable law, regulation or legal process.

   

  10

   

  

  (j)	Release of Employment Claims.  Mr. Gjerdrum agrees, as a condition to receipt of any termination payments and benefits provided for in Section 5 of this Agreement and settlement of the Restricted Stock Units (other than compensation accrued and payable at the date of termination without regard to termination) that he will execute a general release agreement, in substantially the form set forth in Exhibit B to this Agreement, releasing any and all claims arising out of Mr. Gjerdrum's employment other than enforcement of this Agreement and other than with respect to vested rights or rights provided for under any equity plan, any compensation plan or any benefit plan or arrangement of the Company or rights to indemnification under any agreement, law, Company organizational document or policy or otherwise.  The Company will provide Mr. Gjerdrum with a copy of such release simultaneously with delivery of the notice of termination, but not later than 21 days before (45 days before if Mr. Gjerdrum's termination is part of an exit incentive or other employment termination program offered to a group or class of employees) Mr. Gjerdrum's termination of employment.  Mr. Gjerdrum shall deliver the executed release to the Company eight days before the date applicable under Section 5 of this Agreement for the payment of the termination payments and benefits payable under Section 5 of this Agreement.  If that applicable payment date is determined based on the timing of delivery by Mr. Gjerdrum of the executed release, and if permitted variation in such timing of delivery could cause payments to be made in the tax year of termination or in the following tax year, then the payments so affected will in all cases be paid in that following tax year.

   

  (k)	Exclusions.  Nothing in this Agreement shall prevent you (or your attorney) from lawfully (a) filing a charge or complaint with the Equal Employment Opportunity Commission (the “EEOC”), the National Labor Relations Board (“NLRB”), the Occupational Safety and Health Administration (“OSHA”), or a similar state or local agency; (b) participating in any investigation or proceeding conducted by the EEOC, the NLRB, the Financial Industry Regulatory Authority (“FINRA”), the Securities and Exchange Commission or similar federal, state or local agencies (collectively, “Government Agencies or Regulators”); (c) communicating or cooperating with, or providing relevant information to, or testifying before, or otherwise assisting in an investigation or proceeding by, Government Agencies or Regulators; or (d) exercising rights under the Defend Trade Secrets Act of 2016, which provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  To the extent permissible by law and except as otherwise set forth herein, you release and waive any right to, and agree not to seek any, personal or monetary relief from the Company or its affiliates based upon any such investigation or proceeding.  Nothing in this Agreement requires you to notify the Company of communications with Government Agencies or Regulators, limits your right to receive an award for information provided to Government Agencies or Regulators or requires any offset for payment(s) made to you under this Agreement should you receive any monetary award as a result of information provided to Government Agencies or Regulators.

   

  7.	Notices.  Every notice or other communication required or contemplated by this Agreement must be in writing and sent by one of the following methods: (1) personal delivery, in which case delivery is deemed to occur the day of delivery; (2) certified or registered mail, postage prepaid, return receipt requested, in which case delivery is deemed to occur the day it is officially recorded by the U.S. Postal Service as delivered to the intended recipient; or (3) next­ day delivery to a U.S.  address by recognized overnight delivery service such as Federal Express, in which case delivery is deemed to occur one business day after being sent.  In each case, a 

  11

   

  

  notice or other communication sent to a party must be directed to the address for that party set forth below, or to another address designated by that party by written notice:

   

  If to the Company, to:

   

  A-Mark Precious Metals, Inc.

  2121 Rosecrans Avenue, Suite 6300

  El Segundo, CA 90245

  Attention: General Counsel

   

  If to Mr. Gjerdrum, to:

   

  Mr. Thor C. Gjerdrum

  2121 Rosecrans Avenue, Suite 6300

  El Segundo, CA 90245 

   

  8.	Assignability; Binding Effect.  This Agreement is a personal contract calling for the provision of unique services by Mr. Gjerdrum, and Mr. Gjerdrum’s rights and obligations hereunder may not be sold, transferred, assigned, pledged or hypothecated.  The rights and obligations of the Company under this Agreement bind and run in favor of the successors and assigns of the Company.

   

  9.	Complete Understanding.  This Agreement (including Exhibits) constitutes the complete understanding between the parties with respect to the employment of Mr. Gjerdrum by the Company and supersedes all prior agreements and understandings (subject to Section 1 above), both written and oral, between the parties with respect to the subject matter of this Agreement.

   

  10.	Amendments; Waivers.  This Agreement may not be amended except by an instrument in writing signed on behalf of the Company and Mr. Gjerdrum.  No waiver by any party of any breach under this Agreement will be deemed to extend to any prior or subsequent breach or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.  Waiver by either party of any breach by the other party will not operate as a waiver of any other breach, whether similar to or different from the breach waived.  No delay on the part of the Company or Mr. Gjerdrum in the exercise of any of their respective rights or remedies will operate as a waiver of that right (subject, however, to all explicit deadlines set forth in this Agreement).

   

  11.	Severability.  If any provision of this Agreement or its application to any person or circumstances is determined by any court of competent jurisdiction to be unenforceable to any extent, that unenforceable provision will be deemed eliminated to the extent necessary to permit the remaining provisions to be enforced, and the remainder of this Agreement, or the application of the unenforceable provision to other persons or circumstances, will not be affected thereby.  If any provision of this Agreement, or any part thereof, is held to be unenforceable because of the scope or duration of or the area covered by that provision, the court making that determination shall reduce the scope, duration of or area covered by that provision or otherwise amend the provision to the minimum extent necessary to make that provision enforceable to the fullest extent permitted by law.

       

  12.	Survivability.  The provisions of this Agreement that by their terms call for performance subsequent to termination of Mr. Gjerdrum’s employment hereunder, or subsequent 

  12

   

  

  to the termination of this Agreement, will survive such termination.  Without limiting the generality of the foregoing, the provisions of Sections 3(g), 5 and 6 shall survive any termination of this Agreement in accordance with their terms.

   

  13.	Governing Law.  This Agreement is governed by the laws of the State of California, without giving effect to principles of conflict of laws.

   

  14.	Jurisdiction; Service of Process.  Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement must be brought against any of the parties in the courts of the State of California, Los Angeles County, or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of California, and each of the parties consents to the jurisdiction of those courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein.  Process in any such action or proceeding may be served by sending or delivering a copy of the process to the party to be served at the address and in the manner provided for the giving of notices in Section 13.  Nothing in this Section 14, however, affects the right of any party to serve legal process in any other manner permitted by law.  Each party hereto waives trial by jury.

   

  15.	Mitigation.  In no event shall Mr. Gjerdrum be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to him under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not Mr. Gjerdrum obtains other employment.

   

  The undersigned hereby execute this Agreement on the date stated in the introductory clause.

   

  		
	 

	 
	 

	A-MARK PRECIOUS METALS, INC.

	  
 

	By:
	/s/ Gregory N. Roberts

	Name:
	Gregory N. Roberts

	Title:
	Chief Executive Officer

  	 

   Thor C. Gjerdrum

   

  	
	/s/ Thor C. Gjerdrum

   

                                                 

   

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  Exhibit A

   

  A-Mark Precious Metals,, Inc.

  Performance Bonus for President

   

   

  This Exhibit to the Employment Agreement, executed May 18, 2022 (the “Employment Agreement”), between A-Mark Precious Metals, Inc. (the “Company”) and Thor C. Gjerdrum, sets forth the terms of the opportunity of Mr. Gjerdrum to earn the “Performance Bonus” authorized in Section 3(b) of the Employment Agreement.  This Performance Bonus remains subject to the terms of Section 3(b) and other applicable terms of the Employment Agreement.  Capitalized terms herein have the meanings as defined in the Employment Agreement. 

   

  In each of fiscal years during the Term, Mr. Gjerdrum will have the opportunity to earn a Performance Bonus.  The Performance Bonus will be an annual incentive award granted under the Company’s 2014 Stock Award and Incentive Plan, subject to the following terms:

   

  General.  The Performance Bonus will be earned based on the level of the Company’s pre-tax profits (the “Profits Goal”) and based on achievement of one or more other specified goals (each an “Other Goal”).  The target payout level for the Performance Bonus will be established by the Compensation Committee (the “Committee”) in accordance with Section 3(b) of the Employment Agreement (the “Target Performance Bonus”).  The portion of the Performance Bonus that may be earned based on the Profits Goal will be weighted 75% and the portion that may be earned based on the Other Goals will be weighted 25%.  

   

  Profits Goal.  The target level of performance of the Profits Goal will be achievement of the Company’s budgeted level of pre-tax profits for the fiscal year, as specified in Company budgets for the fiscal year approved by the Board and also approved as the Profits Goal by the Committee 

   

  Achievement of the target level of performance -- 100% or more of the Profits Goal target -- will result in the earning of not less than 75% and not more than 112.5% of the Target Performance Bonus, with the payout level in excess of 75%, up to 112.5%, determined in the discretion of the Committee.  Achievement of threshold level performance -- 80% of the Profits Goal target -- will result in earning of 18.75% of the Target Performance Bonus (25% of the portion of the Target Performance Bonus assigned to the Profits Goal). In the event that the Profits Goal performance level is between the threshold (80%) and target (100%) level of the Profits Goal, the payout level will be determined by means of straight-line interpolation based on the threshold and target payout levels.  The payments specified in this paragraph will not be subject to downward adjustment by the Committee, but the Committee retains discretion to adjust the manner of determination of the Profit Goal in light of events arising during the fiscal year.

   

  In the event that the level of achievement of the Profits Goal equals or exceeds the 80% Threshold (including if greater than 100% of the Profits Goal target is achieved), the Committee retains discretion to provide for a higher level of payout than specified in the paragraph above, provided that the total payout will not exceed 150% of the weighted portion of the Target Performance Bonus assigned by the Committee to the Profits Goal.   In the event that the level of achievement of the Profits Goal is less than the threshold (80%) level of the Profits Goal, the Committee, in its sole discretion, may determine to award a Performance Bonus in such amount, if any, as the Committee may specify. 

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  Other Goals.  The Other Goals will be one or more quantitative and/or qualitative goals established by the Committee, with the Other Goals providing an award opportunity with an aggregate target payout level equal to 25% of the Target Performance Bonus (specifying the payouts for each Other Goal).  Other Goals will be specified actions or results relating to the Company as a whole, specific business lines of the Company, Mr. Gjerdrum individually, or other designated items that the Committee regards as having potential to significantly advance the business success of the Company (for example, expanding business lines or product offerings, improving management processes, identifying and implementing acquisitions or joint ventures, etc.).  The Committee may, in its discretion, specify a payout level below the target level corresponding to achievement at or above a specified threshold level of performance (but below the target levels of performance) with respect to an Other Goal.  

   

  In the event that the level of achievement of an Other Goal exceeds 100% of the target (or equals or exceeds any specified threshold), the Committee retains discretion to provide for a higher level of payout than pre-specified by the Committee for that Other Goal, provided that such above-target payouts will not exceed 37.5% of the Target Performance Bonus.  The Committee will retain discretion to adjust the manner of determination of the Other Goals or to adjust upward or downward the payout relating to Other Goals, including but not limited to cases in which performance is less than a designated threshold level or target level of one or more Other Goals.

   

  Pre-tax profits.  “Pre-tax profits” means the Company's net income determined under Generally Accepted Accounting Principles (or GAAP), for the given fiscal year, adjusted as follows:

  	 

  •The positive or negative effects of income taxes (in accordance with GAAP) shall be eliminated from net income in determining pre-tax profits.  

   

  •Unless otherwise determined by the Committee, no other adjustment shall be made to pre-tax profits.  Thus, for clarity, other extraordinary expenses and bonus compensation accruals shall remain included in net income and minority interests shall remain excluded from net income in determining pre-tax profits.

   

  However, in setting the target level and related terms of the Profits Goal, the Committee may specify other or different adjustment provisions.  Pre-tax profits and adjustments to the Profits Goal and the Other Goals shall be determined by the Committee in good faith.  Near or following the end of each fiscal year, the Committee shall determine the level of pre-tax profits achieved and all other matters relating to the Profits Goal and the Other Goals and the corresponding amount of Performance Bonus earned.  

   

   

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  Exhibit B

   

  A-Mark Precious Metals, Inc.

   

  2014 Stock Award and Incentive Plan

   

  Restricted Stock Units Agreement

   

  This Restricted Stock Units Agreement (the "Agreement") confirms the grant on May 18, 2022 (the "Grant Date"), by A-Mark Precious Metals, Inc., a Delaware corporation (the "Company" or “A-Mark”), to Thor C. Gjerdrum ("Employee"), of Restricted Stock Units (the "RSUs") relating to A-Mark Common Stock, par value $0.01 per share (the "Shares"), as set forth below.  The RSUs are granted under Section 6(e) of the Company’s 2014 Stock Award and Incentive Plan, as amended (the “Plan”), and under Section 3(c) of the Employment Agreement between Employee and A-Mark, executed May 18, 2022 (the “Employment Agreement”), in consideration of Employee’s entry into such Employment Agreement and his continuing service to A-Mark in executive capacities.

   

  The principal terms of the RSUs granted hereby are as follows (subject to adjustment in accordance with the Plan and this Agreement):   

   

  Number granted: 14,436 RSUs.

   

  Vesting and Forfeiture of RSUs:  

   

  (i)	The RSUs, if they have not previously been forfeited as provided herein, will vest as to one-third of the underlying Shares upon each of June 30, 2023, June 30, 2024 and June 20, 2025.  

   

  (ii)	The RSUs, if not previously forfeited, will vest in whole or in part on an accelerated basis upon the occurrence of certain events relating to Termination of Employment, in accordance with Section 4 hereof, and will become fully vested and exercisable upon a Change in Control as defined in Section 8 of the Plan.

   

  (iii)	Except as provided in Section 4 of this Agreement, upon Employee’s Termination of Employment before the RSUs have become vested, the RSUs will be forfeited.  

   

  (iv)	The date of vesting under clause (i) or (ii) above is the “Vesting Date.”  The term “vesting,” “vests” or “vested” means that Employee’s substantial risk of forfeiture of the RSUs under this Agreement has lapsed.  However, terms of this Agreement and Company policies relating to clawback (or recoupment) of Shares or the cash value of Shares delivered in settlement of the RSUs in some cases will continue to apply after vesting. 

   

  Settlement: The RSUs that become vested will be settled by delivery of one Share of the Company's Common Stock, $0.01 par value per Share, for each RSU being settled.  Such settlement will occur not later than the fifth business day after the Vesting Date, except as otherwise provided in Section 4 or under a valid deferral election under Section 6(b).  

   

  * * * *

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  The RSUs are subject to the terms and conditions of the Plan and this Agreement, including the Terms and Conditions of Restricted Stock Units attached hereto and deemed a part hereof.  The number of RSUs and the number and kind of Shares deliverable in settlement of RSUs are subject to adjustment in accordance with Section 5 hereof and the applicable sections of the Plan.  Capitalized terms used in this Agreement but not defined herein shall have the same meanings as in the Plan.  

   

  Employee acknowledges and agrees that (i) the RSUs are nontransferable as set forth in Section 7 hereof and Section 10(b) of the Plan, (ii) the RSUs are forfeitable and subject to clawback, as set forth herein, the Plan and applicable policies of A-Mark, (iii) sales of Shares delivered in settlement of RSUs will be subject to compliance with applicable Federal and state securities laws, which may preclude such sales, and will be subject to the Company's policies regulating insider trading by employees, and (iv) a copy of the Plan and related information previously have been delivered to Employee, are being delivered to Employee herewith, or are available as specified in Section 1 hereof.

   

  IN WITNESS WHEREOF, A-Mark Precious Metals, Inc. has caused this Agreement to be executed by its officer thereunto duly authorized. 

   

  						A-MARK PRECIOUS METALS, INC.

   

   

  Date: May 18, 2022			 	By: ________________________ 

  						 Carol Meltzer

  						 Executive Vice President and General Counsel  

   

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  TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS

   

  	The following Terms and Conditions apply to the RSUs granted to Employee by A-MARK PRECIOUS METALS, INC. (the "Company"), as specified in the Restricted Stock Units Agreement (of which these Terms and Conditions form a part).  Certain terms of the RSUs, including the number of RSUs granted, vesting date(s) and settlement date(s), are set forth on the preceding cover page, which is an integral part of this Agreement.

   

  1. 	General.  The RSUs are granted to Employee under the Company’s 2014 Stock Award and Incentive Plan, as amended and restated (the “Plan”), which has previously been delivered to Employee and/or is available upon request to the General Counsel of the Company.  All of the applicable terms, conditions and other provisions of the Plan are incorporated by reference herein.  Capitalized terms used in this Agreement but not defined herein shall have the same meanings as in the Plan.  If there is any conflict between the provisions of this document and mandatory provisions of the Plan, the provisions of the Plan govern.  By accepting the grant of the RSUs, Employee agrees to be bound by all of the terms and provisions of the Plan (as presently in effect or later amended), the rules and regulations under the Plan adopted from time to time, and the decisions and determinations of the Company's Compensation Committee (the "Committee") made from time to time, provided that, without the Employee’s written consent, no such Plan amendment, rule or regulation or Committee decision or determination shall materially and adversely affect the rights of Employee with respect to outstanding RSUs.

   

  2. 	Account for Employee. The Company shall maintain a bookkeeping account for Employee (the "Account") reflecting the number of RSUs then credited to Employee hereunder as a result of such grant of RSUs.

   

  3. 	Nontransferability.  Until RSUs become settleable in accordance with the terms of this Agreement, Employee may not transfer RSUs or any rights hereunder to any third party other than by will or the applicable laws of descent and distribution, except for transfers to a Beneficiary upon death of Employee or otherwise if and to the extent permitted by the Company.

   

  4. 	Termination Provisions.  In the event of Employee's Termination of Employment for any reason before a given RSU has vested, such unvested RSU shall be forfeited unless otherwise determined by the Committee or otherwise provided in subsections (a) – (c) below.  All references to RSUs mean only those outstanding RSUs that have not been previously forfeited.

   

  (a) 	Death or Disability.  In the event of the death of Employee or Employee's Termination of Employment due to Total Disability (as defined below), a pro-rata portion (determined in accordance with Section 4(e) below) of the RSUs (if not previously vested) will vest and become non-forfeitable immediately, and such RSUs will have a settlement date that is 15 days following the date of death or the date of such Termination of Employment.  

   

  (b) 	Termination by the Company Not For Cause or by Employee for Good Reason.  In the event of Employee's Termination of Employment by the Company not for Cause (as defined below) or by Employee for Good Reason (as defined below), all RSUs will vest and become non-forfeitable immediately, and those RSUs will be settled at the settlement date specified on the Cover Page hereof (subject to accelerated settlement under Section 4(a)).

   

  (c) 	Termination by the Company For Cause or Voluntarily by Executive Without Good Reason.  In the event of Employee's Termination of Employment by the Company for Cause or Termination of Employment by Employee voluntarily without Good Reason, any then 

   

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  outstanding RSUs not vested at or before the date of Termination of Employment will be forfeited (unless otherwise determined by the Committee).

   

  	(d)  	Certain Definitions. The following definitions apply for purposes of this 

  Agreement:

   

   (i)	"Cause" has the meaning as defined in Employee’s Employment Agreement. 

   

  (ii)	"Disability" means becoming Totally Disabled as defined in Employee’s Employment Agreement.

   

  (iii)	"Good Reason" has the meaning as defined in Employee’s Employment Agreement. 

   

  (iv)	"Termination of Employment” means the earliest time at which Employee is employed by neither the Company nor a subsidiary of the Company. 

   

  (e)	Determination of Pro-Rata Portion.  For purposes of Section 4(a), the pro-rata portion of the RSUs that is to become vested will be the number of RSUs that are to become vested at the next scheduled Vesting Date (i.e., one tranche) multiplied by a fraction the numerator of which is the number of days since the later of the Grant Date or the latest Vesting Date that has occurred through the date of Termination of Employment and the denominator of which is that number of days plus the number of days remaining until the next scheduled Vesting Date.

   

  5. 	Dividend Equivalents and Adjustments.

   

  (a) 	Dividend Equivalents.  RSUs shall be entitled to payments or credits equivalent to cash dividends that would have been paid if the RSUs had been outstanding Shares at any record date that occurs before the settlement date.  Such dividend equivalents will be retained by the Company as cash, without interest, and paid to Employee (or preferentially applied to tax withholding) at the time the related RSUs are settled if and to the extent the related RSUs have become vested and are settled. 

   

  (b) 	Adjustments. The number of RSUs credited to Employee's Account and/or the property deliverable upon settlement of RSUs shall be appropriately adjusted, in order to prevent dilution or enlargement of Employee's rights with respect to RSUs in connection with, or to reflect any changes in the number and kind of outstanding Shares of Common Stock resulting from, any corporate transaction or event referred to in Section 10(c) of the Plan (this provision takes precedence over Section 5(a) in the case of a large and non-recurring cash dividend and applies also to any non-cash dividend, and any adjustment otherwise shall take into account any value credited or to be received as dividend equivalents).

   

  (c) 	Terms and Settlement of RSUs Resulting from Adjustments.  RSUs, cash and other property deliverable in settlement of RSUs that directly or indirectly result from adjustments to an RSU granted hereunder shall be subject to the terms (including vesting terms) as apply to the granted RSU, and will become vested and be settled at the same time as the granted RSU.

   

  6. 	Settlement.

   

   

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  (a) 	Settlement. The settlement terms set forth on the Cover Page and in Section 4 of this Agreement apply to the RSUs, subject to any valid election by Employee under Section 6(b).

   

  (b)	Deferral of Settlement; Compliance with Code Section 409A.  This grant of RSUs and the provisions of this Agreement are subject to A-Mark’s “Compliance Rules Under Code Section 409A” (Appendix A to the Plan).  Settlement of any RSU, which otherwise would occur at the Settlement Date, will be deferred in certain cases if Employee makes a valid deferral election relating to the RSUs.  Deferrals, whether elective or mandatory under the terms of this Agreement, shall comply with requirements under Code Section 409A.  Deferrals will be subject to such other restrictions and terms as may be specified by the Company prior to deferral.  It is understood that Code Section 409A and regulations thereunder require any elective deferral to comply with Section 409A(a)(4)(C).  Other provisions of this Agreement notwithstanding, under U.S. federal income tax laws and Treasury Regulations as presently in effect or hereafter implemented, with respect to RSUs other than those that are excluded from being deemed deferrals of compensation under 409A, (i) a distribution in settlement of RSUs to Employee triggered by a Termination of Employment will occur only if the Termination constitutes a "separation from service" within the meaning of Code Section 409A(a)(2)(A)(i) and if, at the time of such separation from service, Employee is a "specified employee" under Code Section 409A(a)(2)(B)(i) and a delay in distribution is required in order that Employee will not be subject to a tax penalty under Code Section 409A, such distribution in settlement of RSUs will occur at the date six months and one day after Termination of Employment; (ii) any rights of Employee or retained authority of the Company with respect to RSUs hereunder shall be automatically modified and limited to the extent necessary so that Employee will not be deemed to be in constructive receipt of income relating to the RSUs prior to the distribution and so that Employee shall not be subject to any penalty under Code Section 409A; and (iii) such RSUs will be subject to no acceleration of settlement in the discretion of the Committee.  Other provisions of this Agreement notwithstanding, if a separation from service occurs within less than six months before the fixed date specified as the Settlement Date and the six-month delay rule would apply to a settlement triggered by such separation from service, the settlement will not be made based on the separation from service, but instead the settlement shall be made based on the fixed date specified as the Settlement Date.

   

  7.	Nontransferability.  Employee may not transfer the RSUs or any rights hereunder to any third party other than by will or the laws of descent and distribution, except for transfers to a Beneficiary in the event of death or as otherwise permitted and subject to the conditions under Section 10(b) of the Plan.	

   

  8.	Other Terms Relating to RSUs.  

   

  (a)	Representations and warranties.  As a condition to the settlement of the RSUs, the Company may require Employee to make any other representation or warranty to the Company as then may be required or deemed by the Company advisable in order to ensure compliance under any applicable law or regulation.

    

  (b) 	Shareholder Rights.  Employee acknowledges and agrees that he or she shall have no voting rights or other rights of a stockholder with respect to the RSUs or the Shares issuable in settlement of the RSUs until such time as the Shares have been issued and delivered to Employee in settlement of the RSUs.	

   

  (c) 	Fractional RSUs and Shares.  The number of RSUs credited to Employee's Account shall include fractional RSUs, if any, unless otherwise determined by the Committee.  

   

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  Unless settlement is effected through a third-party broker or agent that can accommodate fractional Shares (without requiring issuance of a fractional Share by the Company), upon settlement of the RSUs Employee shall be paid, in cash, an amount equal to the value of any fractional Share that would have otherwise been deliverable in settlement of such RSUs.

   

  (d) 	Tax Withholding.  Unless otherwise determined by the Company (at any time) or unless Employee has, before the end of any quarterly window-period during which trading in Company securities by an insider is permitted under the Company’s insider trading policy (provided that such window-period was ended before the settlement date), made arrangements satisfactory to the Company to otherwise provide for payment of withholding taxes, at the time of settlement the Company will withhold from any Shares deliverable in settlement of the RSUs, in accordance with Section 10(d) of the Plan, the number of whole Shares that, together with any related cash withholding, has a value nearest to, but at least equal to, the amount of income taxes, employment taxes or other withholding amounts required to be withheld under applicable local laws and regulations, and pay the amount of such withholding taxes in cash to the appropriate taxing authorities (or make other arrangements that meet applicable tax withholding requirements).  Employee will be responsible for any taxes relating to the RSUs not satisfied by means of such mandatory withholding.  Employee acknowledges that FICA (Social Security and Medicare) withholding taxes are payable upon the vesting of the RSUs, based on the then Fair Market Value of the RSUs, and Employee agrees that such amounts may be withheld from regular payroll payments or any other payment of cash bonus or otherwise paid by Employee upon demand of the Company, if the settlement date of the RSUs does not closely coincide with the vesting of the RSUs.

   

  (e) 	Voluntary Participation.  Employee's participation in the Plan is voluntary.  The value of the RSUs is an extraordinary item of compensation.  As such, the RSUs are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

   

  (f) 	Consent to Electronic Delivery. EMPLOYEE HEREBY CONSENTS TO ELECTRONIC DELIVERY OF THE PLAN, ANY PROSPECTUS FOR THE PLAN AND OTHER DOCUMENTS RELATED TO THE PLAN (COLLECTIVELY, THE “PLAN DOCUMENTS”), IN RESPECT OF THIS EQUITY AWARD AND ALL OTHER EQUITY AWARDS THAT MAY BE GRANTED OR HAVE BEEN GRANTED BY THE COMPANY.  THE COMPANY WILL DELIVER THE PLAN DOCUMENTS ELECTRONICALLY TO EMPLOYEE BY E-MAIL, BY POSTING SUCH DOCUMENTS ON ITS INTRANET WEBSITE OR BY ANOTHER MODE OF ELECTRONIC DELIVERY AS DETERMINED BY THE COMPANY IN ITS SOLE DISCRETION.  THE COMPANY WILL SEND TO EMPLOYEE AN E-MAIL ANNOUNCEMENT WHEN A NEW PLAN DOCUMENT IS AVAILABLE ELECTRONICALLY FOR EMPLOYEE’S REVIEW, DOWNLOAD OR PRINTING AND WILL PROVIDE INSTRUCTIONS ON WHERE THE PLAN DOCUMENT CAN BE FOUND. UNLESS OTHERWISE SPECIFIED IN WRITING BY THE COMPANY, EMPLOYEE WILL NOT INCUR ANY COSTS FOR RECEIVING THE PLAN DOCUMENTS ELECTRONICALLY THROUGH THE COMPANY’S COMPUTER NETWORK.  EMPLOYEE WILL HAVE THE RIGHT TO RECEIVE PAPER COPIES OF ANY PLAN DOCUMENT BY SENDING A WRITTEN REQUEST FOR A PAPER COPY TO THE COMPANY AT THE ADDRESS SET FORTH IN SECTION 9(e) BELOW.  EMPLOYEE’S CONSENT TO ELECTRONIC DELIVERY OF THE PLAN DOCUMENTS WILL BE VALID AND REMAIN EFFECTIVE UNTIL THE EARLIER OF (i) THE TERMINATION OF EMPLOYEE’S PARTICIPATION IN THE PLAN AND (ii) THE WITHDRAWAL OF 

   

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  EMPLOYEE’S CONSENT TO ELECTRONIC DELIVERY OF THE PLAN DOCUMENTS.  THE COMPANY ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS THE RIGHT AT ANY TIME TO WITHDRAW HIS OR HER CONSENT TO ELECTRONIC DELIVERY OF THE PLAN DOCUMENTS BY SENDING A WRITTEN NOTICE OF WITHDRAWAL TO THE COMPANY AT THE ADDRESS SET FORTH IN SECTION 9(e) BELOW.  IF EMPLOYEE WITHDRAWS HIS OR HER CONSENT TO ELECTRONIC DELIVERY, THE COMPANY WILL RESUME SENDING PAPER COPIES OF THE PLAN DOCUMENTS WITHIN TEN (10) BUSINESS DAYS OF ITS RECEIPT OF THE WITHDRAWAL NOTICE.  EMPLOYEE ACKNOWLEDGES THAT HE OR SHE IS ABLE TO ACCESS, VIEW AND RETAIN AN E-MAIL ANNOUNCEMENT INFORMING EMPLOYEE THAT THE PLAN DOCUMENTS ARE AVAILABLE IN EITHER HTML, PDF OR SUCH OTHER FORMAT AS THE COMPANY DETERMINES IN ITS SOLE DISCRETION.

   

  9. 	Miscellaneous.

   

  (a) 	Binding Agreement; Written Amendments. This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties.  This Agreement constitutes the entire agreement between the parties with respect to the RSUs, and supersedes any prior agreements or documents with respect thereto.  No amendment or alteration of this Agreement that may impose any additional obligation upon the Company shall be valid unless expressed in a written instrument duly executed in the name of the Company, and no amendment, alteration, suspension or termination of this Agreement that may materially impair the rights of Employee with respect to the RSUs shall be valid unless expressed in a written instrument executed by Employee.

   

  	(b) 	No Promise of Employment.  The RSUs and the granting thereof shall not constitute or be evidence of any agreement or understanding, express or implied, that Employee has a right to continue as an employee, officer or director of the Company or any of its subsidiaries or affiliates for any period of time, or at any particular rate of compensation.  Employee acknowledges and agrees that the Plan is discretionary in nature and limited in duration, and may be amended, cancelled or terminated by the Company, in its sole discretion, at any time, provided, however that any outstanding RSUs shall not be materially and adversely affected without the written agreement of Employee.  The grant of RSUs under the Plan is a one-time benefit and does not create any contractual or other right to receive a grant of restricted stock units or stock options or benefits in lieu of units or stock options in the future.  Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the number of units and vesting provisions.

   

  	(c) 	Unfunded Plan. Any provision for distribution in settlement of Employee's Account hereunder shall be by means of bookkeeping entries on the books of the Company and shall not create in Employee any right to, or claim against any, specific assets of the Company, nor result in the creation of any trust or escrow account for Employee.  With respect to Employee's entitlement to any distribution hereunder, Employee shall be a general creditor of the Company.

   

  (d) 	Governing Law. THE VALIDITY, CONSTRUCTION, AND EFFECT OF THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS (INCLUDING THOSE GOVERNING CONTRACTS) OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS, AND APPLICABLE FEDERAL LAW.  The RSUs and the granting thereof are subject to Employee’s compliance with the applicable laws of the jurisdiction of Employee’s employment.

   

   

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  	(e) 	Notices. Any notice to be given the Company under this Agreement shall be addressed to the Company at 2121 Rosecrans Avenue, Suite 6300, El Segundo, California 90245, attention: General Counsel, and any notice to Employee shall be addressed to Employee at Employee’s address as then appearing in the records of the Company. 

   

   

   

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  Exhibit C

   

  RELEASE

   

   

  We advise you to consult an attorney before you sign this Release.  You have until the date that is seven (7) days after the Release is signed and returned to A-Mark Precious Metals, Inc. to change your mind and revoke your Release.  Your Release shall not become effective or enforceable until after that date.

   

  In consideration for the benefits provided under your Employment Agreement with A-Mark Precious Metals, Inc. executed May 18, 2022 (the “Employment Agreement”), and more specifically enumerated in Attachment 1 hereto, by your signature below, you, for yourself and on behalf of your heirs, executors, agents, representatives, successors and assigns, hereby release and forever discharge the Company, its past and present parent corporations, subsidiaries, divisions, subdivisions, affiliates and related companies (collectively, the “Company”) and the Company's past, present and future agents, directors, officers, employees, representatives, successors and assigns (hereinafter “those associated with the Company”) with respect to any and all claims, demands, actions and liabilities, whether in law or equity, which you may have against the Company or those associated with the Company of whatever kind, including but not limited to those arising out of your employment with the Company or the termination of that employment.  You agree that this release covers, but is not limited to, claims arising under the Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621 et seq. (“ADEA”), Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Fair Labor Standards Act, 29 U.S.C. § 201 et seq., the Employee Retirement Income Security Act of 1974,29 U.S.C. § 1001 et seq., the California Fair Employment and Housing Act, California Government Code Section 12940 et seq., and any other local, state or federal law, regulation or order dealing with discrimination in employment on the basis of sex, race, color, national origin, veteran status, marital status, religion, disability, handicap, or age.  You also agree that this release includes claims based on wrongful termination of employment, breach of contract (express or implied), tort, or claims otherwise related to your employment or termination of employment with the Company and any claim for attorneys' fees, expenses or costs of litigation.  Other provisions of this Agreement notwithstanding, nothing in this Agreement precludes or limits in any way your right to file a charge or participate or cooperate in any proceeding conducted by the Equal Employment Opportunity Commission or comparable state or local fair employment agency. You have the right to have a court determine the validity of the above waiver and release of ADEA claims.

   

  This Release covers all claims based on any facts or events, whether known or unknown by you, that occurred on or before the date of this Release.  Except to enforce this Release, you agree that you will never commence, prosecute, or cause to be commenced or prosecuted any lawsuit or proceeding of any kind against the Company or those associated with· the Company in any forum and agree to withdraw with prejudice all complaints or charges, if any, that you have filed against the Company or those associated with the Company.

   

  Anything in this Release to the contrary notwithstanding, this Release does not include a release of (i) your rights under the Employment Agreement or your right to enforce the Employment Agreement; (ii) any rights you may have to indemnification or insurance under any agreement, law, Company organizational document or policy or otherwise; (iii) any rights you 

   

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  may have to equity compensation or other compensation or benefits under the Company's equity, compensation or benefit plans; or (iv) your right to enforce this Release.

   

  By signing this Release, you further agree as follows:

   

  You have read this Release carefully and fully understand its terms;

   

  You have had at least twenty-one (21) days to consider the terms of the Release;

   

  You have seven (7) days from the date you sign this Release to revoke it by written notification to the Company.  After this seven (7) day period, this Release is final and binding and may not be revoked;

   

  You have been advised to seek legal counsel and have had an opportunity to do so;

   

  You would not otherwise be entitled to the benefits provided under your Employment Agreement had you not agreed to execute this Release; and

   

  Your agreement to the terms set forth above is voluntary.

   

   

  Name: ____________________________________

   

  	 	  

  Signature: ______________________________________	 	Date: ____________

   

   

   

  Received by: ____________________________________		Date: ____________

   

   

   

  Attachment: Attachment 1- Schedule of Termination Payments and Benefits

   

   

   

  25

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