Document:

Document

Exhibit 10.1

Form of Confirmation for Capped Call Transactions

[_________]1

						
	To:	The Beauty Health Company
2165 Spring Street
Long Beach, CA 90806
Attention: [__________]
Telephone No.: [__________]

	From:	[__________]

	Re:	[Base][Additional] Capped Call Transaction
2,3

	Ref. No:	[__________]
4

	Date:	[__________], 2021

Dear Ladies and Gentlemen: 
The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced transaction entered into on the Trade Date specified below (the “Transaction”) between [___________] (“Dealer”) and The Beauty Health Company (“Counterparty”).  This communication constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.
1.This Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the “2006 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006 Definitions, the “Definitions”), in each case, as published by the International Swaps and Derivatives Association, Inc. (“ISDA”).  In the event of any inconsistency between the 2006 Definitions and the Equity Definitions, the Equity Definitions will govern and in the event of any inconsistency between terms defined in the Equity Definitions and this Confirmation, this Confirmation shall govern.
This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation relates.  This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement as if Dealer and Counterparty had executed an agreement in such form on the Trade Date (but without any Schedule except for (i) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine), [(ii) the election of an executed guarantee of [__________] (“Guarantor”) dated as of the Trade Date in substantially the form attached hereto as Schedule 1 as a Credit Support Document, (iii) the election of Guarantor as Credit Support Provider in relation to Dealer and (iv)]5 [and (ii)] the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer, (a) with a Threshold Amount” of 3% of the shareholders’ equity of [Dealer][Dealer’s ultimate parent (“Dealer Parent”)]6 on the Trade Date, (b) “Specified Indebtedness” having the meaning set forth in Section 14 of the Agreement, except that it shall not include any obligation in respect of deposits received in the ordinary course of Dealer’s banking business, (c) the phrase “, or becoming capable at such time of being declared,” shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, and (d) the following sentence shall be added to the end of Section 5(a)(vi) of the Agreement:  “Notwithstanding the foregoing, a default under subsection (2) hereof shall not 

1 Include Dealer name, address and logo
2 Include for base call option.
3 Include for additional call option.
4 If applicable to Dealer
5 Include if Dealer is not the highest rated entity in group, typically from Dealer Parent. 
6 Include as applicable.

constitute an Event of Default if (i) the default was caused solely by error or omission of an administrative or operational nature; (ii) funds were available to enable the relevant party to make payment when due; and (iii) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay.”).  All provisions contained in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein.  In the event of any inconsistency between this Confirmation and either the Definitions or the Agreement, this Confirmation shall govern. 
The Transaction hereunder shall be the sole Transaction under the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement.
2.The Transaction constitutes a Share Option Transaction for purposes of the Equity Definitions.  The terms of the particular Transaction to which this Confirmation relates are as follows: 
General Terms: 
						
	Trade Date:	September [__], 2021
	Effective Date:	September [__], 2021, or such other date as agreed by the parties in writing.7

	Components:	The Transaction will be divided into individual Components, each with the terms set forth in this Confirmation, and, in particular, with the Number of Options and Expiration Date set forth in Annex A to this Confirmation. The exercise, valuation and settlement of the Transaction will be effected separately for each Component as if each Component were a separate Transaction under the Agreement.

	Option Style:	“European”, as described under “Procedures for Exercise” below.
	Option Type:	Call
	Seller:	Dealer
	Buyer:	Counterparty
	Shares:	The Class A common stock of Counterparty, par value USD 0.0001 per share (Ticker Symbol: “SKIN”).
	Number of Options:	For each Component, as provided in Annex A to this Confirmation.8

	Option Entitlement:	One Share per Option
	Strike Price:	USD 31.7602

7 To be notes closing date.
8 For the base capped call, the total should be equal to (i) the number of Convertible Notes in principal amount of $1,000 initially issued on the closing date for the Convertible Notes (excluding any Convertible Notes sold pursuant to the option to purchase additional Convertible Notes) multiplied by (ii) the initial conversion rate multiplied by (iii) the Dealer’s percentage allocation of the overall capped call. For the additional capped call, the total should be equal to (i) the number of additional Convertible Notes in principal amount of $1,000 multiplied by (ii) the initial conversion rate multiplied by (iii) the Dealer’s percentage allocation of the overall capped call.
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	Cap Price:	USD 47.9400; provided that in no event shall the Cap Price be reduced to an amount less than the Strike Price in connection with any adjustment by the Calculation Agent under this Confirmation.

	Number of Shares:	As of any date, a number of Shares equal to the product of (i) the Number of Options and (ii) the Option Entitlement.
	Premium:	USD [_____]; Dealer and Counterparty hereby agree that notwithstanding anything to the contrary herein or in the Agreement, following the payment of the Premium, in the event that (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement that is within Counterparty’s control) occurs or is designated with respect to any Transaction and, as a result, Counterparty owes to Dealer the amount calculated under Section 6(d) and Section 6(e) or otherwise under the Agreement (calculated as if the Transactions terminated on such Early Termination Date were the sole Transactions under the Agreement) or (b) Counterparty owes to Dealer, pursuant to Sections 12.2, 12.3, 12.6, 12.7, 12.8 or 12.9 of the Equity Definitions or otherwise under the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero. 

	Premium Payment Date:	The Effective Date
	Exchange:	The Nasdaq Capital Market
	Related Exchange:	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such Section.

	Procedures for Exercise:
	
	Expiration Time:	The Valuation Time

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	Expiration Date:	For any Component, as provided in Annex A to this Confirmation (or, if such date is not a Scheduled Valid Day, the next following Scheduled Valid Day that is not already an Expiration Date for another Component); provided that if that date is a Disrupted Day, the Expiration Date for such Component shall be the first succeeding Scheduled Valid Day that is not a Disrupted Day and is not or is not deemed to be an Expiration Date in respect of any other Component of the Transaction hereunder; and provided further that in no event shall the Expiration Date be postponed to a date later than the Final Termination Date and, notwithstanding anything to the contrary in this Confirmation or the Equity Definitions, the Relevant Price for such Expiration Date that occurs on the Final Termination Date and is a Disrupted Day shall be the prevailing market value per Share determined by the Calculation Agent in a good faith and commercially reasonable manner. Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Expiration Date, the Calculation Agent may determine in a good faith and commercially reasonable manner that such Expiration Date is a Disrupted Day only in part, in which case the Calculation Agent shall make commercially reasonable adjustments to the Number of Options for the relevant Component for which such day shall be the Expiration Date, shall designate the Scheduled Valid Day determined in the manner described in the immediately preceding sentence as the Expiration Date for the remaining Options for such Component and may determine the Relevant Price in a commercially reasonable manner based on transactions in the Shares on such Disrupted Day taking into account the nature and duration of such Market Disruption Event on such day. Any Scheduled Valid Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be a Scheduled Valid Day; if a closure of the Exchange prior to its normal close of trading on any Scheduled Valid Day is scheduled following the date hereof, then such Scheduled Valid Day shall be deemed to be a Disrupted Day in full. Section 6.6 of the Equity Definitions shall not apply to any Valuation Date occurring on an Expiration Date.

	Final Termination Date:	January 25, 2027
	Automatic Exercise:	Applicable, which means that the Number of Options for the relevant Component will be deemed to be automatically exercised at the Expiration Time on the Expiration Date for such Component if at such time such Component is In-the-Money, unless Buyer notifies Seller (in writing) prior to the Expiration Time on such Expiration Date that it does not wish Automatic Exercise to occur with respect to such Component, in which case Automatic Exercise will not apply with respect to such Component.  “In-the-Money” means, in respect of any Component, that the Relevant Price on the Expiration Date for such Component is greater than the Strike Price for such Component.

	Valuation Time:	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in a good faith and commercially reasonable manner.

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	Valuation Date:	For any Component, the Expiration Date therefor.
	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be,” in clause (ii) thereof.
Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.

	Settlement Terms:
	
	Settlement Method Election:	Applicable; provided that (a) Section 7.1 of the Equity Definitions is hereby amended by replacing the term “Physical Settlement” with the term “Net Share Settlement”, (b) Counterparty must make a single irrevocable election for all Components and (c) if Counterparty is electing Cash Settlement or Combination Settlement, such Settlement Method Election would be effective only if Counterparty represents and warrants to Dealer in writing on the date of such Settlement Method Election that (i) Counterparty is not in possession of any material non-public information regarding Counterparty or the Shares, and (ii) such election is being made in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws.
If Counterparty is electing Combination Settlement, Counterparty shall also specify a specified cash amount (the “Specified Cash Amount”) in the notice specifying its election of Combination Settlement.
Without limiting the generality of the foregoing, Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Sections 9 and 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder in respect of such election.

	Electing Party:	Counterparty
	Settlement Method Election Date:	The second Scheduled Valid Day prior to the scheduled Expiration Date for the Component with the earliest scheduled Expiration Date.
	Default Settlement Method:	Net Share Settlement
	Net Share Settlement:	With respect to any Component, if Net Share Settlement is applicable to the Options exercised or deemed exercised hereunder, Dealer will deliver to Counterparty on the Settlement Date, a number of Shares (the “Net Share Settlement Amount”) equal to (i) the Daily Option Value on the Expiration Date of such Component divided by (ii) the Relevant Price on such Expiration Date.
Dealer will deliver cash in lieu of any fractional Shares to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price for the Expiration Date of such Component.

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	Cash Settlement:	With respect to any Component, if Cash Settlement is applicable to the Options exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the Settlement Date, an amount of cash (the “Cash Settlement Amount”) equal to the Daily Option Value on the Expiration Date of such Component.

	Combination Settlement:	With respect to any Component, if Combination Settlement is applicable to the Options exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty on the Settlement Date:
(i)    an amount of cash (the “Combination Settlement Cash Amount”) equal to the lesser of (A) the Specified Cash Amount divided by the number of Components for the Transaction and (B) the Daily Option Value on the Expiration Date of such Component; and
(ii)    a number of Shares (the “Combination Settlement Share Amount”) equal to (A) the excess of (1) the Daily Option Value on the Expiration Date of such Component over the (2) the Specified Cash Amount divided by the number of Components for the Transaction, divided by (B) the Relevant Price on such Expiration Date.
Dealer will deliver cash in lieu of any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price for the Expiration Date of such Component.

	Daily Option Value:	For any Component, an amount equal to (i) the Number of Options in such Component, multiplied by (ii) the Option Entitlement, multiplied by (iii) (A) the lesser of the Relevant Price on the Expiration Date of such Component and the Cap Price, minus (B) the Strike Price on such Expiration Date; provided that if the calculation contained in clause (iii) above results in a negative number, the Daily Option Value for such Component shall be deemed to be zero. In no event will the Daily Option Value be less than zero.

	Valid Day:	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange. If the Shares are not listed or traded on any U.S. securities exchange or any other market, “Valid Day” means a Business Day.

	Scheduled Valid Day:	A day that is scheduled to be a Valid Day on the Exchange. If the Shares are not listed, quoted or traded on any U.S. securities exchange or any other market, “Scheduled Valid Day” means a Business Day.

	Business Day:	Any day other than a Saturday, a Sunday or other day on which banking institutions are authorized or required by law, regulation or executive order to close or be closed in the State of New York.

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	Relevant Price:	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “SKIN <equity> AQR” (or its equivalent successor if such page is not available) (the “VWAP”) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day, as determined by the Calculation Agent in a good faith and commercially reasonable manner using, if practicable, a volume-weighted average method substantially similar to the method for determining the VWAP). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

	Settlement Date:	For all Components of the Transaction, the date one Settlement Cycle immediately following the Expiration Date for the Component with the latest Expiration Date.
	Settlement Currency:	USD
	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Net Share Settlement.”
	Representation and Agreement:	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions, obligations and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)). 

	Adjustments:
	

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	Method of Adjustment:	Calculation Agent Adjustment; provided that the parties agree that (x) open market Share repurchases by Counterparty at prevailing market prices and (y) Share repurchases through a dealer pursuant to accelerated share repurchases, forward contracts or similar transactions (including, without limitation, any discount to average VWAP prices) that are entered into at prevailing market prices and in accordance with customary market terms for transactions of such type to repurchase the Shares shall not be considered Potential Adjustment Events so long as, after giving effect to such repurchase or transaction, the aggregate number of Shares repurchased during the term of the Transaction pursuant to all such transactions described above would not exceed 20% of the number of Shares outstanding as of the Trade Date, as determined by the Calculation Agent and as adjusted by the Calculation Agent to account for any subdivision or combination with respect to the Shares.

	Extraordinary Events:
	
	New Shares:	In the definition of New Shares in Section 12.1(i) of the Equity Definitions, (a) the text in clause (i) thereof shall be deleted in its entirety and replaced with “publicly quoted, traded or listed on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or their respective successors),” and (b) the following phrase shall be inserted immediately prior to the period: “and (iii) of a corporation organized under the laws of the United States, any State thereof or the District of Columbia that (x) also becomes the Counterparty under the Transaction or (y) agrees to be subject to Sections 8(d) and 8(e) of the Confirmation governing the Transaction, in either case, following such Merger Event or Tender Offer”.
	Merger Events:	Applicable
	Consequences of Merger Events:	 

	(a)   Share-for-Share:	Modified Calculation Agent Adjustment
	(b)   Share-for-Other:	Cancellation and Payment (Calculation Agent Determination)
	(c)   Share-for-Combined:	Cancellation and Payment (Calculation Agent Determination); provided that the Calculation Agent may elect Component Adjustment for all or part of the Transaction. 

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	Tender Offer:
	Applicable; provided that the definition of “Tender Offer” in Section 12.1(d) of the Equity Definitions will be amended by replacing the phrase “greater than 10% and less than 100% of the outstanding voting shares of the Issuer” in the third and fourth line thereof with “greater than 20% and less than 100% of the outstanding Shares”. In addition, Section 12.1(e) of the Equity Definitions shall be amended by replacing “voting shares” in the first line thereof with “Shares”, and Section 12.1(l) of the Equity Definitions shall be amended by replacing “voting shares” in the fifth line thereof with “Shares”.

	Consequences of Tender Offers:	 

	(a)   Share-for-Share:	Modified Calculation Agent Adjustment
	(b)   Share-for-Other: 	Modified Calculation Agent Adjustment
	(c)   Share-for-Combined:	Modified Calculation Agent Adjustment

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	Consequences of Announcement Events:
	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)” and the words “whether within a commercially reasonable (as determined in good faith by the Calculation Agent) period of time prior to or after the Announcement Event” shall be inserted prior to the word “which” in the seventh line and (z) for the avoidance of doubt, the Calculation Agent shall, in good faith and a commercially reasonable manner, determine whether the relevant Announcement Event has had a material economic effect on the Transaction and, if so, shall adjust the Cap Price accordingly to take into account such economic effect on one or more occasions on or after the date of the Announcement Event up to, and including, the final Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that (i) any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and shall not be duplicative with any other adjustment or cancellation valuation made pursuant to this Confirmation, the Equity Definitions or the Agreement and (ii) the Calculation Agent shall solely take into account changes in volatility, expected dividends, stock loan rate, and liquidity relevant to the Shares or to the Transaction; provided that in no event shall the Cap Price be adjusted to be less than the Strike Price.  An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable; provided further that upon the Calculation Agent making an adjustment, determined in a commercially reasonable manner, to the Cap Price upon any Announcement Event, then the Calculation Agent shall make an adjustment to the Cap Price upon any announcement regarding the same event that gave rise to the original Announcement Event regarding the abandonment of any such event to the extent necessary to reflect the economic effect of such subsequent announcement on the Transaction.

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	Announcement Event:	(i) The public announcement whether by Counterparty, its subsidiary, agent or representative, or a Valid Third Party Entity (any such person or entity, a “Relevant Party”) of any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, or the public announcement by Counterparty of any intention to enter into a Merger Event or Tender Offer, (ii) the public announcement by Counterparty of an intention by Counterparty to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event, Tender Offer or Acquisition Transaction, (iii) there occurs a public announcement by a Relevant Party of any potential acquisition or disposition by Counterparty and/or its subsidiaries where the consideration exceeds 35% of the market capitalization of Counterparty as of the date of such announcement (an “Acquisition Transaction”), or (iv) any subsequent public announcement by a Relevant Party of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i), (ii) or (iii) of this sentence (including, without limitation, a new announcement relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention); provided that, for the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention.

	Valid Third Party Entity:	In respect of any transaction or event, any third party that has a bona fide intent to enter into or consummate such transaction or event (or a subsidiary, affiliate, agent or representative of such a third party), as determined by Calculation Agent, it being understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party on the Shares and/or options relating to the Shares.
	Notice of Merger Consideration and Consequences:	Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), Counterparty shall reasonably promptly (but in any event prior to the relevant Merger Date) notify the Calculation Agent of (i) the type and amount of consideration that a holder of Shares would have been entitled to in the case of reclassifications, consolidations, mergers, sales or transfers of assets or other transactions that cause Shares to be converted into the right to receive more than a single type of consideration and (ii) the weighted average of the types and amounts of consideration to be received by the holders of Shares.

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	Nationalization, Insolvency or Delisting:

	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market, The Nasdaq Global Market or The Nasdaq Capital Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.

	Additional Disruption Events:
	
	(a) Change in Law:
	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)”, (ii) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (iii) adding the phrase “and/or type of commercially reasonable Hedge Position that would be entered into by a commercially reasonable dealer” after the word “Shares” in clause (X) thereof, (iv) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date assuming the Hedging Party maintains a commercially reasonable hedge position”, (v) adding the words “, or holding, acquiring or disposing of Shares or any Hedge Positions relating to,” after the words “obligations under” in clause (Y) thereof and (vi) adding the words “provided that, in the case of clause (Y) hereof and any law, regulation or interpretation, the consequence of such law, regulation or interpretation is applied equally by Dealer to all of its similarly situated counterparties and/or similar transactions;” after the semi-colon in the last line thereof.

	(b) Failure to Deliver:
	Applicable
	(c) Insolvency Filing: 
	Applicable

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	(d) Hedging Disruption: 
	Applicable; provided that 
(i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following at the end of such Section:
“, provided that any such inability that is incurred solely due to the deterioration of the creditworthiness of the Hedging Party shall not be deemed a Hedging Disruption. For the avoidance of doubt, (i) the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk, and (ii) the transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms.”; and
(ii) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof,  after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.

	(e) Increased Cost of Hedging: 
	Not Applicable
	Hedging Party:	For all applicable Additional Disruption Events, Dealer
	Determining Party:	For all applicable Extraordinary Events, Dealer; provided that, when making any determination or calculation as “Determining Party,” Dealer shall be bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if Determining Party were the Calculation Agent.  
Following any determination or calculation by Determining Party hereunder, upon a written request by Counterparty (which may be by email), Determining Party will promptly (but in any event within five Scheduled Trading Days) provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination or calculation (including any assumptions used in making such determination or calculation), it being understood that in no event will Determining Party be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models used by it in making such determination or calculation or any information that is subject to an obligation not to disclose such information.
All calculations and determinations made by Determining Party shall be made in good faith and in a commercially reasonable manner.

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

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3.Calculation Agent:     Dealer; provided that, following the occurrence and during the continuance of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, Counterparty shall have the right to designate a nationally recognized third party dealer in over-the-counter corporate equity derivatives to replace Dealer as the Calculation Agent, and the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent.
    Following any adjustment, determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty (which may be by email), the Calculation Agent will promptly (but in any event within five Scheduled Trading Days) provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such adjustment, determination or calculation (including any assumptions used in making such adjustment, determination or calculation), it being understood that in no event will the Calculation Agent be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models used by it in making such adjustment, determination or calculation or any information that is subject to an obligation not to disclose such information.
    All calculations and determinations made by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.
4.Account Details: 
Dealer Payment Instructions: 
[Bank:]        [_________] 
[SWIFT:]         [_________] 
[Bank Routing:]    [_________] 
[Acct Name:]        [_________] 
[Acct No.:]        [_________] 

Counterparty Payment Instructions: To be advised. 
5.Offices: 
The Office of Dealer for the Transaction is: [____________]
The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.
6.Notices: For purposes of this Confirmation: 
(a)Address for notices or communications to Counterparty: 
        To:        The Beauty Health Company
                2165 Spring Street
                Long Beach, CA 90806
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    Attention:     [__________]
Telephone:    [__________]
Email:        [__________]

(b)Address for notices or communications to Dealer: 

To:        [____________]
Attention:     [____________]
Telephone:    [____________]
Email:        [____________]

With a copy to:
    
To:        [____________]
Attention:     [____________]
Telephone:    [____________]
Email:        [____________]

For the avoidance of doubt, any notice or other communication delivered by electronic messaging system, e-mail or facsimile transmission shall be deemed to be “in writing.”
7.Representations, Warranties and Agreements: 
(a)In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty represents and warrants to and for the benefit of, and agrees with, Dealer as follows: 
(i)On the Trade Date (A) none of Counterparty and its officers and directors is aware of any material non-public information regarding Counterparty or the Shares, and (B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Exchange Act when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading.
(ii) On the Trade Date, (A) the Shares or securities that are convertible into, or exchangeable or exercisable for Shares, are not, and shall not be, subject to a “restricted period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”), and (B) Counterparty is not engaged in any “distribution,” as such term is defined in Regulation M, other than a distribution meeting the requirements of the exceptions set forth in Rules 101(b)(10) and 102(b)(7) or Rule 102(c)(1)(i) of Regulation M.
(iii)On the Trade Date, neither Counterparty nor any “affiliated purchaser” (as defined in Rule 10b-18 of the Exchange Act) shall directly or indirectly (including, without limitation, by means of any cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares.
(iv)Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (or any successor issue statements).
(v) Without limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act. 
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(vi)Counterparty is not entering into this Confirmation to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act. 
(vii)Counterparty is not, and after giving effect to the transactions contemplated hereby will not be, required to register as, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
(viii)On each of the Trade Date and the Premium Payment Date, (A) the value of the total assets of Counterparty is greater than the sum of the total liabilities (including contingent liabilities) and the capital of Counterparty, (B) the capital of Counterparty is adequate to conduct the business of Counterparty, and Counterparty’s entry into the Transaction will not impair its capital, (C) Counterparty has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its ability to pay as such debts mature, (D) Counterparty is not “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and (E) Counterparty would be able to purchase the aggregate Number of Shares for the Transaction in compliance with the laws of the jurisdiction of Counterparty’s incorporation. 
(ix)To Counterparty’s knowledge, no U.S. state or local law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares; provided that no such representation shall be made by Counterparty with respect to any rules and regulations applicable to Dealer (including FINRA) arising from Dealer’s status as a regulated entity under applicable law.
(x)Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing, (C) has total assets of at least USD 50 million as of the date hereof. 
(xi)The assets of Counterparty do not constitute “plan assets” under the Employee Retirement Income Security Act of 1974, as amended, the Department of Labor Regulations promulgated thereunder or similar law.
(b)Each of Dealer and Counterparty agrees and represents that it is an “eligible contract participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended. 
(c)Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration under the Securities Act, by virtue of Section 4(a)(2) thereof.  Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the distribution or resale thereof, (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws, and (v) its financial condition is such that it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness and is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. 
(d)Each of Dealer and Counterparty agrees and acknowledges that Dealer is a “financial institution,” “swap participant” and “financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge (A) that this Confirmation is (i) a “securities 
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contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of Section 546 of the Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer” within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code. 
(e)As a condition to the effectiveness of the Transaction, Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Effective Date and reasonably acceptable to Dealer in form and substance, with respect to the matters set forth in Section 3(a) of the Agreement and Section 7(a)(vii) hereof; provided that any such opinion of counsel may contain customary exceptions and qualifications, including, without limitation, exceptions and qualifications relating to indemnification provisions.
(f)Counterparty understands that notwithstanding any other relationship between Counterparty and Dealer and its affiliates, in connection with the Transaction and any other over-the-counter derivative transactions between Counterparty and Dealer or its affiliates, Dealer or its affiliates is acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. 
(g)[Each party acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein. 
(h)Counterparty represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”.]9
8.Other Provisions: 
(a)Right to Extend.  Dealer may divide any Component into additional Components and designate the Expiration Date and the Number of Options for each such Component or postpone the Expiration Date of any Component if Dealer determines, in good faith and a commercially reasonable manner, that such further division or postponement would be necessary or advisable to preserve a commercially reasonable dealer’s hedging or hedge unwind activity with respect to the Transaction in light of existing liquidity conditions or to enable such a dealer to purchase or sell Shares or enter into swap or other derivatives transactions with respect to Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity with respect to the Transaction in a manner that would, if such dealer were Counterparty or an affiliated purchaser of Counterparty, be compliant and consistent with applicable legal, regulatory or self-regulatory requirements generally applicable to transactions similar to the Transaction, or with related policies and procedures adopted by Dealer in good faith so long as such policies and procedures are generally applicable in similar situations and applied in a non-discriminatory manner; provided that in no event shall any Expiration Date for any Component be postponed to a date later than the Final Termination Date. 
(b)Additional Termination Event.  Promptly (but in any event within ten Scheduled Trading Days) following any repurchase, redemption, exchange or conversion of any of Counterparty’s 1.25% Convertible Senior Notes due 2026 (the “Convertible Notes”) issued pursuant to Counterparty’s indenture (the “Indenture”) to be dated September 14, 2021 between Counterparty and U.S. Bank, National Association, as trustee, Counterparty may notify Dealer in writing of (i) such repurchase, redemption, exchange or conversion, (ii) the number of Convertible Notes so repurchased, redeemed, exchanged or converted, or the number of Convertible Notes so repurchased, redeemed, exchanged or converted that Counterparty elects to be subject to such Repayment Event and (iii) the number of Shares underlying each USD 1,000 principal amount of Convertible Notes (any such notice, a “Repurchase Notification” and any such event, a “Repurchase Event”)[; provided that any “Repurchase Notification” delivered to Dealer pursuant to the Base Capped Call Transaction Confirmation letter agreement dated September 9, 2021 between Dealer 

9 Include as applicable.
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and Counterparty (the “Base Call Option Confirmation”) shall be deemed to be a Repurchase Notification pursuant to this Confirmation and the terms of such Repurchase Notification shall apply, mutatis mutandis, to this Confirmation]10.  Notwithstanding anything to the contrary in this Confirmation, the receipt by Dealer from Counterparty of (x) any Repurchase Notification, within the applicable time period set forth in the preceding sentence, and (y) a written representation and warranty by Counterparty that, as of the date of such Repurchase Notification, Counterparty is not in possession of any material non-public information regarding Counterparty or the Shares, shall constitute an Additional Termination Event as provided in this paragraph. Upon receipt of any such Repurchase Notification and the related written representation and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Repurchase Notification as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) [(x)] [__]11% of the aggregate number of Shares underlying the number of Convertible Notes specified in such Repurchase Notification, divided by the Option Entitlement[, minus (y) the number of “Repurchase Options” (as defined in the Base Call Option Confirmation), if any, that relate to such Convertible Notes (and for the purposes of determining whether any Options under this Confirmation or under, and as defined in, the Base Call Option Confirmation will be among the Repurchase Options hereunder or under, and as defined in, the Base Call Option Confirmation, the number of Convertible Notes specified in such Repurchase Notification shall be allocated first to the Base Call Option Confirmation until all Options thereunder are exercised or terminated)]12 and (B) the aggregate Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the aggregate Number of Options shall be reduced by the number of Repurchase Options on a pro rata basis across all remaining unexpired Components, as determined by the Calculation Agent in good faith and in a commercially reasonable manner. Any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to this Transaction and an aggregate Number of Options equal to the number of Repurchase Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated portion of the Transaction were the sole Affected Transaction. 
(c)Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.  If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, which Event of Default or Termination Event resulted from an event or events within Counterparty’s control), and if Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) and 6(e) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below) unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination Alternative shall not apply, (b) as of the date of such election, Counterparty represents that is not in possession of any material non-public information regarding Counterparty or the Shares, and that such election is being made in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws, and (c) Dealer agrees, in its commercially reasonable discretion, to such election, in which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) and 6(e) of the Agreement, as the case may be, shall apply.

10 Include in Additional Call Option Confirmation only.
11 Include Dealer’s percentage allocation of the overall capped call transaction.
12 Include in Additional Call Option Confirmation only.
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	Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
	Share Termination Delivery Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent in good faith and in a commercially reasonable manner, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall, in good faith and in a commercially reasonable manner, adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.

	Share Termination Unit Price:	The value of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider a variety of factors, including the market price of the Share Termination Delivery Units and/or the purchase price paid in connection with the commercially reasonable purchase of Share Termination Delivery Property.
	Share Termination Delivery Unit:	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.

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	Failure to Deliver:	Applicable
	Other Applicable Provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”.  “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.

(d)Disposition of Hedge Shares.  Counterparty hereby agrees that if, in the good faith and commercially reasonable judgment of Dealer, based on the advice of legal counsel, the Shares acquired by Dealer for the purpose of effecting a commercially reasonable hedge of its obligations pursuant to the Transaction (the “Hedge Shares”) cannot be sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, use its commercially reasonable efforts to make available to Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered offering for companies of a similar size in a similar industry, (B) provide accountant’s “comfort” letters in customary form for registered offerings of equity securities for companies of a similar size in a similar industry, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty in customary form for registered offerings of equity securities for companies of a similar size in a similar industry, (D) provide other customary opinions, certificates and closing documents customary in form for registered offerings of equity securities for companies of a similar size in a similar industry and (E) afford Dealer a reasonable opportunity to conduct a “due diligence” investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities for companies of a similar size in a similar industry; provided, however, that, if Counterparty elects clause (i) above but Dealer, in its reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(d) shall apply at the election of Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of companies of a similar size in a similar industry, in form and substance commercially reasonably satisfactory to Dealer using commercially reasonable best efforts to include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), opinions and certificates and such other documentation as is customary for private placements agreements of equity securities of companies of a similar size in a similar industry, as is reasonably acceptable to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its good faith and commercially reasonable judgment, to compensate Dealer for any customary liquidity discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement); provided that no “comfort letter” or accountants’ consent shall be required to be delivered in connection with any private placements; or (iii) purchase the Hedge Shares from Dealer at the then-prevailing market price at one or more times on such Exchange Business Days, and in the amounts, requested by Dealer. 
(e)Repurchase Notices. Counterparty shall, no later than one Scheduled Valid Day following any day on which Counterparty effects any repurchase of Shares, give Dealer written notice of such repurchase (a “Repurchase Notice”) on such day if, following such repurchase, the number of outstanding Shares as determined on such day is (i) less than 106.6 million (in the case of the first such notice) or (ii) thereafter more than 13.9 million less than the number of Shares included in the immediately preceding Repurchase Notice; provided that, (A) in the case of any repurchases of Shares pursuant to a plan under Rule 10b5-1 under the Exchange Act, Counterparty may elect to satisfy such requirement by giving Dealer written notice of entry into such plan, the maximum number of Shares that may be purchased thereunder and the approximate dates or periods during which such repurchases may occur (with 
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such maximum number of Shares deemed repurchased on the date of such notice for purposes of this Section 8(e) and (B) if such repurchase would constitute material non-public information with respect to Counterparty or the Shares, Counterparty shall make public disclosure thereof at or prior to delivery of such Repurchase Notice.  In the event that Counterparty fails to provide Dealer with a Repurchase Notice on the day and in the manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless Dealer, its affiliates and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person being an “Indemnified Party”) from and against any and all commercially reasonable losses (including direct losses relating to Dealer’s commercially reasonable hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable securities laws, including without limitation, Section 16 of the Exchange Act, in each case relating to or arising out of such failure. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability.  In addition, Counterparty will reimburse any Indemnified Party for all commercially reasonable expenses (including commercially reasonable outside counsel fees and expenses) as they are incurred (after notice to Counterparty) in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty, in each case relating to or arising out of such failure. Counterparty shall be relieved from liability under this Section 8(e) to the extent that the Indemnified Party fails promptly to notify Counterparty of any action commenced against it in respect of which indemnity may be sought hereunder (it being understood that any such notice delivered within 30 calendar days of the commencement of any such action shall be deemed to have been delivered promptly for such purpose), if and to the extent that Counterparty is materially prejudiced by such delayed notification.  In addition, Counterparty shall not have liability for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, such consent not to be unreasonably withheld, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified Person, such consent not to be unreasonably withheld, effect any settlement of any such proceeding contemplated by this paragraph that is pending or threatened in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceedings on terms reasonably satisfactory to such Indemnified Person. This indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and delegation of the Transaction made pursuant to this Confirmation or the Agreement shall inure to the benefit of any permitted assignee of Dealer.  Counterparty will not be liable under this indemnity provision to the extent any loss, claim, damage, liability or expense is conclusively found in a final and non-appealable judgment by a court of competent jurisdiction to have resulted from Dealer’s gross negligence or willful misconduct. 
(f)Transfer and Assignment.  Either party may transfer or assign any of its rights or obligations under the Transaction with the prior written consent of the non-transferring party, such consent not to be unreasonably withheld or delayed; provided that Dealer may transfer or assign its rights and obligations hereunder, in whole or in part, to (A) without Counterparty’s consent, any affiliate or branch of Dealer (1) that has a long-term issuer rating that is equal to or better than Dealer’s credit rating at the time of such transfer or assignment, or (2) whose obligations would be guaranteed by Dealer [or Dealer Parent]13 or (B) with Counterparty’s consent (such consent not to be unreasonably withheld or delayed) any person (including any affiliate or branch of Dealer not satisfying clause (A)) or any person whose obligations would be guaranteed by a person (a “Designated Transferee”), in either case under this clause (B), with a rating for its long-term, unsecured and unsubordinated indebtedness at least equivalent to Dealer’s (or its guarantor’s); provided, however, that, in the case of this clause (B), in no event shall the credit rating of the Designated Transferee or of its guarantor (whichever is higher) be lower than A3 from Moody’s Investor Service, Inc. or its successor or A- from Standard and Poor’s Rating Group, Inc. or its successor; provided further that after any such transfer or assignment, (i) Counterparty will not, as a result of such transfer or assignment, be required to pay the 

13 Include if Dealer Parent has a credit rating at least as high as Dealer.
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transferee or assignee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than the amount, if any, that Counterparty would have been required to pay to Dealer in the absence of such transfer or assignment, (ii) the transferee will agree with  Counterparty that, after any such transfer, Counterparty will not, as a result of such transfer or assignment, receive from such transferee or assignee on any payment date or delivery date an amount or number of Shares, as applicable, less than it would have been entitled to receive (including under Section 2(d)(i)(4) of the Agreement) in the absence of such transfer or assignment, and (iii) Dealer shall cause the transferee or assignee, prior to becoming a party to the Transaction, to provide Counterparty with a complete and accurate U.S. Internal Revenue Service Form W-9 or W-8 (or successor form), as applicable, and make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Counterparty to permit Counterparty to determine that the results described in clauses (i) and (ii) of this proviso will not occur upon or after such transfer and assignment. At any time at which (1) the Equity Percentage exceeds 8.0%, (2) the Option Equity Percentage exceeds 14.5% or (3) Dealer, Dealer Group (as defined below) or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under any applicable “business combinations statute” or other federal, state or local law, rule, regulation or regulatory order or organizational documents or contracts of Counterparty applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the minimum number of Shares that would give rise to reporting, registration, filing or notification obligations or other requirements (including obtaining prior approval by a state or federal regulator) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under Applicable Restrictions and with respect to which such requirements have not been met or the relevant approval has not been received minus (y) 1% of the number of Shares outstanding on the date of determination (any such condition described in clause (1), (2) or (3), an “Excess Ownership Position”), if Dealer, in its commercially reasonable discretion, is unable to effect a transfer or assignment to a third party in accordance with the requirements set forth above after its commercially reasonable efforts on pricing and terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists, Dealer may designate any Scheduled Valid Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that an Excess Ownership Position no longer exists following such partial termination. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement and Section 8(c) of this Confirmation as if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the Transaction, (ii) Counterparty were the sole Affected Party with respect to such partial termination, (iii) such portion of the Transaction were the only Terminated Transaction and (iv) Dealer were the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. The “Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates subject to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Dealer (collectively, “Dealer Group”) “beneficially own” (within the meaning of Section 13 of the Exchange Act) without duplication on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day.  The “Option Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of (1) the product of the Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying any other call option transaction sold by Dealer to Counterparty, and (B) the denominator of which is the number of Shares outstanding.  
In the case of a transfer or assignment by Counterparty of its rights and obligations hereunder and under the Agreement, in whole or in part (any such Options so transferred or assigned, the “Transfer Options”), to any party, withholding of such consent by Dealer shall not be considered unreasonable if such transfer or assignment does not meet the reasonable conditions that Dealer may impose including, but not limited, to the following conditions: 
(A)with respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification obligations pursuant to Section 8(e) or any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation; 
(B)[reserved];
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(C)such transfer or assignment shall be effected on terms, including any commercially reasonable undertakings by such third party (including, but not limited to, undertakings with respect to compliance with applicable securities laws in a manner that, in the commercially reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and execution of any documentation and delivery of customary legal opinions with respect to securities laws and other matters by such third party and Counterparty as are commercially reasonably requested and commercially reasonably satisfactory to Dealer; 
(D)Dealer will not, as a result of such transfer and assignment, be required to pay the transferee or assignee on any payment date an amount or number of Shares under Section 2(d)(i)(4) of the Agreement greater than the amount or number of Shares that Dealer would have been required to pay to Counterparty in the absence of such transfer and assignment;
(E)Dealer shall not, as a result of such transfer or assignment, receive from the transferee or assignee any amount less than it would have been entitled to receive (including under Section 2(d)(i)(4) of the Agreement) in the absence of such transfer or assignment;
(F)an Event of Default, Potential Event of Default or Termination Event will not occur as a result of such transfer and assignment; 
(G)Counterparty shall cause the transferee to make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D), (E) and (F) will not occur upon or after such transfer and assignment; and 
(H)Counterparty shall be responsible for all commercially reasonable costs and expenses, including commercially reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment.
Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty to the extent of any such performance.
(g)Staggered Settlement.  If Dealer determines in good faith and in its reasonable discretion that the number of Shares required to be delivered to Counterparty hereunder on any Settlement Date would result in an Excess Ownership Position, then Dealer may, by notice to Counterparty prior to such Settlement Date (a “Nominal Settlement Date”), elect to deliver any Shares due to be delivered on two or more dates (each, a “Staggered Settlement Date”) or at two or more times on the Nominal Settlement Date as follows: 
(i)in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to such Nominal Settlement Date) or delivery times and how it will allocate the Shares it is required to deliver hereunder on the Settlement Date among the Staggered Settlement Dates or delivery times; and 
(ii)the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; provided that in no event shall any Staggered Settlement Date be a date later than the Final Termination Date.
(h)Disclosure.  Effective from the date of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 
(i)No Netting and Set-off.  The provisions of Section 2(c) and 6(f) of the Agreement shall not apply to the Transaction.  Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to 
23
    

the other party under the Transaction against any delivery or payment obligations owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. 
(j)Equity Rights.  Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with respect to the Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy.  For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any time other than during Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that the obligations of Counterparty under this Confirmation are not secured by any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement.
(k)Early Unwind. In the event the sale of the [“Underwritten Securities”]14 [“Option Securities”]15 (as defined in the Purchase Agreement dated as of September 9, 2021 between Counterparty and J.P. Morgan Securities LLC, as representative of the Initial Purchasers party thereto (the “Purchase Agreement”)) is not consummated with the Initial Purchasers for any reason by 5:00 p.m. (New York City time) on the Premium Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date, the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date.  Each of Dealer and Counterparty represents and acknowledges to the other that, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged.
(l)Wall Street Transparency and Accountability Act.  In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, an Excess Ownership Position, or Illegality (as defined in the Agreement)).
(m)Amendments to Equity Definitions.  The following amendments shall be made to the Equity Definitions: 
(i)solely for purposes of applying the Equity Definitions and for purposes of this Confirmation, any reference in the Equity Definitions to a Strike Price shall be deemed to be a reference to either of the Strike Price or the Cap Price, or both, as appropriate;
(ii)for the purpose of any adjustment under Section 11.2(c) of the Equity Definitions, the first sentence of Section 11.2(c) of the Equity Definitions, prior to clause (A) thereof, is hereby amended to read as follows: “If “Calculation Agent Adjustment” is specified as the Method of Adjustment in the related Confirmation of a Share Option Transaction, then following the announcement or occurrence of any Potential Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment Event has, in the commercially reasonable judgment of the Calculation Agent, a material economic effect on the theoretical value of the relevant Shares or options on the Shares (provided that such event is not based on (x) an observable market, other than the market for Counterparty’s own stock or (y) an observable index, other than an index calculated and measured solely by reference to Counterparty’s own operations) and, if so, will (i) make appropriate adjustment(s), if any, determined in a commercially reasonable manner, to any one or more of:”, and the portion of such sentence immediately preceding clause (ii) thereof is hereby amended by deleting the words “diluting or concentrative” and the words “(provided that no adjustments will be made to 

14 Insert for Base Call Option Confirmation.
15 Insert for Additional Call Option Confirmation.
24
    

account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)” and replacing such latter phrase with the words “(provided that solely in the case of Sections 11.2(e)(i), (ii)(A) and (iv), no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares but, for the avoidance of doubt, solely in the case of Sections 11.2(e)(ii)(B) through (D), (iii), (vi), (v) and (vii), adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)”; 
(iii)Section 11.2(a) of the Equity Definitions is hereby amended by (1) deleting the words “in the determination of the Calculation Agent, a diluting or concentrative effect on the theoretical value of the relevant Shares” and replacing these words with “in the commercially reasonable judgment of the Calculation Agent, a material economic effect on the theoretical value of the Shares or options on such Shares”; and (2) adding at the end thereof “; provided that such event is not based on (i) an observable market, other than the market for Counterparty’s own stock or (ii) an observable index, other than an index calculated and measured solely by reference to Counterparty’s own operations”; 
(iv)Section 11.2(e)(vii) of the Equity Definitions is hereby amended and restated as follows: “any other corporate event involving the Issuer that in the commercially reasonable judgment of the Calculation Agent has a material economic effect on the theoretical value of the Shares or options on the Shares; provided that such corporate event involving the Issuer is not based on (a) an observable market, other than the market for Counterparty’s own stock or (b) an observable index, other than an index calculated and measured solely by reference to Counterparty’s own operations.”; 
(v)Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) inserting “(1)” immediately following the word “means” in the first line thereof and (2) inserting immediately prior to the semi-colon at the end of subsection (B) thereof the following words: “or (2) the occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that Issuer”.
(vi)Section 12.7(b) of the Equity Definitions is hereby amended by deleting the words “(and in any event within five Exchange Business Days) by the parties after” appearing after the words “agreed promptly” and replacing with the words “by the parties on or prior to”; and
(vii)Section 12.9(b)(i) of the Equity Definitions is hereby amended by replacing “either party may elect” with “(x) Dealer may elect or, (y) solely with respect to a “Change in Law”, if Counterparty represents to Dealer in writing at the time of such election that (i) it is not aware of any material nonpublic information with respect to Counterparty or the Shares and (ii) it is not making such election as part of a plan or scheme to evade compliance with the U.S. federal securities laws, Counterparty may elect”.
(n)Governing Law; Exclusive Jurisdiction.  
(i)    THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  
(ii) Section 13(b) of the Agreement is deleted in its entirety and replaced by the following:
“Each party hereby irrevocably and unconditionally submits for itself and its property in any suit, legal action or proceeding relating to this Confirmation or the Agreement, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”) to the exclusive jurisdiction of the Supreme Court of the State of New York, sitting in New York County, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof. Nothing in this Confirmation or the Agreement precludes either party from bringing Proceedings in any other jurisdiction if (A) the courts of the State of New York or the United States of America for the Southern District of New York lack jurisdiction over the parties or the subject matter of the 
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Proceedings or decline to accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing against the other party’s property, assets or estate any decision or judgment rendered by any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court’s decision or judgment to any higher court with competent appellate jurisdiction over that court’s decisions or judgments if that higher court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding has been commenced in another jurisdiction by or against the other party or against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under this Confirmation or the Agreement, the party (1) joins, files a claim, or takes any other action, in any such suit, action or proceeding, or (2) otherwise commences any Proceeding in that other jurisdiction as the result of that other suit, action or proceeding having commenced in that other jurisdiction.”
(o)Adjustments.  For the avoidance of doubt, whenever the Calculation Agent or Determining Party is called upon to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation Agent or Determining Party shall make such adjustment by reference to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge position.
(p)Delivery or Receipt of Cash.  For the avoidance of doubt, other than payment of the Premium by Counterparty, nothing in this Confirmation shall be interpreted as requiring Counterparty to cash settle the Transaction, except in circumstances where cash settlement is within Counterparty’s control (including, without limitation, where Counterparty elects to deliver or receive cash) or in those circumstances in which holders of Shares would also receive cash.
(q)Waiver of Jury Trial.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS CONFIRMATION OR ANY TRANSACTIONS CONTEMPLATED HEREBY. 
(r)Amendment.  This Confirmation and the Agreement may not be modified, amended or supplemented, except in a written instrument signed by Counterparty and Dealer. 
(s)Counterparts.  This Confirmation may be executed in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., DocuSign and AdobeSign (any such signature, an “Electronic Signature”)) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. The words “execution,” “signed,” “signature” and words of like import in this Confirmation or in any other certificate, agreement or document related to this Confirmation shall include any Electronic Signature, except to the extent electronic notices are expressly prohibited under this Confirmation or the Agreement.
(t)Tax Matters.  For the purpose of Sections 4(a)(i) and (ii) of the Agreement, Counterparty agrees to deliver to Dealer one duly executed and completed United States Internal Revenue Service Form W-9 (or successor thereto) and Dealer agrees to deliver to Counterparty, as applicable, a U.S. Internal Revenue Service Form [W-8 or Form W-9] (or successor thereto). Such forms or documents shall be delivered upon (i) execution of this Confirmation, (ii) Counterparty or Dealer, as applicable, learning that any such tax form previously provided by it has become obsolete or incorrect, and (iii) reasonable request of the other party.
(u)Payee Tax Representations.  
(i)For the purpose of Section 3(f) of the Agreement, Counterparty makes the representations below:
Counterparty is a corporation for U.S. federal income tax purposes and is a U.S. person (as that term is defined in Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and 
26
    

used in Treasury Regulations Section 1.1441-4(a)(3)(ii)) for U.S. federal income tax purposes. It is an exempt recipient under Treasury Regulations Section 1.6049- 4(c)(1)(ii).
(ii)For the purpose of Section 3(f) of the Agreement, Dealer makes the representations below:
Dealer is a [_________]
(v)Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act.  “Indemnifiable Tax”, as defined in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a "FATCA Withholding Tax"). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement.
(w)Incorporation of ISDA 2015 Section 871(m) Protocol Provisions.  To the extent that either party to the Agreement with respect to this Transaction is not an adhering party to the ISDA 2015 Section 871(m) Protocol published by the International Swaps and Derivatives Association, Inc. on November 2, 2015 and available at www.isda.org, as may be amended, supplemented, replaced or superseded from time to time (the “871(m) Protocol”), the parties agree that the provisions and amendments contained in the Attachment to the 871(m) Protocol are incorporated into and apply to the Agreement with respect to this Transaction as if set forth in full herein. The parties further agree that, solely for purposes of applying such provisions and amendments to the Agreement with respect to this Transaction, references to “each Covered Master Agreement” in the 871(m) Protocol will be deemed to be references to the Agreement with respect to this Transaction, and references to the “Implementation Date” in the 871(m) Protocol will be deemed to be references to the Trade Date of this Transaction.
(x)Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges and agrees that: (A) at any time on or prior to the final Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in securities of the Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Relevant Prices; and (D) any market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Relevant Prices, each in a manner that may be adverse to Counterparty. 
(y)U.S. Resolution Stay Protocol. The parties agree that (i) to the extent that prior to the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the “Protocol”), the terms of the Protocol are incorporated into and form a part of the Agreement, and for such purposes the Agreement shall be deemed a Protocol Covered Agreement and each party shall be deemed to have the same status as Regulated Entity and/or Adhering Party as applicable to it under the Protocol; (ii) to the extent that prior to the date hereof the parties have executed a separate agreement the effect of which is to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay Rules (the “Bilateral Agreement”), the terms of the Bilateral Agreement are incorporated into and form a part of the Agreement and each party shall be deemed to have the status of “Covered Entity” or “Counterparty Entity” (or other similar term) as applicable to it under the Bilateral Agreement; or (iii) if clause (i) and clause (ii) do not apply, the terms of Section 1 and Section 2 and the related defined terms (together, the “Bilateral Terms”) of the form of bilateral template entitled “Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by ISDA on November 2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which is available  upon request), the effect of which is to amend the qualified financial contracts between the parties thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of the Agreement, and for such purposes the Agreement shall be deemed a “Covered Agreement,” Dealer shall be deemed a “Covered Entity” and Dealer shall be deemed a “Counterparty Entity.” In the event that, after the date of the Agreement, both parties hereto become adhering parties to the Protocol, the terms of the Protocol will replace the terms of this Section 8(y) of the Confirmation. In the event of 
27
    

any inconsistencies between the Agreement and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the “QFC Stay Terms”), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to “the Agreement” include any related credit enhancements entered into between the parties or provided by one to the other. In addition, the parties agree that the terms of this paragraph shall be incorporated into any related covered affiliate credit enhancements, with all references to Dealer Parent replaced by references to the covered affiliate support provider.  
“QFC Stay Rules” means the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.
(z)CARES Act.   Counterparty acknowledges that the Transaction may constitute a purchase of its equity securities or a capital distribution.  Counterparty further acknowledges that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), the Counterparty will be required to agree to certain time-bound restrictions on its ability to purchase its equity securities or make capital distributions if it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act) under section 4003(b) of the CARES Act.  Counterparty further acknowledges that it may be required to agree to certain time-bound restrictions on its ability to purchase its equity securities or make capital distributions if it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act) under programs or facilities established by the Board of Governors of the Federal Reserve System for the purpose of providing liquidity to the financial system.  Accordingly, Counterparty represents and warrants that it has not applied, and throughout the term of each Transaction shall not apply, for a loan, loan guarantee, direct loan (as that term is defined in the CARES Act) or other investment, or to receive any financial assistance or relief (howsoever defined) under any program or facility that (a) is established under applicable law, including the Cares Act and the Federal Reserve Act, as amended, and (b) requires, as a condition of such loan, loan guarantee, direct loan (as that term is defined in the CARES Act), investment, financial assistance or relief, that the Counterparty agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Counterparty and that it has not, as of the date specified in such condition, made a capital distribution or will not make a capital distribution (collectively, “Restricted Financial Assistance”); provided, that Counterparty may apply for Restricted Financial Assistance if Counterparty either (a) determines, based on the advice of outside counsel of national standing, that the terms of the Transaction would not cause Counterparty to fail to satisfy any condition for application for or receipt or retention of such loan, loan guarantee, direct loan (as that term is defined in the CARES Act), investment, financial assistance or relief based on the terms of the program or facility as of the date of such advice or (b) delivers to Dealer evidence of a waiver or other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the Transaction or by general reference to transactions with attributes of the Transaction in all relevant respects). Counterparty further represents and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant to any program or facility, including the U.S. Small Business Administration’s “Paycheck Protection Program”, that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the purchase of the Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects).
(aa)[Matters Relating to Agent.]  [Insert Dealer agency or communications with employees provisions, if applicable]
(ab)[Dealer Boilerplate.]  [Insert additional Dealer boilerplate, if applicable]

28
    

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to [Dealer].

Yours faithfully,

[Dealer]

By:                
Name:
Title:

29
    

Agreed and Accepted By:

THE BEAUTY HEALTH COMPANY

By        
Name:
Title:

30
    

Annex A
For each Component of the Transaction, the Number of Options and Expiration Date is set forth below. 
									
	Component Number	Number of Options	Expiration Date
	1		August 4, 2026
	2		August 5, 2026
	3		August 6, 2026
	4		August 7, 2026
	5		August 10, 2026
	6		August 11, 2026
	7		August 12, 2026
	8		August 13, 2026
	9		August 14, 2026
	10		August 17, 2026
	11		August 18, 2026
	12		August 19, 2026
	13		August 20, 2026
	14		August 21, 2026
	15		August 24, 2026
	16		August 25, 2026
	17		August 26, 2026
	18		August 27, 2026
	19		August 28, 2026
	20		August 31, 2026
	21		September 1, 2026
	22		September 2, 2026
	23		September 3, 2026
	24		September 4, 2026
	25		September 8, 2026
	26		September 9, 2026
	27		September 10, 2026
	28		September 11, 2026
	29		September 14, 2026
	30		September 15, 2026
	31		September 16, 2026
	32		September 17, 2026
	33		September 18, 2026
	34		September 21, 2026
	35		September 22, 2026
	36		September 23, 2026
	37		September 24, 2026
	38		September 25, 2026
	39		September 28, 2026
	40		September 29, 2026
			

31Exhibit 4.1

 

 

 

 

     

     

    

 

 

 

TABLE OF CONTENTS

 	 	 	Page
	PARTIES	 	3
	RECITALS	 	3
	Section 1.	Certain Definitions	3
	(a)	ADR Register	     3
	(b)	ADRs; Direct Registration ADRs	     3
	(c)	ADS	     3
	(d)	Beneficial Owner	     3
	(e)	Custodian	     3
	(f)	Deliver, execute, issue et al.	4
	(g)	Delivery Order	     4
	(h)	Deposited Securities	     4
	(i)	Direct Registration System	     4
	(j)	Holder	     4
	(k)	Securities Act of 1933	     4
	(l)	Securities Exchange Act of 1934	     4
	(m)	Shares	     5
	(n)	Transfer Office	     5
	(o)	Withdrawal Order	     5
	Section 2.	Form of ADRs	     5
	Section 3.	Deposit of Shares	     5
	Section 4.	Issue of ADRs	     7
	Section 5.	Distributions on Deposited Securities	     7
	Section 6.	Withdrawal of Deposited Securities	     7
	Section 7.	Substitution of ADRs	     7
	Section 8.	Cancellation and Destruction of ADRs; Maintenance of Records	8
	Section 9.	The Custodian	     8
	Section 10.	Lists of Holders	     8
	Section 11.	Depositary's Agents	8
	Section 12.	Resignation and Removal of the Depositary; Appointment of Successor Depositary	9
	Section 13.	Reports	10
	Section 14.	Additional Shares	     10
	Section 15.	Indemnification	     10
	Section 16.	Notices	     11
	Section 17.	Counterparts	     12
	Section 18.	No Third Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect	12
	Section 19.	Severability	13
	Section 20.	Governing Law; Consent to Jurisdiction	13
	Section 21.	Agent for Service	14
	Section 22.	Waiver of Immunities	15
	Section 23.	Waiver of Jury Trial	15
	TESTIMONIUM	 	
	SIGNATURES	 	

 

    - i -

     

    

 

 

 

EXHIBIT A

 

	 	Page
	FORM OF FACE OF ADR	     A-1
	 	Introductory Paragraph 	     A-1
	 	(1)	Issuance of ADSs	A-2
	 	(2) 	Withdrawal of Deposited Securities	A-3
	 	(3)	Transfers, Split-Ups and Combinations of ADRs	     A-3
	 	(4) 	Certain Limitations to Registration, Transfer etc.	A-4
	 	(5) 	Liability for Taxes, Duties and Other Charges	A-5
	 	(6)	Disclosure of Interests	A-6
	 	(7) 	Charges of Depositary	A-7
	 	(8)	Available Information	A-11
	 	(9)	Execution	A-11
	 	Signature of Depositary 	     A-11
	 	Address of Depositary's Office 	     A-11
	FORM OF REVERSE OF ADR 	     A-11
	 	(10)	Distributions on Deposited Securities	A-12
	 	(11)	Record Dates	A-13
	 	(12) 	Voting of Deposited Securities	A-14
	 	(13)	Changes Affecting Deposited Securities	A-15
	 	(14)	Exoneration	A-16
	 	(15) 	Resignation and Removal of Depositary; the Custodian	A-19
	 	(16)	Amendment	A-20
	 	(17) 	Termination	A-20
	 	(18)	Appointment; Acknowledgements and Agreements	A-21
	 	(19)	Waiver	     A-22
	 	(20)	Elective Distributions in Cash or Shares	     A-22

 

    - ii -

     

    

 

 

 

DEPOSIT AGREEMENT dated as of ____________________
__, 2021 (the "Deposit Agreement") among ARGO BLOCKCHAIN PLC and its successors (the "Company"), JPMORGAN
CHASE BANK, N.A., as depositary hereunder (the "Depositary"), and all Holders and Beneficial Owners from time to time
of American Depositary Receipts issued hereunder ("ADRs") evidencing American Depositary Shares ("ADSs")
representing deposited Shares (defined below). The Company hereby appoints the Depositary as depositary for the Deposited Securities and
hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. All capitalized
terms used herein have the meanings ascribed to them in Section 1 or elsewhere in this Deposit Agreement. The parties hereto agree
as follows:

 

1. Certain Definitions.

 

(a)           "ADR
Register" is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(b)           "ADRs"
mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct Registration
ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct Registration ADRs,
shall be substantially in the form of Exhibit A annexed hereto (the "form of ADR"). The term "Direct Registration
ADR" means an ADR, the ownership of which is recorded on the Direct Registration System. References to "ADRs" shall
include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated
herein and made a part hereof; the provisions of the form of ADR shall be binding upon the parties hereto.

 

(c)          Subject
to paragraph (13) of the form of ADR, (Changes Affecting Deposited Securities) each "ADS" evidenced by an ADR
represents the right to receive, and to exercise the beneficial ownership interests in, the number of Shares specified in the form of
ADR attached hereto as Exhibit A (as amended from time to time) that are on deposit with the Depositary and/or the Custodian and
a pro rata share in any other Deposited Securities, subject, in each case, to the terms of this Deposit Agreement and the ADSs. The ADS(s)-to-Share(s) ratio
is subject to amendment as provided in the form of ADR (which may give rise to fees contemplated in paragraph (7) thereof) (Charges
of Depositary).

 

(d)           "Articles
of Association" means the articles of association of the Company, as amended and in effect from time to time.

 

(e)           "Beneficial
Owner" means as to any ADS, any person or entity having a beneficial ownership interest in such ADS. A Beneficial Owner need
not be the Holder of the ADR evidencing such ADS. If a Beneficial Owner of ADSs is not a Holder, it must rely on the Holder of the ADR(s) evidencing
such ADSs in order to assert any rights or receive any benefits under this Deposit Agreement. The arrangements between a Beneficial Owner
of ADSs and the Holder of the corresponding ADRs may affect the Beneficial Owner’s ability to exercise any rights it may have.

 

    	 	3	 

     

    

 

 

 

(f)           "Custodian"
means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute Custodian
appointed pursuant to Section 9.

 

 (g)          The terms "deliver", "execute", "issue", "register", "surrender", "transfer" or "cancel", when used with respect to Direct Registration ADRs, shall refer to an entry or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or cancellation of certificates representing the ADRs.

 

(h)           "Delivery
Order" is defined in Section 3.

 

(i)             "Deposited
Securities" as of any time means all Shares at such time deposited under this Deposit Agreement and any and all other Shares,
securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and
other Shares, securities, property and cash. Deposited Securities are not intended to, and shall not, constitute proprietary assets of
the Depositary, the Custodian or their nominees. Beneficial ownership in Deposited Securities is intended to be, and shall at all times
during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing such Deposited Securities.

 

 (j)            "Direct Registration System" means the system for the uncertificated registration of ownership of securities established by The Depository Trust Company ("DTC") and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC which provides for automated transfer of ownership between DTC and the Depositary.

 

(k)            "Holder"
means the person or persons in whose name an ADR is registered on the ADR Register. For all purposes under the Deposit Agreement and the
ADRs, a Holder shall be deemed to have all requisite authority to act on behalf of any and all Beneficial Owners of the ADSs evidenced
by the ADR(s) registered in such Holder's name.

 

(l)             "Securities
Act of 1933" means the United States Securities Act of 1933, as from time to time amended.

 

    	 	4	 

     

    

 

 

 

(m)          "Securities
Exchange Act of 1934" means the United States Securities Exchange Act of 1934, as from time to time amended.

 

(n)           "Shares"
mean the ordinary shares of the Company, and shall include the rights to receive Shares specified in paragraph (1) of the form of
ADR (Issuance
of ADSs).

 

(o)           "Transfer
Office" is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(p)           "Withdrawal
Order" is defined in Section 6.

 

2. Form of ADRs.

 

(a)          Direct
Registration ADRs. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs shall be evidenced
by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder.

 

(b)          Certificated
ADRs. ADRs in certificated form shall be printed or otherwise reproduced at the discretion of the Depositary in accordance with its
customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied on plain
or safety paper, and shall be substantially in the form set forth in the form of ADR, with such changes as may be required by the Depositary
or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate any special limitations
or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number of ADSs. ADRs in certificated
form shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. ADRs in
certificated form bearing the facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary
shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such ADRs.

 

(c)          Binding
Effect. Holders of ADRs, and the Beneficial Owners of the ADSs evidenced by such ADRs, shall each be bound by the terms and conditions
of this Deposit Agreement and of the form of ADR, regardless of whether such ADRs are Direct Registration ADRs or certificated ADRs.

 

3. Deposit of Shares.

 

(a)          Requirements.
In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following in a form satisfactory
to it:

 

(i)           a
written order directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order a Direct
Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares (a "Delivery Order");

 

    	 	5	 

     

    

 

 

 

(ii)         proper
endorsements or duly executed instruments of transfer in respect of such deposited Shares;

 

(iii)         instruments
assigning to the Depositary, the Custodian or a nominee of either any distribution on or in respect of such deposited Shares or indemnity
therefor; and

 

(iv)        proxies
entitling the Custodian to vote such deposited Shares.

 

(b)         Registration
of Deposited Securities. As soon as practicable after the Custodian receives Deposited Securities
pursuant to any such deposit or pursuant to paragraph (10) (Distributions on Deposited Securities) or (13) (Changes Affecting
Deposited Securities) of the form of ADR, the Custodian shall present such Deposited Securities for registration of transfer into
the name of the Depositary, the Custodian or a nominee of either, in each case for the benefit of Holders, to the extent such registration
is practicable, at the cost and expense of the person making such deposit (or for whose benefit such deposit is made) and shall obtain
evidence satisfactory to it of such registration. Deposited Securities shall be held by the Custodian for the account and to the order
of the Depositary for the benefit of Holders of ADRs (to the extent not prohibited by law) at such place or places and in such manner
as the Depositary shall determine. Notwithstanding anything else contained herein, in the form of ADR and/or any outstanding ADSs, the
Depositary, the Custodian and their respective nominees are intended to be, and shall at all times during the term of the Deposit Agreement
be, the record holder(s) only of the Deposited Securities represented by the ADSs for the benefit of the Holders. The Depositary,
on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial ownership interest in the Deposited
Securities held on behalf of the Holders.

 

(c)         Delivery
of Deposited Securities. Deposited Securities may be delivered by the Custodian to any person only under the circumstances expressly
contemplated in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of certificates therefor
impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept, including,
without limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or an
accredited intermediary, such as a bank, acting as a registrar for the Shares, together with delivery of the documents, payments and
Delivery Order referred to herein to the Custodian or the Depositary.

 

    	 	6	 

     

    

 

 

 

4. Issue of ADRs. After any such deposit
of Shares, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by
letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by SWIFT, cable, telex
or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly
issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs registered as requested and evidencing
the aggregate ADSs to which such person is entitled.

 

5. Distributions on Deposited Securities.
To the extent that the Depositary determines in its discretion that any distribution pursuant to paragraph (10) of the form of ADR
(Distributions on Deposited Securities) is not practicable with respect to any Holder, the Depositary may (after consultation with
the Company, if practicable, in the case where the Depository believes such distribution is not practicable with respect to all Holders)
make such distribution as it so deems practicable, including the distribution of foreign currency, securities or property (or appropriate
documents evidencing the right to receive foreign currency, securities or property) or the retention thereof as Deposited Securities with
respect to such Holder's ADRs (without liability for interest thereon or the investment thereof).

 

6. Withdrawal of Deposited Securities. In
connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, the Depositary
may require proper endorsement in blank of such ADR (or duly executed instruments of transfer thereof in blank) and the Holder's written
order directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by such ADR to be withdrawn and delivered
to, or upon the written order of, any person designated in such order (a "Withdrawal Order"). Directions from the Depositary
to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail postage prepaid, or, at the request, risk
and expense of the Holder, by SWIFT, cable, telex or facsimile transmission. Delivery of Deposited Securities may be made by the delivery
of certificates (which, if required by law shall be properly endorsed or accompanied by properly executed instruments of transfer or,
if such certificates may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or
by such other means as the Depositary may deem practicable, including, without limitation, by transfer of record ownership thereof to
an account designated in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as
a registrar for the Deposited Securities.

 

7. Substitution of ADRs. The Depositary
shall execute and deliver a new Direct Registration ADR in exchange and substitution for any mutilated certificated ADR upon cancellation
thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such
ADR has been acquired by a bona fide purchaser, upon the Holder thereof filing with the Depositary a request for such execution and delivery
and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary.

 

    	 	7	 

     

    

 

 

 

8. Cancellation and Destruction of ADRs; Maintenance
of Records. All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy ADRs
in certificated form so cancelled in accordance with its customary practices. The Depositary, however, shall maintain or cause its agents
to maintain records of all ADRs surrendered and Deposited Securities withdrawn under Section 6 hereof and paragraph (2) of the
form of ADR, substitute ADRs delivered under Section 7 hereof, and canceled or destroyed ADRs under this Section 8, in keeping
with the procedures ordinarily followed by stock transfer agents located in the United States or as required by the laws or regulations
governing the Depositary.

 

9. The Custodian.

 

(a)            Rights
of the Depositary. Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible
solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt notice of any such
action, which will be advance notice if practicable. The Depositary may discharge any Custodian at any time upon notice to the Custodian
being discharged.

 

(b)            Rights
of the Custodian. Any Custodian may resign from its duties hereunder by providing at least 30 days' prior written notice to the Depositary.
Any Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities held
by it to a Custodian continuing to act. Notwithstanding anything to the contrary contained in this Deposit Agreement (including the ADRs)
and, subject to the further limitations set forth in subparagraph (p) of paragraph (14) of the form of ADR (Exoneration),
the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act
on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having
(i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable
care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction
in which the Custodian is located.

 

10. Lists of Holders. The Company shall
have the right to inspect transfer records of the Depositary and its agents and the ADR Register, take copies thereof and require the
Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary or its agent shall
furnish to the Company promptly upon the written request of the Company, a list of the names, addresses and holdings of ADSs by all Holders
as of a date within seven days of the Depositary's receipt of such request.

 

11. Depositary's Agents. The Depositary
may perform its obligations under this Deposit Agreement through any agent appointed by it, provided that the Depositary shall notify
the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed, subject
to paragraph (14) of the form of ADR (Exoneration).

 

    	 	8	 

     

    

 

 

12. Resignation and Removal of the Depositary;
Appointment of Successor Depositary.

 

(a)            Resignation
of the Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of its election to do so delivered
to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment
as hereinafter provided.

 

(b)            Removal
of the Depositary. The Depositary may at any time be removed by the Company by providing no less than 60 days' prior written notice
of such removal to the Depositary, such removal to take effect the later of (i) the 60th day after such notice of removal
is first provided and (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.
Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed within the
applicable 60-day period as specified in paragraph (17) of the form of ADR (Termination), then the Depositary may elect to terminate
this Deposit Agreement and the ADR and the provisions of said paragraph (17) shall thereafter govern the Depositary's obligations hereunder.

 

(c)            Appointment
of Successor Depositary. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its
commercially reasonable efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough
of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument
in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become
fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, only upon payment of
all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor
all rights and powers of such predecessor hereunder (other than its rights to indemnification and fees owing, each of which shall survive
any such removal and/or resignation), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities
to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADRs. Any such successor depositary
shall promptly mail notice of its appointment to such Holders. Any bank or trust company into or with which the Depositary may be merged
or consolidated, or to which the Depositary shall transfer substantially all its American depositary receipt business, shall be the successor
of the Depositary without the execution or filing of any document or any further act.

 

    	 	9	 

     

    

 

 

 

13. Reports. On or before the first date
on which the Company makes any communication available to holders of Deposited Securities or any securities regulatory authority or stock
exchange, by publication or otherwise, the Company shall transmit to the Depositary a copy thereof in English or with an English translation
or summary. The Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions of or governing
the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company and, promptly upon any change thereto,
the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in English or with an English translation)
of such provisions as so changed. The Depositary and its agents may rely upon the Company's delivery of all such communications, information
and provisions for all purposes of this Deposit Agreement and the Depositary shall have no liability for the accuracy or completeness
of any thereof.

 

14. Additional Shares. The Company agrees
with the Depositary that neither the Company nor any company controlling, controlled by or under common control with the Company shall
(a) issue (i) additional Shares, (ii) rights to subscribe for Shares, (iii) securities convertible into or exchangeable
for Shares or (iv) rights to subscribe for any such securities or (b) deposit any Shares under this Deposit Agreement, except,
in each case, under circumstances complying in all respects with the Securities Act of 1933. At the reasonable request of the Depositary
where it deems necessary, the Company will furnish the Depositary with legal opinions, in forms and from counsels reasonably acceptable
to the Depositary, dealing with such issues requested by the Depositary. The Depositary will not knowingly accept for deposit hereunder
any Shares required to be registered under the Securities Act of 1933 unless a registration statement is in effect and will use reasonable
efforts to comply with written instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions
at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's compliance
with the requirements of the securities laws, rules and regulations in the United States.

 

15. Indemnification.

 

(a)            Indemnification
by the Company. The Company shall indemnify, defend and save harmless each of the Depositary,
the Custodian and their respective directors, officers, employees, agents and affiliates against any loss, liability or expense (including
reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in connection with the provisions of this Deposit
Agreement and of the ADRs, as the same may be amended, modified or supplemented from time to time in accordance herewith (i) by either
the Depositary or a Custodian or their respective directors, officers, employees, agents and affiliates, except for any liability or expense
directly arising out of the negligence, or willful misconduct of the Depositary or its directors, officers or affiliates acting in their
capacities as such hereunder, or (ii) by the Company or any of its directors, officers, employees, agents and affiliates.

 

    	 	10	 

     

    

 

 

The indemnities set forth in the preceding paragraph
shall also apply to any liability or expense which may arise out of any misstatement or alleged misstatement or omission or alleged omission
in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement
memorandum) relating to the offer, issuance, withdrawal or sale of ADSs or the deposit of Shares in connection therewith, except to the
extent any such liability or expense arises out of (i) information relating to the Depositary or its agents (other than the Company),
as applicable, furnished in writing by the Depositary expressly for use in any of the foregoing documents and not changed or altered
by the Company or (ii) if such information is provided, the failure to state a material fact necessary to make the information provided
not misleading.

 

(b)            Indemnification
by the Depositary. Subject to the limitations provided for in Section 15(c) below, the Depositary shall indemnify, defend
and save harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses of counsel resulting
therefrom) incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or expense is due to the negligence
or willful misconduct of the Depositary.

 

(c)            Damages
or Lost Profits. Notwithstanding any other provision of this Deposit Agreement or the ADRs to the contrary, neither the Depositary
nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, legal
fees and expenses) or lost profits, in each case of any form incurred by any person or entity, whether or not foreseeable and regardless
of the type of action in which such a claim may be brought.

 

(d)            Survival.
The obligations set forth in this Section 15 shall survive the termination of this Deposit Agreement and the succession or substitution
of any indemnified person.

 

16. Notices.

 

(a)            Notice
to Holders. Notice to any Holder shall be deemed given when first mailed, first class postage
prepaid, to the address of such Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the
notification to a Holder shall not affect the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs held by
such other Holders. The Depositary's only notification obligations under this Deposit Agreement and the ADRs shall be to Holders. Notice
to a Holder shall be deemed, for all purposes of the Deposit Agreement and the ADRs, to constitute notice to any and all Beneficial Owners
of the ADSs evidenced by such Holder’s ADRs.

 

    	 	11	 

     

    

 

 

 

(b)            Notice
to the Depositary or the Company. Notice to the Depositary or the Company shall be deemed given
when first received by it at the address or facsimile transmission number set forth in (i) or (ii), respectively, or by electronic
transmission to the e-mail address set forth below or otherwise provided by the Depositary or the Company to the other in writing, or
at such other address or facsimile transmission number as either may specify to the other by written notice:

 

		(i)	JPMorgan Chase Bank, N.A.

383 Madison Avenue, Floor 11

New York, New York, 10179

Attention: Depositary Receipts Group

Fax: (302) 220-4591

E-mail Address: DR_Global_CSM@jpmorgan.com

 

		(ii)	Argo Blockchain Plc

50 Jermyn Street

Room 4, 1st floor

SW1Y 6LX

Attention: Alex Appleton

E-mail Address: alex@argoblockchain.com

 

Delivery of a notice by means of electronic messaging
shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender’s records)
to the email address set forth above, notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve
such message, or fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate
a substitute e-mail address or for any other reason.

 

17. Counterparts. This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one instrument.
Delivery of an executed signature page of this Deposit Agreement by facsimile or other electronic transmission (including “.pdf”,
 “.tif” or similar format) shall be effective as delivery of a manually executed counterpart hereof.

 

18. No Third-Party Beneficiaries; Holders and
Beneficial Owners as Parties; Binding Effect. This Deposit Agreement is for the exclusive benefit of the Company, the Depositary,
the Holders, and their respective successors hereunder, and, except to the extent specifically set forth in Section 15 of this Deposit
Agreement, shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders and Beneficial Owners
from time to time shall be parties to this Deposit Agreement and shall be bound by all of the provisions hereof. A Beneficial Owner shall
only be able to exercise any right or receive any benefit hereunder solely through the Holder of the ADR(s) evidencing the ADSs owned
by such Beneficial Owner.

 

    	 	12	 

     

    

 

 

19. Severability. If any provision of this
Deposit Agreement or the ADRs is invalid, illegal or unenforceable in any respect, the remaining provisions contained herein and therein
shall in no way be affected thereby.

 

20. Governing Law; Consent to Jurisdiction.

 

(a)            The
Deposit Agreement, the ADSs and the ADRs shall be governed by and construed in accordance with the internal laws of the State of New York
without giving effect to the application of the conflict of law principles thereof.

 

(b)            By
the Company or the Depository. The Company irrevocably agrees that any legal suit, action or proceeding against the Company brought
by the Depositary, arising out of or based upon this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated hereby or
thereby, may be instituted in any state or federal court in New York, New York, and irrevocably waives any objection which it may now
or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts
in any such suit, action or proceeding. The Company also irrevocably agrees that any legal suit, action or proceeding against the Depositary
brought by the Company, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may only be instituted
in a state or federal court in New York, New York.

 

(c)            By
Holders and Beneficial Owners. By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each irrevocably
agree that any legal suit, action or proceeding against or involving Holders or Beneficial Owners brought by the Company or the Depositary,
arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby,
may be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives
any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive
jurisdiction of such courts in any such suit, action or proceeding. By holding or owning an ADR or ADS or an interest therein, Holders
and Beneficial Owners each also irrevocably agree that any legal suit, action or proceeding against or involving the Depositary and/or
the Company brought by Holders or Beneficial Owners, arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions
contemplated herein, therein, hereby or thereby, including, without limitation, claims under the Securities Act of 1933, may be instituted
only in the United States District Court for the Southern District of New York (or in the state courts of New York County in New York
if either (i) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular
dispute or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum
for any particular dispute is, or becomes, invalid, illegal or unenforceable).

 

(d)            Notwithstanding
the foregoing, any action against the Company based on this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated hereby
or thereby, may be instituted by the Depositary in any competent court in England and/or the United States.

 

    	 	13	 

     

    

 

 

 

21. Agent for Service.

 

(a)            Appointment.
The Company has appointed Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, DE 19711, 302-738-6680, as its authorized
agent (the "Authorized Agent") upon which process may be served in any such action arising out of or based on this Deposit
Agreement or the transactions contemplated hereby which may be instituted in any state or federal court in New York, New York by the Depositary
or any Holder, and waives any other requirements of or objections to personal jurisdiction with respect thereto. Subject to the Company’s
rights to replace the Authorized Agent with another entity in the manner required were the Authorized Agent to have resigned, such appointment
shall be irrevocable.

 

(b)            Agent
for Service of Process. The Company represents and warrants that the Authorized Agent has agreed
to act as said agent for service of process, and the Company agrees to take any and all action, 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. The Company further hereby
irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding
against the Company, by service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of such Authorized
Agent shall for any reason prove to be ineffective or such Authorized Agent shall fail to accept or acknowledge such service), with a
copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 16(b) hereof.
The Company agrees that the failure of the Authorized Agent to give any notice of such service to it shall not impair or affect in any
way the validity of such service or any judgment rendered in any suit, action or proceeding based thereon. If, for any reason, the Authorized
Agent named above or its successor shall no longer serve as agent of the Company to receive service of process in New York, the Company
shall promptly appoint a successor that is a legal entity with offices in New York, New York, so as to serve and will promptly advise
the Depositary thereof.

 

(c)            Waiver
of Personal Service of Process. In the event the Company fails to continue such designation and
appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such service
of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified
for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed.

 

    	 	14	 

     

    

 

 

22. Waiver of Immunities. To the extent
that the Company or any of its properties, assets or revenues may have or may hereafter be entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief
in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon
or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding
for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced,
with respect to its obligations, liabilities or other matters under or arising out of or in connection with the Shares or Deposited Securities,
the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally
waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement.

 

23. Waiver of Jury Trial. EACH PARTY TO
THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR
ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR
OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH
HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY) INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION OR
PROCEEDING UNDER THE UNITED STATES FEDERAL SECURITIES LAWS. No provision of this Deposit Agreement or any ADR is intended to constitute
a waiver or limitation of any rights which Holders or Beneficial Owners may have under the Securities Act of 1933 or the Securities Exchange
Act of 1934, to the extent applicable.

 

[Signature Page Follows.]

 

    	 	15	 

     

    

 

 

IN WITNESS WHEREOF, ARGO BLOCKCHAIN PLC and JPMORGAN
CHASE BANK, N.A. have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial
Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of
any beneficial interest therein.

 

	 	ARGO BLOCKCHAIN PLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title
	 	 
	 	JPMORGAN CHASE BANK, N.A.
	 	 
	 	By:     	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Deposit Agreement.]

 

     

     

    

 

 

 

EXHIBIT A

ANNEXED TO AND INCORPORATED IN

DEPOSIT AGREEMENT

 

[FORM OF FACE OF ADR]

 

	________	No. of ADSs: _________
	Number	 
	 	Each ADS represents
	 	TEN (10)] Shares
	 	 
	 	CUSIP:

 

AMERICAN DEPOSITARY RECEIPT

 

evidencing

 

AMERICAN DEPOSITARY SHARES

 

representing

 

ORDINARY SHARES

 

of

 

ARGO BLOCKCHAIN PLC

 

(Incorporated under the laws of England and Wales)

 

JPMORGAN CHASE BANK, N.A., a national banking
association organized under the laws of the United States of America, as depositary hereunder (the "Depositary"),
hereby certifies that ____________________________________ is the registered owner (a "Holder") of ______________
American Depositary Shares ("ADSs"), each (subject to paragraph (13) (Changes Affecting Deposited
Securities)) representing ten (10) ordinary shares (including the rights to receive Shares described in paragraph
(1) (Issuance of ADSs), "Shares" and, together with any other securities, cash or property from time to
time held by the Depositary in respect or in lieu of deposited Shares, the "Deposited Securities"), of ARGO
BLOCKCHAIN PLC, a corporation organized under the laws of England and Wales (the "Company"), deposited under the
Deposit Agreement dated as of ____________________ __, 2021 (as amended from time to time, the "Deposit Agreement")
among the Company, the Depositary and all Holders and Beneficial Owners from time to time of American Depositary Receipts issued
thereunder ("ADRs"), each of whom by accepting an ADR becomes a party thereto. The Deposit Agreement and this ADR
(which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the internal
laws of the State of New York without giving effect to the application of the conflict of law principles thereof. All capitalized
terms used herein, and not defined herein, shall have the meanings ascribed to such terms in the Deposit Agreement.

 

    	 	A-1	 

     

    

 

 

(1)  Issuance of ADSs.

 

(a)  Issuance. This ADR is one of the
ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery at the
Transfer Office (as hereinafter defined) only against deposit of: (i) Shares in a form satisfactory to the Custodian; or (ii) rights
to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions.

 

(b)  Lending. In its capacity as Depositary,
the Depositary shall not lend Shares or ADSs.

 

(c)  Representations and Warranties of Depositors.
Every person depositing Shares under the Deposit Agreement represents and warrants that:

 

		(i)	such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and legally
obtained by such person,

 

		(ii)	all pre-emptive and comparable rights, if any, with respect to such Shares have been validly waived or exercised,

 

		(iii)	the person making such deposit is duly authorized so to do,

 

		(iv)	the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim
and

 

		(v)	such Shares (A) are not "restricted securities" as such term is defined in Rule 144 under the Securities Act of
1933 ("Restricted Securities") unless at the time of deposit the requirements of paragraphs (c), (e), (f) and (h) of
Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely in the United States
or (B) have been registered under the Securities Act of 1933. To the extent the person depositing Shares is an "affiliate"
of the Company as such term is defined in Rule 144, the person also represents and warrants that upon the sale of the ADSs, all of
the provisions of Rule 144 which enable the Shares to be freely sold (in the form of ADSs) will be fully complied with and, as a
result thereof, all of the ADSs issued in respect of such Shares will not be on the sale thereof, Restricted Securities.

 

    	 	A-2	 

     

    

 

 

Such representations and warranties shall survive
the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs.

 

(d)  The Depositary may refuse to accept for
such deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the Securities Act of 1933
or the Rules made thereunder.

 

(2)  Withdrawal of Deposited Securities.
Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties
and Other Charges), upon surrender of (a) a certificated ADR in a form satisfactory to the Depositary at the Transfer Office
or (b) proper instructions and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled to delivery
at, or to the extent in dematerialized form from, the Custodian's office of the Deposited Securities at the time represented by the ADSs
evidenced by this ADR. At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities at
such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement or this ADR, the
withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of Form F-6
(as such instructions may be amended from time to time) under the Securities Act of 1933.

 

(3)  Transfers, Split-Ups and Combinations
of ADRs. The Depositary or its agent will keep, at a designated transfer office (the "Transfer Office"), (i) a
register (the "ADR Register") for the registration, registration of transfer, combination and split-up of ADRs, and,
in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will be open for
inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or
a matter relating to the Deposit Agreement and (ii) facilities for the delivery and receipt of ADRs. The term ADR Register includes
the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly
endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable
by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York; provided that
the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register
as the absolute owner hereof for all purposes and neither the Depositary nor the Company will have any obligation or be subject to any
liability under the Deposit Agreement or any ADR to any Beneficial Owner, unless such Beneficial Owner is the Holder hereof. Subject to
paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs
into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by duly authorized
attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form) or upon delivery
to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law; provided that the Depositary
may close the ADR Register (and/or any portion thereof) at any time or from time to time when deemed expedient by it. Additionally, at
the reasonable request of the Company, the Depository may close the issuance book portion of the ADR Register in order to enable the Company
to comply with applicable law. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with
a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for
any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct
Registration ADR, as the case may be, substituted.

 

    	 	A-3	 

     

    

 

 

(4)  Certain Limitations to Registration,
Transfer etc. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any
distribution in respect thereof, or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities), the
withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the
Depositary or the Custodian may require:

 

(a)  payment with respect thereto of (i) any
stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration
of transfers of Shares or other Deposited Securities upon any applicable register and (iii) any applicable charges as provided in
paragraph (7) (Charges of Depositary) of this ADR;

 

(b)  the production of proof satisfactory to
it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without
limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with
applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may
deem necessary or proper; and

 

(c)  compliance with such regulations as the
Depositary may establish consistent with the Deposit Agreement.

 

The issuance of ADRs, the acceptance of deposits
of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph (2) (Withdrawal
of Deposited Securities), the withdrawal of Deposited Securities may be suspended, generally or in particular instances, when the
ADR Register or any register for Deposited Securities is closed or when any such action is deemed advisable by the Depositary.

 

    	 	A-4	 

     

    

 

 

(5)  Liability for Taxes, Duties and Other
Charges. If any tax or other similar governmental charges (including any related penalties and/or interest) shall become payable by
or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby
or any distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and by holding
or having held this ADR or any ADSs evidenced hereby, the Holder and all Beneficial Owners hereof and thereof, and all prior Holders and
Beneficial Owners hereof and thereof, jointly and severally, agree to indemnify, defend and save harmless each of the Depositary and its
agents in respect of such tax or other governmental charge. Each Holder of this ADR and Beneficial Owner of the ADSs evidenced hereby,
and each prior Holder and Beneficial Owner hereof and thereof (collectively, the "Tax Indemnitors"), by holding or having held
an ADR or an interest in ADSs, acknowledges and agrees that the Depositary shall have the right to seek payment of amounts owing with
respect to this ADR under this paragraph (5) from any one or more Tax Indemnitor(s) as determined by the Depositary in its sole
discretion, without any obligation to seek payment from any other Tax Indemnitor(s).The Depositary may refuse to effect any registration,
registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited
Securities), any withdrawal of such Deposited Securities until such payment is made. The Depositary may also deduct from any distributions
on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of
such Deposited Securities, and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental
charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect any such
sales of Shares. In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency
all amounts (if any) required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian
will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority
or agency by the Depositary or the Custodian. To the extent legally permissible and in the Depositary’s possession, the Depositary
will forward to the Company such information from its transfer records as the Company may reasonably request to enable the Company or
its agent to file any necessary reports with governmental authorities or agencies. If the Depositary determines that any distribution
in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian
is obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary
deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of
any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder and Beneficial
Owner agrees to indemnify the Depositary, the Company, the Custodian and any of their respective officers, directors, employees, agents
and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions
to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained
which obligations shall survive any transfer or surrender of ADSs or the termination of the Deposit Agreement.

 

    	 	A-5	 

     

    

 

 

(6)  Disclosure of Interests.

 

(a)  General. To the extent that the
provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of, or
interests in, Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to
enforce such disclosure or limits, Holders and Beneficial Owners agree to comply with all such disclosure requirements and ownership limitations
and to comply with any reasonable Company instructions in respect thereof. The Company reserves the right to instruct Holders (and through
any such Holder, the Beneficial Owners of ADSs evidenced by the ADRs registered in such Holder's name) to deliver their ADSs for cancellation
and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder and/or Beneficial Owner thereof
as a holder of Shares and Holders and Beneficial Owners agree to comply with such instructions. The Depositary agrees to cooperate with
the Company in its efforts to inform Holders of the Company's exercise of its rights under this paragraph and agrees to consult with,
and provide reasonable assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner or manners
in which it may enforce such rights with respect to any Holder.

 

(b)  Jurisdiction Specific.

 

Notwithstanding any provision of the Deposit Agreement
or of the ADRs and without limiting the foregoing, by being a Holder or Beneficial Owner, each such Holder and Beneficial Owner agrees
to provide such information as the Company may request in a disclosure notice (a "Disclosure Notice") given pursuant
to the United Kingdom Companies Act 2006 (as amended from time to time and including any statutory modification or re-enactment thereof,
the "Companies Act") or the Articles of Association of the Company. By accepting or holding, or owning an interest in,
an ADR, each Holder and Beneficial Owner acknowledges that it understands that failure to comply with a Disclosure Notice may result in
the imposition of sanctions against the Holder or Beneficial Owner in respect of which the non-complying person is or was, or appears
to be or has been, interested as provided in the Companies Act and the Articles of Association which currently may include, subject to
the granting of an appropriate order by the court, the withdrawal of the voting rights of such Holder or Beneficial Owner and the imposition
of restrictions on the rights to receive dividends on and to transfer the Shares indirectly held or owned by such Holder and/or Beneficial
Owner through the ADSs representing such Shares (including the ADRs evidencing such ADSs). In addition, by accepting or holding, or owning
an interest in, an ADR, each Holder and Beneficial Owner agrees to comply with the provisions of the Disclosure Guidance and Transparency
Rules published by the United Kingdom Financial Conduct Authority (as amended from time to time, the "DTRs") with
regard to the notification to the Company of interests (including indirect interests by holding or owning an interest in ADRs) in Shares
and certain financial instruments, which currently provide, inter alia, that a Holder and Beneficial Owner must notify the Company of
the percentage of its voting rights he held or deemed to be held through its direct or indirect holding of certain financial instruments
(or a combination of such holdings), including indirectly by holding or owing an interest in ADRs) if the percentage of those voting rights
(i) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% as a result of an
acquisition or disposal (including indirectly by holding or owning an interest in ADRs) of Shares or certain financial instruments, or
(ii) reaches, exceeds or falls below such applicable thresholds as a result of events changing the breakdown of voting rights and
on the basis of information disclosed by the Company in accordance with the DTRs. The notification must be effected as soon as possible,
but not later than two trading days after the Holder or Beneficial Owner, as the case may be, (a) learns of the direct or indirect
acquisition or disposal or of the direct or indirect possibility of exercising voting rights, or on which, having regard to the circumstances,
should have learned of it, regardless of the date on which the direct or indirect acquisition, disposal or possibility of exercising voting
rights takes effect, or (b) is informed of the event mentioned in (ii) above.

 

    	 	A-6	 

     

    

 

 

Any summary of the laws and regulations of the United
Kingdom and of the terms of the Company's constitutional and/or governing documents has been provided by the Company solely for the convenience
of Holders, Beneficial Owners and the Depositary. While such summaries are believed by the Company to be accurate as of the date of the
Deposit Agreement, (i) they are summaries and as such may not include all aspects of the materials summarized applicable to a Holder
or Beneficial Owner, and (ii) these laws and regulations and the Company's constitutional and/or governing documents may change after
the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation to update any such summaries.

 

(7)  Charges of Depositary.

 

(a)  Rights of the Depositary. The Depositary
may charge, and collect from, (i) each person to whom ADSs are issued, including, without limitation, issuances against
deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph
(10) (Distributions on Deposited Securities)), issuances pursuant to a stock dividend or stock split declared by the
Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or the Deposited
Securities, and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced
for any other reason U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or surrendered, or upon
which a Share Distribution or elective distribution is made or offered (as the case may be). The Depositary may sell (by public or private
sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit
to pay such charge.

 

    	 	A-7	 

     

    

 

 

(b)  Additional charges by the Depositary.
The following additional charges shall also be incurred by the Holders, the Beneficial Owners, by any party depositing or withdrawing
Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuances pursuant to a stock
dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution
of ADSs pursuant to paragraph (10) (Distributions on Deposited Securities), whichever is applicable:

 

		(i)	a fee of U.S.$0.05 or less per ADS held for any Cash distribution made, or for any elective cash/stock dividend offered, pursuant
to the Deposit Agreement,

 

		(ii)	a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being in an amount equal to the
fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities
(for purposes of this paragraph (7) treating all such securities as if they were Shares) but which securities or the net cash proceeds
from the sale thereof are instead distributed by the Depositary to Holders entitled thereto,

 

		(iii)	an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by the Depositary in administering
the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against Holders as of the record
date or record dates set by the Depositary during each calendar year and shall be payable at the sole discretion of the Depositary by
billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions), and

 

		(iv)	a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of its agents (including,
without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange control
regulations or any law or regulation relating to foreign investment) in connection with the servicing of the Shares or other Deposited
Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of Deposited Securities or otherwise
in connection with the Depositary's or its Custodian's compliance with applicable law, rule or regulation (which fees and charges
shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary and shall be payable at
the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash
distributions).

 

    	 	A-8	 

     

    

 

 

 

(c)  Other Obligations and Charges. The
Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to agreements
from time to time between the Company and the Depositary, except:

 

		(i)	stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing Shares);

 

		(ii)	SWIFT, cable, telex and facsimile transmission and delivery charges incurred at the request of persons depositing, or Holders delivering
Shares, ADRs or Deposited Securities (which are payable by such persons or Holders); and

 

		(iii)	transfer or registration fees for the registration or transfer of Deposited Securities on any applicable register in connection with
the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities).

 

(d)  Foreign Exchange Related Matters.
To facilitate the administration of various depositary receipt transactions, including disbursement of dividends or other cash distributions
and other corporate actions, the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the “Bank”)
and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars (“FX
Transactions”). For certain currencies, FX Transactions are entered into with the Bank or an affiliate, as the case may be,
acting in a principal capacity. For other currencies, FX Transactions are routed directly to and managed by an unaffiliated local custodian
(or other third party local liquidity provider), and neither the Bank nor any of its affiliates is a party to such FX Transactions.

 

    	 	A-9	 

     

    

 

 

The foreign exchange rate applied
to an FX Transaction will be either (a) a published benchmark rate, or (b) a rate determined by a third party local liquidity
provider, in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate and spread, if
any, apply to such currency on the “Disclosure” page (or successor page) of www.adr.com (as updated by the Depositary
from time to time, “ADR.com”). Such applicable foreign exchange rate and spread may (and neither the Depositary, the
Bank nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates and spreads at which comparable
transactions are entered into with other customers or the range of foreign exchange rates and spreads at which the Bank or any of its
affiliates enters into foreign exchange transactions in the relevant currency pair on the date of the FX Transaction. Additionally, the
timing of execution of an FX Transaction varies according to local market dynamics, which may include regulatory requirements, market
hours and liquidity in the foreign exchange market or other factors. Furthermore, the Bank and its affiliates may manage the associated
risks of their position in the market in a manner they deem appropriate without regard to the impact of such activities on the Company,
the Depositary, Holders or Beneficial Owners. The spread applied does not reflect any gains or losses that may be earned or incurred
by the Bank and its affiliates as a result of risk management or other hedging related activity.

 

Notwithstanding the foregoing,
to the extent the Company provides U.S. dollars to the Depositary, neither the Bank nor any of its affiliates will execute an FX Transaction
as set forth herein. In such case, the Depositary will distribute the U.S. dollars received from the Company.

 

Further details relating to
the applicable foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided by the Depositary on
ADR.com. The Company, Holders and Beneficial Owners each acknowledge and agree that the terms applicable to FX Transactions disclosed
from time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit Agreement.

 

(e)  Disclosure of Potential Depositary Payments.
The Depositary anticipates reimbursing the Company for certain expenses incurred by the Company that are related to the establishment
and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. 
The Depositary may make available to the Company a set amount or a portion of the Depositary fees charged in respect of the ADR program
or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time.

 

(f)  The right of the Depositary to receive
payment of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to any Depositary,
upon the resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses incurred prior to the
effectiveness of such resignation or removal.

 

    	 	A-10	 

     

    

 

 

(8)  Available Information. The Deposit
Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which are both received
by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities,
are available for inspection by Holders at the offices of the Depositary and the Custodian, at the Transfer Office, on the U.S. Securities
and Exchange Commission’s website, or upon request from the Depositary (which request may be refused by the Depositary at its discretion).
The Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished
by the Company. The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files
certain reports with the United States Securities and Exchange Commission (the "Commission"). Such reports and other
information may be inspected and copied through the Commission’s EDGAR system or at public reference facilities maintained by the
Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549.

 

(9)  Execution. This ADR shall not
be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary.

 

Dated:

 

	 	JPMORGAN CHASE BANK, N.A., as Depositary

 

	 	By	 

	 	Authorized Officer

 

The Depositary's office is located at 383 Madison
Avenue, Floor 11, New York, New York 10179.

 

    	 	A-11	 

     

    

 

 

[FORM OF REVERSE OF ADR]

 

(10)  Distributions on Deposited Securities.
Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties
and other Charges), to the extent practicable, the Depositary will distribute as soon as reasonably practicable to each Holder entitled
thereto on the record date set by the Depositary therefor at such Holder's address shown on the ADR Register, in proportion to the number
of Deposited Securities (on which the following distributions on Deposited Securities are received by the Custodian) represented by ADSs
evidenced by such Holder's ADRs:

 

(a)  Cash. Any U.S. dollars available
to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or
portion thereof authorized in this paragraph (10) ("Cash"), on an averaged or other practicable basis, subject to
(i) appropriate adjustments for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to
certain Holders, and (iii) deduction of the Depositary's and/or its agents' fees and expenses in (1) converting any foreign
currency to U.S. dollars by sale or in such other manner as the Depositary may determine to the extent that it determines that such conversion
may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary
may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or
license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a
reasonable time and (4) making any sale by public or private means in any commercially reasonable manner.

 

(b)  Shares. (i) Additional ADRs
evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited
Securities consisting of Shares (a "Share Distribution") and (ii) U.S. dollars available to it resulting from the
net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were
issued therefor, as in the case of Cash.

 

(c)  Rights. (i) Warrants or other
instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for
additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities ("Rights"),
to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully
distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish
such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Rights
as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales cannot practicably be
accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and
any Rights may lapse).

 

    	 	A-12	 

     

    

 

 

(d)  Other Distributions. (i) Securities
or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions and
Rights ("Other Distributions"), by any means that the Depositary may deem equitable and practicable, or (ii) to
the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars available
to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash.

 

The Depositary reserves the right to utilize a division,
branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities hereunder.
Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense
of the Depositary contemplated above and/or under paragraph (7) (Charges of Depositary). Any U.S. dollars available will be
distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability
and dealt with by the Depositary in accordance with its then current practices. All purchases and sales of securities will be handled
by the Depositary in accordance with its then current policies, which are currently set forth on ADR.com, the location and contents of
which the Depositary shall be solely responsible for.

 

(11) Record Dates. The Depositary may, after
consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as practicable to any
corresponding record date set by the Company) for the determination of the Holders who shall be responsible for the fee assessed by the
Depositary for administration of the ADR program and for any expenses provided for in paragraph (7) hereof as well as for the determination
of the Holders who shall be entitled to receive any distribution on or in respect of Deposited Securities, to give instructions for the
exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so entitled
or obligated.

 

    	 	A-13	 

     

    

 

 

(12) Voting of Deposited Securities.

 

(a)            Notice
of any Meeting or Solicitation. As soon as practicable after receipt of notice of any meeting at which the holders of Shares are entitled
to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the
ADS record date in accordance with paragraph (11) above provided that if the Depositary receives a written request from the Company in
a timely manner and at least 30 days prior to the date of such vote or meeting, the Depositary shall, at the Company's expense, distribute
to Holders a notice (the “Voting Notice”) stating (i) final information particular to such vote and meeting and
any solicitation materials, (ii) that each Holder on the record date set by the Depositary will, subject to any applicable provisions
of the laws of England and Wales, the provisions of the Deposit Agreement, the Articles of Association and the provisions of, or governing,
the Deposited Securities, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited
Securities represented by the ADSs evidenced by such Holder's ADRs and (iii) the manner in which such instructions may be given,
including instructions to give a discretionary proxy to a person designated by the Company. Each Holder shall be solely responsible for
the forwarding of Voting Notices to the Beneficial Owners of ADSs registered in such Holder's name. There is no guarantee that Holders
and Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient
time to enable such Holder or Beneficial Owner to return any voting instructions to the Depositary in a timely manner.

 

(b)            Voting
of Deposited Securities. Following actual receipt by the ADR department responsible for proxies and voting of Holders’ instructions
(including, without limitation, instructions of any entity or entities acting on behalf of the nominee for DTC), the Depositary shall,
in the manner and on or before the time established by the Depositary for such purpose, endeavor to vote or cause to be voted the Deposited
Securities represented by the ADSs evidenced by such Holders’ ADRs in accordance with such instructions insofar as practicable and
permitted under the provisions of or governing Deposited Securities. The Depositary will not itself exercise any voting discretion in
respect of any Deposited Securities.

 

(c)            Alternative
Methods of Distributing Materials. Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to
the extent not prohibited by any law, rule, or regulation or by the rules and/or requirements of the stock exchange on which the
ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of or solicitation
of consents or proxies from holders of Deposited Securities, distribute to the Holders a notice that provides Holders with or otherwise
publicizes to Holders instructions on how to retrieve such materials or receive such materials upon request (i.e., by reference
to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders are strongly encouraged
to forward their voting instructions as soon as possible. Voting instructions will not be deemed received until such time as the ADR department
responsible for proxies and voting has received such instructions, notwithstanding that such instructions may have been physically received
by JPMorgan Chase Bank, N.A., as Depositary, prior to such time.

 

    	 	A-14	 

     

    

 

 

(13) Changes Affecting Deposited Securities.

 

(a)  Subject to paragraphs (4) (Certain
Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties and Other Charges), the Depositary may,
in its discretion, and shall if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs (with or
without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any
change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or
Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of Deposited
Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether
such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public
or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership,
bankruptcy or sale of all or substantially all the assets of the Company.

 

(b)  To the extent the Depositary does not so
amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities
or property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically
represent its pro rata interest in the Deposited Securities as then constituted.

 

(c)  Promptly upon the occurrence of any of
the aforementioned changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as
soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company's
expense, to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the
Holders in accordance with the terms thereof, as soon as reasonably practicable.

 

    	 	A-15	 

     

    

 

 

(14) Exoneration.

 

(a)  The Depositary, the Company, and each of
their respective directors, officers, employees, agents and affiliates and each of them shall: (i) incur no liability to Holders
or Beneficial Owners (A) if any present or future law, rule, regulation, fiat, order or decree of the United States, England and
Wales, the European Union, or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange
or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision of the
Company's charter, any act of God, war, terrorism, nationalization, epidemic, pandemic, expropriation, currency restrictions, work stoppage,
strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond its direct and immediate control shall
prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the Deposit
Agreement or this ADR provides shall be done or performed by it or them (including, without limitation, voting pursuant to paragraph (12)
hereof), or (B) by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or things which by
the terms of the Deposit Agreement it is provided shall or may be done or performed or any exercise or failure to exercise any discretion
given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine that any distribution or action
may be lawful or reasonably practicable); (ii) incur or assume no liability to Holders or Beneficial Owners except to perform its
obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without gross negligence or willful misconduct
and the Depositary shall not be a fiduciary or have any fiduciary duty to Holders or Beneficial Owners; (iii) in the case of the
Depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of
any Deposited Securities, ADSs or this ADR; (iv) in the case of the Company and its agents hereunder be under no obligation to appear
in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities, ADSs or this ADR, which in its opinion
may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel)
and liability be furnished as often as may be required; and (v) not be liable to Holders or Beneficial Owners for any action or inaction
by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder,
any other person believed by it to be competent to give such advice or information, or in the case of the Depositary, the Company. The
Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or
settlement system.

 

(b)  The Depositary. The Depositary shall
not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a
branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received in connection with
any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay
in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale.
Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs), subject to the further limitations set
forth in subparagraph (p) of this paragraph (14), the Depositary shall not be responsible for, and shall incur no liability in connection
with or arising from, any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability
directly as a result of the Custodian having (i) committed fraud or willful misconduct in the provision of custodial services to
the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance
with the standards prevailing in the jurisdiction in which the Custodian is located.

 

(c)  The Depositary, its agents and the Company
may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them to be
genuine and to have been signed, presented or given by the proper party or parties.

 

    	 	A-16	 

     

    

 

 

(d)  The Depositary shall be under no obligation
to inform Holders or Beneficial Owners about the requirements of the laws, rules or regulations or any changes therein or thereto
of any country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation
system.

 

(e)  The Depositary and its agents will not
be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any such
vote is cast or for the effect of any such vote.

 

(f)  The Depositary may rely upon instructions
from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or distribution.

 

(g)  The Depositary and its agents may own and
deal in any class of securities of the Company and its affiliates and in ADRs.

 

(h) Notwithstanding anything to the contrary
set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests for information
maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto
or thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation
laws, rules, regulations, administrative or judicial process, banking, securities or other regulators.

 

(i)  None of the Depositary, the Custodian or
the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits or refunds of non-U.S.
tax paid against such Holder's or Beneficial Owner's income tax liability.

 

(j)  The Depositary is under no obligation to
provide the Holders or Beneficial Owners, or any of them, with any information about the tax status of the Company. The Depositary and
the Company shall not incur any liability for any tax or tax consequences that may be incurred by Holders and Beneficial Owners on account
of their ownership or disposition of the ADRs or ADSs.

 

(k)  The Depositary shall not incur any liability
for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy
of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity
or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of
the Deposit Agreement or for the failure or timeliness of any notice from the Company.

 

    	 	A-17	 

     

    

 

 

(l)  Notwithstanding anything herein or in the
Deposit Agreement to the contrary, the Depositary and the Custodian(s) may use third party delivery services and providers of information
regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith
and the Deposit Agreement, and use local agents to provide services such as attendance at meetings of issuers of securities. Although
the Depositary and the Custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention
of such third party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the
relevant information or services.

 

(m)  The Depositary shall not be liable for
any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection
with any matter arising wholly after the removal or resignation of the Depositary.

 

(n)  By holding or owning an ADR or ADS or an
interest therein, Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving
Holders or Beneficial Owners brought by the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs, the
ADRs or the transactions contemplated therein, herein, thereby or hereby, may be instituted in a state or federal court in New York, New
York, and by holding or owning an ADR or ADS or an interest therein each irrevocably waives any objection which it may now or hereafter
have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such
suit, action or proceeding. By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each also irrevocably
agree that any legal suit, action or proceeding against or involving the Depositary brought by Holders or Beneficial Owners, arising out
of or based upon the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated therein, herein, thereby or hereby, including,
without limitation, claims under the Securities Act of 1933, may only be instituted in the United States District Court for the Southern
District of New York (or in the state courts of New York County in New York if either (i) the United States District Court for the
Southern District of New York lacks subject matter jurisdiction over a particular dispute or (ii) the designation of the United States
District Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal
or unenforceable).

 

(o)  The Company has agreed to indemnify the
Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances.

 

    	 	A-18	 

     

    

 

 

(p)  Neither the Depositary, the Company nor
any of their respective agents shall be liable to Holders or Beneficial Owners for any indirect, special, punitive or consequential damages
(including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity (including,
without limitation, Holders and Beneficial Owners), whether or not foreseeable and regardless of the type of action in which such a claim
may be brought.

 

(q)  No provision of the Deposit Agreement or
this ADR is intended to constitute a waiver or limitation of any rights which Holders or Beneficial Owners may have under the Securities
Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

 

(15) Resignation and Removal of Depositary;
the Custodian.

 

(a)  Resignation. The Depositary may
resign as Depositary by written notice of its election so to do delivered to the Company, such resignation to take effect upon the
appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.

 

(b)  Removal. The Depositary may at any
time be removed by the Company by no less than 60 days' prior written notice of such removal, to become effective upon the later of (i) the
60th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of
such appointment as provided in the Deposit Agreement.

 

(c)  The Custodian. The Depositary may
appoint substitute or additional Custodians and the term "Custodian" refers to each Custodian or all Custodians as the
context requires.

 

    	 	A-19	 

     

    

 

(16) Amendment. Subject to the last sentence
of paragraph (2) (Withdrawal of Deposited Securities), the ADRs and the Deposit Agreement may be amended by the Company and
the Depositary, provided that any amendment that imposes or increases any fees or charges on a per ADS basis (other than stock
transfer or other taxes and other governmental charges, transfer or registration fees, SWIFT, cable, telex or facsimile transmission costs,
delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders or Beneficial Owners,
shall become effective 30 days after notice of such amendment shall have been given to the Holders. Every Holder and Beneficial Owner
at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and
agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right
of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law. Any amendments or supplements which (i) are reasonably necessary (as agreed by the Company
and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the
ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees
or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders or Beneficial Owners. Notwithstanding
the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment
or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or
supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment
or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given
to Holders or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement or form of
ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments
in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies
a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's,
the Depositary's or the Company's website or upon request from the Depositary).

 

(17) Termination. The Depositary may, and
shall at the written direction of the Company, terminate the Deposit Agreement and this ADR by mailing notice of such termination to the
Holders at least 30 days prior to the date fixed in such notice for such termination; provided, however, if the Depositary shall have
(i) resigned as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor
depositary shall not be operating hereunder within 60 days of the date of such resignation, or (ii) been removed as Depositary hereunder,
notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder
on the 60th day after the Company's notice of removal was first provided to the Depositary. Notwithstanding anything to the
contrary herein, the Depositary may terminate the Deposit Agreement without notice to the Company, but subject to giving 30 days’
notice to the Holders, under the following circumstances: (i) in the event of the Company’s bankruptcy or insolvency, (ii) if
the Shares cease to be listed on an internationally recognized stock exchange, (iii) if the Company effects (or will effect) a redemption
of all or substantially all of the Deposited Securities, or a cash or share distribution representing a return of all or substantially
all of the value of the Deposited Securities, or (iv) there occurs a merger, consolidation, sale of all or substantially all assets
or other transaction as a result of which securities or other property are delivered in exchange for or in lieu of Deposited Securities.

 

    	 	A-20	 

     

    

 

After the date so fixed for termination, the Depositary
and its agents will perform no further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions
on Deposited Securities and deliver Deposited Securities being withdrawn. As soon as practicable after the date so fixed for termination,
the Depositary shall use its reasonable efforts to sell the Deposited Securities and shall thereafter (as long as it may lawfully do so)
hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sales, together with any other cash then
held by it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of ADRs
not theretofore surrendered. After making such sale, the Depositary shall be discharged from all obligations in respect of the Deposit
Agreement and this ADR, except to account for such net proceeds and other cash. After the date so fixed for termination, the Company shall
be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary and its agents.

 

(18) Appointment; Acknowledgements and Agreements.
Each Holder and each Beneficial Owner, upon acceptance of any ADSs or ADRs (or any interest in any of them) issued in accordance with
the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of
the Deposit Agreement and the applicable ADR(s), (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to
act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all
procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary
or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive
determinant of the necessity and appropriateness thereof, and (c) acknowledge and agree that (i) nothing in the Deposit Agreement
or any ADR shall give rise to a partnership or joint venture among the parties thereto nor establish a fiduciary or similar relationship
among such parties, (ii) the Depositary, its divisions, branches and affiliates, and their respective agents, may from time to time
be in the possession of non-public information about the Company, Holders, Beneficial Owners and/or their respective affiliates, (iii) the
Depositary and its divisions, branches and affiliates may at any time have multiple banking relationships with the Company, Holders, Beneficial
Owners and/or the affiliates of any of them, (iv) the Depositary and its divisions, branches and affiliates may, from time to time,
be engaged in transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have interests, (v) nothing
contained in the Deposit Agreement or any ADR(s) shall (A) preclude the Depositary or any of its divisions, branches or affiliates
from engaging in such transactions or establishing or maintaining such relationships, or (B) obligate the Depositary or any of its
divisions, branches or affiliates to disclose such transactions or relationships or to account for any profit made or payment received
in such transactions or relationships, (vi) the Depositary shall not be deemed to have knowledge of any information held by any branch,
division or affiliate of the Depositary and (vii) notice to a Holder shall be deemed, for all purposes of the Deposit Agreement and
this ADR, to constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder’s ADRs. For all purposes under
the Deposit Agreement and this ADR, the Holder hereof shall be deemed to have all requisite authority to act on behalf of any and all
Beneficial Owners of the ADSs evidenced by this ADR.

 

    	 	A-21	 

     

    

 

 

(19) Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT
(INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING
AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER
BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY) INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION OR PROCEEDING UNDER THE UNITED
STATES FEDERAL SECURITIES LAWS. No provision of the Deposit Agreement or any ADR is intended to constitute a waiver or limitation of any
rights which Holders or Beneficial Owners may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent
applicable.

 

(20) Elective Distributions in Cash or Shares.
Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares,
the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it
wishes such elective distribution to be made available to Holders. Upon receipt of notice indicating that the Company wishes such elective
distribution to be made available to Holders, the Depositary shall consult with the Company to determine, and the Company shall assist
the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the
Holders. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested
that the elective distribution is available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably
practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 14 of the Deposit
Agreement including, without limitation, any legal opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable
discretion may request, at the expense of the Company. If the above conditions are not satisfied, the Depositary shall, to the extent
permitted by law, distribute to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares
for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares. If the above conditions
are satisfied, the Depositary shall establish a record date and establish procedures to enable Holders to elect the receipt of the proposed
dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary.
Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather
than ADSs). There can be no assurance that Holders or Beneficial Owners generally, or any Holder and/or Beneficial Owner in particular,
will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

 

    	 	A-22

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