Document:

Exhibit 10.1

 

AGREEMENT OF SALE

 

THIS AGREEMENT OF SALE (“Agreement”)
is made and entered into this 7th day of February, 2022, by and between RUBICON TECHNOLOGY, INC., a Delaware corporation, with
an address at 900 East Green Street, Unit A, Bensenville, IL 60106 (hereinafter referred to as “Seller”), and CAPITOL
TRUCKING INC., a Texas corporation, with an address at 297 Birchwood Lane, Bloomingdale, IL 60108 (hereinafter referred to as “Purchaser”).

 

B A C K G R O U N D

 

A. Seller
is the owner in fee of a certain parcel of land having an area of approximately 6.25 acres, located near the intersection of River Road
and Bond Drive, Batavia, Illinois.

 

B. Seller
desires and hereby agrees to sell, and Purchaser desires and hereby agrees to acquire Seller’s interest in the Property (as hereinafter
defined), subject to and on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration
of the mutual promises and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

 

SECTION
1: DEFINITIONS OF CERTAIN TERMS

 

For purposes of this Agreement,
each of the following terms shall have the respective meanings set forth below:

 

Business Day.
Any day other than a Saturday, Sunday, federal holiday or any day on which national banks in the State of Illinois are authorized or required
to be closed for the conduct of regular banking business.

 

Closing. The
Closing and consummation of the purchase and sale of the Property as contemplated by this Agreement.

 

Closing Date (or Date
of Closing). Fourteen (14) days after the end of the Due Diligence Period, or any extension thereof, or such earlier date on which
Seller and Purchaser shall agree in writing, provided, however, in the event that the Closing Date would fall on a Saturday, Sunday or
a legal holiday in the State of Illinois, the Closing Date shall be extended to the next Business Day.

 

Due Diligence Period:
The period ending sixty (60) days after the Date of this Agreement, subject to extensions as set forth below.

 

Earnest Money Deposit.
The cash deposit delivered by Purchaser to Escrow Agent pursuant to Section 3(i) and Section 3(ii) below together with any and all interest
earned thereon.

 

     

     

    

 

Environmental Laws.
All statutes, laws, ordinances, codes, regulations, rules, rulings, orders, decrees, directives, policies and requirements by any federal,
state or local governmental authority regulating, relating to, or imposing liability or standards of conduct on or concerning Hazardous
Substances (as defined below), public health and safety or the environment now or existing or hereafter enacted or effective.

 

Escrow Agent.
[CHICAGO TITLE AND TRUST COMPANY].

 

Hazardous Substances.
All hazardous waste, hazardous substances, hazardous constituents, hazardous materials, toxic substances, or related substances or materials,
whether solids, liquids or gases including, but not limited to, polychlorinated biphenyl (commonly known as PCBs), asbestos, radon, urea
formaldehyde, petroleum products (including gasoline and diesel oil), toxic substances, hazardous chemicals, spent solvents, sludge, ash,
containers with hazardous waste residue, spent solutions from manufacturing processes, pesticides, explosives, organic chemicals, inorganic
pigments and other similar substances, as each of the foregoing terms are defined under, or regulated or governed by, any and all Environmental
Laws including, but not limited to, (i) the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended,
42 U.S.C. S 9601 et seq., (ii) the Hazardous Materials Transportation Act, as amended, 49 U.S.C. S 1801 et seq., (iii) the
Resource, Conservation and Recovery Act of 1976, as amended, 42 U.S.C. S 6901 et seq., (iv) the Clean Water Act, as amended, 33
U.S.C. S 1251 et seq., (v) the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. S 2601 et seq., (vi) the Clean
Air Act, as amended, 42 U.S.C. S 7401 et seq., or (vii) any so-called “superfund” or “superlien” law.

 

Knowledge of Seller.
References to the “knowledge” of Seller (or words of similar import) shall refer only to the actual conscious knowledge
of the Knowledge Person, without any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains,
and shall not be construed, by imputation or otherwise, to refer to the knowledge of any other person, whether employed by Seller or otherwise,
or to impose any liability on the Knowledge Person. Where this Agreement provides that “Seller has not received any written notice”
(or words of similar import), it means that the Knowledge Person does not have actual knowledge of the receipt by Seller of any such notice.
The term “Knowledge Person” means Timothy Brog who is the Chief Executive Officer of Seller.

 

Land. The parcel
of land being more particularly described on Exhibit “A” attached hereto and incorporated herein by reference and appurtenant
easements thereto, together with all of Seller’s right, title and interest, if any, in and to all easements, rights of way, strips and
gores of land, tenements, hereditaments and appurtenances, reversions, remainders, privileges, licenses and other rights and benefits
of any kind relating, belonging to, running with or in any way relating thereto (including subsurface rights, oil and other mineral rights,
water rights and water stock); together with all right, title and interest of Seller, if any, in and to any land lying in the bed of any
street, road or highway, open or proposed, in front of, abutting or adjoining the Land.

 

Leases. Leases,
occupancy and other agreements, of any nature, together with any and/or amendments and modifications of each thereof pertaining to or
covering any space within the Real Property.

 

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Legal Requirements.
All laws, statutes, codes, acts, ordinances, orders, judgments, decrees, injunctions, rules, regulations, Permits, licenses, authorizations,
directions and requirements of all federal, state and local governmental authorities, officials, agencies and subdivisions of each thereof
having jurisdiction which now or at any time prior to Closing may be applicable to the Property or other use or operation thereof including,
without limitation, the so-called Americans with Disabilities Act.

 

Operating Agreements.
The security, maintenance, pest control, trash removal, equipment leases, and other such service agreements (and any amendments, modifications
or supplements thereto) with respect to or affecting the Property or any portion thereof.

 

Out of Pocket Expenses.
All of the Purchaser’s out of pocket expenses in connection with the Purchaser’s due diligence activities, title and survey costs and
attorneys’ fees and expenses, provided that Out of Pocket Expenses shall not exceed $50,000.

 

Permits. All
or any transferable certificates of occupancy and completion with respect to the Property and all other consents, notices of completion,
environmental and utility permits and approvals, authorizations, variances, waivers, licenses, certificates and approvals from any governmental
or quasi-governmental authority issued or granted with respect to the Property now or prior to Closing.

 

Property. The
Land, together with all of Seller’s permits, approvals, development rights, drawings, designs, plans, specifications and the like
(if any) related thereto.

 

Real Property.
The Land.

 

Title Company.
[CHICAGO TITLE INSURANCE COMPANY].

 

Warranties.
All or any existing guarantees, warranties, and indemnities relating to the construction, operation and/or use of the Real Property in
effect at the time of Closing, to the extent assignable.

 

SECTION
2: PURCHASE AND SALE

 

Purchaser shall purchase the
Property from Seller, and Seller shall sell, convey, transfer and assign the Property to Purchaser, subject to and in accordance with
the terms and conditions of this Agreement.

 

SECTION
3: PURCHASE PRICE AND DEPOSIT

 

The purchase price for the
Property shall be [Seven Hundred Twenty-two Thousand Dollars ($722,000.00)] (herein referred to as the “Purchase Price”).
The Purchase Price shall be paid, subject to the adjustments and prorations as herein provided, as follows:

 

(i) Within
two (2) Business Days of the delivery to Purchaser of a fully executed original counterpart of this Agreement, signed both by Purchaser
and Seller, Purchaser shall deliver a deposit of Twenty-Five Thousand Dollars ($25,000.00) (the “Earnest Money Deposit”)
to the Escrow Agent pursuant to a strict joint order escrow agreement to be executed by the parties, using the Escrow Agent’s customary
form (the “Escrow Agreement”).

 

(ii) The
balance of the Purchase Price by wire in immediately available funds on the Closing Date.

 

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SECTION
4: TITLE AND SURVEY

 

4.1 Delivery
of Title Commitment. Within five (5) business days after the Date of this Agreement, Seller shall, at Seller’s sole cost,
cause to be ordered a preliminary report or title commitment issued by the Title Company (the “Title Commitment”), covering
the Property, together with copies of all documents referenced in the Title Commitment. Promptly following receipt of the Title Commitment,
Seller shall deliver copies of same to Purchaser. Purchaser shall be entitled, during the initial Due Diligence Period to obtain a survey
of the Property at its sole expense (the “Survey”).

 

4.2 Title
Review and Cure. Purchaser shall have until ten (10) business days after its receipt of the Title Commitment (the “Title
Review Period”) to review title to the Property as disclosed by the Title Commitment and the Survey. Purchaser shall have until
the expiration of the Title Review Period, to notify Seller, in writing, of such objections as Purchaser may have to anything contained
in the Title Commitment or the Survey (“Objection Notice”). Any item contained in the Title Commitment or any matter
shown on the Survey to which Purchaser does not so object shall be deemed a Permitted Exception (as defined below). In the event Purchaser
shall timely notify Seller of objections to any item contained in the Title Commitment or to any matter shown on the Survey, Seller may,
within five (5) business days after receipt of the Objection Notice (“Response Period”): (a) notify Purchaser in writing
of which objections Seller will agree to cure, if any, or (b) not respond, in which event Seller will be deemed to have declined to cure
any such objections. Seller shall have no obligation to cure title objections except liens of an ascertainable amount created by Seller,
which liens Seller shall cause to be released at the Closing or affirmatively insured over by the Title Company. Seller further agrees
to remove any exceptions or encumbrances to title which are created by Seller after the Date of this Agreement without Purchaser’s consent.
If Seller elects not to cure all or a portion of Purchaser’s objections or fails to timely respond to the Objection Notice, Purchaser
shall have the following options: (i) to accept a conveyance of the Property without reduction of the Purchase Price and subject to the
Permitted Exceptions, specifically including any matter in the Title Commitment and/or Survey objected to by Purchaser which Seller is
unwilling (or deemed unwilling) to cure, which such objectionable matters shall be deemed waived by Purchaser and become part of the Permitted
Exceptions; or (ii) to terminate this Agreement by sending written notice thereof to Seller no later than five (5) days after expiration
of the Response Period, and upon delivery of such notice of termination, this Agreement shall terminate and the Earnest Money shall be
returned to Purchaser and thereafter neither party hereto shall have any further rights, obligations or liabilities hereunder except for
those which survive a termination of this Agreement. If Purchaser fails to timely deliver notice of termination under clause (ii) above,
Purchaser will be deemed to have elected to proceed under clause (i) above. Purchaser may terminate this Agreement and receive a refund
of the Earnest Money if the Title Company revises the Title Commitment after the expiration of the Title Review Period to add or modify
exceptions in a material adverse manner, if such additions or modifications were not created by, through or under Purchaser, are not acceptable
to Purchaser and are not removed by the Closing Date. The term “Permitted Exceptions” shall mean: the specific exceptions
(exceptions that are not part of the promulgated title insurance form) in the Title Commitment that the Title Company has not agreed to
insure over or remove from the Title Commitment as of the end of the Response Period and that Seller is not required to remove as provided
above; items shown on the Survey, which have not been removed as of the end of the Response Period; real estate taxes not yet due and
payable; acts of Purchaser, and those claiming by, through and under Purchaser; and zoning, building and other governmental and quasi-governmental
laws, codes and regulations.

 

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If
Seller elects to cure any objections set forth in the Objection Notice, Seller will use commercially reasonable efforts to do so prior
to Closing and furnish Purchaser evidence that such objections are cured and removed from title. If Seller is unable to cure any such
objections by Closing, Purchaser may either: (x) waive such objections, which shall become Permitted Exceptions, and proceed to Closing
without any reduction to the Purchase Price; or (y) terminate this Agreement upon written notice to Seller. Upon delivery of such notice
of termination, this Agreement shall terminate and the Earnest Money shall be returned to Purchaser and thereafter neither party hereto
shall have any further rights, obligations or liabilities hereunder except for those which survive a termination of this Agreement. If
Purchaser fails to timely deliver notice of termination under clause (y) above, Purchaser will be deemed to have elected to proceed to
closing under clause (x) above, and such uncured objections will be deemed Permitted Exceptions

 

4.3 Delivery
of Title Policy at Closing. As a condition to Purchaser’s obligation to close, the Escrow Agent shall deliver to Purchaser at
Closing an Owner’s Policy of Title Insurance or “marked-up” Owner’s pro forma Owner’s Policy (individually or
collectively, as the context may require, the “Title Policy”), issued by the Title Company as of the date and time of
the recording of the Deed, in the amount of the Purchase Price, insuring Purchaser as owner of the Property, and subject only to the Permitted
Exceptions with extended coverage over all general exceptions to such form of policy. Seller shall execute at Closing an affidavit and
such other documents in such form reasonably acceptable to Seller as the Title Company shall require for the issuance of the Title Policy
with extended coverage.

 

SECTION
5: INSPECTIONS AND EXTENISON OF DUE DILIGENCE PERIOD

 

5.1 Inspections.
Purchaser shall have the Due Diligence Period in which to conduct its physical due diligence with respect to the Property. Purchaser
and its representatives shall have reasonable access to the Property during normal business hours, with prior notice to Seller, and to
the property records, agreements, data and documentation, for the purpose of determining whether the subject property is acceptable to
Purchaser. Purchaser shall have the right to conduct such tests and inspections as it deems appropriate at its cost, including an environmental
assessment. If any inspection or test disturbs the Property, Purchaser will restore the Property to the same condition as existed before
the inspection or test. Purchaser shall defend, indemnify Seller and hold Seller, Seller’s officers, directors, agents, contractors and
employees and the Property harmless from and against any and all losses, costs, damages, claims, or liabilities, including but not limited
to, mechanic’s and materialmen’s liens and Seller’s attorneys’ fees, arising out of or in connection with Purchaser’s inspection of the
Property. The provisions of this Section shall survive the Closing or the earlier termination of this Agreement.

 

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5.2 Confidentiality.
During the period commencing on the date hereof and ending one (1) year after the Closing Date, Purchaser agrees that the terms of
the transaction contemplated by this Agreement (including without limitation, the Purchase Price and the other material economic terms
of this transaction) and the any information regarding the Property or the Seller shall be maintained in strict confidence and no disclosure,
whether through press releases or any other means of publication (oral or written), of such documentation and information will be made
or permitted, except to such brokers, attorneys, lenders and others as are involved in the negotiation and consummation of this transaction
(collectively, the “Representatives”), and will not be disclosed to anyone other than on a need-to-know basis and to
Purchaser’s consultants who agree to maintain the confidentiality of such information, and will be returned to Seller by Purchaser if
the Closing does not occur. In furtherance of the foregoing, Purchaser agrees as follows: (i) Purchaser shall advise each of its
Representatives of the confidential nature of any documentation and information disclosed to them and of Purchaser’s obligations under
this Section; (ii) Purchaser shall cause its Representatives to maintain the confidentiality of such information and shall not permit
its Representatives to make any disclosures, whether through press release or other means of disclosure (oral or written), without Seller’s
consent; (iii) Purchaser shall be liable for any of its Representative’s breach of this Section, Purchaser acknowledging that there
may be no adequate remedy at law and that Seller shall have the right to seek injunctive relief; and (iv) Purchaser shall defend,
indemnify and hold Seller harmless from and against any and all claims, damages, liabilities and expenses, including reasonable attorneys’
fees, arising out of or resulting from a breach of this Section by Purchaser or any of Purchaser’s Representatives. Notwithstanding any
terms or conditions in this Agreement or any related agreement to the contrary, but subject to restrictions reasonably necessary to comply
with federal or state securities laws, any person 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 relating
to such tax treatment and tax structure. Purchaser is also permitted to disclose any information otherwise deemed confidential under this
Section in connection with the performance of its obligations hereunder and any litigation relating to the Property or this transaction.
In addition to the foregoing, Seller agrees that throughout the term of this Agreement, the terms of the transaction contemplated by this
Agreement (including without limitation, the Purchase Price and the other material economic terms of this transaction) shall be maintained
in strict confidence and no disclosure, whether through press releases or any other means of publication (oral or written), of such information
will be made or permitted, except to such Representatives. The provisions of this Section 5.2 shall survive the Closing and any termination
of this Agreement for one (1) years after the Closing Date. The parties acknowledge that, as a publicly traded company, Seller will
disclose this Agreement as required by applicable law.

 

5.3 Termination
During Due Diligence Period. If Purchaser determines, in its sole discretion, before the expiration of the initial Due Diligence
Period that the Property is unacceptable to Purchaser, Purchaser shall have the right to terminate this Agreement by giving to Seller
written notice of termination before the expiration of the initial Due Diligence Period and the Earnest Money Deposit shall be immediately
refunded to Purchaser. In addition, upon such a termination, Purchaser shall immediately return to Seller any information about the Property
that has been provide to it by Seller. If Purchaser does not obtain the Approvals (as hereinafter defined) on or prior to the expiration
of the Due Diligence Period, as extended, the provisions of Section 5.5 shall govern. If Purchaser does not give notice of termination,
this Agreement shall continue in full force and effect. Notwithstanding anything to the contrary contained herein, Purchaser acknowledges
and agrees that the Purchase Price shall not be reduced by any amount as a result of Purchaser’s due diligence investigations unless
the parties agree otherwise.

 

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5.4 Purchaser’s
Reliance on its Investigations. To the maximum extent permitted by applicable law and except for Seller’s representations and
warranties in Paragraph 6 and any warranties of title contained in the Deed (hereafter defined) delivered at the Closing (“Seller’s
Warranties”), this sale is made and will be made without representation, covenant, or warranty of any kind (whether express,
implied, or, to the maximum extent permitted by applicable law, statutory) by Seller. As a material part of the consideration for this
Agreement, Purchaser agrees to accept the Property on an “as is” and “where is” basis, with all faults,
and without any representation or warranty, all of which Seller hereby disclaims, except for Seller’s Warranties. Except for Seller’s
Warranties, no warranty or representation is made by Seller, and Seller hereby disclaims all representations and warranties, as to fitness
for any particular purpose, merchantability, design, quality, condition, operation or income, compliance with drawings or specifications,
absence of defects, absence of hazardous or toxic substances, absence of faults, flooding, or compliance with laws and regulations including,
without limitation, those relating to zoning, health, safety, and the environment. Purchaser acknowledges that Purchaser has entered into
this Agreement with the intention of making and relying upon its own investigation of the physical, environmental, economic use, compliance,
and legal condition of the Property and that, other than the Seller’s Warranties, Purchaser is not now relying, and will not later rely,
upon any representations and warranties made by Seller or anyone acting or claiming to act, by, through or under or on Seller’s behalf
concerning the Property. Seller is hereby released from all responsibility and liability to Purchaser regarding the condition, valuation,
salability, or utility of the Property or its suitability for any purpose whatsoever, except to the extent expressly provided in this
Agreement. The provisions of this Section shall survive indefinitely any Closing or termination of this Agreement and shall not be merged
into the Closing documents.

 

5.5 Extension
of Due Diligence Period.  Purchaser will use commercially reasonable efforts to obtain all required zoning relief, site plan
review and entitlements to allow it to operate a freight truck terminal and warehouse, with outside storage of trailers and routine
truck maintenance on the Real Property, and shall keep Seller reasonably apprised of its progress in this regard (the “Approvals”).
Seller shall reasonably cooperate with and assist Purchaser in its efforts to obtain the Approvals without cost or expense to Seller.
Purchaser shall have the right to extend the Due Diligence Period for up to five (5) consecutive thirty (30) day periods (each an “Extension”)
in order for Purchaser to obtain the Approvals under the following conditions: (i) Purchaser provides Seller written notice of its election
to extend prior to the expiration of the Due Diligence Period, or any Extension thereof; (ii) as of the day after the initial Due Diligence
Period, the Earnest Money Deposit becomes non-refundable but applicable to the Purchase Price; and (iii) Purchaser deposits an additional
$12,500 with the Escrow Agent for each Extension (each an “Extension Fee”), prior to the expiration of the Due Diligence Period,
or any Extension thereof, to be governed by the Escrow Agreement. Each Extension Fee shall be non-refundable but applicable to the Purchase
Price. If Purchaser does not obtain the Approvals on or prior to the expiration of the Due Diligence Period, as extended, Purchaser shall
have the right, at its sole option, to terminate this Agreement by written notice to Seller prior to the expiration of the Due Diligence
Period, as extended, and this Agreement shall thereupon terminate, the Earnest Money and all Extension Fees shall be payable to Seller
and neither Seller nor Purchaser shall have any further obligation or liability under this Agreement (except for obligations that are
expressly intended to survive the termination of this Agreement). If this Agreement is not so terminated pursuant to the foregoing, this
condition shall be deemed waived by Purchaser.

 

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5.6 Information
and Documentation. Within five (5) days after the date of the Agreement, Seller shall provide to Purchaser copies of the
materials set forth below, to the extent such materials exist and are in Seller’s possession or control:

 

(i) Any
soils report or other environmental inspection reports, and any other feasibility studies or tests which may have been conducted on the
Property or the Fox Valley Business Park Resubdivision;

 

(ii) Any
existing surveys of the Property in Seller’s possession;

 

(iii) Seller’s
complete site work drawings of the Property and the Fox Valley Business Park Resubdivision including but not limited to existing site
plans and utility plans;

 

(iv) Any
existing title reports of the Property and underlying documents, including but not limited to any easement agreements; and

 

(v) A
list of fees for which Purchaser shall be responsible for in connection with maintenance, repair, contemplated construction or other charges
relating to the Property or the Fox Valley Business Park Resubdivision, including but not limited to any recapture fees and tap fees for
any utilities.

 

SECTION
6: SELLER’S REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Seller represents, warrants
and covenants to Purchaser, on and as of the date hereof, all of which representations and warranties shall be deemed to have been remade
by Seller to Purchaser on or as of the Closing, as follows:

 

6.1 Organization,
Power and Authority. Seller is a corporation duly formed, validly existing and in good standing under the laws of the State of
Delaware. Seller has all necessary power to execute and deliver this Agreement and perform its obligations hereunder. The execution, delivery
and performance of this Agreement by Seller (i) has been or prior to Closing will be duly and validly authorized by all necessary action
on the part of Seller, (ii) does not conflict with or result in a violation of any agreement, judgment, writ, injunction, order or decree
of any court, governmental authority or arbiter binding upon Seller or in any proceeding to which Seller is a party, (iii) does not conflict
with or constitute a breach of, or constitute a default under, any contract, agreement or other instrument which will remain in effect
at Closing by which Seller or the Property is bound or to which Seller is a party, and (iv) does not require the consent of any other
party.

 

6.2 No
Bankruptcy. Seller is not a party to any voluntary or involuntary proceedings under any applicable laws relating to the insolvency,
bankruptcy, moratorium or other laws affecting creditors rights to the extent that such laws may be applicable to Seller.

 

6.3 No
Litigation. Seller is not a party to or is affected by any litigation, administrative action, investigation or other governmental
or quasi-governmental proceeding which would or could have an adverse effect upon the Property or upon the ability of Seller to fulfill
its obligations under this Agreement. To Seller’s knowledge, there are no lawsuits, administrative actions, governmental investigations
or similar proceedings, including, without limitation, real estate tax assessment appeals, pending or threatened against or affecting
the Property or any portion thereof or any interest therein.

 

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6.4 No
Violations. Except as disclosed to Purchaser in writing, Seller has not received written notice from any governmental authority
or agency of any condition upon the Real Property which as of the date of this Agreement constitutes a violation of any Legal Requirement.

 

6.5 Condemnation.
Seller has not received any written notice of proceedings pending nor, to Seller’s knowledge, are any proceedings threatened against
or affecting the Real Property or any portion thereof or interest therein in the nature of or in lieu of condemnation or eminent domain
proceedings.

 

6.6 Leases.
There are no Leases or other tenancies for any space in the Real Property. No commission, fee or other compensation is payable (or will,
with the passage of time or occurrence of any event or both, be payable), with respect to any Lease and there does not currently exist
any leasing, brokerage or management agreement with respect to the Real Property.

 

6.7 Contracts.
After Closing, there will be no unrecorded agreements, documents or contracts affecting the Property to which Seller is a signatory party;
provided, however, that the parties acknowledge that the Real Property is subject to the Declaration of Protective Covenants and Restrictions
dated as of February 17, 2012, and recorded in Kane County, Illinois, on March 19, 2012, as Document No. 2012K017040, and the Joinder
to Declaration of Protective Covenants and Restrictions for Fox Valley Business Park, Batavia, Illinois, dated April 3, 2012, and recorded
in Kane County, Illinois, on April 19, 2012 as Document No. 2012K024887, pursuant to which the owner of the Real Property is a member
of the Fox Valley Business Park Owners Association. Notwithstanding the foregoing, Purchaser may raise title objections to any of the
foregoing exceptions within the Title Review Period as set forth above.

 

6.8 OFAC.
Seller is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign
Assets Control, Department of the Treasury and/or on any other similar list, (ii) not a person or entity with whom a citizen of the United
States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation
or Executive Order of the President of the United States, (iii) not an “Embargoed Person.” To Seller’s actual knowledge, none
of the funds or other assets of Seller constitute property of, or are beneficially owned, directly or indirectly, by an Embargoed Person,
and to Seller’s actual knowledge, no Embargoed Person has any interest of any nature whatsoever in Seller.

 

6.9 Environmental
Matters. Seller has not received any written notice of any pending or threatened claims, complaints, notices, correspondence or
requests for information with respect to any violation or alleged violation of any Environmental Laws, any releases of Hazardous Substances
or with respect to any corrective or remedial action for, or cleanup of, the Real Property or any portion thereof. Seller has not transported,
disposed of or treated, or arranged for the transportation, disposal or treatment of, any Hazardous Substances from or to the Real Property
in violation of any Environmental Laws. To Seller’s knowledge: (i) there are no underground storage tanks at the Real Property;
(ii) the Real Property nor any part thereof is in breach of any Environmental Laws; (iii) no part of the Real Property has ever been used
as a landfill, dump, toxic or waste disposal site or storage area; and (iv) the Real Property is free of any Hazardous Substances that
would trigger response or remedial action under any Environmental Laws.

 

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6.10 Bulk
Sales. Purchaser and the Seller hereby waive compliance with Illinois bulk sales law requirements, if applicable, in respect of
the transactions contemplated by this Agreement; provided, however, that Seller shall pay and discharge when due any claims
asserted against Purchaser by reason of such noncompliance and shall promptly take all necessary actions required to remove any lien which
may be placed upon or action taken against the Property or Purchaser by reason of such non-compliance, and such obligation shall survive
the Closing or termination of this Agreement.

 

6.11 Survival.
The foregoing representations, warranties, indemnities and covenants of Seller in this Section shall survive the Closing or termination
of this Agreement for a period of one (1) year (the “Survival Period”).

 

SECTION
7: PURCHASER’S REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Purchaser represents, warrants
and covenants to Seller, on and as of the date hereof, all of which representations and warranties shall be deemed to have been remade
by Purchaser to Seller on or as of the Closing, as follows:

 

7.1 Organization,
Power and Authority. Purchaser is a corporation duly formed, validly existing and in good standing under the laws of the State
of Illinois. Purchaser has all necessary power to execute and deliver this Agreement and perform its obligations hereunder. The execution,
delivery and performance of this Agreement by Purchaser (i) has been duly and validly authorized by all necessary action on the part of
Purchaser, (ii) does not conflict with or result in a violation of any agreement, judgment, writ, injunction, order or decree of any court,
governmental authority or arbiter binding upon Purchaser or in any proceeding to which Purchaser is a party, (iii) does not conflict with
or constitute a breach of, or constitute a default under, any contract, agreement or other instrument which will remain in effect at Closing
by which Purchaser is bound or to which Purchaser is a party, and (iv) does not require the consent of any other party.

 

7.2 OFAC.
Purchaser and, to Purchaser’s actual knowledge, each person or entity owning an interest in Seller is (i) not currently identified
on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury
and/or on any other similar list, (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions
by any trade embargo, economic sanction, or other prohibition of United States law, regulation or Executive Order of the President of
the United States, (iii) not an “Embargoed Person.” To Purchaser’s actual knowledge, none of the funds or other assets
of Purchaser constitute property of, or are beneficially owned, directly or indirectly, by an Embargoed Person, and to Purchaser’s
actual knowledge, no Embargoed Person has any interest of any nature whatsoever in Purchaser.

 

7.3 Survival.
The foregoing representations, warranties, indemnities and covenants of Purchaser in this Section shall survive the Closing or termination
of this Agreement for the Survival Period.

 

    10

     

    

 

SECTION
8: OPERATIONS PENDING CLOSING

 

From and after the date hereof,
through and including the Closing Date, Seller agrees as follows (each of which covenants is a condition to Purchaser’s obligations to
close under this Agreement and must be satisfied by Seller or waived by Purchaser in writing prior to Closing):

 

8.1 Management
Prior to Closing. Between the date of this Agreement and the Date of Closing, Seller shall maintain, manage the Property in the
same manner as immediately prior to the date of this Agreement and otherwise in substantially the same physical condition as on the date
of Seller’s execution of this Agreement, ordinary wear and tear excepted.

 

8.2 Notices.
Seller shall, promptly upon Seller’s obtaining knowledge thereof, provide Purchaser with a written notice (i) of any written notice concerning
the Real Property received by Seller from any governmental or quasi-governmental authority or from any insurance company of a violation
of Legal Requirements, or (ii) of any service of legal process relating to the Property.

 

SECTION
9: CLOSING

 

Subject to satisfaction of
all conditions to Closing, the Closing shall be held during regular business hours on the Closing Date. The Closing shall be held through
the mail at the offices of the Title Company acting as the Escrow Agent.

 

9.1 Delivery;
Possession. At Closing, Seller shall deliver to Purchaser the items required of Seller under this Agreement, and Purchaser shall
deliver to Seller the balance of the Purchase Price, after crediting Purchaser with the Earnest Money Deposit (and making other adjustments
and prorations as provided herein) and the other items required of Purchaser under this Agreement.

 

9.2 Closing
Costs.

 

9.2.1 Seller’s
Costs. Seller shall pay: (i) all state and, county real estate transfer taxes; (ii) the cost of Purchaser’s basic owner’s
premium for title insurance (with extended coverage) in the amount of the Purchase Price, along with all related title search fees; (iii)
the fees and expenses of Seller’s attorneys; and (iv) recording charges due on the satisfaction or assignment of any mortgages or liens
affecting the Property.

 

9.2.2 Purchaser’s
Costs. Purchaser shall pay: (i) any costs incurred by Purchaser in preparing and performing its due diligence investigations,
including the cost of any Survey, (ii) the fees and expenses of Purchaser’s attorneys, (iii) all title charges and all endorsements to
Purchaser’s title insurance policy, and (iv) recording charges due in connection with the Deed and any mortgages or other financing
documents.

 

    11

     

    

 

9.2.3 Other
Costs. Any other costs not specifically provided for herein shall be paid by the party who incurred those costs, or if neither
party is charged with incurring any such costs, then by the party customarily assessed for such costs in the State of Illinois.

 

9.3 Conditions
to Closing. Notwithstanding any other conditions to Closing set forth in this Agreement, Purchaser’s obligation to purchase the
Property or otherwise to perform any obligation provided in this Agreement is expressly conditioned upon the due performance by Seller
of each undertaking and covenant and agreement to be performed by Seller under this Agreement including, but not limited to, delivery
of all items and documents required under Section 11 below, and the truth, accuracy and completeness in all material respects, of each
representation and warranty made in this Agreement by Seller. Where a representation or warranty is qualified by Seller’s knowledge or
by notice received by Seller, it shall nevertheless be a condition precedent to Purchaser’s obligation to close that the warranty or representation
be true in all material respects as of Closing even if not so qualified.

 

Upon failure of any such condition,
Purchaser may either (i) extend the Closing Date for a period not to exceed thirty (30) days in order for the Seller to have additional
time to perform each undertaking, covenant and agreement hereunder, or (ii) exercise its remedies under Section 16.1. In the event of
cancellation of this Agreement pursuant to this Section 9, the Earnest Money Deposit, and any other monies theretofore paid on account,
if any, shall be returned to Purchaser and neither party shall have any further liability or obligation to the other hereunder.

 

SECTION
10: PRORATIONS AND CREDITS AT CLOSING

 

All prorations provided to
be made “as of the Closing Date” shall each be made as of 11:59 P.M. local time on the date immediately preceding the Closing
Date. In each proration set forth below, the portion thereof allocable to periods beginning with the Closing Date shall be credited to
Purchaser, or charged to Purchaser, as applicable, at Closing or, in the case of allocations made after Closing, upon receipt of such
payments or invoice as of the Closing Date. The following items shall, as applicable, be prorated between Purchaser and Seller or credited
to Purchaser or Seller:

 

10.1 Property
Taxes and Assessments.

 

10.1.1 Prorations.
All water and sewer fees, charges or rentals and ad valorem or general property taxes with respect to the Real Property shall be prorated
and apportioned on a per diem basis as of the Closing Date based on the latest available tax information.

 

10.1.2 Special
Assessments. Certified, confirmed and ratified special assessment liens as of Date of Closing (and not as of the date of this
Agreement) shall be paid by Seller or Purchaser shall receive a credit therefor at Closing.

 

10.2 Utility
Expenses and Payments. Seller shall have sole responsibility for all utility charges accrued as of the Closing Date. Seller shall
arrange for the utilities to be read as of the Closing Date. Purchaser shall be responsible for making any necessary arrangements for
the continuation of all utility services to the Real Property following Closing. Seller and Purchaser shall cooperate with each other
and execute all necessary documents as reasonably to accomplish the foregoing.

 

    12

     

    

 

10.3 Other
Matters. Seller and Purchaser shall make such other adjustments and apportionments as are expressly set forth in this Agreement.

 

10.4 Survival.
The provisions of this Section 10 shall survive the Closing. In the event final figures have not been reached on any of the adjustments,
prorations or costs, as a result of unavailability of information or otherwise, which are to be adjusted at or prior to Closing pursuant
to this Section 10, the parties shall close using adjustments and prorations reasonably estimated by Seller and Purchaser, subject to
later readjustment when such final figures have been obtained. If more current information is not available, estimates shall be based
upon the prior operating history of the Property, as shown on the most recent bills or payments available. The parties hereto agree that
they shall seek to determine the amounts of all prorations and adjustments required hereunder on or before the Closing Date, if possible,
and to the extent not then obtainable, as soon as practicable thereafter.

 

SECTION
11: CONVEYANCES AND DELIVERIES

 

11.1 Deed.
At Closing, Seller shall deliver to Purchaser a special warranty deed (the “Deed”) to the Property in recordable
form, duly executed by Seller and acknowledged and in substantially the same form as set forth in Exhibit “B” attached hereto,
conveying to Purchaser title to the Real Property, subject to the Permitted Exceptions.

 

11.2 Section
1445 Certificate. At Closing, Seller shall execute and deliver to Purchaser (i) a certificate stating that Seller is not a “foreign
person” as defined in Section 1445 of the Internal Revenue Code and the regulations thereunder, (ii) an IRS Form 1099 with respect
to this transaction, and (iii) such other documents or instruments as may be required by the Internal Revenue Code (or regulations promulgated
pursuant thereto).

 

11.3 Physical
Possession. At Closing, Seller shall deliver to Purchaser possession of the Real Property.

 

11.4 Other
Documents. At Closing, Seller and Purchaser shall deliver to each other any other documents expressly required to be delivered
or furnished pursuant to any other provisions of this Agreement or reasonably required to carry out the purpose and intent of this Agreement,
including but not limited to: an ALTA Statement and “gap” affidavit, and such other affidavits and related documents that
may be required by the Title Company to issue extended coverage, each executed by Seller and in form and substance acceptable to the Title
Company.

 

    13

     

    

 

SECTION
12: NOTICES

 

All notices, consents, approvals
and other communications which may be or are required to be given by either Seller or Purchaser under this Agreement shall be properly
given only if made in writing (except as expressly provided to the contrary in this Agreement) and sent by (i) U.S. Certified Mail, Return
Receipt Requested, (ii) electronic mail with confirmation of receipt, or (iii) a nationally recognized overnight delivery service (such
as Federal Express, UPS Next Day Air), with all delivery charges paid by the sender and addressed to the Purchaser or Seller, as applicable,
as follows, or at such other address as each may request in writing. Such notices shall be deemed received, (x) if delivered by overnight
delivery service, on the date of delivery and (y) if sent by electronic mail, on the date of transmission. Notices to be sent on behalf
of Purchaser or Seller may be sent by their respective counsel. The refusal to accept delivery shall constitute acceptance and, in such
event, the date of delivery shall be the date on which delivery was refused. Copies of notices directed to a party which are required
to be sent to other persons shall be deemed received by such other persons on the date on which the party receives such notice. The addresses
for notices are to be as follows:

 

	 	If to Seller:	Rubicon Technology, Inc.
	 	 	900 East Street
	 	 	Unit A
	 	 	Bensenville, IL 60106
	 	 	Attention:	Timothy Brog
	 	 	Email:	TBrog@rubicontechnology.com
	 	 	 
	 	with a copy to:	Kaplan, Saunders, Valente & Beninati LLP
	 	 	500 N. Dearborn Street
	 	 	Chicago IL 60654
	 	 	Attention:	Richard Demarest Yant
	 	 	Email:	ryant@kaplansaunders.com
	 	 	 
	 	If to Purchaser:	Capitol Trucking, Inc.
	 	 	297 Birchwood Lane
	 	 	Bloomingdale, IL 60108
	 	 	Attention:	 Igor Tsapar
	 	 	Email:	 igor-disp@hotmail.com
	 	 	 
	 	with a copy to:	Maurides Law
	 	 	33 N. LaSalle, Suite 1910
	 	 	Chicago, IL 60602
	 	 	Attention:	 Patrick C. Turner  
	 	 	Email:	 pturner@maurides.com

 

    14

     

    

 

SECTION
13: CONDEMNATION

 

13.1 Condemnation.
At Closing, Seller shall assign to Purchaser all of Seller’s right, title and interest in and to all awards in condemnation, or damages
of any kind, to which Seller is entitled at the time of Closing, by reason of any exercise of the power of eminent domain with respect
thereto or for the taking of the Real Property or any part thereof or by reason of any other event affecting the Property which gives
rise to a damage claim against a third party after the date hereof. Prior to the Closing Date, if all or any portion of the Real Property
is taken, or if access thereto is reduced or restricted, by eminent domain or otherwise (or if such taking, reduction or restriction is
pending, threatened or contemplated) (hereinafter a “Condemnation Proceeding”), Seller shall immediately notify Purchaser
of such fact. In the event that such notice relates to the taking of a material (as defined below) portion of the Real Property, Purchaser
shall have the option, in its sole and absolute discretion, to terminate this Agreement upon written notice to Seller given not later
than thirty (30) days after receipt of Seller’s notice; whereupon the Earnest Money Deposit shall be refunded to Purchaser and thereafter
neither party shall have any rights, obligations or liabilities hereunder. For the purposes of this Section, and without limiting the
generality of the foregoing, a taking shall be deemed material if it restricts access to the Real Property. If Purchaser does not elect
to terminate this Agreement as herein provided, Seller shall pay to Purchaser any award received by Seller prior to Closing and Purchaser
shall have the right to participate with Seller in any Condemnation Proceeding affecting the Real Property, and Purchaser and Seller shall
cooperate with each other in good faith.

 

SECTION
14: BROKERS

 

Seller and Purchaser acknowledge
that they have not dealt with any broker, finder or agent in connection with this transaction other than CBRE and Newmark (the “Broker”).
Seller shall pay the commission, if any, as may be due the Broker pursuant to its written agreement with CBRE. Seller and Purchaser shall
indemnify and hold harmless the other against any and all claims, demands, causes of action, losses, costs and expenses (including legal
fees and expenses) resulting from a breach of said representation of the indemnifying party. The representations, warranties, undertakings
and indemnities of this Section 14 shall survive the Closing hereunder and any termination of this Agreement.

 

SECTION
15: ASSIGNMENT

 

Neither party may assign this
Agreement without the prior written consent of the other, and any such prohibited assignment shall be void; provided, however, that Purchaser
may assign this Agreement without Seller’s consent to an “Affiliate” so long as Purchaser provides Seller prior
written notice of such assignment and a fully executed copy of such assignment agreement reasonably acceptable to Seller no later than
ten (10) days before the Closing. No assignment permitted under this Agreement shall relieve the assigning party of any liability hereunder,
whether arising before or after the date of such assignment. Subject to the foregoing, this Agreement shall be binding upon and inure
to the benefit of the respective legal representatives, successors, assigns, heirs, and devisees of the parties. For the purposes of this
paragraph, the term “Affiliate” means an entity (a) that directly or indirectly controls, is controlled by or is under
common control with the Purchaser and (b) at least a majority of whose economic interest is owned by Purchaser; and the term “control”
means the power to direct the management of such entity through voting rights, ownership or contractual obligations.

 

    15

     

    

 

SECTION
16: DEFAULT/REMEDIES

 

16.1 Seller’s
Default/Purchaser’s Remedies. If Seller fails to sell the Property to Purchaser in accordance with this Agreement, or breaches
any of its duties, obligations, representations or warranties contained in this Agreement in any material respect, or fails or is unable
to deliver any of the documents required to be delivered by Seller hereunder, and provided that such failure or breach is not cured within
ten (10) Business Days of the date on which Purchaser notifies Seller of such failure or breach, Purchaser, at its election and as its
sole and exclusive legal and equitable remedies, shall be entitled to (i) terminate this Agreement and receive a refund of the Earnest
Money Deposit and all Extension Fees, and recoup its Out of Pocket Expenses, (ii) waive the Seller’s default and proceed to close
on the terms and conditions set forth in this Agreement without any adjustment to the Purchase Price, or (iii) sue for specific performance
of Seller’s obligations hereunder. Purchaser waives any right to pursue any other remedy at law or equity for such default of Seller,
including, without limitation, any right to seek, claim or obtain damages, punitive damages or consequential damages, and in no case shall
Seller ever be liable to Purchaser under any statutory, common law, equitable or other theory of law, either prior to or following the
Closing, for any lost rents, profits, “benefit of the bargain,” business opportunities or any form of consequential damage
in connection with any claim, liability, demand or cause of action in any way or manner relating to the Property, the condition of the
Property, this Agreement, or any transaction or matter between the parties contemplated hereunder.

 

16.2 Purchaser’s
Default/Seller’s Remedies. If Purchaser wrongfully fails to purchase the Property on the Closing Date in accordance with the terms
hereof then Seller, as its sole and exclusive remedy at law or in equity, shall receive the Earnest Money Deposit from Escrow Agent as
liquidated damages. Purchaser and Seller acknowledge and agree that damages which would be sustained by Seller in the event of a breach
by Purchaser of its obligations under this Agreement are difficult to determine and in such event that the Earnest Money Deposit represents
a reasonable estimate of such damages and is not intended as a penalty.

 

SECTION
17: GENERAL PROVISIONS

 

17.1 Agreement
Binding. This Agreement shall be binding upon each party hereto and such party’s heirs, legal representatives, successors and
assigns and shall inure to the benefit of each party hereto and such party’s heirs, legal representatives, successors and assigns.

 

17.2 Entire
Agreement. This Agreement, and all the Exhibits referenced herein and annexed hereto, contain the final, complete and entire agreement
of the parties hereto with respect to the matters contained herein, and no prior agreement or understanding pertaining to any of the matters
connected with this transaction shall be effective for any purpose. Except as may be otherwise provided herein, the agreements embodied
herein may not be amended except by an agreement in writing signed by the parties hereto.

 

17.3 Governing
Law. This Agreement shall be governed by and construed under the laws of the State of Illinois.

 

17.4 Further
Assurances. Seller and Purchaser each agree to execute and deliver to the other such further documents or instruments as may be
reasonable and necessary in furtherance of the performance of the terms, covenants and conditions of this Agreement. This covenant shall
survive the Closing.

 

17.5 Interpretation.
The titles, captions and paragraph headings are inserted for convenience only and are in no way intended to interpret, define, limit or
expand the scope or content of this Agreement or any provision hereof. If any party to this Agreement is made up of more than one person,
then all such persons shall be included jointly and severally, even though the defined term for such party is used in the singular in
this Agreement. This Agreement shall be construed without regard to any presumption or other rule requiring construction against the party
causing this Agreement to be drafted. If any words or phrases in this Agreement shall have been stricken out or otherwise eliminated,
whether or not any other words or phrases have been added, this Agreement shall be construed as if the words or phrases so stricken out
or otherwise eliminated were never included in this Agreement and no implication or inference shall be drawn from the fact that said words
or phrases were so stricken out or otherwise eliminated.

 

    16

     

    

 

17.6 Counterparts;
Signatures. This Agreement may be executed in separate counterparts. It shall be fully executed when each party whose signature
is required has signed at least one (1) counterpart even though no one (1) counterpart contains the signatures of all of the parties to
this Agreement. Any counterpart of this Agreement may be executed and delivered by facsimile or electronic transmission (including, without
limitation, e-mail) or by portable document format (pdf) and shall have the same force and effect as an original.

 

17.7 Non-waiver.
No waiver by Seller or Purchaser of any provision hereof shall be deemed to have been made unless expressed in writing and signed by such
party. No delay or omission in the exercise of any right or remedy accruing to Seller or Purchaser upon any breach under this Agreement
shall impair such right or remedy or be construed as a waiver of any such breach theretofore or thereafter occurring. The waiver by Seller
or Purchaser of any breach of any term, covenant or condition herein stated shall not be deemed to be a waiver of any other breach, or
of a subsequent breach of the same or any other term, covenant or condition herein contained.

 

17.8 Severability.
This Agreement is intended to be performed in accordance with and only to the extent permitted by applicable law. If any provisions of
this Agreement or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable,
but the extent of the invalidity or unenforceability does not destroy the basis of the bargain between the parties as contained herein,
the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby,
but rather shall be enforced to the greatest extent permitted by law.

 

17.9 Exhibits.
The Exhibits referred in and attached to this Agreement are incorporated herein in full by this reference.

 

17.10 Attorneys’
Fees and Costs. In the event suit or action is instituted to interpret or enforce the terms of this Agreement, or in connection
with any arbitration or mediation of any dispute, the prevailing party shall be entitled to recover from the other party such sum as the
court, arbitrator or mediator may adjudge reasonable as such party’s costs and attorney’s fees, including such costs and fees as are incurred
in any trial, on any appeal, in any bankruptcy proceeding (including the adjudication of issues peculiar to bankruptcy law) and in any
petition for review. Each party shall also have the right to recover its reasonable costs and attorney’s fees incurred in collecting any
sum or debt owed to it by the other party, with or without litigation, if such sum or debt is not paid within fifteen (15) days following
written demand therefor.

 

17.11 Time
of the Essence. Time shall be of the essence in enforcing this Agreement. If the time for performance of any obligation hereunder
shall fall on a Saturday, Sunday or holiday (national or in the State of Illinois) such that the transaction contemplated thereby cannot
be performed, the time for performance shall be extended to the next succeeding day where performance is possible.

 

(

 

[END OF PAGE; SIGNATURE PAGE
FOLLOWS]

 

    17

     

    

 

IN WITNESS WHEREOF, Seller
and Purchaser have caused this Agreement to be executed, as of the day and year first above written.

 

	 	SELLER:
	 	 
	 	RUBICON TECHNOLOGY, INC., a Delaware corporation
	 	 
	 	By:	 
	 	 	Timothy Brog, Chief Executive Officer
	 	 	 
	 	PURCHASER:
	 	 
	 	CAPITOL TRUCKING INC., a Texas corporation
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

     

     

    

 

EXHIBITS

 

	Exhibit “A”	-	Legal Description
	Exhibit “B”	-	Form of Deed

 

     

     

    

 

EXHIBIT “A”

 

LEGAL DESCRIPTION

 

LOT
101 IN FOX VALLEY BUSINESS PARK RESUBDIVISION BEING A RESUBDIVISION OF FOX VALLEY INDUSTRIAL PARK BEING A SUBDIVISION IN THE EAST HALF
OF SECTION 27, TOWNSHIP 39 NORTH, RANGE 8 EAST OF THE THIRD PRINCIPAL MERIDIAN ACCORDING TO THE PLAT THEREOF RECORDED FEB. 7, 2012 AS
DOCUMENT 2012K007824 IN THE CITY OF BATAVIA, KANE COUNTY, ILLINOIS.

 

     

     

    

 

EXHIBIT “B”

 

FORM OF DEED

 

	This Instrument prepared by:	 
		 
	 	 
	 	 
	 	 
	 	 
	 	 
		 
		 
	After recording return to:	 
		 
		 
	 	 
	 	 
	 	 
	 	 
		 
		 

 

SPECIAL WARRANTY DEED

 

THIS SPECIAL WARRANTY DEED
is made as of the ____ day of ___________, ____, from _______________________ (the “Grantor”), to ____________________
(the “Grantee”).

 

WITNESSETH, that said Grantor,
in consideration of Ten and No/100s Dollars ($10.00) in hand paid by Grantee, and other valuable consideration, receipt of which is hereby
acknowledged, does hereby REMISE, RELEASE, ALIEN AND CONVEY unto Grantee and its successors and assigns, FOREVER, all of Grantor’s
interest in and to the real property situated in the County of ________, State of Illinois, with a common address of ______________________,
as more particularly described in Exhibit A attached hereto and made a part hereof (the “Property”).

 

TOGETHER with the tenements and appurtenances thereunto
belonging.

 

SUBJECT TO those matters as
contained in Exhibit B attached hereto and made a part hereof (collectively, the “Permitted Exceptions”).

 

TO HAVE AND TO HOLD the same unto said Grantee
in fee simple forever.

 

GRANTOR, subject to the Permitted
Exceptions, does hereby specially warrant the title to the Property and will defend the same against the lawful claims of all persons
claiming by, through or under the Grantor, but not otherwise.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF, this Special
Warranty Deed has been executed by Grantor and is effective as of the date first set forth above.

 

	 	SELLER:
	 	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 

 

	STATE OF ILLINOIS	)	 
	 	 	 
	 	) SS	 
	 	 	 
	COUNTY OF _____________	)	 

 

I, the undersigned, a Notary Public, in and for
the County and State aforesaid, DO HEREBY CERTIFY, that ________________, the _______________ of __________________, personally known
to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and severally
acknowledged that she signed and delivered the said instrument as his/her own free and voluntary act, and as the free and voluntary act
of said company, for the uses and purposes therein set forth.

 

Given under my hand and Notarial Seal this ____
day of ____________, ____.

 

	 	 
	 	Notary Public

 

	My Commission Expires:	 
	 	 
	 	 
	Mail subsequent tax bills to:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

     

     

    

 

EXHIBIT A

 

LEGAL DESCRIPTIONExhibit 10.1

COOPERATION AGREEMENT

 

This Cooperation Agreement,
dated as of February 8, 2022 (this “Agreement”), is by and among the persons and entities listed on Schedule A (collectively,
the “Icahn Group”, and each individually a “member” of the Icahn Group) and International Flavors
& Fragrances Inc. (the “Company”). In consideration of and reliance upon the mutual covenants and agreements contained
in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:

 

		1.	Board Representation and Board Matters.

 

		(a)	The Company and the Icahn Group agree as follows:

 

		(i)	On or prior to the date of this Agreement, the Company shall take or shall have taken all necessary action
to increase the size of the Board of Directors of the Company (the “Board”) by one (1) seat to fourteen (14), and to
appoint Barry Bruno (the “Independent Director”) to fill the resulting vacancy, effective as soon as practicable after
the date of this Agreement, with a term expiring at the 2022 annual meeting of stockholders of the Company (the “2022 Annual
Meeting”).

 

		(ii)	As long as the Icahn Group has not materially breached this Agreement and failed to cure such breach within
five (5) business days of written notice from the Company specifying any such breach, the Company agrees that the Company’s slate
of nominees for election to the Board at the 2022 Annual Meeting will consist of no more than fourteen (14) individuals (collectively,
the “2022 IFF Slate”) and will include, subject to his willingness and consent to serve, the Independent Director.

 

		(iii)	The Company shall use reasonable best efforts to cause the election of the Independent Director at the
2022 Annual Meeting (including by (x) recommending that the Company’s stockholders vote in favor of the election of the Independent
Director, (y) including the Independent Director in the Company’s proxy statement and proxy card for the 2022 Annual Meeting, and
(z) otherwise supporting the Independent Director for election in a manner no less rigorous and favorable than the manner in which the
Company supports its other nominees in the aggregate). The Icahn Group agrees not to conduct a proxy contest or engage in any solicitation
of proxies regarding any matter, including the election of directors, with respect to the 2022 Annual Meeting.

 

		(iv)	That as a condition to the Independent Director’s (and any replacement Independent Director’s)
appointment to the Board and subsequent nomination for election, the Independent Director will provide to the Company, prior to nomination
and appointment and on an on-going basis while serving as a member of the Board, such information and materials as the Company routinely
receives from other members of the Board or as is required to be disclosed in proxy statements under applicable law or as is otherwise
reasonably requested by the Company from time-to-time from all members of the Board in connection with the Company’s legal, regulatory,
auditor or stock exchange requirements, including, but not limited to, a completed D&O Questionnaire in the form separately provided
by the Company to the Icahn Group (the “Nomination Documents”).

 

     

     

    

		(v)	That, subject to Section 1(c) below, should the Independent Director resign from the Board or be
rendered unable to, or refuse to, be appointed to, or for any other reason fail to serve or is not serving, on the Board (other than as
a result of not being nominated by the Company for election at an annual meeting of stockholders subsequent to the 2022 Annual Meeting,
following which the Icahn Group’s replacement rights pursuant to this Section 1(a)(v) shall terminate), as long as the Icahn
Group has not materially breached this Agreement and failed to cure such breach within five (5) business days of written notice from the
Company specifying any such breach, the Company shall cause to be added as a member of the Board or as a nominee on the 2022 IFF Slate,
as applicable, a replacement independent director that is mutually acceptable to the Board and the Icahn Group, who will then be deemed
to be the Independent Director hereunder.

 

		(vi)	For the avoidance of doubt, the Board’s approval of a replacement director pursuant to Section
1(a)(v) shall require that such replacement does: (A) qualify as “independent” pursuant to the independence requirements
of the New York Stock Exchange, (B) have the relevant financial and business experience to be a director of the Company, (C) satisfy the
requirements set forth in the Company Policies (as defined below), in each case as in effect as of the date of this Agreement or such
additional or amended guidelines and policies approved by the Board that are applicable to all directors of the Company, (collectively
clauses (A) through (C), the “Director Criteria”); provided that (i) no new Director Criteria will be adopted that
would have prevented the Independent Director from becoming a director had such criteria been in effect today, and (ii) the Company acknowledges
that the Independent Director satisfies the requirements of Section 1(a)(vi)(B).

 

		(vii)	That (1) for any annual meeting of stockholders subsequent to the 2022 Annual Meeting during the term
of this Agreement, the Company shall notify the Icahn Group in writing no less than thirty-five (35) calendar days before the advance
notice deadline set forth in the Company’s Bylaws whether the Independent Director will be nominated by the Company for election
as a director at such annual meeting and, (2) if the Independent Director is to be so nominated, shall use reasonable best efforts to
cause the election of the Independent Director so nominated by the Company (including by (x) recommending that the Company’s stockholders
vote in favor of the election of the Independent Director, (y) including the Independent Director in the Company’s proxy statement
and proxy card for such annual meeting and (z) otherwise supporting the Independent Director for election in a manner no less rigorous
and favorable than the manner in which the Company supports its other nominees in the aggregate), and the Icahn Group agrees not to conduct
a proxy contest or engage in any solicitation of proxies regarding any matter, including the election of directors, with respect to any
such annual meeting at which the Company has nominated the Independent Director and the Independent Director has consented to being named,
and is named, in the proxy statement relating to such annual meeting.

 

		(viii)	That as of the date of this Agreement, the Company represents and warrants that, (y) prior to the Board
appointing the Independent Director as a director, the Board is composed of thirteen (13) directors and that there are no vacancies on
the Board, and (z) immediately after the Board appoints the Independent Director as a

 

    2 

     

    

director, the Board
will be composed of fourteen (14) directors and that there will be no vacancies on the Board.

 

		(ix)	That from and after the date of this Agreement, so long as the Independent Director is a member of the
Board, any Board consideration of appointment and employment of the Company’s chief executive officer and chief financial officer,
mergers and acquisitions of material assets, or dispositions of material assets, or similar extraordinary transactions, such consideration,
and voting with respect thereto shall take place only at the full Board level or in committees of which the Independent Director is a
member.

 

		(x)	Concurrently with the appointment to the Board pursuant to Section 1(a)(i) and subject to compliance
with all stock exchange rules, the Board will consider appropriate appointments for the Independent Director to applicable Board committees
as they would consider such appointments for other Board candidates. Notwithstanding the foregoing, the Company acknowledges that for
so long as the Independent Director is a member of the Board, the Independent Director shall have the same rights as any other director
with respect to being permitted to attend (as an observer and without voting rights) any committee meeting regardless of whether the Independent
Director is a member of such committee, except in cases where privileged matters will be discussed or reviewed (unless the Independent
Director commits, in writing, on terms reasonably satisfactory to the Company, not to share information relating to such matters with
the Icahn Group, including its Affiliates, Associates and representatives), where the matters under consideration involve an actual conflict
of interest between the Company and the Icahn Group or its Affiliates or Associates, or where, upon advice of outside counsel to the Company,
the Independent Director’s attendance would jeopardize any legal privilege.

 

		(b)	At all times from the date of this Agreement through the termination of his service as a member of the
Board, the Independent Director will need to comply with all written policies, procedures, processes, codes, rules, standards and guidelines
applicable to all non-employee Board members, including the Corporate Governance Guidelines, Code of Conduct, Code of Conduct for Directors,
Insider Trading Policy, Window Period Policy for the Purchase and Sale of Company Securities, Section 16 and Rule 144 Reporting Obligations
Policy, Regulation FD Policy, Rule 10(b)(5) Guidelines, Share Retention Policy, and Related Person Transactions Policy (collectively,
the “Company Policies”), and shall preserve the confidentiality of Company business and information, including discussions
or matters considered in meetings of the Board or Board committees (except to the extent permitted in the Confidentiality Agreement (as
defined below) to be entered into pursuant to Section 5 of this Agreement). For the avoidance of doubt, the Parties agree that
notwithstanding the terms of any Company Policies, in no event shall any Company Policy apply to the Icahn Group. The Icahn Group confirms
that the Independent Director is not employed by or a consultant of, and is not otherwise an Affiliate or Associate of, any member of
the Icahn Group. The Icahn Group confirms that the Company may require the replacement of the Independent Director pursuant to Section
1(a)(v) if he or she becomes an employee, consultant, Affiliate or Associate of any member of the Icahn Group.

 

		(c)	The Icahn Group, upon request, shall keep the Company regularly apprised of the Net Long Position of the
Icahn Group and the Icahn Affiliates to the extent that such position differs

 

    3 

     

    

from the ownership
positions publicly reported by the Icahn Group in any public filing with the Securities and Exchange Commission (the “SEC”).

 

For purposes of this
Agreement: the term “Net Long Position” shall mean: such outstanding common shares of the Company (“Common Shares”)
beneficially owned, directly or indirectly, that constitute such person’s net long position as defined in Rule 14e-4 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) mutatis mutandis, provided that “Net Long Position”
shall not include any shares as to which such person does not have the right to vote or direct the vote, or as to which such person has
entered into a derivative or other agreement, arrangement or understanding that hedges or transfers, in whole or in part, directly or
indirectly, any of the economic consequences of ownership of such shares; and the terms “person” or “persons”
shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability
company, joint venture, estate, trust, association, organization or other entity of any kind or nature.

 

		(d)	So long as the Icahn Group, together with the Icahn Affiliates, beneficially owns an aggregate Net Long
Position in at least 2,154,552 of the total outstanding Common Shares (as adjusted for any stock dividends, combinations, splits, recapitalizations
or similar type events), the Company shall not adopt a Rights Plan with an “Acquiring Person” beneficial ownership threshold
below 15.0% of the then-outstanding Common Shares, unless (x) such Rights Plan provides that, if such Rights Plan is not ratified by the
Company’s stockholders within 270 days of such Rights Plan being adopted, such Rights Plan shall automatically expire and (y) the
“Acquiring Person” definition of such Rights Plan exempts the Icahn Group up to a beneficial ownership of 9.9% of the then-outstanding
Common Shares. The term “Rights Plan” shall mean any plan or arrangement of the sort commonly referred to as a “rights
plan” or “stockholder rights plan” or “shareholder rights plan” or “poison pill” that is designed
to increase the cost to a potential acquirer of exceeding the applicable ownership thresholds through the issuance of new rights, common
stock or preferred shares (or any other security or device that may be issued to stockholders of the Company, other than ratably to all
stockholders of the Company) that carry severe redemption provisions, favorable purchase provisions or otherwise, and any related rights
agreement.

 

		2.	Additional Agreements.

 

		(a)	Unless the Company or the Board has breached any material provision of this Agreement and failed to cure
such breach within five (5) business days following the receipt of written notice from the Icahn Group specifying any such breach, solely
in connection with the 2022 Annual Meeting, each member of the Icahn Group shall (1) cause, in the case of all Voting Securities owned
of record, and (2) instruct and cause the record owner, in the case of all shares of Voting Securities beneficially owned but not owned
of record, directly or indirectly, by it, or by any Icahn Affiliate, in each case as of the record date of the 2022 Annual Meeting or
as to which the member of the Icahn Group otherwise has the power to vote or direct the vote, in each case that are entitled to vote at
the 2022 Annual Meeting, to be present for quorum purposes and to be voted, at the 2022 Annual Meeting or at any adjournment or postponement
thereof, (A) for each nominee on the 2022 IFF Slate, (B) against any nominees that are not nominated by the Board for election at the
2022 Annual Meeting, (C) against any stockholder proposal to increase the size of the Board, and (D) in favor of the ratification of the
Company’s auditors. Except as provided in the foregoing sentence and in Section 2(b), the Icahn Group shall not be restricted
from voting “For”, “Against” or “Abstaining” from any other proposals at the 2022 Annual Meeting.

 

    4 

     

    

		(b)	Unless the Company or the Board has breached any material provision of this Agreement and failed to cure
such breach within five (5) business days following the receipt of written notice from the Icahn Group specifying any such breach, that
for any annual meeting of stockholders subsequent to the 2022 Annual Meeting, if the Board has agreed to nominate the Independent Director
then serving on the Board for election at such annual meeting and the Independent Director has consented to be nominated at such annual
meeting, each member of the Icahn Group shall (1) cause, in the case of all Voting Securities owned of record, and (2) instruct and cause
the record owner, in the case of all shares of Voting Securities beneficially owned but not owned of record, directly or indirectly, by
it, or by any Icahn Affiliate, in each case as of the record date of the applicable annual meeting or as to which the member of the Icahn
Group otherwise has the power to vote or direct the vote, in each case that are entitled to vote at such annual meeting, to be present
for quorum purposes and to be voted at such annual meeting or at any adjournment or postponement thereof, (A) for each director nominated
by the Board for election at such annual meeting, (B) against any (i) stockholder proposal to increase the size of the Board and (ii)
nominees that are not nominated by the Board for election at such annual meeting, and (C) in favor of the ratification of the Company’s
auditors. Except as provided in the foregoing sentence, the Icahn Group shall not be restricted from voting “For”, “Against”
or “Abstaining” from any other proposals at any such annual meeting following the 2022 Annual Meeting.

 

		(c)	Unless the Company or the Board has breached any material provision of this Agreement and failed to cure
such breach within five (5) business days following the receipt of written notice from the Icahn Group specifying any such breach, that
for any special meeting of shareholders that includes a proposal to remove directors or to expand the Board and add directors, then so
long as (x) the Independent Director is a member of the Board at the time of such special meeting or (y) the Icahn Group has replacement
rights pursuant to clause 1(a)(v) at such time (including at such special meeting), each member of the Icahn Group shall (1) cause, in
the case of all Voting Securities owned of record, and (2) instruct and cause the record owner, in the case of all shares of Voting Securities
beneficially owned but not owned of record, directly or indirectly, by it, or by any Icahn Affiliate, in each case as of the record date
of the applicable special meeting or as to which the member of the Icahn Group otherwise has the power to vote or direct the vote, in
each case that are entitled to vote at such special meeting, to be present for quorum purposes and to be voted at such special meeting
or at any adjournment or postponement thereof, (A) for each director nominated or supported by the Board for election at such special
meeting, and (B) against any (i) proposal to remove directors or increase the size of the Board and (ii) nominees that are not nominated
by the Board for election at such special meeting. Except as provided in the foregoing sentence, the Icahn Group shall not be restricted
from voting “For”, “Against” or “Abstaining” from any other proposals at any such special meeting.

 

		(d)	As used in this Agreement, the term “Voting Securities” shall mean the Common Shares
that such person has the right to vote or has the right to direct the vote. For purposes of this Section 2, no person shall be,
or be deemed to be, the “beneficial owner” of, or to “beneficially own,” any securities beneficially owned by
any director of the Company to the extent such securities were acquired directly from the Company by such director as or pursuant to director
compensation for serving as a director of the Company. For purposes of this Agreement, (x) the term “Affiliate” shall
have the meaning set forth in Rule 12b-2 promulgated by the SEC under the Exchange Act, and the term “Icahn Affiliate”
shall mean such Affiliates that are controlled by the members of the Icahn Group, and (y) the
term “Associate” shall mean (A) any trust or other estate in which such person has a substantial beneficial interest
or as to which such person serves as trustee or in a similar 

 

    5 

     

    

fiduciary
capacity, and (B) any relative or spouse of such person, or any relative of such spouse, who has the same home as such person or
who is a director or officer of such person or of any of its parents or subsidiaries.

 

		3.	Icahn Group Restrictions.

 

		(a)	From and after the appointment of the Independent Director to the Board pursuant to Section 1(a)(i)
until the Termination Time (as such term is defined in Section 9 below) (the “Standstill Period”), so long as
the Company has not breached any material provision of this Agreement and failed to cure such breach within five (5) business days following
the receipt of written notice from the Icahn Group specifying any such breach, no member of the Icahn Group shall, directly or indirectly,
and each member of the Icahn Group shall cause each of the Icahn Affiliates and Associates not to, directly or indirectly:

 

		(i)	acquire, offer or propose to acquire any Voting Securities (or beneficial ownership thereof), or rights
or options to acquire any Voting Securities (or beneficial ownership thereof) of the Company if after any such case, immediately after
the taking of such action the Icahn Group, together with its respective Icahn Affiliates and Associates, would in the aggregate, beneficially
own more than 9.9% of the then outstanding Common Shares; provided that, for purposes of this Section 3(a)(i), no Person shall
be, or be deemed to be, the “beneficial owner” of, or to “beneficially own,” any securities beneficially owned
by any director of the Company to the extent such securities were acquired directly from the Company by such director as or pursuant to
director compensation for serving as a director of the Company;

 

		(ii)	form or join in a partnership, limited partnership, syndicate or a “group” as defined under
Section 13(d) of the Exchange Act, with respect to the securities of the Company;

 

		(iii)	present (or request to present) at any annual meeting or any special meeting of the Company’s stockholders,
any proposal for consideration for action by stockholders or engage in any solicitation of proxies or consents or become a “participant”
in a “solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) of proxies or consents (including,
without limitation, any solicitation of consents that seeks to call a special meeting of stockholders) or, except as provided in this
Agreement, otherwise publicly propose (or publicly request to propose) any nominee for election to the Board or seek representation on
the Board or the removal of any member of the Board;

 

		(iv)	grant any proxy, consent or other authority to vote with respect to any matters (other than to the named
proxies included in the Company’s proxy card for any annual meeting or special meeting of stockholders) or deposit any Voting Securities
in a voting trust or subject them to a voting agreement or other arrangement of similar effect (excluding customary brokerage accounts,
margin accounts, prime brokerage accounts and the like), in each case, except as provided in Section 2(a) or Section 2(b);

 

		(v)	call or seek to call any special meeting of the Company or action by consent resolutions or make any request
under Section 624 of the New York Business Corporation Law or other applicable common law or legal provisions regarding

 

    6 

     

    

inspection of books
and records or other materials (including stocklist materials) of the Company or any of its subsidiaries;

 

		(vi)	institute, solicit, assist or join, as a party, any litigation, arbitration or other proceeding against
or involving the Company;

 

		(vii)	separately or in conjunction with any other person in which it is or proposes to be either a principal,
partner or financing source or is acting or proposes to act as broker or agent for compensation, submit a proposal for or offer of (with
or without conditions), any Extraordinary Transaction (as defined below); provided that the Icahn Group shall be permitted to sell or
tender their Common Shares, and otherwise receive consideration, pursuant to any Extraordinary Transaction; and provided further that
(A) if a third party (other than the Icahn Group or an Icahn Affiliate) commences a tender offer or exchange offer for all of the outstanding
Common Shares that is not rejected by the Board in its Recommendation Statement on Schedule 14D-9, then the Icahn Group shall similarly
be permitted to make an offer for the Company or commence a tender offer or exchange offer for all of the outstanding Common Shares at
the same or higher consideration per share, provided that the foregoing (y) will not relieve the Icahn Group of its obligations under
the Confidentiality Agreement and (z) will not be deemed to require the Company to make any public disclosures and (B) the Company may
waive the restrictions in this Section 3(a)(vii) with the approval of the Board. “Extraordinary Transaction” means,
collectively, any of the following involving the Company or any of its subsidiaries or its or their securities or all or substantially
all of the assets or businesses of the Company and its subsidiaries: any tender offer or exchange offer, merger, acquisition, business
combination, reorganization, restructuring, recapitalization, sale or acquisition of material assets, or liquidation or dissolution; provided
that Extraordinary Transaction shall not include, and neither this Section 3(a) nor any other term of this Agreement, shall restrict
the Icahn Group from, on any date following the date of this Agreement and prior to the first anniversary of this Agreement, commencing
and consummating one tender offer pursuant to applicable U.S. laws and regulations to acquire additional Common Shares, so long as (1)
such tender offer shall be consummated, terminated or withdrawn no later than 45 days following the date of the initial public announcement
of the tender offer and (2) upon consummation of such tender offer the Icahn Group would not beneficially own more than 9.9% of the outstanding
Common Shares;

 

		(viii)	seek, or encourage any person, to submit nominations in furtherance of a “contested solicitation”
for the election or removal of directors with respect to the Company or, except as expressly provided in this Agreement, seek, encourage
or take any other action with respect to the election or removal of any directors;

 

		(ix)	make any public communication in opposition to (A) any merger, acquisition, amalgamation, recapitalization,
restructuring, disposition, distribution, spin-off, asset sale, joint venture or other business combination or (B) any financing transaction,
in each case involving the Company;

 

		(x)	seek to advise, encourage, support or influence any person with respect to the voting or disposition of
any securities of the Company at any annual meeting or special meeting of stockholders, except in accordance with Section 2(a)
or Section 2(b);

 

    7 

     

    

		(xi)	publicly disclose any intention, plan or arrangement inconsistent with any provision of this Section
3; or

 

		(xii)	encourage or support any other person to take any of the actions described in this Section 3 that
the Icahn Group is restricted from doing.

 

		(b)	Subject to applicable law, from the date of this Agreement until the end of the Standstill Period, (i)
so long as the Company has not breached any material provision of this Agreement and failed to cure such breach within five (5) business
days following the receipt of written notice from the Icahn Group specifying any such breach, neither a member of the Icahn Group nor
any of the Icahn Affiliates or Associates (including such persons’ officers, directors and persons holding substantially similar
positions however titled) shall make, or cause to be made, by press release or similar public statement, including to the press or media
(including social media), or in an SEC or other public filing, any statement or announcement that disparages (as distinct from objective
statements reflecting business criticism) the Company or the Company’s respective current or former officers or directors and (ii)
so long as the Icahn Group has not breached any material provision of this Agreement and failed to cure such breach within five (5) business
days following the receipt of written notice from the Company specifying any such breach, neither the Company nor any of its Affiliates
or Associates (including such persons’ officers, directors and persons holding substantially similar positions however titled) shall
make, or cause to be made, by press release or similar public statement, including to the press or media (including social media), or
in an SEC or other public filing, any statement or announcement that disparages (as distinct from objective statements reflecting business
criticism) any member of the Icahn Group or Icahn Affiliates or any of their respective current or former officers or directors.

 

		(c)	The Icahn Group shall not enter into any agreement with, or compensate, the Independent Director with respect to his or her role or
service (including voting) as a director of the Company.

 

		4.	Public Announcements. Unless otherwise agreed, no earlier than 6:30 a.m., New York City time, on
the first trading day after the date of this Agreement, the Company shall announce the execution of this Agreement by means of a press
release in the form attached to this Agreement as Exhibit A. The Icahn Group will not issue a separate press release. The Icahn
Group shall have an opportunity to review in advance the Form 8-K filing to be made by the Company with respect to this Agreement.

 

		5.	Confidentiality Agreement. The Company hereby agrees that: (i) the Independent Director is permitted
to and may provide confidential information subject to and in accordance with the terms of the confidentiality agreement in the form attached
to this Agreement as Exhibit B (the “Confidentiality Agreement”) (which the Icahn Group agrees to execute and
deliver to the Company) and (ii) the Company will execute and deliver the Confidentiality Agreement to the Icahn Group substantially contemporaneously
with execution and delivery thereof by the other signatories thereto. At any time the Independent Director is a member of the Board, the
Board shall not adopt a policy precluding members of the Board from speaking to Mr. Carl C. Icahn, and the Company confirms that it will
advise members of the Board including the Independent Director that they may, but are not obligated to, speak to Mr. Carl C. Icahn (but
subject to the Confidentiality Agreement, mutatis mutandis), if they are willing to do so and subject to their fiduciary duties
and Company Policies and subject to keeping the Company’s General Counsel updated on the general

 

    8 

     

    

nature and contours
of all such discussions (but may caution them regarding specific matters, if any, that involve conflicts between the Company and the Icahn
Group).

 

		6.	Representations and Warranties of All Parties. Each of the parties represents and warrants to the
other party that: (a) such party has all requisite company power and authority to execute and deliver this Agreement and to perform its
obligations hereunder; (b) this Agreement has been duly and validly authorized, executed and delivered by it and is a valid and binding
obligation of such party, enforceable against such party in accordance with its terms; and (c) this Agreement will not result in a violation
of any terms or conditions of any agreements to which such person is a party or by which such party may otherwise be bound or of any law,
rule, license, regulation, judgment, order or decree governing or affecting such party.

 

		7.	Representations and Warranties of Icahn Group. Each member of the Icahn Group jointly represents
and warrants that, as of the date of this Agreement, (a) the Icahn Group collectively beneficially own, an aggregate of 4,309,105 Common
Shares, (b) except as set forth in the preceding clause (a) or as otherwise disclosed to the Company, no member of the Icahn Group, individually
or in the aggregate with any Icahn Affiliate, has any other beneficial ownership of, or economic exposure to, any Common Shares, nor does
it currently have or have any right to acquire any interest in any other securities of the Company (or any rights, options or other securities
convertible into or exercisable or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the
passage of time or the occurrence of a specified event) for such securities or any obligations measured by the price or value of any securities
of the Company or any of its controlled Affiliates, including any swaps or other derivative arrangements designed to produce economic
benefits and risks that correspond to the ownership of Common Shares, whether or not any of the foregoing would give rise to beneficial
ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether or not to be settled by delivery of Common
Shares, payment of cash or by other consideration, and without regard to any short position under any such contract or arrangement), and
(c) no member of the Icahn Group has any knowledge of any other stockholder of the Company that intends to submit a notice to the Company
to nominate directors at the 2022 Annual Meeting.

 

		8.	Representations and Warranties and Covenants of the Company. The Company represents and warrants,
that as of the date of this Agreement, (a) none of the Company, the Board nor their respective advisors are engaged in discussions to
grant board representation or board designation rights to any other stockholder of the Company, except for the Icahn Group, and (b) the
date for the 2022 Annual Meeting is scheduled for May 4, 2022 (and shall, in any event, be held no later than June 3, 2022). Further,
the Company agrees that if the Company enters into an agreement, arrangement or understanding, or otherwise grants any rights, to any
other stockholder of the Company to avoid a proxy or similar contest with such stockholder at the 2022 Annual Meeting, then to the extent
such agreement, arrangement or understanding grants any right or rights that are more favorable than those set forth in this Agreement,
the Company agrees it shall offer the same such rights to the Icahn Group.

 

		9.	Miscellaneous. Following the appointment of the Independent Director to the Board pursuant to Section
1(a)(i), this Agreement shall thereafter terminate and be of no further force or effect upon the earlier of (x) 35 calendar
days before the advance notice deadline set forth in the Company’s Bylaws for the Company’s 2023 annual meeting of stockholders
and (y) the day that is the seventh calendar day after the Icahn Group gives written notice to the Company (which notice shall not be
given before May 31, 2022) of the Icahn Group’s election to terminate this Agreement (such earlier date, the “Termination
Time”). The parties hereto recognize and agree that if for any reason any of the provisions of this Agreement are not performed
in accordance with their specific terms or

 

    9 

     

    

are otherwise breached,
immediate and irreparable harm or injury would be caused for which money damages would not be an adequate remedy. Accordingly, each party
agrees that in addition to other remedies the other party shall be entitled to at law or equity, the other party shall be entitled to
an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement
exclusively in the Delaware Court of Chancery or other federal or state courts of the State of Delaware. In the event that any action
shall be brought in equity to enforce the provisions of this Agreement, no party shall allege, and each party hereby waives the defense,
that there is an adequate remedy at law. Furthermore, each of the parties hereto (i) consents to submit itself to the personal jurisdiction
of the Delaware Court of Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this
Agreement or the transactions contemplated by this Agreement, (ii) agrees that it shall not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from any such court, (iii) agrees that it shall not bring any action relating to this Agreement or
the transactions contemplated by this Agreement in any court other than the Delaware Court of Chancery or the other federal or state courts
of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury, (iv) agrees to waive any bonding requirement
under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief, and (v) irrevocably consents
to service of process by a reputable overnight mail delivery service, signature requested, to the address of such party’s principal
place of business or as otherwise provided by applicable law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION
AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT
GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.

 

		10.	No Waiver. Any waiver by any party of a breach of any provision of this Agreement shall not operate
as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The
failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver
or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

		11.	Entire Agreement. This Agreement and the Confidentiality Agreement contain the entire understanding
of the parties with respect to the subject matter hereof and may be amended only by an agreement in writing executed by the parties hereto.

 

		12.	Notices. All notices, consents, requests, instructions, approvals and other communications provided
for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given
by email, when such email is transmitted to the email address set forth below (provided no “bounce back” or similar message
of non-delivery is received with respect thereto; provided further that notice given by email shall not be effective until either (i)
the receiving party’s receipt of a duplicate copy of such email notice by one of the other methods described in this Section
12 or (ii) the receiving party delivers a written confirmation of receipt of such notice by email or any other method described in
this Section 12), (b) delivered by hand to the address specified in this Section 12, when actually received by hand providing
proof of delivery, or (c) on the next Business Day if transmitted by national overnight courier (with confirmation of delivery) to the
address specified in this Section 12:

 

if to the Company:

 

    10 

     

    

International Flavors & Fragrances Inc.

521 West 57th Street

New York, NY 10019

	 	Attention:  	Jennifer A. Johnson, EVP, General Counsel and Corporate Secretary
	 	Email:        	jennifer.a.johnson@iff.com

 

With copies to (which shall not constitute notice):

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

	 	Attention:	Louis Goldberg 
	 	                  	Brian Wolfe  
	 	Email:	louis.goldberg@davispolk.com 
	 	                   	brian.wolfe@davispolk.com 

 

if to the Icahn Group:

 

Icahn Capital LP

16690 Collins Avenue, PH-1

Sunny Isles Beach, FL 33160 

	 	Attention:  	Jesse Lynn, Chief Operating Officer
	 	Email:       	 jlynn@sfire.com

 

		13.	Severability. If at any time subsequent to the date of this Agreement, any provision of this Agreement
shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect,
but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision
of this Agreement.

 

		14.	Counterparts. This Agreement may be executed (including by PDF) in two or more counterparts which
together shall constitute a single agreement.

 

		15.	Successors and Assigns. This Agreement shall not be assignable by any of the parties to this Agreement.
This Agreement, however, shall be binding on successors of the parties hereto.

 

		16.	No Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and
is not enforceable by any other persons.

 

		17.	Fees and Expenses. Neither the Company, on the one hand, nor the Icahn Group, on the other hand,
will be responsible for any fees or expenses of the other in connection with this Agreement.

 

		18.	Interpretation and Construction. Each of the parties hereto acknowledges that it has been represented
by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the
same with the advice of said independent counsel. Each party and its counsel cooperated and participated in the drafting and preparation
of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed
the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly,
any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted
or prepared it is of no application and is hereby expressly waived by each of the parties

 

    11 

     

    

hereto, and any
controversy over interpretations of this Agreement shall be decided without regards to events of drafting or preparation. The section
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of
this Agreement. Unless context otherwise requires, references herein to Exhibits, Sections or Schedules mean the Exhibits, Sections or
Schedules attached to this Agreement. The term “including” shall be deemed to mean “including without limitation”
in all instances. In all instances, the term “or” shall not be deemed to be exclusive.

 

[Signature Pages Follow]

 

    12 

     

    

IN WITNESS WHEREOF,
each of the parties hereto has executed this Agreement, or caused the same to be executed by its duly authorized representative as of
the date first above written.

 

 

	 	International Flavors & Fragrances Inc. 	 
	 	 	 	 
	 	By:	 /s/ Jennifer Johnson	 
	 	Name:	Jennifer Johnson	 
	 	Title:	Executive Vice President and General Counsel	 
	 	 	 	 

    [Signature Page to Cooperation Agreement between
 IFF and the Icahn Group]
 

     

    

	 	ICAHN GROUP	 
	 	 	 
	 	CARL C. ICAHN	 
	 	 	 
	 	/s/ Carl C. Icahn	 
	 	Carl C. Icahn	 

 

 

	 	ICAHN PARTNERS LP	 
	 	 	 
	 	By:	/s/ Jesse Lynn	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 

 

	 	ICAHN PARTNERS MASTER FUND LP	 
	 	 	 
	 	By:	/s/ Jesse Lynn 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	ICAHN ENTERPRISES G.P. INC.	 
	 	 	 
	 	By:	/s/ Ted Papapostolou 	 
	 	Name:	Ted Papapostolou	 
	 	Title:	Chief Financial Officer	 

    [Signature Page to Cooperation Agreement between
 IFF and the Icahn Group]
 

     

    

	 	ICAHN ENTERPRISES HOLDINGS L.P.	 
	 	By: Icahn Enterprises G.P. Inc., its general partner	 
	 	 	 	 
	 	By:	/s/ Ted Papapostolou 	 
	 	Name:	Ted Papapostolou	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	IPH GP LLC	 
	 	 	 
	 	By:	/s/ Jesse Lynn 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	ICAHN CAPITAL LP	 
	 	 	 
	 	By:	/s/ Jesse Lynn 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	ICAHN ONSHORE LP	 
	 	 	 
	 	By:	/s/ Jesse Lynn 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	ICAHN OFFSHORE LP	 
	 	 	 
	 	By:	/s/ Jesse Lynn 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 

	 	BECKTON CORP	 
	 	 	 
	 	By:	/s/ Jesse Lynn 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Vice President	 

 

    [Signature Page to Cooperation Agreement between
 IFF and the Icahn Group]
 

     

    

SCHEDULE A

 

CARL C. ICAHN

 

ICAHN PARTNERS LP

 

ICAHN PARTNERS MASTER FUND LP

 

ICAHN ENTERPRISES G.P. INC.

 

ICAHN ENTERPRISES HOLDINGS L.P.

 

IPH GP LLC

 

ICAHN CAPITAL LP

 

ICAHN ONSHORE LP

 

ICAHN OFFSHORE LP

 

BECKTON CORP.

 

     

     

    

EXHIBIT A

 

	 	 	
    FOR IMMEDIATE RELEASE

     

    

    Contact:

    

    Michael DeVeau

    

    Chief Investor Relations & Communications Officer

    

    212.708.7164

    

    Michael.DeVeau@iff.com

    

	 	 	 
		 	 
	 	 	 
	 	 	
    IFF Appoints Barry A. Bruno to Board of Directors

    

    

    

    New York, N.Y. (February 9, 2022) – IFF (NYSE: IFF) today
    announced the appointment of Barry A. Bruno to the Company’s Board of Directors as an independent director, effective February 8,
    2022.

     

    “We are pleased to welcome Barry to the IFF Board,” said
    Ed Breen, IFF Lead Director. “Barry’s leadership experience and track record with innovative, global consumer brands and deep
    international experience will benefit IFF’s shareholders, employees and customers as IFF executes its strategic and operating priorities.”

     

    “I am honored to join IFF’s Board at this moment of great
    opportunity for the Company,” said Mr. Bruno. “IFF is an innovative, customer-centric leader in solutions with global reach
    and an impressive portfolio, and I look forward to contributing to IFF’s ongoing success.”

     

    With the addition of Mr. Bruno as an independent director, the IFF
    Board will comprise 14 members. In connection with this appointment, IFF has entered into a cooperation agreement with Icahn Capital LP
    and its affiliates, pursuant to which Icahn Capital recommended Mr. Bruno as an independent director.

     

    “Barry will make a strong addition to the IFF Board,” said
    Carl Icahn, CEO of Icahn Capital. “IFF is well-positioned, with the right strategic and operating plan to capitalize on global market
    trends and opportunities.”

     

    Barry A. Bruno

     

    Mr. Bruno is Executive Vice President and Chief Marketing Officer of
    Church & Dwight Co., Inc., a role he has held since October 2021. During his tenure with Church & Dwight, he has held the roles
    of Executive Vice President, International; Vice President, International Marketing and Global Markets Group; and Director – Export.
    He helped lead Church & Dwight’s growth in China and other international markets and has played a key role overseeing post-merger
    integration initiatives. Prior to joining Church & Dwight, Mr. Bruno held various senior leadership positions with Johnson & Johnson
    in its consumer, pharmaceutical and diagnostics business units.

    

     

    Welcome to IFF

    

    At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health
    and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected
    innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners
    with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more
    good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.

    

 

     

     

    

EXHIBIT B

 

[CONFIDENTIALITY
AGREEMENT]

 

     

     

    

CONFIDENTIALITY AGREEMENT

 

From: International Flavors & Fragrances Inc.

 

February 8, 2022

 

To: Each of the persons or entities listed on Schedule A (the “Icahn
Group” or “you”)

 

Ladies and Gentlemen:

 

This letter agreement shall
become effective upon the execution of the Cooperation Agreement (the “Cooperation Agreement”), dated as of February
8, 2022, among International Flavors & Fragrances Inc. (the “Company”) and the Icahn Group. Capitalized terms used
but not otherwise defined herein shall have the meanings given to such terms in the Cooperation Agreement. The Company understands and
agrees that, subject to the terms of, and in accordance with, this letter agreement and during the term of the Cooperation Agreement,
the Independent Director may, if and to the extent he or she desires to do so, disclose non-privileged information (but not including
providing copies of Board materials) he or she obtains while serving as a member of the Board of Directors (“Board”) of the
Company to you and your Representatives (as hereinafter defined), and may discuss such information with any and all such persons, subject
to the terms and conditions of this letter agreement, and that other members of the Board may similarly disclose information to you if
they wish to do so, subject to the Company Policies (subject to the Confidentiality Agreement), if they are willing to do so and subject
to their fiduciary duties and Company Policies and subject to keeping the Company’s General Counsel updated on the general nature
and contours of all such discussions. The Company may also furnish non-privileged information to you and your Representatives. As a result,
you may receive certain non-public information regarding the Company. You acknowledge that this information is proprietary to the Company
and may include trade secrets or other business information the disclosure of which could harm the Company. In consideration for, and
as a condition of, the information being furnished to you and your agents, affiliates, representatives, attorneys, advisors, directors,
officers or employees, subject to the restrictions in paragraph 2 (collectively, the “Representatives”), you agree
to treat any and all information concerning or relating to the Company or any of its subsidiaries or current or former affiliates that
is furnished to you or your Representatives (regardless of the manner in which it is furnished, including in written or electronic format
or orally, gathered by visual inspection or otherwise) by the Independent Director, or by or on behalf of the Company or any Company Representative
(as defined below), including discussions or matters considered in meetings of the Board or Board committees, together with any notes,
analyses, reports, models, compilations, studies, interpretations, documents, records or extracts thereof containing, referring, relating
to, based upon or derived from such information, in whole or in part (collectively, “Evaluation Material”), in accordance
with the provisions of this letter agreement, and to take or abstain from taking the other actions hereinafter set forth..

 

		1.	The term “Evaluation Material” does not include information that (i) is or has become generally
available to the public other than as a result of a direct or indirect disclosure by you or your Representatives in violation of this
letter agreement or any other obligation of confidentiality, (ii) was within your or any of your Representatives’ possession on
a non-confidential basis prior to its being furnished to you by the Independent Director, or by or on behalf of the Company or its agents,
representatives, attorneys, advisors, directors, officers or employees (collectively, the “Company Representatives”),
or (iii) is received from a source other than the Independent Director, the Company or any of the Company Representatives; provided,
that in the case of (ii) or (iii) above, the source of such information was not believed by you, after reasonable inquiry, to be bound
by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company or any other
person with respect to such information at the time the information was disclosed to you.

 

     

     

    

		2.	You and your Representatives will, and you will cause your Representatives to, (a) keep the Evaluation
Material strictly confidential and (b) not disclose any of the Evaluation Material in any manner whatsoever without the prior written
consent of the Company; provided, however, that you may privately disclose any of such information: (A) to your Representatives
(i) who need to know such information for the purpose of advising you on your investment in the Company and (ii) who are informed by you
of the confidential nature of such information and agree to be bound by the terms of this letter agreement as if they were a party hereto;
provided, further, that you will be responsible for any violation of this letter agreement by your Representatives as if they were
parties to this letter agreement; and (B) to the Company and the Company Representatives. It is understood and agreed that the Independent
Director shall not disclose to you or your Representatives any Legal Advice (as defined below) that may be included in the Evaluation
Material with respect to which such disclosure would constitute waiver of the Company’s attorney client privilege or attorney work
product privilege. “Legal Advice” as used in this letter agreement shall be solely and exclusively limited to the advice
provided by legal counsel and any discussions, deliberations or materials concerning such advice or which would otherwise be subject to
legal privileges and protections and shall not include factual information or the formulation or analysis of business strategy solely
to the extent that it is not protected by the attorney-client, attorney work product or other legal privilege.

 

		3.	In the event that you or any of your Representatives are required by applicable subpoena, legal process
or other legal requirement to disclose any of the Evaluation Material, you will (a) promptly notify (except where such notice would be
legally prohibited) the Company in writing by email, facsimile and certified mail so that the Company may seek a protective order or other
appropriate remedy (and if the Company seeks such an order, you will provide such cooperation as the Company shall reasonably request),
at its cost and expense and (b) produce or disclose only that portion of the Evaluation Material which your outside legal counsel of national
standing advises you in writing is legally required to be so produced or disclosed and you will inform the recipient of such Evaluation
Material of the existence of this letter agreement and the confidential nature of such Evaluation Material. In no event will you or any
of your Representatives oppose action by the Company to obtain a protective order or other relief to prevent the disclosure of the Evaluation
Material or to obtain reliable assurance that confidential treatment will be afforded the Evaluation Material. For the avoidance of doubt,
it is understood that there shall be no “legal requirement” requiring you to disclose any Evaluation Material solely by virtue
of the fact that, absent such disclosure, you would be prohibited from purchasing, selling, or engaging in derivative or other voluntary
transactions with respect to the Common Shares of the Company or otherwise proposing or making an offer to do any of the foregoing, or
you would be unable to file any proxy or other solicitation materials in compliance with Section 14(a) of the Exchange Act or the rules
promulgated thereunder.

 

		4.	You acknowledge that (a) none of the Company or any of the Company Representatives makes any representation
or warranty, express or implied, as to the accuracy or completeness of any Evaluation Material, and (b) none of the Company or any of
the Company Representatives shall have any liability to you or to any of your Representatives relating to or resulting from the use of
the Evaluation Material or any errors therein or omissions therefrom. You and your Representatives (or anyone acting on your or their
behalf) shall not directly or indirectly initiate contact or communication with any executive or employee of the Company (other than the
Chairman of the Board, Chief Executive Officer, Chief Financial Officer, General Counsel, or such other persons approved in writing by
the foregoing or the Board) concerning Evaluation Material, or to seek any information in connection therewith from any such person other
than the foregoing, without the prior consent of the Company.

 

    2 

     

    

		5.	All Evaluation Material shall remain the property of the Company. Neither you nor any of your Representatives
shall by virtue of any disclosure of or your use of any Evaluation Material acquire any rights with respect thereto, all of which rights
(including all intellectual property rights) shall remain exclusively with the Company. At any time after the date on which no Independent
Director is a director of the Company, upon the request of the Company for any reason, you will promptly return to the Company or destroy
all hard copies of the Evaluation Material and use reasonable best efforts to permanently erase or delete all electronic copies of the
Evaluation Material in your or any of your Representatives’ possession or control (and, upon the request of the Company, shall promptly
certify to the Company that such Evaluation Material has been erased or deleted, as the case may be). Notwithstanding the foregoing, the
obligation to return or destroy Evaluation Material shall not cover information (i) that is maintained on routine computer system backup
tapes, disks or other backup storage devices as long as such backed-up information is not used, disclosed, or otherwise recovered from
such backup devices or (ii) retained on a confidential basis solely to the extent required to comply with applicable law and/or any internal
record retention requirements; provided that such materials referenced in this sentence shall remain subject to the terms of this letter
agreement applicable to Evaluation Material, and you and your Representatives will continue to be bound by the obligations contained herein
for as long as any such materials are retained by you or your Representatives.

 

		6.	You acknowledge, and will advise your Representatives, that the Evaluation Material may constitute material
non-public information under applicable federal or state securities laws, and you agree that you shall not, and you shall use reasonable
best efforts to ensure that your Representatives do not, trade or engage in any derivative or other transaction in the Company Shares
or any of the Company’s other securities on the basis of such information in violation of such laws.

 

		7.	You hereby represent and warrant to the Company that (i) you have all requisite company power and authority
to execute and deliver this letter agreement and to perform your obligations hereunder, (ii) this letter agreement has been duly authorized,
executed and delivered by you, and is a valid and binding obligation, enforceable against you in accordance with its terms, (iii) this
letter agreement will not result in a violation of any terms or conditions of any agreements to which you are a party or by which you
may otherwise be bound or of any law, rule, license, regulation, judgment, order or decree governing or affecting you, and (iv) your entry
into this letter agreement does not require approval by any owners or holders of any equity or other interest in you (except as has already
been obtained).

 

		8.	Any waiver by the Company of a breach of any provision of this letter agreement shall not operate as or
be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this letter agreement. The
failure of the Company to insist upon strict adherence to any term of this letter agreement on one or more occasions shall not be considered
a waiver or deprive the Company of the right thereafter to insist upon strict adherence to that term or any other term of this letter
agreement.

 

		9.	You acknowledge and agree that the value of the Evaluation Material to the Company is unique and substantial,
but may be impractical or difficult to assess in monetary terms. You further acknowledge and agree that in the event of an actual or threatened
violation of this letter agreement, immediate and irreparable harm or injury would be caused for which money damages would not be an adequate
remedy. Accordingly, you acknowledge and agree that, in addition to any and all other remedies which may be available to the Company at
law or equity, the Company shall be entitled to an injunction or injunctions to prevent breaches of this letter agreement and to enforce
specifically the terms and provisions of this letter agreement exclusively in the Delaware Court of

 

    3 

     

    

Chancery or other
federal or state courts of the State of Delaware. In the event that any action shall be brought in equity to enforce the provisions of
this letter agreement, you shall not allege, and you hereby waive the defense, that there is an adequate remedy at law.

 

		10.	Each of the parties (a) consents to submit itself to the personal jurisdiction of the Delaware Court of
Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this letter agreement or the
transactions contemplated by this letter agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this letter agreement
or the transactions contemplated by this letter agreement in any court other than the Delaware Court of Chancery or other federal or state
courts of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury, (d) agrees to waive any bonding
requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief, and (e) irrevocably
consents to service of process by a reputable overnight delivery service, signature requested, to the address of such party’s principal
place of business or as otherwise provided by applicable law. THIS LETTER AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY,
INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH
STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.

 

		11.	This letter agreement and the Cooperation Agreement contain the entire understanding of the parties with
respect to the subject matter hereof and thereof and supersedes all prior or contemporaneous agreements or understandings, whether written
or oral. This letter agreement may be amended only by an agreement in writing executed by the parties hereto.

 

		12.	All notices, consents, requests, instructions, approvals and other communications provided for in this
letter agreement and all legal process in regard to this letter agreement shall be in writing and shall be deemed validly given, made
or served, if (a) given by email, when such email is transmitted to the email address set forth below (provided no “bounce back”
or similar message of non-delivery is received with respect thereto; provided further that notice given by email shall not be effective
until either (i) the receiving party’s receipt of a duplicate copy of such email notice by one of the other methods described in
this Section 12 or (ii) the receiving party delivers a written confirmation of receipt of such notice by email or any other method
described in this Section 12), (b) delivered by hand to the address specified in this Section 12, when actually received
by hand providing proof of delivery, or (c) on the next Business Day if transmitted by national overnight courier (with confirmation of
delivery) to the address specified in this Section 12:

 

if to the Company:

 

International Flavors & Fragrances Inc.

521 West 57th Street

New York, NY 10019

	 	Attention:  	Jennifer A. Johnson, 
	 	 	EVP, General Counsel and Corporate Secretary
	 	Email:       	 jennifer.a.johnson@iff.com

 

With copies to (which shall not constitute notice):

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

    4 

     

    

New York, NY 10017

	 	Attention:	Louis Goldberg 
	 	                  	Brian Wolfe  
	 	Email:	louis.goldberg@davispolk.com 
	 	                  	brian.wolfe@davispolk.com 

 

if to the Icahn Group:

 

Icahn Capital LP

16690 Collins Avenue, PH-1 

Sunny Isles Beach, FL 33160

	 	Attention:  	Jesse Lynn, Chief Operating Officer
	 	Email:        	jlynn@sfire.com

 

		13.	If at any time subsequent to the date hereof, any provision of this letter agreement shall be held by
any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality
or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this letter agreement.

 

		14.	This letter agreement may be executed (including by PDF) in two or more counterparts which together shall
constitute a single agreement.

 

		15.	This letter agreement and the rights and obligations herein may not be assigned or otherwise transferred,
in whole or in part, by you without the express written consent of the Company. This letter agreement, however, shall be binding on successors
of the parties to this letter agreement.

 

		16.	This letter agreement shall expire two (2) years from the date on which the Cooperation Agreement terminates;
except that the obligations hereunder will remain in effect for information that is retained as provided in Section 5 and except
that you shall maintain in accordance with the confidentiality obligations set forth herein any Evaluation Material constituting trade
secrets for such longer time as such information constitutes a trade secret of the Company as defined under 18 U.S.C. § 1839(3) and
(ii) retained pursuant to Section 5.

 

		17.	No licenses or rights under any patent, copyright, trademark, or trade secret are granted or are to be
implied by this letter agreement.

 

		18.	Each of the parties acknowledges that it has been represented by counsel of its choice throughout all
negotiations that have preceded the execution of this letter agreement, and that it has executed the same with the advice of said counsel.
Each party and its counsel cooperated and participated in the drafting and preparation of this letter agreement and the documents referred
to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties
and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision
that would require interpretation of any ambiguities in this letter agreement against any party that drafted or prepared it is of no application
and is hereby expressly waived by each of the parties, and any controversy over interpretations of this letter agreement shall be decided
without regards to events of drafting or preparation. The term “including” shall in all instances be deemed to mean “including
without limitation.” In all instances, the term “or” shall not be deemed to be exclusive.

 

[Signature Pages Follow]

 

    5 

     

    

Please confirm your agreement with the foregoing
by signing and returning one copy of this letter agreement to the undersigned, whereupon this letter agreement shall become a binding
agreement between you and the Company.

 

	 	Very truly yours,	 
	 	International Flavors & Fragrances Inc. 	 
	 	 	 	 
	 	By:		 
	 	Name:	Jennifer Johnson	 
	 	Title:	Executive Vice President and General Counsel	 

Accepted and agreed as of the date first written above:

 

	 	 	 	CARL C. ICAHN	 
	 	 	 	 	 
	 	 	 	Carl C. Icahn	 

    [Signature Page to Confidentiality Agreement between IFF and the Icahn Group]
 

     

    

	 	ICAHN PARTNERS LP	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	ICAHN PARTNERS MASTER FUND LP	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	ICAHN ENTERPRISES G.P. INC.	 
	 	 	 
	 	By:	 	 
	 	Name:	Ted Papapostolou	 
	 	Title:	Chief Financial Officer 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	ICAHN ENTERPRISES HOLDINGS L.P.	 
	 	 	 
	 	By: Icahn Enterprises G.P. Inc., its general partner	 
	 	 	 
	 	By:	 	 
	 	Name:	Ted Papapostolou	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	IPH GP LLC	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 

	 	ICAHN CAPITAL LP	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 

    [Signature Page to Confidentiality Agreement between IFF and the Icahn Group]
 

     

    

	 	ICAHN ONSHORE LP	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	ICAHN OFFSHORE LP	 
	 	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	BECKTON CORP	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Vice President	 

    [Signature Page to Confidentiality Agreement between IFF and the Icahn Group]
 

     

    

SCHEDULE A

 

Beckton Corp.

 

Icahn Capital LP

 

Icahn Enterprises Holdings L.P.

 

Icahn Enterprises G.P. Inc.

 

Icahn Offshore LP

 

Icahn Onshore LP

 

Icahn Partners LP

 

Icahn Partners Master Fund LP

 

IPH GP LLC

 

Icahn Capital LP

 

Carl C. Icahn

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