Document:

EX-4.31

 Exhibit 4.31 

Petróleos Mexicanos 

Reopening of U.S. $2,500,000,000 5.950% Notes due 2031 

Reopening of U.S. $2,500,000,000 6.950% Bonds due 2060 

Issued Under U.S. $ 112,000,000,000 Medium-Term Notes Program, Series C 

jointly and severally guaranteed by 

Pemex Exploración y Producción, Pemex Transformación Industrial, Pemex Logística, 

and their respective successors and assignees 
  

 

Exchange and Registration Rights Agreement 

February 6, 2020 
 To the Dealer Managers
Listed in Annex 1 Hereto. 
 Ladies and Gentlemen: 

This registration rights agreement (this “Agreement”) is made and entered into by and among Petróleos Mexicanos (the
“Issuer”), a productive state-owned company of the Federal Government of the United Mexican States (“Mexico”), and Barclays Capital Inc., BBVA Securities Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Morgan
Stanley & Co. LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. (together, the “Dealer Managers” and each, a “Dealer Manager”). 

This Agreement is made pursuant to the exchange offer statement dated January 21, 2020 (as amended or supplemented, the “Exchange
Offer Statement”), which provides for the offers by the Issuer to exchange its outstanding securities listed in Annex 2 hereto (the “Initial Exchange Offers”) upon the terms set forth in the Dealer Manager Agreement (as defined
herein) for an additional issuance of its 5.950% Notes due 2031 (the “2031 Notes”) and 6.950% Bonds due 2060 (the “2060 Bonds”), on the terms and conditions set forth in the Exchange Offer Statement. The Securities (as defined
below) will be jointly and severally guaranteed by Pemex Exploración y Producción, Pemex Transformación Industrial and Pemex Logística and their respective successors and assignees (each a “Guarantor” and,
collectively, the “Guarantors”), each of which is a productive state-owned company of the Federal Government of Mexico. 
 The
execution of this Agreement is a condition to the consummation of the Initial Exchange Offers. The Issuer agrees with the Dealer Managers for the benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined
herein) as follows: 
 1. Certain Definitions. For purposes of this Exchange and Registration Rights Agreement, the following terms
shall have the following respective meanings: 
 “Additional Interest” shall have the meaning
assigned thereto in Section 2(c) hereof. 

 “Advice” shall have the meaning assigned thereto in
Section 3(h) hereof. 
 “Agreement” shall have the meaning assigned thereto in the first paragraph
hereof. 
 “Base Interest” shall mean the interest that would otherwise accrue on the Securities under the
terms thereof and the Indenture, without giving effect to the provisions of this Agreement. 

“broker-dealer” shall mean any broker or dealer registered with the Commission under the Exchange Act. 

“Commission” shall mean the United States Securities and Exchange Commission, or any other federal agency at
the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose. 

“Dealer Managers” shall have the meaning assigned thereto in the first paragraph hereof. 

“Dealer Manager Agreement” shall mean the Dealer Manager Agreement, dated as of January 21, 2020, among
the Dealer Managers and the Issuer relating to the Initial Exchange Offers. 
 “Effective Time” in the case
of (i) an Exchange Registration, shall mean the time and date as of which the Commission declares the Exchange Offer Registration Statement effective or as of which the Exchange Offer Registration Statement otherwise becomes effective and
(ii) a Shelf Registration, shall mean the time and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective. 

“Electing Holder” shall mean any holder of Registrable Securities who has returned a completed and signed
Notice and Questionnaire to the Issuer in accordance with Section 3(d)(ii) hereof. 
 “Event Date”
shall have the meaning assigned thereto in Section 2(c) hereof. 
 “Exchange Act” shall mean the
Securities Exchange Act of 1934, or any successor thereto, as the same shall be amended from time to time. 

“Exchange Offer Registration Statement” shall have the meaning assigned thereto in Section 2(a) hereof.

 “Exchange Offers” shall have the meaning assigned thereto in Section 2(a) hereof. 

“Exchange Registration” shall have the meaning assigned thereto in Section 3(c) hereof. 

“Exchange Securities” shall have the meaning assigned thereto in Section 2(a) hereof. 

“Guaranties” shall have the meaning assigned thereto in the definition of “Securities” in this
Section 1. 
 “Guarantor” shall have the meaning assigned thereto in the second paragraph hereof. 

“Guaranty Agreement” shall have the meaning assigned thereto in the definition of “Securities” in
this Section 1. 
 “holder” shall mean any person who acquires Registrable Securities from time to time
(including any successors or assigns), in each case for so long as such person owns any Registrable Securities. 

  
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 “Indenture” shall mean the Indenture, dated as of
January 27, 2009, between the Issuer and the Trustee, as amended and supplemented by: (i) the first supplemental indenture, dated as of June 2, 2009, among the Issuer, the Trustee and Deutsche Bank AG, London Branch, as international
paying and authenticating agent, (ii) the second supplemental indenture, dated as of October 13, 2009, among the Issuer, the Trustee, Credit Suisse AG, as principal Swiss paying and authenticating agent, and BNP Paribas (Suisse) SA, as an
additional Swiss paying agent, (iii) the third supplemental indenture, dated as of April 10, 2012, among the Issuer, the Trustee and Credit Suisse AG, as Swiss paying and authenticating agent, (iv) the fourth supplemental indenture,
dated as of June 24, 2014, between the Issuer and the Trustee, (v) the fifth supplemental indenture, dated as of October 15, 2014, between the Issuer and the Trustee, (vi) the sixth supplemental indenture, dated as of
December 8, 2015, among the Issuer, the Trustee, BNP Paribas (Suisse) SA, as principal Swiss paying and authenticating agent, and Credit Suisse AG, as an additional Swiss paying agent, (vii) the seventh supplemental indenture, dated as of
June 14, 2016, among the Issuer, the Trustee, Credit Suisse AG, as principal Swiss paying and authenticating agent, and UBS AG, as an additional Swiss paying agent, (viii) the eighth supplemental indenture, dated as of February 16,
2018, between the Issuer and the Trustee, and (ix) the ninth supplemental indenture, dated as of June 4, 2018, among the Issuer, the Trustee, BNP Paribas (Suisse) SA, as principal Swiss paying and authenticating agent and UBS AG, as an
additional Swiss paying agent, and as the same shall be further amended from time to time. 
 “Initial Exchange
Offers” shall have the meaning assigned thereto in the second paragraph hereof. 
 “Issuer” shall
have the meaning assigned thereto in the first paragraph hereof. 
 “Mexico” shall have the meaning assigned
thereto in the first paragraph hereof. 
 “Notice and Questionnaire” shall mean a Notice of Registration
Statement and Selling Securityholder Questionnaire substantially in the form of Exhibit A hereto. 

“person” shall mean a corporation, association, partnership, organization, business, individual, government or
political subdivision thereof or governmental agency. 
 “Registrable Securities” shall mean the Securities;
provided, however, that a Security shall cease to be a Registrable Security when: (i) in the circumstances contemplated by Section 2(a) hereof, the Security has been exchanged for an Exchange Security in an Exchange
Offer as contemplated in Section 2(a) hereof (provided further, however, that any Exchange Security that, pursuant to the last two sentences of Section 2(a), is included in a prospectus for use in connection with resales by
broker-dealers shall be deemed to be a Registrable Security with respect to Sections 5, 6 and 9 until the earlier of the resale of such Registrable Security or the expiration of the 180-day period
referred to in Section 2(a)); (ii) in the circumstances contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Security under the Securities Act has been declared or becomes effective, and such Security
has been sold or otherwise transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (iii) such Security is sold pursuant to Rule 144 under circumstances in which any legend borne
by such Security relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Issuer or pursuant to the Indenture; (iv) such Security is freely transferable pursuant to Rule 144; or (v) such
Security shall cease to be outstanding. 
 “Registration Default” shall have the meaning assigned thereto in
Section 2(c) hereof. 
 “Registration Expenses” shall have the meaning assigned thereto in
Section 4 hereof. 
 “Resale Period” shall have the meaning assigned thereto in Section 2(a)
hereof. 

  
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 “Restricted Holder” shall mean (i) a holder that is an
affiliate of the Issuer within the meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of such holder’s business or (iii) a holder who is engaged in, or intends to engage in, or has
arrangements or understandings with any person to participate in, the Exchange Offers for the purpose of distributing Exchange Securities. 

“Rule 144,” “Rule 405” and
“Rule 415” shall mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall be amended from time to time. 

“Securities” shall mean, collectively, the additional (i) 2031 Notes (CUSIP Nos.: 71654QCZ3 and P78625EA7),
and (ii) 2060 Bonds (CUSIP Nos.: 71654QDA7 and P78625EB5) to be issued in connection with the Initial Exchange Offers, and securities issued in exchange therefor or in lieu thereof pursuant to the Indenture. Each Security is entitled to the benefit
of the guaranties (the “Guaranties”) provided for in the guaranty agreement, dated as of July 29, 1996, among the Issuer and each of the Guarantors (the “Guaranty Agreement”) and, unless the context otherwise
requires, any reference herein to “Securities,” “Exchange Securities” or “Registrable Securities” shall include a reference to the related Guaranties. 

“Securities Act” shall mean the Securities Act of 1933, or any successor thereto, as the same shall be amended
from time to time. 
 “Settlement Date” shall mean the date on which the Registrable Securities are
initially issued. 
 “Shelf Registration” shall have the meaning assigned thereto in Section 2(b)
hereof. 
 “Shelf Registration Statement” shall have the meaning assigned thereto in Section 2(b)
hereof. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, or any successor thereto, and
the rules, regulations and forms promulgated thereunder, all as the same shall be amended from time to time. 

“Trustee” shall mean Deutsche Bank Trust Company Americas. 

Unless the context otherwise requires, any reference herein to a “Section” or “clause” refers to a Section or clause,
as the case may be, of this Agreement, and the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision.

 2. Registration Under the Securities Act. 

(a) Except as set forth in Section 2(b) below, the Issuer agrees to use its best efforts to file or cause to be filed
under the Securities Act, as soon as practicable, but no later than on or before September 30, 2020, a registration statement relating to offers to exchange (such registration statement, the “Exchange Offer Registration Statement”,
and such offers, the “Exchange Offers”) any and all of the 2031 Notes and the 2060 Bonds for a like aggregate principal amount of debt securities issued by the Issuer and guaranteed by the Guarantors, which debt securities and guaranties
are substantially identical to the Securities and the related Guaranties, respectively (and are entitled to the benefits of a trust indenture which is substantially identical to the Indenture or is the Indenture and which has been qualified under
the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act, and do not contain provisions for the additional interest contemplated in Section 2(c) below (such new
debt securities hereinafter called the “2031 Exchange Notes” and the “2060 Exchange Bonds,” respectively, and, together, the “Exchange Securities”). The Issuer agrees to use its best efforts to cause the Exchange Offer
Registration Statement to become effective by the Commission under the Securities Act as soon as practicable, but no later than March 1, 2021. The Exchange Offers will be registered under the Securities Act on the appropriate form and will
comply with all applicable rules and regulations under the Exchange Act. The Issuer further agrees to use its best efforts to commence and complete the Exchange Offers promptly, but no later than April 5, 2021, hold the Exchange Offers open for
at least 30 days and issue and deliver Exchange Securities in exchange for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offers. Each holder of Registrable Securities
who wishes to exchange such Registrable Securities for Exchange Securities in, and in accordance with the terms of, the Exchange Offers will be required to make certain customary representations in connection therewith, including representations
that such holder is not a Restricted Holder. Upon the effectiveness of the Exchange Offer Registration Statement, the Issuer shall promptly commence the Exchange Offers, it being the objective of such Exchange Offers that each holder (other than a
Restricted Holder) electing to participate in the Exchange Offers will receive Exchange Securities that are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material
restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America. The Exchange Offers shall be deemed to have been completed upon the earlier to occur of (i) the Issuer having exchanged
the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offers and (ii) the Issuer having exchanged, pursuant to the Exchange Offers, Exchange Securities for all Registrable Securities that have been properly
tendered and not withdrawn before the expiration of the Exchange Offers, which shall be on a date that is at least 30 days following the commencement of the Exchange Offers. The Issuer agrees (x) to include in the Exchange Offer
Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (y) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning
when Exchange Securities are first issued in the Exchange Offers and ending upon the earlier of the expiration of the 180th day after the Exchange Offers have been completed or such time as such broker-dealers no longer own any Registrable
Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (c), (d) and (e) hereof. 

  
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 (b) If (i) on or prior to the time the Exchange Offers are completed,
existing Commission interpretations are changed such that the debt securities or the related guaranties received by holders other than Restricted Holders in the Exchange Offers for Registrable Securities are not or would not be, upon receipt,
transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offers have not been completed on or before April 5, 2021 or (iii) any holder notifies the Issuer prior to 20 days after the
consummation of the Exchange Offers that (A) based on the advice of counsel, due to a change in law or Commission policy it may not resell the Exchange Securities acquired by it in the Exchange Offers to the public without delivering a
prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such holder or (B) it is a purchaser and owns Registrable Securities acquired directly from the Issuer or
an affiliate of the Issuer or (C) on or prior to the consummation of the Exchange Offers existing laws, regulations and/or applicable Commission interpretations have been changed such that the holders of at least a majority in aggregate
principal amount of the Registrable Securities would not be able to resell the Exchange Securities acquired by them in, and in accordance with the terms of, the Exchange Offers to the public without restriction under the Securities Act and without
restriction under applicable blue sky or state securities laws, the Issuer shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offers contemplated by Section 2(a), use its best efforts to file or
cause to be filed under the Securities Act as soon as practicable, but no later than the later of March 1, 2021 or 30 days after the time such obligation to file arises (but in no event prior to August 1 or after September 30 of
any calendar year), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may
be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). 

  
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 The Issuer agrees to use its best efforts (x) to cause the Shelf
Registration Statement to become or be declared effective on or prior to 60 days after such filing was required to be made hereunder (but in no event prior to August 1 or after September 30 of any calendar year) and (y) to keep
such Shelf Registration Statement continuously effective for a period of one year (or, if shorter, the period after which Rule 144(d) generally becomes available to non-affiliates of the Issuer) from the
effective date of the Shelf Registration Statement (subject to extension pursuant to Sections 2(d) and 3(h)); provided, however, that if such Shelf Registration Statement has been filed solely at the request of the Dealer
Managers pursuant to clause (iii)(B) of this Section 2(b), the Issuer shall only be required to use its best efforts to keep such Shelf Registration Statement continuously effective for a period of one year from the date of issuance
of the Securities (subject to extension pursuant to Sections 2(d) and 3(h)) or until all of the Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or cease to be outstanding;
provided further, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such
holder is an Electing Holder. The Issuer further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuer for
such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuer agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly after its being used
or promptly following its filing with the Commission. 
 (c) If (i) the Exchange Offer Registration Statement (or a
Shelf Registration Statement in lieu thereof) is not filed on or before September 30, 2020 (ii) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not declared effective by the Commission on or
before March 1, 2021, (iii) the Exchange Offers are not consummated on or before April 5, 2021, (iv) a Shelf Registration Statement required to be filed is not filed on or before the date specified above for such filing,
(v) a Shelf Registration Statement otherwise required to be filed is not declared effective on or before the date specified above for effectiveness thereof or (vi) a Shelf Registration Statement is declared effective but thereafter,
subject to certain exceptions, ceases to be effective or usable (whether due to a stop order or otherwise) in connection with resales of Registrable Securities during the period specified in Section 2(b) above (each such event referred to in
clauses (i) through (vi) above, a “Registration Default”), then, in the case of a Registration Default referred to in clause (i), (ii) or (iii) above, the interest rate on all Registrable Securities or, in the
case of a Registration Default referred to in clause (iv), (v) or (vi) above, the interest rate on the Registrable Securities to which such Registration Default relates, will increase by 0.25% per annum with respect to each 90-day period that passes until all such Registration Defaults have been cured, up to a maximum amount of 1.00% per annum (“Additional Interest”); provided, however, that such Additional
Interest will cease to accrue at the later of (i) the date on which the Securities become freely transferable pursuant to Rule 144 and (ii) the date on which the Barclays Capital U.S. Aggregate Bond Index is modified to permit the
inclusion of freely transferable securities that have not been registered under the Securities Act. Upon the cure of any such Registration Default, the interest rate borne by the Registrable Securities shall be reduced thereafter by the full amount
of any such increase or increases that resulted from such Registration Default. 
  

  
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 The Issuer shall notify the Trustee within three business days after
each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the holders, on
or before the applicable semiannual interest payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record holder
entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. 

(d) Any Exchange Offer Registration Statement pursuant to Section 2(a) and any Shelf Registration Statement pursuant to
Section 2(b) will not be deemed to have become effective unless it has been declared effective by the Commission; provided, however, that, if after it has been declared effective, the offering of Securities pursuant to a Shelf
Registration Statement is subject to any stop order, injunction or other order or requirement of the Commission or any other governmental agency or court, such Registration Statement will be deemed not to have been effective for such Securities
during the period it was so subject, until the offering of such Securities pursuant to such Registration Statement may legally resume. 

In no event shall the Issuer be deemed to be in breach of its obligations under the second paragraph of Section 2(b) nor
shall a Registration Default described in Section 2(c)(vi) be deemed to have occurred (i) as a result of any action required by applicable law which renders the Issuer unable to comply with the Commission disclosure requirements or
(ii) if compliance with its obligations under this Agreement to maintain the effectiveness of, supplement or amend any Registration Statement, upon advice of U.S. counsel to the Issuer, would require additional disclosure of material non-public information by the Issuer or its subsidiaries as to which, and so long as, the Issuer or its subsidiaries has a bona fide business purpose in preserving its confidentiality; provided,
however, that the maximum period of time during which the Issuer shall be entitled to postpone the effectiveness, supplementing or amending of any Registration Statement pursuant to clause (ii) of this paragraph shall be
45 calendar days; provided, further, that (x) upon the exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement, the
Issuer shall give the holders prompt written notice of such exercise and an approximation of the anticipated length of such postponement and (y) after the exercise of its right under clause (ii) of this paragraph to postpone the
effectiveness, supplementing or amending of any such Registration Statement, the Issuer shall not, within six months of the expiration of any such postponement, exercise again its right of postponement under clause (ii) of this paragraph.
The holders hereby acknowledge that any notice given by the Issuer pursuant to this paragraph may constitute material non-public information and that the United States securities laws prohibit any person who
has material non-public information about a company from purchasing or selling securities of the company or from communicating such information to any other person under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell such securities. 
 (e) The Issuer shall take all actions
necessary or advisable to cause the Guaranties to be registered under the registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. 

(f) Any reference herein to a registration statement as of any time shall be deemed to include any document incorporated, or
deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated,
therein by reference as of such time. 

  
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 3. Registration Procedures. 

If the Issuer files a registration statement pursuant to Section 2(a) or Section 2(b), the following provisions shall apply: 

(a) At or before the Effective Time of the Exchange Offers or the Shelf Registration, as the case may be, the Issuer shall
cause the Indenture to be qualified under the Trust Indenture Act. 
 (b) In the event that such qualification would require
the appointment of a new trustee under the Indenture, the Issuer shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 

(c) In connection with the Issuer’s obligations with respect to the registration of Exchange Securities as contemplated by
Section 2(a) (the “Exchange Registration”), if applicable, the Issuer shall, as soon as practicable (or as otherwise specified): 

(i) prepare and file with the Commission, as soon as practicable but no later than September 30, 2020, an Exchange Offer
Registration Statement on any form which may be utilized by the Issuer and which shall permit the Exchange Offers and use its best efforts to cause such Exchange Offer Registration Statement to become effective as soon as practicable thereafter, but
no later than March 1, 2021; 
 (ii) prepare and file with the Commission such amendments and supplements to such
Exchange Offer Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange Offer Registration Statement for the periods and purposes contemplated in Section 2(a)
hereof and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Exchange Offer Registration Statement, and promptly provide each broker-dealer holding Exchange Securities
that has identified itself to the Issuer as such with such number of copies of the prospectus included therein (as then amended or supplemented), in conformity in all material respects with the applicable requirements of the Securities Act and the
Trust Indenture Act and the rules and regulations of the Commission thereunder, as such broker-dealer reasonably may request prior to the expiration of the Resale Period, for use in connection with resales of Exchange Securities; 

(iii) promptly notify each broker-dealer that has identified itself to the Issuer as such and requested copies of the
prospectus included in such registration statement, and confirm such advice in writing, (A) when such Exchange Offer Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment
has been filed, and, with respect to such Exchange Offer Registration Statement or any post-effective amendment, when the same has become effective, (B) of any request by the Commission or by the blue sky or securities commissioner or regulator
of any state for amendments or supplements to such Exchange Offer Registration Statement or prospectus or for additional information after such Exchange Offer Registration Statement has become effective, (C) of the issuance by the Commission of
any stop order suspending the effectiveness of such Exchange Offer Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the representations and warranties of the Issuer contemplated by
Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Exchange Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose, or (F) at any time during the Resale Period when a prospectus is required to be delivered under the Securities Act, that such Exchange Offer Registration Statement, prospectus,
prospectus amendment or supplement or post-effective prospectus amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission
thereunder or contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; and each such
broker-dealer agrees to suspend use of such prospectus, prospectus amendment or supplement or post-effective amendment until the Issuer has amended or supplemented the prospectus to correct such misstatement or omission; 

  
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 (iv) in the event that the Issuer would be required, pursuant to
Section 3(c)(iii)(F) above, to notify each broker-dealer holding Exchange Securities that has identified itself to the Issuer as such, without delay prepare and furnish to each such holder a reasonable number of copies of a prospectus
supplemented or amended so that, as thereafter delivered to purchasers of such Exchange Securities during the Resale Period, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust
Indenture Act and the rules and regulations of the Commission thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing; 
 (v) use its best efforts to obtain the withdrawal of any order
suspending the effectiveness of such Exchange Offer Registration Statement or any post-effective amendment thereto at the earliest practicable date; 

(vi) use its best efforts to (A) register or qualify the Exchange Securities under the securities laws or blue sky laws
of such jurisdictions as are contemplated by Section 2(a) no later than the commencement of the Exchange Offers, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers,
sales and dealings therein in such jurisdictions until the expiration of the Resale Period and (C) take any and all other actions as may be reasonably necessary or advisable to enable each broker-dealer holding Exchange Securities that has
identified itself to the Issuer as such to consummate the disposition thereof in such jurisdictions; provided, however, that the Issuer shall not be required for any such purpose to (1) qualify as a foreign corporation in any
jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of
incorporation or by-laws or any agreement between it and its stockholders; and 

(vii) comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders,
as soon as practicable but no later than 24 months after the effective date of such Exchange Offer Registration Statement, an earnings statement of the Issuer and its subsidiaries complying with Section 11(a) of the Securities Act
(including, at the option of the Issuer, Rule 158 thereunder) (it being understood that the Issuer may satisfy its obligations under this clause through the filing of its annual report on
Form 20-F for the first full fiscal year after such effective date). 
  

  
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 (d) In connection with the Issuer’s obligations with respect to the
Shelf Registration, if applicable, the Issuer shall, as soon as practicable (or as otherwise specified): 
 (i) prepare and
file with the Commission, as soon as practicable but in any case within the time periods specified in Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Issuer and which shall register all of the Registrable
Securities for resale by the Electing Holders in accordance with such method or methods of disposition as may be specified by such Electing Holders and use its best efforts to cause such Shelf Registration Statement to become effective as soon as
practicable but in any case within the time periods specified in Section 2(b); 
 (ii) not less than 15 calendar
days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire to the holders of Registrable Securities; no holder shall be entitled to be named as a selling securityholder in the Shelf Registration
Statement, and no holder shall be entitled to use the prospectus forming a part thereof for resales of Registrable Securities at any time, unless such holder has returned a completed and signed Notice and Questionnaire to the Issuer by the deadline
for response set forth therein; provided, however, that holders of Registrable Securities shall have at least 15 calendar days from the date on which the Notice and Questionnaire is first mailed to such holders to return a
completed and signed Notice and Questionnaire to the Issuer; 
 (iii) prepare and file with the Commission such amendments
and supplements to such Shelf Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified in Section 2(b) hereof and as
may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement or amendment simultaneously
with or promptly after its being used or filed with the Commission; 
 (iv) before filing any Shelf Registration Statement
or prospectus and each amendment or supplement thereto, provide (A) the Electing Holders, (B) the managing underwriters (which term, for purposes of this Agreement, shall include a person deemed to be an underwriter within the meaning of
Section 2(a)(11) of the Securities Act), if any, thereof, (C) counsel for any such managing underwriter or agent and (D) not more than one counsel for all of the Electing Holders, the opportunity to participate in the preparation of
such Shelf Registration Statement, each prospectus included therein or filed with the Commission and each amendment or supplement thereto; 

(v) for a reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period specified in
Section 2(b), make available at reasonable times at the Issuer’s principal place of business or such other reasonable place for inspection by the persons referred to in Section 3(d)(iv) above who shall certify to the Issuer that
they have a current intention to sell the Registrable Securities pursuant to the Shelf Registration such financial and other information and books and records of the Issuer, and cause the officers, employees, counsel and independent certified public
accountants of the Issuer to respond to such inquiries, as shall be reasonably necessary, in the reasonable judgment of the respective counsel referred to in such Section, to conduct a reasonable investigation within the meaning of Section 11
of the Securities Act; provided, however, that each such party shall be required to maintain in confidence and not to disclose to any other person any information or records reasonably designated by the Issuer as being
confidential, until such time as (A) such information becomes a matter of public record (whether by virtue of its inclusion in such registration statement or otherwise), (B) such person shall be required so to disclose such information
pursuant to a subpoena or order of any court or other governmental agency or body having jurisdiction over the matter (subject to the requirements of such order, and only after such person shall have given the Issuer prompt prior written notice of
such requirement) unless such release is against Mexican law, or (C) in an opinion addressed to the Issuer of counsel experienced in such matters and approved by the Issuer, such information is required to be set forth in such Shelf
Registration Statement or the prospectus included therein or in an amendment to such Shelf Registration Statement or an amendment or supplement to such prospectus in order that such Shelf Registration Statement, prospectus, amendment or supplement,
as the case may be, complies with applicable requirements of the federal securities laws and the rules and regulations of the Commission and does not contain an untrue statement of a material fact or omit to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

  
 10 

 (vi) promptly notify each of the Electing Holders, any sales or placement
agent therefor and any underwriter thereof (which notification may be made through any managing underwriter that is a representative of such underwriter for such purpose) and confirm such advice in writing, (A) when such Shelf Registration
Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when the same has become
effective, (B) of any request by the Commission and by the blue sky or securities commissioner or regulator of any state for amendments or supplements to such Shelf Registration Statement or prospectus or for additional information after such
Shelf Registration has become effective, (C) of the issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if
at any time the representations and warranties of the Issuer contemplated by Section 3(d)(xiii) or Section 5 or contained in any underwriting agreement or similar agreement relating to the offering cease to be true and correct in all
material respects, (E) of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose, or (F) if at any time when a prospectus is required to be delivered under the Securities Act, that such Shelf Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all
material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder or contains an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(vii) use its best efforts to obtain the withdrawal of any order suspending the effectiveness of such registration statement
or any post-effective amendment thereto at the earliest practicable date; 
 (viii) if requested by any managing underwriter
or underwriters, or any Electing Holder, promptly incorporate in a prospectus supplement or post-effective amendment such information as is required by the applicable rules and regulations of the Commission and as such managing underwriter or
underwriters, or such Electing Holder specifies should be included therein relating to the terms of the sale of such Registrable Securities, including information with respect to the principal amount of Registrable Securities being sold by such
Electing Holder or to any underwriters, the name and description of such Electing Holder or underwriter, the offering price of such Registrable Securities and any discount, commission or other compensation payable in respect thereof, the purchase
price being paid therefor by such underwriters and with respect to any other terms of the offering of the Registrable Securities to be sold by such Electing Holder or to such underwriters; and make all required filings of such prospectus supplement
or post-effective amendment promptly after notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

  
 11 

 (ix) furnish to each Electing Holder, therefor, each underwriter, if any,
thereof and the respective counsel referred to in Section 3(d)(iv) an executed copy (or, in the case of an Electing Holder, a conformed copy) of such Shelf Registration Statement, each such amendment and supplement thereto (in each case
including all exhibits thereto (in the case of an Electing Holder of Registrable Securities, upon request) and documents incorporated by reference therein) and such number of copies of such Shelf Registration Statement (excluding exhibits thereto
and documents incorporated by reference therein unless reasonably so requested by such Electing Holder, agent or underwriter, as the case may be) and of the prospectus included in such Shelf Registration Statement (including each preliminary
prospectus and any summary prospectus), in conformity in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder, and such other documents,
as such Electing Holder, agent, if any, and underwriter, if any, may reasonably request in order to facilitate the offering and disposition of the Registrable Securities owned by such Electing Holder, offered or sold by such agent or underwritten by
such underwriter and to permit such Electing Holder, agent and underwriter to satisfy the prospectus delivery requirements of the Securities Act; and the Issuer hereby consents (subject to Section 3(h)) to the use of such prospectus (including
such preliminary and summary prospectus) and any amendment or supplement thereto by each such Electing Holder and by any such agent and underwriter, in each case in the form most recently provided to such person by the Issuer, in connection with the
offering and sale of the Registrable Securities covered by the prospectus (including such preliminary and summary prospectus) or any supplement or amendment thereto; 

(x) use best efforts to (A) register or qualify the Registrable Securities to be included in such Shelf Registration
Statement under such securities laws or blue sky laws of such jurisdictions as any Electing Holder and each underwriter, if any, thereof shall reasonably request, (B) keep such registrations or qualifications in effect and comply with such laws
so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period the Shelf Registration is required to remain effective under Section 2(b) and (C) take any and all other actions as may be
reasonably necessary or advisable to enable each such Electing Holder, agent, if any, and underwriter, if any, to consummate the disposition in such jurisdictions of such Registrable Securities; provided, however, that the Issuer shall
not be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(d)(x), (2) consent to general service of
process in any such jurisdiction or (3) make any changes to its certificate of incorporation or by-laws or any agreement between it and its stockholders; 

(xi) unless any Registrable Securities shall be in book-entry only form, cooperate with the Electing Holders and the managing
underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, and, in the case of an underwritten offering, enable such Registrable Securities to be in such denominations and
registered in such names as the managing underwriters may request at least two business days prior to any sale of the Registrable Securities; 
  

  
 12 

 (xii) enter into one or more underwriting agreements, engagement letters,
agency agreements, “best efforts” underwriting agreements or similar agreements, as appropriate, including customary provisions relating to indemnification and contribution, and take such other actions in connection therewith as any
Electing Holders aggregating at least 20% in aggregate principal amount of the Registrable Securities at the time outstanding shall request in order to expedite or facilitate the disposition of such Registrable Securities; 

(xiii) whether or not an agreement of the type referred to in Section 3(d)(xii) hereof is entered into and whether or not
any portion of the offering contemplated by the Shelf Registration is an underwritten offering or is made through a placement or sales agent or any other entity, (A) make such representations and warranties to the Electing Holders and the
underwriters, if any, thereof in form, substance and scope as are customarily made in connection with an offering of debt securities pursuant to any appropriate agreement or to a registration statement filed on the form applicable to the Shelf
Registration; (B) obtain opinions of counsel customary for a public offering of Securities to the Issuer in customary form and covering such matters, of the type customarily covered by such an opinion, as the managing underwriters, if any, or,
in the event there are no managing underwriters, the Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities at the time outstanding may reasonably request, addressed to the managing underwriters (if any)
or such Electing Holder or Electing Holders and dated the effective date of such Shelf Registration Statement; (C) obtain a “cold comfort” letter or letters from the independent certified public accountants of the Issuer addressed to
the managing underwriters (if any) or, in the event there are no managing underwriters, use reasonable efforts to have such letters addressed to the selling Electing Holders, dated (i) the effective date of such Shelf Registration Statement and
(ii) the effective date of any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of
a date or for a period subsequent to that of the latest such statements included in such prospectus, such letter or letters to be in customary form and covering such matters of the type customarily covered by letters of such type; (D) deliver
such documents and certificates, including officers’ certificates, as may be reasonably requested by any Electing Holders of at least 20% in aggregate principal amount of the Registrable Securities at the time outstanding or the managing
underwriters, if any, thereof to evidence the accuracy of the representations and warranties made pursuant to clause (A) above or those contained in Section 5 hereof and the compliance with or satisfaction of any agreements or conditions
contained in the underwriting agreement or other agreement entered into by the Issuer; and (E) undertake such obligations relating to expense reimbursement, indemnification and contribution as are provided in Section 6 hereof; 

(xiv) notify in writing each holder of Registrable Securities of any proposal by the Issuer to amend or waive any provision of
this Agreement pursuant to Section 9(g) hereof and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the text of the amendment or waiver proposed or effected, as the case may be; 

(xv) in the event that any broker-dealer registered under the Exchange Act shall underwrite any Registrable Securities or
participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Conduct Rules”) of the Financial Industry Regulatory Authority
(“FINRA”, formerly the National Association of Securities Dealers, Inc.) or any successor thereto, as amended from time to time) thereof, whether as a holder of such Registrable Securities or as an underwriter, a placement or sales agent
or a broker or dealer in respect thereof, or otherwise, assist such broker-dealer in complying with the requirements of such Conduct Rules, including by (A) if such Conduct Rules shall so require, engaging a “qualified independent
underwriter” (as defined in such Conduct Rules) to participate in the preparation of the Shelf Registration Statement relating to such Registrable Securities, to exercise usual standards of due diligence in respect thereto and, if any portion
of the offering contemplated by such Shelf Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend the yield of such Registrable Securities, (B) indemnifying any such qualified independent
underwriter to the extent of the indemnification of underwriters provided in Section 6 hereof (or to such other customary extent as may be requested by such underwriter), and (C) providing such information to such broker-dealer as may be
required in order for such broker-dealer to comply with the requirements of the Conduct Rules; and 

  
 13 

 (xvi) comply with all applicable rules and regulations of the Commission,
and make generally available to its securityholders as soon as practicable but, in any event, not later than 24 months after the effective date of such Shelf Registration Statement, an earnings statement of the Issuer and its subsidiaries
complying with Section 11(a) of the Securities Act (including, at the option of the Issuer, Rule 158 thereunder) (it being understood that the Issuer may satisfy its obligations under this clause through the filing of its annual report on Form 20-F for the first full fiscal year after such effective date). 
 (e) In the
event that the Issuer would be required, pursuant to Section 3(d)(vi)(F) above, to notify the Electing Holders and the managing underwriters, if any, thereof, the Issuer shall without delay prepare and furnish to each of the Electing Holders
and to each such underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of Registrable Securities, such prospectus shall conform in all material respects to the
applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice from the Issuer pursuant to Section 3(d)(vi)(F) above, such Electing
Holder shall forthwith discontinue the disposition of Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable Securities until such Electing Holder shall have received copies of such amended or supplemented
prospectus, and if so directed by the Issuer, such Electing Holder shall deliver to the Issuer (at the Issuer’s expense) all copies, other than permanent file copies, then in such Electing Holder’s possession of the prospectus covering
such Registrable Securities at the time of receipt of such notice. 
 (f) In the event of a Shelf Registration, in addition
to the information required to be provided by each Electing Holder in its Notice Questionnaire, the Issuer may require such Electing Holder to furnish to the Issuer such additional information regarding such Electing Holder and such Electing
Holder’s intended method of distribution of Registrable Securities as the Issuer may, after consulting with counsel, determine is required in order to comply with the Securities Act. Each such Electing Holder agrees to notify the Issuer as
promptly as practicable of any inaccuracy or change in information previously furnished by such Electing Holder to the Issuer or of the occurrence of any event in either case as a result of which any prospectus relating to such Shelf Registration
contains or would contain an untrue statement of a material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities or omits to state any material fact regarding such Electing
Holder or such Electing Holder’s intended method of disposition of such Registrable Securities required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly to
furnish to the Issuer any additional information required to correct and update any previously furnished information or required so that such prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable
Securities, an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 

  
 14 

 (g) Until the expiration of one year after the Settlement Date, the
Issuer will not, and will not permit any of the Issuer’s direct and indirect subsidiaries or the Guarantors to, resell any of the Securities that have been reacquired by any of them except pursuant to an effective registration statement under
the Securities Act. 
 (h) In the case of a Shelf Registration Statement or the notification of the Issuer by broker-dealers
seeking to sell Exchange Securities and required to deliver prospectuses that will be utilizing the prospectus contained in the Exchange Offer Registration Statement, each holder agrees that, upon receipt of any notice from the Issuer of
(i) the happening of any event of the kind described in any of clauses (B) – (F) of Section 3(d)(vi) or (ii) the exercise of the Issuer’s right, under clause (ii) of the second paragraph of Section 2(d), to
postpone the effectiveness, supplementing or amending of any such Registration Statement, such holder will forthwith discontinue disposition of Securities pursuant to the applicable Registration Statement until such holder receives the copies of the
supplemented or amended prospectus contemplated by Section 3(c)(iv) or Section 3(e) or until such holder is advised in writing (the “Advice”) by the Issuer that the use of the applicable prospectus may be resumed, and, if so
directed by the Issuer, such holder will deliver to the Issuer (at the Issuer’s expense) all copies in such holder’s possession, other than permanent file copies, of the prospectus covering such Securities current at the time of receipt of
such notice. If the Issuer shall give any such notice to suspend the disposition of any Securities pursuant to a Registration Statement, the Issuer shall use its best efforts to file a supplement or an amendment to the Registration Statement and, in
the case of an amendment, have such amendment declared effective as soon as practicable and shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days in the period
from and including the date of the giving of such notice to and including the date when the Issuer shall have made available to the holders (i) copies of the supplemented or amended prospectus necessary to resume such dispositions or
(ii) the Advice. 
 4. Registration Expenses. 

The Issuer agrees, unless otherwise agreed in writing among the Issuer and the Dealer Managers, to bear and to pay or cause to be paid
promptly the following expenses incident to the Issuer’s performance of or compliance with this Agreement: (a) all Commission and any FINRA registration, filing and review fees and other expenses (except as noted herein) in connection with
the registration of the Securities with the Commission in connection with such registration, filing and review; (b) all fees and expenses in connection with the qualification of the Securities for offering and sale under the state securities
and blue sky laws referred to in Section 3(d)(x) hereof and determination of their eligibility for investment under the laws of such jurisdictions as any managing underwriters or the Electing Holders may designate, including any fees and
disbursements of counsel for the Electing Holders or underwriters in connection with such qualification; (c) fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any counsel for the Trustee and of any collateral
agent or custodian; (d) internal expenses (including all salaries and expenses of the Issuer’s officers and employees performing legal or accounting duties); (e) reasonable and duly documented fees, disbursements and expenses of
counsel and independent certified public accountants of the Issuer (including the expenses of any opinions or “cold comfort” letters required by or incident to such performance and compliance); (f) fees, disbursements and expenses of
one counsel for the Electing Holders retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities held by Electing Holders (which counsel
shall be reasonably satisfactory to the Issuer); and (g) fees, expenses and disbursements of any other persons, including special experts, retained by the Issuer in connection with such registration (collectively, the “Registration
Expenses”). The Dealer Managers agree to bear and to pay or cause to be paid promptly the following expenses incident to the Dealer Managers’ compliance with this Agreement: (a) all expenses relating to the preparation, printing,
production, distribution and reproduction of each registration statement required to be filed hereunder, each prospectus included therein or prepared for distribution pursuant hereto, each amendment or supplement to the foregoing (including the cost
of preparing such registration statement, prospectus, amendment or supplement for filing with the Commission in electronic format), the expenses of preparing the Securities for delivery and the expenses of printing or producing any underwriting
agreements, agreements among underwriters, selling agreements and blue sky or legal investment memoranda and all other documents in connection with the offering, sale or delivery of Securities to be disposed of (including certificates representing
the Securities), excluding Issuer’s legal counsel fees and expenses; (b) messenger, telephone and delivery expenses relating to the offering, sale or delivery of Securities and the preparation of documents referred in clause (a)
above; (c) fees and disbursements and expenses of any “qualified independent underwriter” engaged pursuant to Section 3(d)(xv) hereof; (d) any fees charged by securities rating services for rating the Securities (limited to
the one-time payment of Moody’s quarterly fee for the current quarter, as well as the one-time payment of Moody’s transaction fee, as it relates to the initial
sale of the Securities), up to U.S. $50,000; and (e) any fees associated with listing the Exchange Securities on the Luxembourg Stock Exchange and the consummation by the transactions contemplated by this Agreement in Luxembourg. To the extent
that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities therefor or underwriter thereof, the Issuer shall reimburse such person for the full amount of the Registration Expenses so incurred, assumed or
paid promptly after receipt of a request therefor. Notwithstanding the foregoing, the holders of the Registrable Securities being registered shall pay all agency fees and commissions and underwriting discounts and commissions attributable to the
sale of such Registrable Securities and the fees and disbursements of any counsel or other advisors or experts retained by such holders (severally or jointly), other than the counsel and experts specifically referred to above. 

  
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 5. Representations and Warranties. 

The Issuer represents and warrants to, and agrees with the Dealer Managers and each of the holders from time to time of Registrable Securities
that: 
 (a) The compliance by the Issuer with the provisions of this Agreement, and the consummation of the transactions
herein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any material agreement or material instrument to which the Issuer or any of the Guarantors is a party or by which
the Issuer or any of the Guarantors is bound or to which any of the property or assets of the Issuer or any of the Guarantors is subject, nor will such action result in any violation of the provisions of the Ley de Petróleos Mexicanos
(the “Petróleos Mexicanos Law”) and related regulations or any other statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Issuer or any of the Guarantors or any of its or
their respective properties; 
 (b) This Agreement has been duly authorized, executed and delivered by the Issuer. 

6. Indemnification. 

(a) Indemnification by the Issuer. The Issuer will indemnify and hold harmless each of the holders of Registrable
Securities included in an Exchange Offer Registration Statement, each of the Electing Holders of Registrable Securities included in a Shelf Registration Statement and each person who participates as an underwriter in any offering or sale of such
Registrable Securities against any losses, claims, damages or liabilities, joint or several, to which such holder or underwriter may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Exchange Offer Registration Statement or Shelf Registration Statement, as the case may be (or any
amendment or supplement thereto), under which such Registrable Securities were registered under the Securities Act, including all exhibits therein and documents incorporated by reference thereto, or any preliminary or final prospectus contained
therein or furnished by the Issuer to any such holder, Electing Holder or underwriter, or any amendment or supplement thereto, or any free writing prospectus (as defined in Rule 405) prepared by or on behalf of the Issuer or used or referred to by
the Issuer in connection with the Exchange Offers or the Shelf Registration, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, and will reimburse such holder, such Electing Holder and such underwriter for any reasonable and duly documented legal or other expenses incurred by them in
connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that the Issuer shall not be liable to any such person in any such case to the extent that any such loss, claim,
damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, or preliminary, final or summary prospectus, or amendment or supplement thereto,
in reliance upon and in conformity with written information furnished to the Issuer by such person expressly for use therein. 

  
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 (b) Indemnification by the Holders and Underwriters. The Issuer may
require, as a condition to including any Registrable Securities in any registration statement filed pursuant to Section 2(b) hereof and to entering into any underwriting agreement with respect thereto, that the Issuer shall have received an
undertaking reasonably satisfactory to it from the Electing Holder of such Registrable Securities and from each underwriter named in any such underwriting agreement, severally and not jointly, to (i) indemnify and hold harmless the Issuer and
all other holders of Registrable Securities, against any losses, claims, damages or liabilities to which the Issuer or such other holders of Registrable Securities may become subject, under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such registration statement, or any preliminary, final or summary
prospectus contained therein or furnished by the Issuer to any such Electing Holder or underwriter, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Issuer by such Electing Holder or underwriter expressly for use therein, and (ii) reimburse the Issuer for any reasonable and
duly documented legal or other expenses incurred by the Issuer in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that no such Electing Holder shall be
required to undertake liability to any person under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be received by such Electing Holder from the sale of such Electing Holder’s Registrable Securities
pursuant to such registration. 
 (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party
under Section 6(a) or Section 6(b) above of written notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification
provisions of or contemplated by this Section 6, notify such indemnifying party in writing of the commencement of such action; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any
indemnified party otherwise than under the indemnification provisions of or contemplated by Section 6(a) or Section (b) above. In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party
of the commencement thereof, such indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, such indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense
thereof other than reasonable and duly documented costs in a manner customary for the indemnified party of investigation. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, which
shall not be unreasonably withheld. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action
or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an
unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified
party. 

  
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 (d) Contribution. If for any reason the indemnification provisions
contemplated by Section 6(a) or Section 6(b) are unavailable to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein although applicable in
accordance with their terms, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is
appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as
any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if the holders or any underwriters or all of them were treated
as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 6(d). The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 6(d), no holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the proceeds received by such holder from the sale of any
Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission, and no underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by it and distributed to the public were offered to the public
exceeds the amount of any damages which such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

  
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The holders’ and any underwriters’ obligations in this Section 6(d) to contribute shall be several in proportion to the principal amount of Registrable Securities registered or
underwritten, as the case may be, by them and not joint. 
 (e) The obligations of the Issuer under this Section 6 shall
be in addition to any liability which the Issuer may otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder and underwriter and each person, if any, who controls any holder, agent or
underwriter within the meaning of the Securities Act, and the obligations of the holders and any agents or underwriters contemplated by this Section 6 shall be in addition to any liability which the respective holder, agent or underwriter may
otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Issuer (including any person who, with his consent, is named in any registration statement as about to become a director of the Issuer) and to
each person, if any, who controls the Issuer within the meaning of the Securities Act. 
 7. Underwritten Offerings. 

(a) Selection of Underwriters. If any of the Registrable Securities covered by the Shelf Registration are to be sold
pursuant to an underwritten offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at least a majority in aggregate principal amount of the Registrable Securities to be included in such offering,
provided, however, that such designated managing underwriter or underwriters is or are acceptable to the Issuer. 

(b) Participation by Holders. Each holder of Registrable Securities hereby agrees with each other such holder that no
such holder may participate in any underwritten offering hereunder unless such holder (i) agrees to sell such holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the persons entitled hereunder
to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

8. Rule 144. 

The Issuer covenants to the holders of Registrable Securities that to the extent it shall be required to do so under the Exchange Act, the
Issuer shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted
by the Commission under the Securities Act) and the rules and regulations adopted by the Commission thereunder, and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time
to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144, as such Rule may be amended from time to time, or any similar or
successor rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities in connection with that holder’s sale pursuant to Rule 144, the Issuer shall deliver to such holder a written
statement as to whether it has complied with such requirements. 
 9. Miscellaneous. 

(a) No Inconsistent Agreements. The Issuer represents, warrants, covenants and agrees that it has not granted, and shall
not grant, registration rights with respect to Registrable Securities or any other securities which would be inconsistent with the rights granted to the holders of the Registrable Securities in this Agreement. 

  
 19 

 (b) Notices. All notices, requests, claims, demands, waivers and
other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered by hand, if delivered personally or by courier, as follows: If to the Issuer, to it at Petróleos Mexicanos, Avenida Marina Nacional
No. 329, Colonia Verónica Anzures, Ciudad de México, 11300, México, and if to a holder, to the address of such holder set forth in the security register or other records of the Issuer, or to such other address as the Issuer
or any such holder may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

(c) Parties in Interest. All the terms and provisions of this Agreement shall be binding upon, shall inure to the
benefit of and shall be enforceable by the parties hereto and the holders from time to time of the Registrable Securities and the respective successors and assigns of the parties hereto and such holders. In the event that any transferee of any
holder of Registrable Securities shall acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a
beneficiary hereof for all purposes, and such Registrable Securities shall be held subject to all of the terms of this Agreement; and by taking and holding such Registrable Securities such transferee shall be entitled to receive the benefits of, and
be conclusively deemed to have agreed to be bound by, all of the applicable terms and provisions of this Agreement. If the Issuer shall so request, any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable
Securities subject to all of the applicable terms hereof. 
 (d) Survival. The respective indemnities, agreements,
representations, warranties and each other provision set forth in this Agreement or made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any
holder of Registrable Securities, the Issuer, any director, officer or partner of such holder or the Issuer, any agent or underwriter or any director, officer or partner thereof, or any controlling person of any of the foregoing, and shall survive
delivery of and payment for the Registrable Securities pursuant to the Dealer Manager Agreement and the transfer and registration of Registrable Securities by such holder and the consummation of an Exchange Offer. 

(e) Governing Law. This Agreement, and any claim, controversy or dispute relating to or arising out of
this Agreement, shall be governed by and construed in accordance with the laws of the State of New York except that the authorization and execution of this Agreement by the Issuer shall be governed by the laws of the United Mexican States. 

(f) Headings. The descriptive headings of the several Sections and paragraphs of this Agreement are inserted for
convenience only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. 

(g) Entire Agreement; Amendments. This Agreement and the other writings referred to herein (including the Indenture and
the form of Securities) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject matter. This Agreement supersedes all prior agreements and understandings between the parties
with respect to its subject matter. This Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument
duly executed by the Issuer and the holders of at least a majority in aggregate principal amount of the Registrable Securities at the time outstanding. Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound by
any amendment or waiver effected pursuant to this Section 9(g), whether or not any notice, writing or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered to such holder. 

  
 20 

 (h) Counterparts. This Agreement may be executed by the parties in
counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. 

(i) Commercial Activity. The Issuer and each of the Guarantors are subject to civil and commercial law with respect to
their obligations, as applicable, under the Agreements and the Securities. Neither the Issuer nor any of the Guarantors is entitled to any immunity, whether on grounds of sovereign immunity or otherwise, from any legal proceedings (whether through
service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) to enforce or collect upon this Agreement, the Indenture, the Guaranty Agreement, the Securities, or any other liability or obligation of the
Issuer and/or each of the Guarantors related to or arising from the transactions contemplated thereby in respect of itself or its property. 

(j) Agent for Service; Submission to Jurisdiction; Waiver of Immunities. The Issuer hereby appoints the Consul General
of Mexico in New York City, its delegates or its successors as its authorized agent (the “Authorized Agent”) upon which process may be served in any action by any Dealer Manager, or by any persons controlling such Dealer Manager, arising
out of or based upon this Agreement which each of the parties hereto hereby agrees that, in respect of any actions brought against it as a defendant may be instituted in the U.S. District Court for the Southern District of New York and any appellate
court or body thereto (collectively, the “Federal Courts”) referred to below. Each of the parties hereto irrevocably submits to the jurisdiction of the Federal Courts in respect of any action arising out of or based upon this Agreement and
irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such action in any such court, and each such party further waives any right to which it may be entitled on account of present or future residence or
domicile. The appointment made by the Issuer shall be irrevocable as long as any of the Securities remain outstanding, unless and until a successor agent shall have been appointed the Issuer’s Authorized Agent and such successor agent shall
have accepted such appointment. The Issuer will take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment or appointments in full force and effect as aforesaid. Service
of process upon the Authorized Agent at 27 East 39th Street, New York, New York 10016, and written notice of such service mailed or delivered to the Issuer at the address set forth in Section 9(b) above shall be deemed, in every respect,
effective service of process upon the Issuer. The Issuer hereby waives irrevocably any immunity from jurisdiction to which it might otherwise be entitled (including, to the extent applicable, sovereign immunity, immunity to pre-judgment attachment, post-judgment attachment and execution) in any such action in any federal court in The City of New York, or in any competent court in Mexico, subject to certain restrictions pursuant to
applicable law. 

  
 21 

 If the foregoing is in accordance with your understanding, please sign and return to us
three (3) counterparts hereof, and upon the acceptance hereof by you, this letter and such acceptance hereof shall constitute a binding agreement among the Dealer Managers and the Issuer. 

 

					
	Very truly yours,
	
	PETRÓLEOS MEXICANOS
		
	By:	 	 /s/ Emmanuel Quevedo Hernández

		 	Name:	 	Emmanuel Quevedo Hernández
		 	Title:	 	Associate Managing Director of
		 		 	Finance of Petróleos Mexicanos

 [Registration Rights Agreement Signature Page] 

			
	Accepted as of the date hereof:
	
	BARCLAYS CAPITAL INC.
		
	By:	 	 /s/ Pamela Au

		 	Name: Pamela Au
		 	Title: Managing Director

					
	Accepted as of the date hereof:
	
	BBVA SECURITIES INC.
		
	By:	 	 /s/ Surya Bhattacharjee

		 	Name:	 	Surya Bhattacharjee
		 	Title:	 	Managing Director
		 		 	Latin America Debt Capital Markets

			
	Accepted as of the date hereof:
	
	BNP PARIBAS SECURITIES CORP.
		
	By:	 	 /s/ Andre Silva

		 	Name: Andre Silva
		 	Title: Managing Director

			
	Accepted as of the date hereof:
	
	J.P. MORGAN SECURITIES LLC
		
	By:	 	 /s/ Ana Silva-Klarish

		 	Name: Ana Silva-Klarish
		 	Title: Executive Director

			
	Accepted as of the date hereof:
	
	MORGAN STANLEY & CO. LLC
		
	By:	 	 /s/ Ian Drewe

		 	Name: Ian Drewe
		 	Title: Executive Director

			
	Accepted as of the date hereof:
	
	MUFG SECURITIES AMERICAS INC.
		
	By:	 	 /s/ Richard Testa

		 	Name: Richard Testa
		 	Title: Managing Director

			
	Accepted as of the date hereof:
	
	SCOTIA CAPITAL (USA) INC.
		
	By:	 	 /s/ Juan Fullaondo

		 	Name: Juan Fullaondo
		 	Title: Managing Director & Head

			
	Accepted as of the date hereof:
	
	SMBC NIKKO SECURITIES AMERICA, INC.
		
	By:	 	 /s/ Jonathan Anderson

		 	Name: Jonathan Anderson
		 	Title: Managing Director

 Annex 1 

Barclays Capital Inc. 
 745
Seventh Avenue 
 New York, New York 10019 

United States of America 
 BBVA
Securities Inc. 
 1345 Avenue of the Americas 

New York, New York 10105 
 United
States of America 
 BNP Paribas Securities Corp. 

787 Seventh Avenue 
 New York, NY
10019 
 Attention: Syndicate Desk 

United States of America 
 J.P.
Morgan Securities LLC 
 383 Madison Avenue 

New York, New York 10179 
 United
States of America 
 Morgan Stanley & Co. LLC 

1585 Broadway 
 New York, New York
10036 
 United States of America 

MUFG Securities Americas Inc. 

1221 Avenue of the Americas, 6th Floor 

New York, New York 10020 
 United
States of America 
 Scotia Capital (USA) Inc. 

250 Vesey Street 
 New York, New
York 10281 
 United States of America 

SMBC Nikko Securities America, Inc. 

277 Park Avenue 
 New York, New
York 10172 
 United States of America 

 Annex 2 
  

	 	•	 	 5.500% Notes due 2021 

  

	 	•	 	 6.375% Notes due 2021 

  

	 	•	 	 4.875% Notes due 2022 

  

	 	•	 	 Floating Rate Notes due 2022 

 

	 	•	 	 5.375% Notes due 2022 

  

	 	•	 	 3.500% Notes due 2023 

  

	 	•	 	 4.625% Notes due 2023 

  

	 	•	 	 4.875% Notes due 2024 

  

	 	•	 	 4.250% Notes due 2025 

  

	 	•	 	 4.500% Notes due 2026 

  

	 	•	 	 5.500% Bonds due 2044 

  

	 	•	 	 6.375% Bonds due 2045 

  

	 	•	 	 5.625% Bonds due 2046 

  

	 	•	 	 6.350% Bonds due 2048 

 Exhibit A 

Petróleos Mexicanos 

INSTRUCTION TO DTC PARTICIPANTS 

(Date of Mailing) 

URGENT—IMMEDIATE ATTENTION REQUESTED 

DEADLINE FOR RESPONSE: [DATE]* 

The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which beneficial interests in the 5.950% Notes due 2031 (CUSIP
Nos.: 71654QCZ3 and P78625EA7) and 6.950% Bonds due 2060 (CUSIP Nos.: 71654QDA7 and P78625EB5) (the “Securities”) of Petróleos Mexicanos (the “Issuer”) are held. 

The Issuer is in the process of registering the Securities under the Securities Act of 1933 for resale by the beneficial owners thereof. In order to have
their Securities included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder Questionnaire. 

It is important that beneficial owners of the Securities receive a copy of the enclosed materials as soon as possible as their rights to have the
Securities included in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline For Response]. Please forward a copy of the enclosed documents to each beneficial owner that holds interests in the
Securities through you. If you require more copies of the enclosed materials or have any questions pertaining to this matter, please contact Petróleos Mexicanos, Avenida Marina Nacional No. 329, Colonia Verónica Anzures, Ciudad de
México, 11300, México; E-mail: ri@pemex.com, Attention: Relación con Inversionistas. 

 

	*	 Not less than 28 calendar days from date of mailing. 

 Petróleos Mexicanos 

Notice of Registration Statement 

and 
 Selling Securityholder
Questionnaire 
 (Date) 
 Reference is
hereby made to the Exchange and Registration Rights Agreement dated February 6, 2020 (the “Exchange and Registration Rights Agreement”) among Petróleos Mexicanos (the “Issuer”) and the Dealer Managers named therein.
Pursuant to the Exchange and Registration Rights Agreement, the Issuer intends to file with the United States Securities and Exchange Commission (the “Commission”) a registration statement on Form [__] (the “Shelf Registration
Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Issuer’s 5.950% Notes due 2031 (CUSIP Nos.: 71654QCZ3 and P78625EA7) and 6.950% Bonds due
2060 (CUSIP Nos.: 71654QDA7 and P78625EB5) (the “Securities”). A copy of the Exchange and Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the
Exchange and Registration Rights Agreement. 
 Each beneficial owner of Registrable Securities is entitled to have the Registrable Securities beneficially
owned by it included in the Shelf Registration Statement. In order to have Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling Securityholder Questionnaire (“Notice and
Questionnaire”) must be completed, executed and delivered to the Issuer’s counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable Securities who do not complete,
execute and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii) may not use the prospectus forming a part thereof for resales of Registrable
Securities. 
 Certain legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and related prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement
and related prospectus. 

 ELECTION 

The undersigned holder (the “Selling Securityholder”) of Registrable Securities hereby elects to include in the Shelf Registration Statement the
Registrable Securities beneficially owned by it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and conditions of
this Notice and Questionnaire and the Exchange and Registration Rights Agreement. Such holder agrees severally and not jointly, to (i) indemnify and hold harmless the Issuer and all other holders of Registrable Securities, against any losses,
claims, damages or liabilities to which the Issuer or such other holders of Registrable Securities may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such registration statement, or any preliminary, final or summary prospectus contained therein or furnished by the Issuer to any such
holder or underwriter, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with
written information furnished to the Issuer by such holder expressly for use therein, and (ii) reimburse the Issuer for any reasonable and duly documented legal or other expenses incurred by the Issuer in connection with investigating or
defending any such action or claim as such expenses are incurred; provided, however, that no such holder shall be required to undertake liability to any person hereunder for any amounts in excess of the dollar amount of the
proceeds to be received by such holder from the sale of such holder’s Registrable Securities pursuant to such registration. 
 Upon any sale of
Registrable Securities pursuant to the Shelf Registration Statement, the Selling Securityholder will be required to deliver to the Issuer and the Trustee the Notice of Transfer set forth in Appendix A to the Prospectus and as Exhibit B to
the Exchange and Registration Rights Agreement. 
 The Selling Securityholder hereby provides the following information to the Issuer and represents and
warrants that such information is accurate and complete: 

 QUESTIONNAIRE 
  

					
	(1)	  	(a)	  	Full Legal Name of Selling Securityholder:
			
		  		  	        
			
		  	(b)	  	Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable Securities Listed in Item (3) below:
			
		  		  	        
			
		  	(c)	  	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Registrable Securities Listed in Item (3) below are Held:
			
		  		  	        
			
	(2)	  		  	Address for Notices to Selling Securityholder:
			
		  		  	                                      
                                         
                                 
			
		  		  	                                      
                                         
                                 
			
		  		  	                                      
                                         
                                 
			
		  		  	Telephone:                                     
                                         
                
		  		  	Fax:                                      
                                         
                           
		  		  	Contact
Person:                                        
                                         
       
			
	(3)	  		  	Beneficial Ownership of Securities:
			
		  		  	Except as set forth below in this Item (3), the undersigned does not beneficially own any Securities.
			
		  	(a)	  	Principal amount of Registrable Securities beneficially owned: ____________
		  		  	CUSIP No(s). of such Registrable Securities: ____________________________
			
		  	(b)	  	Principal amount of Securities other than Registrable Securities beneficially owned: ________________________
		  		  	CUSIP No(s). of such other Securities: _________________________________
			
		  	(c)	  	Principal amount of Registrable Securities that the undersigned wishes to be included in the Shelf Registration Statement: _________________________
			
		  		  	CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration Statement: ____________________________________________
		
	(4)	  	Beneficial Ownership of Other Securities of the Issuer and Guarantors:
			
		  		  	Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of the Issuer or any Guarantor other than the
Securities listed above in Item (3). 
			
		  		  	State any exceptions here: ________________________________________________________________________

					
			
		  		  	
		
	(5)	  	Relationships with the Issuer and Guarantors:
			
		  		  	Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has had any other
material relationship with the Issuer or any of the Guarantors (or their respective predecessors or affiliates) during the past three years.
			
		  		  	State any exceptions
here:                                        
                                         
                                         
  
		
	(6)	  	Plan of Distribution:
			
		  		  	Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as follows (if at all): Such Registrable Securities may be
sold from time to time directly by the undersigned Selling Securityholder or, alternatively, through underwriters, broker-dealers or agents. Such Registrable Securities may be sold in one or more transactions at fixed
prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions)
(i) on any national securities exchange or quotation service on which the Registered Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the
over-the-counter market or (iv) through the writing of options. In connection with sales of the Registrable Securities or otherwise, the
Selling Securityholder may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities in the course of hedging the positions they assume. The Selling Securityholder may also sell
Registrable Securities short and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.
			
		  		  	State any exceptions
here:                                        
                                         
                                         
  

 By signing below, the Selling Securityholder acknowledges that it understands its obligation to comply, and agrees that it
will comply, with the provisions of the Exchange Act and the rules and regulations thereunder, particularly Regulation M. 
 In the event that the
Selling Securityholder transfers all or any portion of the Registrable Securities listed in Item (3) above after the date on which such information is provided to the Issuer, the Selling Securityholder agrees to notify the transferee(s) at the
time of the transfer of its rights and obligations under this Notice and Questionnaire and the Exchange and Registration Rights Agreement. 
 By signing
below, the Selling Securityholder consents to the disclosure of the information contained herein in its answers to Items (1) through (6) above and the inclusion of such information in the Shelf Registration Statement and related
prospectus. The Selling Securityholder understands that such information will be relied upon by the Issuer in connection with the preparation of the Shelf Registration Statement and related prospectus. 

In accordance with the Selling Securityholder’s obligation under Section 3(e) of the Exchange and Registration Rights Agreement to provide such
information as may be required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Issuer of any inaccuracies or changes in the information provided herein which may occur subsequent to
the date hereof at any time while the Shelf Registration Statement remains in effect. All notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made in writing, by hand-delivery or air courier guarantying
overnight delivery as follows: 

					
	                                      
  	 	To the Issuer:                                	  	
		 		  	Petróleos Mexicanos
		 		  	Avenida Marina Nacional No. 329
		 		  	Ciudad de México, 11300
		 		  	México
		 		  	Attention: Associate Managing Director of Finance

 Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the Issuer’s counsel, the
terms of this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives, and assigns
of the Issuer and the Selling Securityholder (with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3) above). This Agreement shall be governed in all respects by the laws of the State
of New York. 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be
executed and delivered either in person or by its duly authorized agent. 
 Dated: ______________ 

 

					
	                                    	  	  
	  	                                    
		  	Selling Securityholder	  	
		  	(Print/type full legal name of beneficial owner of Registrable Securities)	  	
			
		  	By: __________________________________________________________	  	
		  	Name:	  	
		  	Title:	  	

 PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO
THE ISSUER’S COUNSEL AT: 
  

					
		  	  
	  	
		  	  
	  	
		  	  
	  	
		  	  
	  	

 Exhibit B 

NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 

Deutsche Bank Trust Company Americas 
 Petróleos Mexicanos

 60 Wall Street, 27th Floor 

New York, New York 10005 
 Attention: Trust Officer 

 

					
	                    	  	Re:	  	Petróleos Mexicanos (the “Issuer”)
		  		  	 5.950% Notes due 2031 (CUSIP Nos.: 71654QCZ3 and P78625EA7) and

6.950% Bonds due 2060 (CUSIP Nos.: 71654QDA7 and P78625EB5)
 (the
“Securities”)

 Dear Sirs: 
 Please be advised
that _________________ has transferred U.S.$_________________ aggregate principal amount of the above referenced Securities pursuant to an effective Registration Statement on Form [_____] (File
No. 333- ______) filed by the Issuer and each of the guarantors named therein. 
 We hereby certify that the
prospectus delivery requirements, if any, of the U.S. Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner of the Securities is named as a “Selling Holder” in the Prospectus dated [date]
or in supplements thereto, and that the aggregate principal amount of the Securities transferred are the Securities listed in such prospectus opposite such owner’s name. 

Dated: 
  

			
	Very truly yours,
		
		 	  

		 	(Name)
		
	By:	 	  

		 	(Authorized Signature)EXHIBIT
10.1

 

CERTAIN INFORMATION
IN THIS EXHIBIT MARKED [****] HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY
HARMFUL IF PUBLICLY DISCLOSED.

 

 

Strategic
Research And Development Agreement (this “Strategic R & D Agreement”) dated July 1, 2020 (the
“Effective Date”) by and between RENOVACARE, INC., a Nevada corporation (the “Company”),
and STEMCELL SYSTEMS GmbH (“SCS”). The Company and SCS are sometimes collectively herein referred to
as the “Parties” and individually as a “Party.”

 

 

Whereas,
the Company is a developer of patented technologies for isolating and spraying skin, and
other cells for the regeneration of skin and other organs and tissues and other cell product technologies (collectively, the “Company
Technologies”);

 

Whereas,
SCS is experienced in, among other things, applied human cell, stem cell, and progenitor
cell sciences and associated bioengineering for regenerative medicine therapies;

 

Whereas,
the Parties have been engaged in strategic research and development collaborations relationship since 2014

 

Whereas,
the Parties entered into a research consulting agreement on April 12, 2019 (the “April 2019 Agreement”) as amended
by agreement dated March 4, 2020 (the “March 2020 Amendment” and together with the April 19 Amendment, the “Prior
Agreement”);

 

Whereas,
the Parties desire to terminate the Prior Agreement and to simultaneously enter into this Strategic R&D Agreement in order
to:

 

	(i)	enhance the Company’s Technologies,
	 	 
	(ii)	potentially develop additional products based on such technologies,
	 	 
	(iii)	provide access to the consultation services of Dr. Jörg C. Gerlach, M.D. (a co-owner of SCS and developer of the original SkinGun) and Mr. Thomas Bold,
	 	 
	(iv)  	establish the “RenovaCare R&D Innovation Center at StemCell Systems” and
	 	 
	(v)	address, and perform research and engineering services to satisfy the Company’s regulatory requirements and business objectives (collectively, the “Service Goals”).

 

Whereas,
as a further inducement to the Company to enter into this Strategic R&D Agreement, the Company, SCS, and affiliates of SCS
have entered into a non-binding memorandum of understanding which is subject to execution and delivery of a definitive agreement
on or before July 31, 2020 (the “RRRO”) relating to among other things, certain rights of first refusal and first offer
pertaining to SCS Inventions (as defined in Section 6) .

 

Therefore,
in consideration of the foregoing and the mutual promises contained herein, the Parties agree as follows:

 

 

    	 	1	 

     

    

 

1.       Term.

 

1.1       Initial
and Extended Consulting Term. Subject to the provisions of Section 1.2, the term of this Strategic R&D Agreement
and the Consulting Relationship (as defined in Section 3) created hereunder between SCS and the Company, for all purposes,
including by not limited to the dedicated lab/office space, shall be extended to, and including, June 30, 2023 (the “Initial
Consulting Term”). The Term may be further extended by mutual agreement of the parties (the “Extended Consulting
Term”), provided that such extension is negotiated and agreed to at least six (6) months prior to the expiration of the
Term. The Initial Consulting Term together with any Extended Consulting Terms are herein collectively referred to as the “Consulting
Term.”

 

		1.2	Earlier Termination.

 

1.2.1       For
Cause.

 

(a) The Company or
SCS may terminate this Strategic R&D Agreement for Cause effective immediately upon written notice to the other Party. For
purposes of this Agreement the term “Cause” shall mean (i) the breach by a Party of the terms or conditions
of this Strategic R&D Agreement and such breach is incapable of cure, or (ii) with respect to a breach capable of cure, the
breaching Party does not cure such breach within fifteen (15) calendar days after receipt of written notice of such breach. For
avoidance of doubt and without limiting the generality of the foregoing, the following would constitute a breach giving rise to
the right to the Company to terminate this Agreement for Cause:

 

(i) the failure of SCS,
on more than three (3) occasions during any successive twelve month period during the Term the to deliver the Deliverables, to
the satisfaction of the Company, in accordance with the criteria specified in the Statement of Work relating to such Deliverables,
and provided that the Company has so notified SCS following such failures;

 

(ii) the sale or transfer
by Dr. Jörg Gerlach of his ownership interest in SCS other than to another co-owner of
SCS or the Company;

 

(iii) SCS withdrawing
or reducing the consulting services of Dr. Gerlach or Mr. Thomas Bold and any other dedicated SCS Personnel without the prior written
consent of the Company; and

 

(iv) the failure of SCS
to deliver the Excluded Inventions Schedule and the RRRO on or prior to July 31, 2020.

 

(b) If terminated by
the Company for Cause, SCS shall be entitled solely to payment of accrued and unpaid fees pursuant to the Compensation schedule
(the “Accrued Fees”) payable within 30 days of the date of termination.

 

(c) If terminated by
the SCS for Cause, SCS shall be entitled to the Accrued Fees and the Termination Fee calculated pursuant to Section 1.2.2(c)(2).

 

1.2.2       Without
Cause. The Company may terminate this Strategic R&D Agreement without cause on written notice to SCS, provided, however,
that the Company, in such a case, pay a termination fee equal to (the “Termination Fee”):

 

    	 	2	 

     

    

(a) the Base Monthly
Fee multiplied by twelve (12) if the termination without cause occurs in the first two years of the Initial Consulting
Term; or

 

(b) the Base Monthly
Fee multiplied by the number of months remaining in the unexpired Initial Consulting Term (pro-rated for any partial
months) if the termination occurs in the third year of the Initial Consulting Term; or

 

(c) an amount equal
to the lesser of (1) the Base Monthly Fee multiplied by the number of unexpired months remaining in
the Extended Term (pro-rated as to any partial months) or (2) the Base Monthly Fee multiplied by six (6) if the termination
occurs in any Extended Term.

 

(d) the Termination
Fee is payable, in six equal monthly installments commencing 30 days following the date of termination and monthly thereafter.

 

1.2.3       Automatic
Termination. This Strategic R&D Agreement shall terminate automatically upon the expiration of the Initial Consulting
Term or any Extended Term should the Parties not extend the Initial Consulting Term or any Extended Term pursuant to Section
1.1.

 

1.2.4       Termination
of Statement of Work. Unless otherwise provided, the termination or expiration of a Statement of Work (as defined below)
shall not automatically terminate this Strategic R&D Agreement, but the termination or expiration of this Strategic R&D
Agreement shall automatically terminate all Statements of Work.

 

1.2.5       Termination
of Consulting Relationship. The termination of this Strategic R&D Agreement by either Party shall also constitute termination
of the Consulting Relationship unless the Parties otherwise agree in writing.

 

1.3           Deliveries
Upon Termination.

 

1.3.1       Deliveries
By SCS. Upon expiration or termination of this Strategic R&D Agreement for any reason, or at any other time upon the
Company’s written request and at the Company’s expense, and subject to its payment of the Termination Fee if applicable,
SCS shall promptly, but no less than ten (10) days after such expiration or termination:

 

(a) deliver to the
Company the Deliverables (as defined in Section 2.3) and all Work Product (as defined in Section 6.1), whether complete
or incomplete, and all hardware, software, tools, equipment, or other materials provided for your use by the Company;

 

 

 

(b) deliver to the
Company all tangible documents and materials (and any copies) containing, reflecting, incorporating or based on the Confidential
Information;

 

(c) permanently erase
all of the Confidential Information from SCS and SCS Personnel (as defined below) computer systems and records;

 

(d) remove the Signage;
and

 

(e) certify in writing
to the Company that you have complied with the requirements of this clause.

 

    	 	3	 

     

    

1.3.2.      Deliveries
by the Company. Upon expiration or termination of this Strategic R&D Agreement by SCS pursuant to Section 1.2.2
the Company shall deliver the (i) Termination Fee as and if applicable, (ii) the Base Monthly Fee (prorated for partial months)
through the date of termination, (iii) Expenses incurred through the date of termination.

 

1.4          Surviving
Provisions. Generally, any obligation undertaken hereunder by either Party that, by its nature or its terms, is
intended to extend beyond the Term shall survive the termination hereof. Without limiting the generality of the foregoing,
the terms and conditions of:

 

(a) Sections 1.2.1,
1.2.2, 1.3, 2.3, 7, 8.1, 8.4, 8.5, 9.8and 9.9 shall survive termination of this Agreement for one (1) year;

 

(b) Sections 1.4,
8, 9.3, 9.6, 9.7, 9.10, 9.11, 9.12, 9.13 and 9.14 shall survive termination of this Strategic R&D Agreement until
all surviving obligations of the Parties have been satisfied or terminated;

 

(c) Section 5
shall survive termination of this Strategic R&D Agreement with respect to any particular Confidential Information (except to
the extent, if any, expressly provided otherwise in the Agreement), as follows: (i) until the date, if any, that such Confidential
Information becomes subject to one or more of the specific exclusion to Confidential Information provided in Section 5.1.2
and (ii) for so long as applicable law does not require the particular Confidential Information in question to be maintained confidential;
and

 

(d) Section 6
shall survive termination of this Strategic R&D Agreement except as to any provision thereof which applies to Confidential
Information which provisions will survive for the period specified in Section 1.4(c) above.

 

2.       SERVICES.

 

2.1       Statements
of Work. From time to time, Company and SCS may execute one or more statements of work, substantially in the form attached
hereto as Exhibit 2.1, that describe the specific services to be performed by SCS (as executed, a “Statement
of Work”). Each Statement of Work will expressly refer to this Strategic R&D Agreement, will form a part of this
Strategic R&D Agreement, and will be subject to the terms and conditions contained herein. For each Statement of Work, the
Company shall define the research and development work and such work shall be performed by SCS within the agreed time frame, resource
allocation, and budget. Each Statement of Work shall be agreed to during the regular weekly or bi-weekly meetings of the Company
and SCS staff during the Consulting Term. A Statement of Work may be amended only by written agreement of the Parties. Unless specifically
agreed to in writing all work performed by SCS shall be Work Product, as defined in Section 6, and the Company shall be
the sole and exclusive owner and proprietor of all rights and titles in and to the results or proceeds of SCS’s Services
hereunder, in whatever stage of completion.

 

    	 	4	 

     

    

2.2       Performance
of Services. SCS will perform the services to be performed by it as more described in each Statement of Work (the “Services”)
in accordance with the terms and conditions set forth in each such Statement of Work or as otherwise provided in the Strategic
R&D Agreement. The Company acknowledges that the Services do not include, and that it is responsible for, regulatory
approval, licensing and use of products, including reimbursement.

 

2.3       Delivery.
SCS will deliver to Company the deliverables, designs, modules, software, products, documentation and other materials specified
in the Statement of Work (individually or collectively, “Deliverables”) in accordance with the delivery schedule
and other terms and conditions set forth in the Statement of Work to the Company’s satisfaction.

 

2.4       Dedicated
Laboratory Space and Personnel. In addition to the Services, SCS shall make available to the Company dedicated laboratory
space (the “Dedicated Space”) and personnel as more fully described in Exhibit 2.4 to this Strategic
R&D Agreement and shall be compensated therefor.

 

3.       PAYMENT.

 

3.1       Fees.
SCS’s sole compensation for the performance of the Services (as specified in Section 2.2 above) shall be determined
in accordance with the Compensation Schedule set forth on Exhibit 3.1 to this Strategic R&D Agreement. Without
limiting the generality of the foregoing SCS acknowledges and agrees that, if specified in the Statement of Work, Company’s
payment obligation will be expressly subject to SCS’s completion or achievement of certain milestones to Company’s
reasonable satisfaction.

 

3.2       Expenses.
Unless otherwise explicitly provided in the Statement of Work, Company will not reimburse SCS for any out-of-pocket travel, lodging
or related expenses, or expenses of any third-party service providers, incurred by SCS in connection with SCS’s performance
of Services (collectively, “Expenses”). If the Statement of Work explicitly provides for any such Expenses to
be reimbursed by the Company, it shall nevertheless be a condition to such reimbursement that all Expenses be pre-approved in writing
by the Company. As a condition for reimbursement, SCS will furnish Company with copies of receipts and other customary documentation
for any expenses for which SCS requests reimbursement hereunder.

 

    	 	5	 

     

    

3.3       Payment
Terms. All fees and other amounts set forth in the Statement of Work, if any, are stated in and are payable in U.S. dollars.
Unless otherwise provided in a Statement of Work, SCS will invoice Company on a monthly basis for all fees and expenses payable
to SCS. Company will pay the full amount of each such invoice in accordance with the Compensation Schedule set forth on Exhibit
3.1, except for any amounts that Company disputes in good faith. The Parties will use their respective commercially reasonable
efforts to promptly resolve any such payment disputes.

 

4.       RELATIONSHIP
OF THE PARTIES.

 

4.1       Independent
Contractor. SCS is an independent contractor, performing “work for hire” as contemplated by Section 6.3,
and nothing in this Strategic R&D Agreement will be construed as establishing an employment, or agency relationship between
Company and SCS. The Parties have a consulting relationship (the “Consulting Relationship”). SCS has no authority
to bind Company by contract or otherwise. SCS will perform Services under the general direction and oversight of Company pursuant
to the Statement of Work(s), but SCS will determine the manner and means by which the Services are accomplished, subject to the
requirement that SCS will at all times comply with applicable law.

 

4.2       Taxes
and SCS Benefits. SCS will report to all applicable government agencies as income all compensation received by SCS pursuant
to this Strategic R&D Agreement. SCS will be solely responsible for payment of all withholding taxes, social security, workers’
compensation, unemployment and disability insurance or similar items required by any government agency.

 

5.       CONFIDENTIAL
INFORMATION.

 

5.1
       Confidential
Information.

 

5.1.1       Definition.
SCS understands and acknowledges that “Confidential
Information” means any and all Company information (including any information provided
pursuant to Section 5.4), Company Inventions, Work Product, and physical manifestations
thereof, not generally known or available outside the Company and information and physical manifestations thereof entrusted to
the Company in confidence by third parties, whether or not such information is patentable, copyrightable or otherwise legally protectable.
By way of example and not limitation, Confidential
Information includes inventions, designs, data, computer code, works of authorship, know-how, laboratory notebooks, trade secrets,
processes, formulas, compounds, indications, techniques, ideas, discoveries, products and services under development, biological
materials, mask works, engineering designs and drawings, hardware configuration information, agreements with third parties,
employee, investor, customer and vendor information of any kind, marketing and business plans
and financial information of any kind including pricing and profit margins.

 

    	 	6	 

     

    

5.1.2       Exclusions
from Confidential Information. Except as required by applicable federal, state, or local law or regulation, the term “Confidential
Information” as used in this Strategic R&D Agreement does not include information that:

 

(a)
at the time of disclosure is, or thereafter becomes, generally available to and known by the public other than as a result of,
directly or indirectly, any violation of this Strategic R&D Agreement by SCS or any SCS Personnel (as defined in Section
6.1);

 

(b) at the
time of disclosure is, or thereafter becomes, available to SCS on a non-confidential basis from a third-party source, provided
that such third party is not and was not prohibited from disclosing such Confidential Information to SCS by a legal, fiduciary,
or contractual obligation to the Disclosing Party;

 

(c) was known
by or in the possession of SCS or SCS Personnel (other than through services provided or work done by SCS or SCS Personnel on behalf
of, or otherwise transferred or assigned to, the Company by SCS or SCS Personnel as contemplated by Section 7), as established
by documentary evidence, before being disclosed by or on behalf of the Company under this Strategic R&D Agreement; or

 

(d) was or
is independently developed by SCS or SCS Personnel (without using Confidential Information and not otherwise transferred or assigned
to the Company by SCS or SCS Personnel), as established by documentary evidence, without reference to or use of, in whole or in
part, any of the Company’s Confidential Information.

 

5.2       Ownership
of Confidential Information. The Confidential Information (and all documents containing Confidential Information) is, and
as between SCS and the Company, will be the sole property of the Company.

 

5.3       Protection
of Information. SCS understands that during the Consulting Relationship, the Company intends to provide SCS with certain
information, including Confidential Information (as defined below), without which SCS would not be able to perform SCS’s
duties to the Company. At all times during the term of the Consulting Relationship and thereafter, SCS shall hold in strictest
confidence, and not use (including with respect to SCS Third Party Client
Services as defined in Section 6), except for the benefit of the
Company to the extent necessary to perform the Services, and not disclose to any person, firm, corporation or other entity, without
written authorization from the Company in each instance, any Confidential Information that SCS obtains from the Company or otherwise
obtains, accesses or creates in connection with, or as a result of, the Services during the term of the Consulting Relationship,
whether or not during working hours, until such Confidential Information becomes publicly and widely known and made generally available
through no wrongful act of SCS or of others who were under confidentiality obligations with SCS as to the item or items involved.
SCS shall not make copies of such Confidential Information except as authorized by the Company or in the ordinary course of the
provision of Services.

 

    	 	7	 

     

    

5.4       
Third Party Information. SCS’s agreements in this Section 5 are intended to be for the benefit of the
Company and any third party that has entrusted information or physical material to the Company in confidence. During the term of
the Consulting Relationship and thereafter, SCS will not improperly use or disclose to the Company any confidential, proprietary
or secret information of SCS’s former clients or any other person, or otherwise incorporate any such confidential, proprietary
or secret information in connection with the Services.

 

5.5       Non-Use
and Non-Disclosure.

 

5.5.1       SCS
will not, during or subsequent to the term of this Agreement, use the Company’s Confidential Information for any purpose
whatsoever other than the performance of the Services on behalf of the Company. SCS will not, during or subsequent to the term
of this Agreement, disclose the Company’s Confidential Information to any third party. SCS shall not reverse engineer, disassemble
or decompile any prototypes, software or other tangible objects, that embody the Company’s Confidential Information without
the Company’s prior written permission.

 

5.5.2       SCS
further agrees to take all reasonable precautions to prevent any unauthorized disclosure of such Confidential Information including,
but not limited to, at the request of the Company, having each employee of SCS, if any, with access to any Confidential Information,
execute a non-disclosure agreement containing provisions no less favorable to the Company and protective of Confidential Information
unless SCS has received prior written approval for such action from the Company; and in such event, SCS shall reproduce on any
such approved copies, any of Company’s proprietary rights and confidentiality notices in the same manner in which such notices
were set forth in or on the original. SCS shall immediately notify the Company in the event of any unauthorized use or disclosure
of Confidential Information.

 

5.5.3       SCS
agrees that any Inventions and related Intellectual Property Rights, that SCS
may solely or jointly with the Company or any SCS Personnel author, discover,
develop, conceive, or reduce to practice otherwise than in connection with, or as a result of, the services performed for the company,
or based upon Confidential Information, following the termination of this
Strategic R&D Agreement, collectively referred to as “Section 5.5.3
Inventions,” are Company Inventions and included in the assignment provisions of Section 6.7.

 

    	 	8	 

     

    

5.6        Other
Rights. This Strategic R&D Agreement is intended to supplement, and not to supersede, any rights the Company and SCS
may have in law or equity with respect to the protection of trade secrets or confidential or proprietary information.

 

5.7       U.S.
Defend Trade Secrets Act. Notwithstanding the foregoing, the U.S. Defend Trade Secrets Act of 2016 (“DTSA”)
provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the
disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or
(iii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition,
DTSA provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law
may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if
the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except
pursuant to court order. Please refer to Exhibit 5.6 to this Strategic R&D Agreement.

 

5.8        Return
of Confidential Information. Upon request of the Company, SCS will promptly (i) deliver to the Company all documents and
other tangible media in SCS’s possession or control that evidence, contain or reflect Confidential Information (including
all copies, reproductions, digests, abstracts, analyses, and notes) and (ii) destroy any intangible materials that evidence, contain
or reflect Confidential Information on equipment or media not owned by the Company.

 

6.       OWNERSHIP
AND ASSIGNMENT OF WORK PRODUCT.

 

6.1        Definitions.
The following capitalized terms shall have the meanings assigned to
them below:

 

“Company
Inventions” means any and all Inventions that SCS or SCS may solely or jointly, with
any SCS employees, consultants, affiliates or other third parties (collectively, “SCS Personnel”),
including but not limited to, Section 5.5.3 Inventions, author, discover, develop, conceive, or reduce to practice in connection
with, or as a result of, the services performed for the Company, the Confidential Information or otherwise in connection with the
Consulting Relationship during and after the Consulting Term or thereafter.

 

“Intellectual
Property” means collectively all Work Product and all
intellectual property rights relating to all Work Product.

 

“Intellectual
Property Rights” means all rights in and to U.S. and foreign
(i) patents, patent disclosures, inventions (ii) trademarks,
trademark applications and registrations, service marks, trade dress, trade names, logos,
corporate names and domain names, and other similar designations of source or origin, together with the goodwill symbolized by
any of the foregoing, (iii) copyrights and copyrightable works (including computer programs), and rights in data and databases,
(iv) other Confidential Information, and (v) all other intellectual property rights, in each case whether registered or unregistered
and including all registrations and applications for, and renewals or extensions of, such rights, and all similar or equivalent
rights or forms of protection in any part of the world.

 

    	 	9	 

     

    

“Inventions”
means discoveries, developments, concepts, designs, ideas, know how, modifications,
improvements, derivative works, inventions, trade secrets and/or original works of authorship, whether or not patentable, copyrightable
or otherwise legally protectable. This includes, but is not limited to, any new product, machine, article of manufacture, biological
material, method, procedure, process, technique, use, equipment, device, apparatus, system, compound, formulation, composition
of matter, design or configuration of any kind, or any improvement thereon.

 

“SCS
Inventions” means Inventions, Excluded Inventions (as defined
in Section 6.4.1), and SCS Third Party IP (as defined
below) made during the Consulting Term relating to [****] that SCS or SCS may solely or jointly with any SCS Personnel, author,
discover, develop, conceive, or reduce to practice otherwise than in connection with, or as a result of, (i) the Services performed
for the Company, (ii) the Confidential Information, or (iii) otherwise in connection with the Consulting Relationship.

 

“Work
Product” means any and all Company Inventions, Deliverables,
discoveries, original works of authorship, developments, improvements, formulas, compounds, indications, techniques, concepts,
data and ideas (whether or not patentable or registerable under patent, copyright, or similar statute) made, conceived, prepared,
created, discovered, or reduced to practice by SCS, either alone or jointly with SCS Personnel during the Consulting term of or
prior consulting period, that (i) result or relate to work performed by SCS for the Company, and related Intellectual Property
Rights (ii) are made by use of the Confidential Information, or are made, conceived or completed, wholly or in part, during hours
in which SCS is engaged by the Company, or (iii) are related to the business of the Company or the actual or demonstrably anticipated
business of the Company.

 

The
Company agrees and acknowledges that SCS and SCS Personnel, in its normal course of business, may perform services or enter into
collaborations with its other clients, collaborators or third parties, for the investigation, development, testing, or other such
undertakings related to the regeneration of organs and tissues, including but not necessarily limited to, [****] (collectively,
“SCS Third Party Client Services”); provided,
such SCS Third Party Client Services do not use or incorporate
Confidential Information in any SCS Third Party Client Services without the Company’s prior written consent and authorization,
, Inventions and Intellectual Property Rights related thereto (collectively, “SCS Third Party IP”)
arising out of such SCS Third Party Client Services shall not be deemed Work Product under this Strategic R&D Agreement but
rather will be deemed SCS Inventions.

 

6.2       Property
of The Company. Except as otherwise specifically set forth in
this Strategic R&D Agreement, all Intellectual Property is and will be the sole property of the Company.

 

6.3       Work
Made for Hire. SCS acknowledges that, by reason of being engaged
by the Company as a consultant at the relevant times, to the extent permitted by law, all of the work product consisting of copyrightable
subject matter is “work made for hire” as defined in the Copyright Act of
1976 (17 U.S.C. § 101), and such copyrights are therefore owned by the Company. In
the event that any portion of the work product should be deemed not to be a “work made for hire”
for any reason, SCS hereby assigns, conveys, transfers and grants, and agrees to assign, convey, transfer and grant to Company
all of SCS 's right, title, and interest in and to the work product and any copyright therein, and agrees to cooperate with Company
in the execution of appropriate instruments assigning and evidencing such ownership rights.

 

6.4        Excluded
Inventions.

 

6.4.1 To
preclude any possible uncertainty with respect to inventions, SCS shall deliver, within the 20 calendar days following the
Effective Date a schedule (the “Excluded Inventions
Schedule”), in form and substance reasonable acceptable to the Company setting forth a complete list of all
Inventions to which SCS claims ownership as of the date of this
Agreement and that SCS desires to specifically clarify are not subject to this Agreement (the “Excluded
Inventions”). SCS represents that the Excluded Inventions Schedule will be accurate and complete. If the Excluded
Inventions Schedule contains no such Excluded Inventions, SCS represents that SCS has no such Excluded Inventions at the time
of signing this Agreement.

 

    	 	10	 

     

    

 

6.4.2      Subject
to Section 6.4.3, refinements or subsequent SCS Inventions that relate specifically to advancing, enhancing or further development
of the Excluded Inventions (collectively, “Excluded Inventions Refinements”) set forth on the Excluded Inventions
Schedule, shall themselves be deemed Excluded Inventions disclosed on the Excluded Inventions Schedule.

 

6.4.3       anything
in section 6.4.2 above to the contrary notwithstanding, if the excluded inventions refinements are authored, discovered, developed,
conceived, or reduced to practice in connection with, or as a result of, the services performed for the Company, the Confidential
Information or otherwise in connection with the Consulting Relationship during and after the Consulting Term or thereafter, such
Excluded Inventions Refinements shall be deemed Company Inventions.

 

6.4.4       If
disclosure of any such Excluded Inventions would cause SCS to violate any prior confidentiality agreement to which it is party,
SCS understands that SCS is not to list such Excluded Inventions in such attachment but is only to disclose a cursory name for
each such Excluded Invention, a listing of the party(ies) to whom it belongs and the fact that full disclosure as to such Excluded
Inventions has not been made for that reason. If the Excluded Inventions Schedule is not timely delivered, the Company may terminate
this Agreement for Cause.

 

6.5       Use
or Incorporation of Excluded Inventions, SCS Inventions, Third Party IP.

 

6.5.1       At
the inception of any Statement of Work, if (i) SCS is of the opinion that certain Excluded Inventions or SCS Inventions, or combination
thereof, may better accomplish the goals of such Statement of Work and (ii) SCS so notifies the Company in writing (the “SCS
Invention Notice”), then, the Company shall have the option, which option is exercisable by written notice to SCS with
five (5) Business Days of its receipt of the SCS Invention notice, to review and assess, for a period of ten (10) Business Days,
the SCS Invention which is the subject of the SCS Invention Notice, for its potential acquisition or licensing by the Company (the
“Review Period”).

 

6.5.2       During
the Review Period, the Company may ask SCS for such additional information as the Company may reasonably require in order to complete
its assessment of the SCS Invention; SCS shall provide such additional information in as expeditious a manner as possible or advise
the Company in writing that the requested information is not available or cannot be provided without undue expense. The Review
Period shall be tolled pending delivery of the requested information or notice of unavailability.

 

6.5.3       Following
it assessment of the SCS Invention but prior to the expiration of the Review Period, the Company shall provide SCS with written
notice (the “Company-SCS Invention Notice”) which shall state that either the Company has (i) no interest in
acquiring or licensing Invention or (ii) an interest in acquiring or licensing SCS Invention.

 

    	 	11	 

     

    

6.5.4       If
Company has an interest in acquiring or licensing the SCS Invention, the Company SCS shall have ten (10) Business Days following
the date of the Company-SCS Invention Notice to negotiate mutually agreeable terms for the Company’s acquisition or licensing
of the Disclosable SCS Invention (the “Negotiation Period”). To facilitate this process the Company first shall
provide SCS Member with a written purchase proposal setting forth the principal terms on which the Company is willing to acquire
or license the SCS Invention (the “Company Purchase Proposal”).

 

6.5.5       If
the Company Purchase Proposal is accepted, SCS Member and the Company shall proceed to consummation of the Company Purchase Proposal
within ten (10) Business Days of the date of such acceptance.

 

6.5.6       If
the Company Purchase Proposal is not accepted SCS and the Company shall continue discussions and negotiations for the balance of
the Negotiation Period. At any time during the Negotiation Period, the SCS Member may, but is not obligated to, provide in writing
a final proposal setting forth the terms it is willing to sell or license the SCS Invention (the “SCS Final Proposal”)
following which the Company shall have three (3) Business Days to provide written notice to SCS either accepting or rejecting the
SCS Final Proposal. Failure to provide such written notice of acceptance or rejection within the aforesaid have 3-Business Day
period shall be deemed a rejection by the Company.

 

6.5.7       If
the SCS Final Proposal is accepted the Disclosing SCS Member and Company shall proceed to consummation of the Company Purchase
Proposal pursuant to Section 5.3.

 

6.5.8       if
the Disclosing SCS Members Final Proposal is not accepted, then, then the Company’s Option pursuant to Section 6.5.1
shall be deemed expired and of no further effect.

 

6.5.9       If,
in the course of performing the Services, SCS incorporates, at its option, any Excluded Invention, SCS Invention, improvement,
development, concept, discovery or other proprietary information owned by SCS or in which SCS has an interest, which was not licensed
or acquired by the Company pursuant to this Section 6.5, into any Work Product developed under this Agreement (i) SCS will
inform the Company, in writing before incorporating such invention, improvement, development, concept, discovery or other proprietary
information into any Work Product, and (ii) regardless of whether SCS provides such notice, SCS hereby grants the Company a nonexclusive,
royalty-free, perpetual, irrevocable, worldwide license to make, have made, modify, use and sell such item as part of such Work
Product.

    	 	12	 

     

    

6.5.10       Anything
in this Agreement to the contrary notwithstanding, SCS will not incorporate any Invention, improvement, development, concept, discovery
or other proprietary information owned by any third party into any Work Product without Company’s prior written permission.

 

6.6       Maintenance
of Records. SCS shall keep and maintain adequate
and current written records of all Company inventions made or conceived by SCS or SCS’s Personnel during the term of the
consulting relationship. The records may be in the form of notes, sketches, drawings, flow charts, electronic data or recordings,
laboratory notebooks, or any other format. The records will be available to and remain the sole property of the Company at all
times. SCS shall not remove such records from the Company’s place of business or systems except as expressly permitted by
Company policy which may, from time to time, be revised at the sole election of the Company for the purpose of furthering the Company’s
business. At the Company’s expense, SCS shall deliver all such records (including any copies thereof) to the Company at the
time of termination of this Strategic R&D Agreement the Consulting Relationship as provided for in Section 1.3.

 

6.7       Disclosure
and Assignment of Work Product.

 

6.7.1       SCS
will promptly make full written disclosure to the Company, will hold in trust for the sole right and benefit of the Company, and
hereby assigns to the Company, or its designee, all of SCS’s right, title and interest throughout the world in and to any
and all Work Product.

 

6.7.2       SCS
hereby waives and irrevocably quitclaims and assigns to the Company or its designee, without any further consideration, any and
all claims, of any nature whatsoever, that SCS now has or may hereafter have for infringement of any and all Work Product, including
without limitation, Company Inventions. This assignment of Work Product includes all rights of attribution, paternity, integrity,
modification, disclosure and withdrawal, and any other rights throughout the world that may be known as or referred to as “moral
rights,” “artist’s rights,”
“droit moral,” or the like (collectively, “Moral Rights”).
To the extent that moral rights cannot be assigned under applicable law, SCS hereby waives and agrees not to enforce any and all
moral rights, including, without limitation, any limitation on subsequent modification, to the extent permitted under applicable
law. If SCS has any rights to the Work Product, other than moral rights, that cannot be assigned to the Company, SCS hereby unconditionally
and irrevocably grants to the Company during the term of such rights, an exclusive, irrevocable, perpetual, worldwide, fully paid
and royalty-free license, with rights to sublicense through multiple levels of sublicensees, to reproduce, distribute, display,
perform, prepare derivative works of and otherwise modify, make, have made, sell, offer to sell, import, practice methods, processes
and procedures and otherwise use and exploit, such Work Product, including without limitation, Company Inventions. 

 

6.8       SCS
Assistance; Attorney in Fact.

 

6.8.1       Assistance.
SCS shall assist the Company, or its designee, at the Company’s expense, in every proper
way in securing the Company’s, or its designee’s, rights in the Company inventions and any copyrights, patents, trademarks,
mask work rights, moral rights, or other intellectual property rights relating thereto in any and all countries, including the
disclosure to the Company or its designee of all pertinent information and data with respect thereto, the execution of all applications,
specifications, oaths, assignments, recordings, and all other instruments which the Company or its designee shall deem necessary
in order to apply for, obtain, maintain and transfer such rights, or if not transferable, waive and shall never assert such rights,
and in order to assign and convey to the Company or its designee, and any successors, assigns and nominees the sole and exclusive
right, title and interest in and to such Company inventions, and any copyrights, patents, mask work rights or other intellectual
property rights relating thereto. SCS’s obligation to execute or cause to be executed, when it is in SCS’s power to
do so, any such instrument or papers shall continue during and at all times after the end of the Consulting Relationship and until
the expiration of the last such intellectual property right to expire in any country of the world.

 

    	 	13	 

     

    

6.8.2       Power
of Attorney. SCS agrees that if the Company is unable, because of SCS’s documented
unavailability for 10 or more calendar days, dissolution, mental or physical incapacity of its duly authorized officers or principals,
or for any other reason, to secure SCS’s signature to apply for or to pursue any application for any United States or foreign
jurisdiction’s patents or copyright registrations covering the Company Inventions assigned to the Company above. For all
Work Product, SCS hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as SCS’s
agent and Attorney-In-Fact, to act for and on SCS’s behalf and stead to execute and file any such instruments and papers
and to do all other lawfully permitted acts to further the application for, prosecution, issuance, maintenance or transfer of letters
patent, copyright, mask work, and other related registrations. This power of attorney is coupled with an interest and shall not
be affected by SCS’s subsequent incapacity or unavailability.

 

6.9       Exception
to Assignments. Subject to the requirements of applicable state law, if any, SCS understands that the Company inventions
will not include, and the provisions of this agreement requiring assignment of inventions to the Company do not apply to, any invention
which qualifies fully for exclusion under the provisions of applicable law, if any. In order to assist in the determination of
which inventions qualify for such exclusion, SCS will advise the Company promptly in writing, during and for a period of twelve
(12) months immediately following the termination of this Strategic R&D Agreement, of all Inventions solely or jointly conceived
or developed or reduced to practice by SCS or SCS’s Personnel in connection with, or as a result of, the services performed
for the company during Consulting Term.

 

7.       PRIOR
AGREEMENTS.

 

7.1       The
Company and SCS acknowledge that SCS has and is performing, up to the Effective Date work, activities, services or made efforts
on behalf of or for the benefit of the Company, or related to or related to the Company’s Technologies or the current or
prospective business of the Company pursuant to the Prior Agreement.

 

7.2       As
of the Effective Date the Prior Agreements shall be deemed terminated except that any
obligation undertaken thereunder by either Party, including provisions related to SCS pre-existing inventions work
for hire, work product, Company invention ownership, and Company confidential information, that, by its nature or its terms, is
intended to extend beyond the termination of the Prior Agreement shall survive the termination thereof, and shall have full force
and effect (the “Surviving Prior Agreement Provisions”).

 

    	 	14	 

     

    

 

7.3       Without
mitigating the effectiveness of Section 7.2, SCS pre-existing inventions, work
for hire, work product, Company invention ownership, and Company confidential information as contemplated by the Surviving Prior
Agreement Provisions, shall be deemed, respectively, Excluded Inventions, “work for hire,” Work Product, Company Invention
and Confidential Information for purposes of this Agreement.

 

8.       WARRANTIES
AND ACKNOWLEDGMENTS

 

8.1       No
Pre-existing Obligations. SCS represents and warrants that SCS has no pre-existing obligations or commitments (and will
not assume or otherwise undertake any obligations or commitments) that would be in conflict or inconsistent with or that would
hinder SCS’s performance of its obligations under this Agreement.

 

8.2       Performance
Standard. SCS represents and warrants that Services will be performed in a thorough and professional manner, consistent
with high professional and industry standards by individuals with the requisite training, background, experience, technical knowledge
and skills to perform Services.

 

8.3       Non-infringement.
SCS will use its best efforts to ensure that the Company Inventions will not infringe, misappropriate or violate the rights of
any third party, including, without limitation, any SCS Third Party IP.

 

8.4       Competitive
Activities. During the Term, and for a period of one (1) year thereafter SCS will not, directly or indirectly, in any individual
or representative capacity, engage or participate in or provide services to any business that has (i) products and technologies
that are competitive with the products and technologies, including, but not limited to the Company Technologies, being developed,
marketed and sold by the Company or (ii) has been identified or introduced to SCS by the Company, in writing, as a competitor or
potential competitor of the Company. SCS may continue to conduct primary and progenitor cell research provided the same is not
otherwise in violation of the terms of this Strategic R&D Agreement including, but not limited to, Sections 5 and 6
hereof. Excluded Inventions and Excluded Inventions Refinements are not subject to the restrictions set forth in this Section
8.4, unless authored, discovered, developed, conceived, or reduced to practice in connection with, or as a result of,
the services performed for the Company, the Confidential Information or otherwise in connection with the Consulting Relationship

 

8.5       Non-Solicitation
of Personnel. During the term of this Agreement and for a period of twelve (12) months thereafter, neither Party will not
directly or indirectly solicit the services of any of the other Party’s employees or consultants for its own benefit or for
the benefit of any other person or entity.

 

    	 	15	 

     

    

 

8.6       Indemnity.

 

8.6.1
      The Company acknowledges and agrees that SCS does not sell, and is not selling,
a commercial product to Company, nor prototypes for immediate use in testing facilities; SCS is solely provided research and development
services for, and at the direction and under the supervision, of the Company. Company further acknowledges and agrees that SCS
is not developing clinical products, and that the Services end at prototyping and preparing regulatory work. Prototypes prepared
by SCS are subject to substantial further product development under sole supervision and responsibility of Company, before potential
use for laboratory, pre-clinical, or clinical purposes, including, but not limited to, therapies. The Services are provided by
SCS on an “as is” basis; except as specifically provided in this Agreement SCS makes no other warranties, express
or implied, and hereby disclaims all implied warranties, including any warranty of merchantability and warranty of fitness for
a particular purpose.

 

8.6.2       SCS
will defend, indemnify and hold the Company harmless from and against all claims, damages, liabilities, losses, expenses and costs
(including reasonable fees and expenses of attorneys and other professionals) arising out of or resulting from any breach
of this Agreement by SCS or SCS Personnel.

 

8.6.3       The
Company will defend, indemnify and hold SCS harmless from and against all claims, damages, liabilities, losses, expenses and costs
(including reasonable fees and expenses of attorneys and other professionals) arising out of or resulting from any breach
of this Agreement by the Company.

 

8.7       Injunctive
Relief. SCS acknowledges and agrees that the covenants and obligations of SCS set forth in this Strategic R&D Agreement
relate to special, unique and extraordinary Services rendered by SCS to the Company and that a violation of any of the terms of
such covenants and obligations will cause the Company irreparable injury for which adequate remedies are not available at law.
Therefore, SCS agrees that the SCS shall be entitled to seek an injunction, restraining order or other temporary or permanent equitable
relief (without the requirement to post bond) restraining SCS from committing any violation of the covenants and obligations contained
herein. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law
or in equity.

 

9.       MISCELLANEOUS.

 

9.1       Assignment.
SCS may not assign or transfer this Agreement, in whole or in part, without the Company’s express prior written consent.
Any attempt by SCS to assign this Agreement, without such consent, will be void. Subject to the foregoing, this Agreement will
bind and benefit the Parties and their respective successors and assigns, including without limitation, any corporation or other
entity into which the Company is merged or which acquires all or substantially all of the assets of the Company.

 

    	 	16	 

     

    

9.2       No
Election of Remedies. Except as expressly set forth in this Agreement, the exercise by Company of any of its remedies under
this Agreement will not be deemed an election of remedies and will be without prejudice to its other remedies under this Agreement
or available at law or in equity or otherwise.

 

9.3       No-trade.
SCS acknowledges that it may be in possession of material nonpublic information which is considered to be any information concerning
the Company that is both (i) material (meaning the average investor would want to know such information before deciding whether
to buy, sell or hold securities of the Company, or, in other words, information that could affect the market price of Company securities);
and (ii) nonpublic (meaning the information has not been disclosed in the Company's filings with the Securities and Exchange Commission
(“SEC”) or in a press release issued by the Company that has been broadly disseminated to the investing public).
Information is not considered public until the second business day after such disclosure in a SEC filing or press release. If such
material nonpublic information is disclosed to the public, consultant may not trade in the Company securities until the second
business day after such disclosure (i.e., the second day after the applicable sec filing or press release). The prohibition on
trading while in possession of material nonpublic information continues for as long as any information consultant has is both material
and nonpublic and can continue even after consultant's engagement with the Company has terminated.

 

9.4       Severability.
If any provision of this Strategic R&D Agreement is held invalid or unenforceable by a court of competent jurisdiction, the
remaining provisions of this Strategic R&D Agreement will remain in full force and effect, and the provision affected will
be construed so as to be enforceable to the maximum extent permissible by law.

 

9.5       Waiver.
The failure by either Party to enforce any provision of this Strategic R&D Strategic R&D Agreement will not constitute
a waiver of future enforcement of that or any other provision of this Agreement.

 

9.6       Notices.
Any notice, demand or request required or permitted to be given under this Agreement shall be in writing and addressed as follows:

 

 

 

If to the Company:

 

RenovaCare, Inc.

 

4
Becker Farm Road

 

Suite
105

 

Roseland, NJ 07068

 

Attention: Alan L. Rubino, Chief
Executive Officer

 

Email
Address: arubino@renovacareinc.com

 

 

 

If to
SCS:

 

StemCell
Systems GmbH

 

Tempelhofer
Damm 45

 

Flughafengebäude
Hangar 6.c

 

12101 Berlin, Germany

 

Attention: Frank Schubert

 

Email Address: Frank.schubert@stemcell-systems.com

 

or, to such other address or facsimile
number as any Party shall have furnished to the other in writing in accordance with this Section 9.6.

 

    	 	17	 

     

    

 

Notices sent in accordance with this Section
shall be deemed effectively given: (i) when received, if delivered by hand (with written confirmation of receipt); (ii) when received,
if sent by a nationally recognized overnight courier (receipt signature requested); (iii) on the date sent by facsimile or e-mail
(in each case, with confirmation of transmission), if sent during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient; or (iv) on the third (3rd) Business Day after the date mailed, by certified
or registered mail, return receipt requested, postage prepaid.

 

9.7        Further
Assurances.

 

9.7.1     Assignments;
Applications. Whenever requested by the Company, both during the Consulting Term and thereafter, the SCS will promptly
sign and deliver to the Company any and all applications, assignments and other documents that the Company considers
necessary or desirable in order to: (a) assign, apply for, obtain, and maintain any Intellectual Property Rights in the
United States and for other countries relating to any Work Product, (b) assign and convey to the Company or its designee the
sole and exclusive right, title, and interest in and to all Intellectual Property, (c) provide evidence regarding the
Intellectual Property that the Company considers necessary or desirable, (d) confirm the Company’s ownership of the
Intellectual Property, all without royalty or any other further consideration to SCS, and (e) at the request of the Company,
execute and deliver the Power of Attorney referenced in Section 6.8.2 in such form as may be reasonably required by
the Company counsel so as to give full effect to the intent of Section 6.82.

 

9.7.2     Enforcement.Whenever
requested by the Company, both during the Consulting Term and thereafter, SCS will assist the Company in assigning, obtaining,
maintaining, defending, registering and from time to time enforcing, in any and all countries, the Company’s right to the
Work Product. This assistance may include, without limitation, testifying in a suit or other proceeding. If the Company requires
assistance from SCS after termination this Strategic R&D Agreement, SCS will be compensated for time actually spent in providing
assistance at an hourly rate equivalent to the rates paid to SCS Personnel compensation at the time the Agreement was terminated
together with reasonable, actual out-of-pocket expenses incurred in providing such assistance.

 

9.7.3    
SCS Incurred Costs and Expenses. It is acknowledged and agreed by the Company that
the reasonable costs and expenses, including the billable time provided by SCS Personnel, in assisting the Company in effecting,
securing or maintaining any of the assignments or rights assigned, or assistance provided, to it pursuant to Sections 1.3.1,
5.8, 6.7.2, 6.8 and 9 shall be paid for by the Company.

 

    	 	18	 

     

    

9.8        Signage.
To the extent allowable to SCS under terms of its obligations to its landlord, SCS shall permit the Company to place the following
signage (collectively, the “Signage”) in a format to be agreed to by SCS’s landlord, in both interior
and exterior locations at SCS’s offices and lab in Berlin Germany, in close proximity to SCS’s own signage: “RenovaCare
R&D Innovation Center at StemCell Systems.” It is understood
and acknowledged that both Parties may utilize, publish and issue press releases regarding the Consulting Relationship and the
establishment of the “RenovaCare R&D Innovation Center at StemCell Systems.”

 

9.9       Company
Equipment. It is agreed and acknowledged that (i) from time to time the Company will install and utilize its own equipment
(the “Company Equipment”) in and about the Dedicated Space, (ii) SCS shall permit the Company full access to
such Company Equipment, and (iii) upon termination of this Strategic R&D Agreement the SCS shall permit the Company to remove
the Company Equipment from SCS’s premises (including the Dedicated Space).

 

9.10       Effectiveness;
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all
of which together will constitute one and the same instrument. A signature transmitted by facsimile or in a .pdf file shall
have the same effect as an original signature. Each Party represents and warrants that the representatives signing this Agreement
on its behalf has all right and authority to bind and commit that Party to the terms and conditions of this Agreement. This Agreement
shall be effective only when signed by both parties.

 

9.11       Interpretation.
For purposes of this Strategic R&D Agreement, (a) the words “include,” “includes,” and “including”
shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and
(c) the words “herein,” “hereof,” “hereby,” “hereto,” and “hereunder”
refer to this Strategic R&D Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Sections,
Exhibits and Schedules refer to the Sections of, and Exhibits and Schedules attached to, this Strategic R&D Agreement; (y)
to an agreement, instrument, or other document means such agreement, instrument, or other document as amended, supplemented, and
modified from time to time to the extent permitted by the provisions thereof; and (z) to a statute means such statute as amended
from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. Any Exhibits
or Schedules referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they
were set forth verbatim herein.

 

9.12 Entire Agreement.
Except as contemplated by Section 7, the Strategic R&D Agreement, together with all Statements of Work, constitutes the complete
and exclusive understanding and agreement of the parties with respect to its subject matter and supersedes all prior understandings
and agreements, whether written or oral, with respect to its subject matter. No term of any Statement of Work will be deemed to
amend the terms of this Strategic R&D Agreement unless the Statement of Work references a specific provision in this Agreement
and provides that the Statement of Work is amending only that specific provision of this Strategic R&D Agreement and only with
respect to Services performed pursuant to such Statement of Work. Any waiver, modification or amendment of any provision of this
Strategic R&D Agreement will be effective only if in writing and signed by the parties hereto.

 

    	 	19	 

     

    

 

9.13       Adherence
by SCS Personnel. SCS shall ensure and remain fully liable hereunder for SCS Personnel’s adherence to and compliance
with the terms and conditions of this Strategic R&D Agreement.

 

9.14       Governing Law.
This Agreement will be governed by and construed in accordance with the laws of the United States of America and the State of
Nevada, excluding its body of law controlling conflict of laws. Any legal action or proceeding arising under this Agreement
will be brought exclusively in the federal courts located in the State of New Jersey and the parties irrevocably consent
to the personal jurisdiction and venue therein.

 

 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

 

[THE BALANCE OF THIS PAGE WAS INTENTIONALLY
LEFT BLANK]

 

 

 

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the dates indicated so as to be effective as of the Effective Date.

 

	COMPANY:	SCS:
	RenovaCare, Inc.	STEMCELL SYSTEMS GmbH
	 	 
	 	 
	By: /s/ Jatinder S. Bhogal	By: /s/ Jörg C. Gerlach
	Name: Jatinder S. Bhogal	Name: Jörg C. Gerlach
	Title: Chief Operating Officer	Title: Principal 
	 	 
	Date: June 30, 2020	Date: June 30, 2020
	 	 
	 	 
	 	 
	 	By: /s/ Frank Schubert
	 	Name: Frank Schubert
	 	Title: Prokurist/CTO
	 	Date: June 30, 2020
	 	 
	 	 

 

    	 	20	 

     

    

 

EXHIBIT
2.1

 

To The

 

Strategic
Research And Development Agreement (this “Strategic R & D Agreement”) dated JULY 1, 2020

 

by and between

 

RENOVACARE,
INC., and STEMCELL SYSTEMS GmbH

 

 

Capitalized terms used in this Exhibit
2.1 shall have the meaning ascribed thereto in the Strategic R&D Agreement.

 

 

Statement
of Work

 

This Statement of Work Number ____ is issued
under and subject to all of the terms and conditions of the Consulting Agreement dated as of __________________, between ___________________
(“Company”) and _______________________ (“SCS”).

 

 

 

1.       General
Terms

 

(a)       Work
and tasks under this Statement of Work, including extent and timeline, will be defined in advance at least one month prior to starting
work and task. The time line, scope of work and tasks described in a Statement of Work shall be determined jointly in good faith
and shall be predicated existing resources of SCS. Should the Company want to include or add additional activities, staff or expand
the scope of work and tasks beyond what is contemplated, the Company and SCS shall negotiate, in good faith, the basis and cost
for such expanded work and reach agreement at three months prior to the commencement of the contemplated expansion.

 

(b)       Company
acknowledges that SCS is working on an internal QMS that relies upon ISO regulations but is not audited nor certified. The SCS
philosophy is that audits/certifications on any QMS and fabrication related make sense only if a client requires a QMS or certification
as part of specific prototyping or manufacturing. SCS would then have to add the QMS for such work and perform audits/ certifications
for such work on the order and expenses of the client. Should Company require audited / certified work, conditions facilities or
processes, it is agreed upon that Company would cover the associated expenses required.

 

(c)       Time
estimates for specific project work will subject to timely delivery of source materials by the Company, if required. The Company
acknowledges that delays in delivering such materials will hinder the ability of SCS to meet the completion date. Such a delay,
and a resulting situation of staff at SCS waiting without being able to perform, shall not lead to a financial disadvantage of
SCS.

 

2..      Description
of Services

 

 

3.       Payment
Terms 

 

Time estimates for specific project work
will subject to timely delivery of source materials by the Company, if required. The Company acknowledges that delays in delivering
such materials will hinder the ability of SCS to meet the completion date. Such a delay, and a resulting situation of staff at
SCS waiting without being able to perform, shall not lead to a financial disadvantage of SCS.

 

    			 

     

    

 

AGREED AS OF ___________________

 

	RenovaCare, Inc.	STEMCELL SYSTEMS GmbH
	 	 
	 	 
	 	 
	By:                                                                                                                                                        	By:                                                                                                                                                        
	Name:                                                                                                                                                   	Name:                                                                                                                                                   
	Title:                                                                                                                                                     	Title:                                                                                                                                                     
	Date:                                                                                                                                                     	Date:                                                                                                                                                     

 

    		23	 

     

    

 

Exhibit 2.4

 

To The

 

Strategic
Research And Development Agreement (this “Strategic R & D Agreement”) dated JULY 1, 2020

 

by and between

 

RENOVACARE,
INC. and STEMCELL SYSTEMS GmbH

 

 

 

Capitalized terms used in this Exhibit
2.4 shall have the meaning ascribed thereto in the Strategic R&D Agreement.

 

SCS shall the following (a) lab and office
space, (b) equipment and (c) related services and utilities available to the Company (collectively, the “Facility and
Equipment”),

 

A.      Laboratory
and Office in SCS Location (the “Dedicated Space”)

 

SCS to provide:

 

Cell culture R&D laboratory facility
area and SCS cell research equipment

 

The SCS cell culture R&D laboratory
facility area and SCS cell research equipment includes:

 

	·	Skin cell research wet lab area, 183 square
feet

	·	general lab area for preparing skin cell
work, 80 square feet

	·	Lab coat changing and hand wash area,
60 square feet

	·	Office area (open cubicle), 96 square
feet

	·	Conference area usage, 140 square feet

 

Note: the areas are within a larger facility
and are not separately lockable.

 

Facility quality:

 

	·	The laboratory areas, but not the office
and general areas, are within our clean room area, with controlled positive pressure HEPA filtered air supply.

	·	The laboratory staff access is through
staff locks. The laboratory in- outgoing material transfers are through material locks. The facility is operated under a GMP-like
Quality Management System.

 

Maintenance, servicing, calibration of
controlled positive pressure HEPA filtered air supply devices, as well as disposables and replaceables, are not included and will
be arranged for by Company at its expense. SCS facilities and equipment arex not insured against loss, damage or failure. The Company,
at its expense, may at its option obtain appropriate insurance coverage.

 

Facility access:

 

	·	General facility access usage (rest rooms,
kitchen, etc.)

 

    			 

     

    

 

(B)    Equipment
provision:

 

	·	Phase-contrast microscope,

	·	2D microscope, 

	·	refrigerator, 

	·	freezer, 

	·	cell culture supernatant centrifuge, 

	·	water bath, 

	·	pipettes, 

	·	times, 

	·	pipette suction pump, 

	·	waste reservoir, and 

	·	similar lab equipment; providing devices
and equipment required for professional cell culture and skin stem cell culture work.

 

Please Note: servicing of devices and air
filters not included.

 

(C)     Included
Services:

 

Electric, heating, water, warm water, sewage,
external facility area cleaning, garbage removal, cleaning service, and other typical office and laboratory maintenance services
for all above also included.

 

(D)    Excluded
Services:

 

Maintenance, servicing, calibration of
controlled positive pressure HEPA filtered air supply devices, as well as disposables and replaceables, are not included and will
be arranged for by Company at its expense. SCS facilities and equipment are not insured against loss, damage or failure. The Company,
at its expense, may at its option obtain appropriate insurance coverage.

 

 

 

 

    		25	 

     

    

 

Exhibit 3.1

 

To The

 

Strategic
Research And Development Agreement (this “Strategic R & D Agreement”) dated JULY 1, 2020

 

by and between

 

RENOVACARE,
INC. and STEMCELL SYSTEMS GmbH

 

Capitalized terms used in this Exhibit
3.1 shall have the meaning ascribed thereto in the Strategic R&D Agreement.

 

Compensation Schedule

 

As compensation for the performance of
the Services and for providing the Facility and SCS Equipment (as set forth on Exhibit 2.4 to the Strategic R&D
Agreement SCS shall receive a monthly base fee of US$[****] (the “Monthly
Base Fee”) calculated by adding the aggregate sums listed in the following five (A through E) categories:

 

A.       A
fixed monthly engineering service rate of USD $[****]based
on the hourly rates as published on the home page www.stemcell-systems.com, as follows:

 

	Qualified engineer, several years of experience and specific qualification 	$[****] per hour
	Qualified scientist, PhD, with several years of experience;	$[****] per hour
	Qualified scientist, PhD, with specific experience and qualification in area	$[****] per hour
	Creative developments that are not executed upon client ́s concept: Price per creation, price upon negotiation	 
	Electronic laboratory including resources and technician time (software licensing applies separately)	$[****] per hour
	Electronic Laboratory, long term testing, including resources and technician time (software licensing applies separately)	$[****] per hour
	Testing set-up development and fabrication, including resources and staff	$[****] per hour
	Mechanical technical detail fabrication for hands-on discussion, incl. resources and staff	$[****] per hour
	Electronic circuit detail fabrication for functional hands-on discussion	$[****] per hour
	CAD-Laboratory including resources and technicians (software licensing when indicated applies separately)	$[****] per hour
	Prototyping workshop including resources / technicians	$[****] per hour
	Final technical documentation in PDF format for FDA / CE purposes	$[****] per hour

 

    		26	 

     

    

SCS
offers to provide work with the above qualifications for an average rate of $[****]
per man hour, including overhead, considering an “Associate
Discount” and a “Special Rate” offer to the Company.

 

Considering
that the Company expects SCS to provide at least 60-man hours of work per week, a resulting approximated amount of $[****]as
total per month including overhead is agreed upon. This represents around 60-man hours work per week with an hourly rate of approximately
$[****] and
a total of approximately $[****] per
week; or 240-man hours per month for a total of $[****] per
month.

 

Any
work above the named 60-man hours per week will be billed separately each month, with an amount agreed upon of $[****]
per man hour.

 

The amount will be payable monthly, in
US dollars, within 10 days upon receipt of an invoice from SCS, by wire transfer.

 

	B.	Dedicated SCS cell biologist employees (described
    on Exhibit 2.4)	USD$[****].
	 	 	 
	C.	Monthly Thomas Bold Consultation Fee (up to 16 hours per month)	USD$[****].
	 	 	 
	D.	Dedicated laboratory and office space (described on Exhibit
    2.4)	USD$[****].
	 	 	 
	E.	Monthly Gerlach Consultation Fee (up to 8 Hours per month)	USD$[****].

 

Base monthly fee is payable as retainer, billed in advance of
each month during the Consulting Term.

 

Any SCS service that are not billed-for in a given month shall
be carried-over to the following monthly invoice. Any third-party supplies/services required by the Company shall be billed
to the Company by SCS, only after the Company has approved such supplies/services and their quoted prices.

 

 

 

Should the work at SCS require third-party
contractors or additional resources and equipment, then such related expenses shall be pre-approved by the Company and paid separately
by the Company or shall be ordered directly by the Company. It is understood that SCS shall not charge the Company a supervisory
fee of no more than ten (10%) of any third-party contractor’s fee.

 

    		27	 

     

    

 

Payment Terms:

 

Within 10 days upon receipt of invoice

 

Payable by wire transfer, in US dollars

 

 

 

	German Taxes:	Included
	 	 
	US/CAD Taxes:	Not included
	 	 
	US/CAD Customs:	Included
	 	 
	Quote Validity:	30 days

 

 

 

 

 

    		28	 

     

    

 

EXHIBIT 5.6

 

To The

 

Strategic
Research And Development Agreement (this “Strategic R & D Agreement”) dated JULY 1, 2020

 

by and between

 

RENOVACARE,
INC. and STEMCELL SYSTEMS GmbH

 

 

 

DEFEND TRADE SECRETS ACT, 18 U.S. CODE
§ 1833 NOTICE:

 

18 U.S. Code Section 1833 provides as follows:

 

Immunity From Liability For Confidential
Disclosure Of A Trade Secret To The Government Or In A Court Filing. An individual shall not be held criminally or civilly
liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made, (i) in confidence to
a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the
purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal.

 

Use of Trade Secret Information in Anti-Retaliation
Lawsuit. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose
the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual
(A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court
order.

 

 

 

 

 

 

 

 

 

 

 

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