Document:

Purchase Agreement

 Exhibit 10.1 
 GSI Commerce, Inc. 
 $125,000,000 
 2.50% Convertible Senior Notes due 2027 
 Purchase Agreement

 June 27, 2007 
 Goldman,
Sachs & Co., 
 85 Broad Street, 
 New York, New York
10004. 
 Ladies and Gentlemen: 
 GSI Commerce Inc., a Delaware
corporation (the “Company”), proposes, subject to the terms and conditions stated herein, to issue and sell to the purchasers named in Schedule I hereto (the “Purchasers”) an aggregate of $125,000,000 principal amount of the
2.50% Convertible Senior Notes due 2027 (the “Firm Notes”). To the extent there are no additional Purchasers listed on Schedule I other than Goldman, Sachs & Co., the term Purchasers as used herein shall mean the singular as
the context requires. The Company also proposes to issue and sell to the Purchasers not more than an additional $25,000,000 principal amount of its 2.50% Convertible Senior Notes due 2027 (the “Additional Notes”) if and to the extent that
the Purchasers shall have determined to exercise the right to purchase such 2.50% Convertible Senior Notes due 2027 granted to the Purchasers in Section 2 hereof. The Firm Notes and the Additional Notes are hereinafter collectively referred to
as the “Securities”. The Securities will be convertible into shares of common stock, par value $0.01 per share (the “Stock”), of the Company, subject to the Company’s right to settle conversions of Notes in cash, Stock or a
combination of cash and Stock, all as provided in that certain indenture to be dated as of July 2, 2007 (the “Indenture”), between the Company and The Bank of New York, as trustee (the “Trustee”). 
 The Securities will be sold to the Purchasers without being registered under the Securities Act of 1933, as amended (the “Act”), in reliance upon an exemption
therefrom. 
  

	1.	The Company represents and warrants to, and agrees with, each of the Purchasers that: 

  

	 	(a)	 A preliminary offering circular, dated June 26, 2007 (the “Preliminary Offering Circular”) and an offering circular, dated June 27, 2007 (the
“Offering Circular”), have been prepared in connection with the offering of the Securities and shares of the Stock issuable upon 

 
conversion thereof. The Preliminary Offering Circular, as amended and supplemented immediately prior to the Applicable Time (as defined in
Section 1(b)), is hereinafter referred to as the “Pricing Circular”. Any reference to the Preliminary Offering Circular, the Pricing Circular or the Offering Circular shall be deemed to refer to and include the Company’s most
recent Annual Report on Form 10-K and all subsequent documents filed with the United States Securities and Exchange Commission (the “Commission”) pursuant to Section 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) on or prior to the date of such circular that are incorporated by reference into such circular and any reference to the Preliminary Offering Circular or the Offering Circular, as the case may be, as amended or
supplemented, as of any specified date, shall be deemed to include (i) any documents filed by the Company with the Commission pursuant to Section 13(a), 13(c) or 15(d) of the Exchange Act after the date of the Preliminary Offering Circular
or the Offering Circular, as the case may be, and prior to such specified date and (ii) any Additional Issuer Information (as defined in Section 5(f)) furnished by the Company prior to the completion of the distribution of the Securities;
and all documents filed under the Exchange Act and so deemed to be included in the Preliminary Offering Circular, the Pricing Circular or the Offering Circular, as the case may be, or any amendment or supplement thereto are hereinafter called the
“Exchange Act Reports”. The Exchange Act Reports, when they were or are filed with the Commission, conformed or will conform in all material respects to the applicable requirements of the Exchange Act and the applicable rules and
regulations of the Commission thereunder; and no such documents were filed with the Commission since the Commission’s close of business on the business day immediately prior to the date of this Agreement, except as set forth on Schedule II(a)
hereof. The Preliminary Offering Circular or the Offering Circular and any amendments or supplements thereto and the Exchange Act Reports did not and will not, as of their respective dates, contain an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or
omissions made in reliance upon and in conformity with information furnished in writing to the Company by a Purchaser through Goldman, Sachs & Co. expressly for use therein; 
  

	 	(b)	For the purposes of this Agreement, the “Applicable Time” is 9:15 am, New York City time, on the date of this Agreement; the Pricing Circular as supplemented by the
information set forth in Schedule III hereto, taken together (collectively, the “Pricing Disclosure Package”) as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Company Supplemental Disclosure Document (as defined in Section 6(a)) listed on Schedule II(b) hereto does not
conflict with the information contained in the Pricing Circular or the Offering Circular and each such Company Supplemental Disclosure Document, as supplemented by and taken together with the Pricing Disclosure Package as of the Applicable Time, did
not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this
representation and warranty shall not apply to statements or omissions made in a Company Supplemental Disclosure Document (as defined in Section 6(a)(i)) in reliance upon and in conformity with information furnished in writing to the Company by
a Purchaser through Goldman, Sachs & Co. expressly for use therein; 

  

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	 	(c)	Except as otherwise set forth in the Pricing Circular, since March 31, 2007, neither the Company nor any of its subsidiaries has sustained any material loss or interference
with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing Circular;
and, since the respective dates as of which information is given in the Pricing Circular, there has not been any change in the capital stock (other than upon the issuance, vesting and/or exercise of equity awards pursuant to equity plans of the
Company included in the Pricing Circular) or long-term debt of the Company or any of its subsidiaries or any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in
the earnings, business or operations of the Company and its subsidiaries, taken as a whole; 

  

	 	(d)	The Company and its subsidiaries have good and marketable title in fee simple to all real property owned by them and good and valid title to all personal property owned by them
which is material to the business of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances and defects except such as are described in the Pricing Circular or such as do not materially affect the value of such
property and do not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries; and any material real property and buildings held under lease by the Company and its subsidiaries are held by
them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries, in each case except as
described in the Offering Circular; 

  

	 	(e)	The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, with corporate power and authority to own
its properties and conduct its business as described in the Pricing Circular, and is duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases
properties or conducts any business so as to require such qualification, except where the failure to be so qualified in any such jurisdiction would not have a material adverse effect on the current or future financial position, stockholders’
equity or results of operations of the Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”); each subsidiary of the Company that is a corporation has been duly incorporated and is validly existing as a corporation
in good standing under the laws of its jurisdiction of incorporation; and each subsidiary of the Company that is a limited liability company has been duly formed and is validly existing as a limited liability company in good standing under the laws
of its jurisdiction of formation; 

  

	 	(f)	 The Company has an authorized capitalization as of March 31, 2007 as set forth in the Pricing Circular in the column entitled “Actual” under the
caption “Capitalization” (except for subsequent issuances, if any, pursuant to this Agreement, or pursuant to reservations, agreements, employee benefit plans, the conversion of any convertible securities or the exercise of any options,
warrants or other similar rights, all as referred to in the Pricing Circular), and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable; the shares of Stock
initially issuable upon conversion of the Securities have been duly and validly authorized and 

  

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reserved for issuance and, when issued and delivered in accordance with the provisions of the Securities and the Indenture, will be duly and validly issued,
fully paid and non-assessable and will conform in all material respects to the description of the Stock contained in the Pricing Disclosure Package and the Offering Circular; and all of the issued shares of capital stock of each subsidiary of the
Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims; 

  

	 	(g)	The Securities have been duly authorized and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Purchasers in
accordance with the terms of this Agreement, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of
general applicability relating to or affecting creditors’ rights and to general equity principles (whether considered in a proceeding in equity or at law), and entitled to the benefits provided by the Indenture; the Indenture has been duly
authorized and, when executed and delivered by the Company and the Trustee, the Indenture will constitute a valid and legally binding agreement of the Company, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy,
insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles (whether considered in a proceeding in equity or at law); 

  

	 	(h)	The registration rights agreement to be dated as of July 2, 2007 (the “Registration Rights Agreement”), has been duly authorized, and as of the First Time of Delivery
(as defined herein), will have been duly executed and delivered by the Company, and will constitute a valid and legally binding agreement enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization
and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles (whether considered in a proceeding in equity or at law); 

  

	 	(i)	None of the transactions contemplated by this Agreement (including, without limitation, the use of the proceeds from the sale of the Securities) will violate or result in a
violation of Section 7 of the Exchange Act, or any regulation promulgated thereunder, including, without limitation, Regulations T, U, and X of the Board of Governors of the Federal Reserve System; 

  

	 	(j)	Within six months prior to the date hereof, neither the Company nor, to its knowledge, any of its affiliates (as defined in Rule 144 under the Act) has taken any action which is
designed to or which has constituted or which might reasonably be expected to cause or result in stabilization or manipulation of the price of any security of the Company in connection with the offering of the Securities. 

 

	 	(k)	 The execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement, the Indenture and the Securities will not
contravene (i) any provision of applicable law, (ii) the Certificate of Incorporation or By-laws of the Company, (iii) any agreement or other instrument binding upon the Company or any of its subsidiaries, or (iv) any judgment,
order or decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary, other than, in the case of 

  

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clauses (i), (iii) and (iv), for such contraventions as would not, singly or in the aggregate, have a Material Adverse Effect on the Company and its
subsidiaries, taken as a whole, and no consent, approval, authorization or order of, registration or qualification with, any governmental body or agency is required for the performance by the Company of its obligations under this Agreement, the
Indenture, the Registration Rights Agreement or the Securities, except such as may be required by (w) the securities or Blue Sky laws of the various states in connection with the offer and sale of the Securities by the Company to the Purchasers
and the purchase and distribution of the Securities by the Purchasers, (x) the filing and effectiveness of a registration statement by the Company with the Commission under the Act pursuant to the Registration Rights Agreement, and (y) the
qualification of the Indenture, under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”) upon the effectiveness of such registration statement; 
  

	 	(l)(i)	Neither the Company nor any of its subsidiaries that is a corporation is in violation of its Certificate of Incorporation or By-laws; no subsidiary of the Company that is a limited
liability company is in violation of its respective Certificate of Formation or Limited Liability Company Agreement and (ii) neither the Company nor any of its subsidiaries is in default in the performance or observance of any material
obligation, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound other than, in the case of
clause (ii) for such defaults as would not, singly or in the aggregate, have a Material Adverse Effect on the Company and it subsidiaries, taken as a whole; 

  

	 	(m)	The statements set forth in the Pricing Circular and the Offering Circular under the captions “Description of the Notes” and “Description of Capital Stock”,
insofar as they purport to constitute a summary of the terms of the Securities and the Stock, the Indenture and the Registration Rights Agreement, and under the caption “Plan of Distribution” and “Certain U.S. Federal Income Tax
Considerations”, insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate and complete in all material respects; 

  

	 	(n)	Other than as described in the Pricing Disclosure Package, there are no legal or governmental proceedings pending to which the Company or any of its subsidiaries is a party or of
which any property of the Company or any of its subsidiaries is the subject which, could reasonably be expected to have a material adverse effect on the performance of this Agreement or the consummation of any of the transactions contemplated hereby
or could reasonably be expected to have a Material Adverse Effect; and to the Company’s knowledge, no such proceedings have been threatened or are contemplated by governmental authorities against the Company; 

  

	 	(o)	When the Securities are issued and delivered pursuant to this Agreement, the Securities will not be of the same class (within the meaning of Rule 144A under the Act) as securities
which are listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in a U.S. automated inter-dealer quotation system; 

  

	 	(p)	The Company is currently required to file reports with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 

  

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	 	(q)	The Company is not, and after giving effect to the offering and sale of the Securities and the application of the proceeds therefrom as described in the Pricing Disclosure Package,
will not be, required to register as an “investment company”, as such term is defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”); 

  

	 	(r)	Neither the Company nor, to its knowledge, any person acting on its behalf has offered or sold the Securities by means of any general solicitation or general advertising within the
meaning of Rule 502(c) under the regulations promulgated under the Act; 

  

	 	(s)	Within the preceding six months, neither the Company nor, to its knowledge, any other person acting on behalf of the Company has offered or sold to any person any Securities, or any
securities of the same or a similar class as the Securities, other than Securities offered or sold to the Purchasers hereunder. The Company will take reasonable precautions designed to insure that any offer or sale, direct or indirect, in the United
States of any Securities or any substantially similar security issued by the Company, within six months subsequent to the date on which the distribution of the Securities has been completed (as notified to the Company by Goldman, Sachs &
Co.), is made under restrictions and other circumstances reasonably designed not to affect the status of the offer and sale of the Securities in the United States contemplated by this Agreement as transactions exempt from the registration provisions
of the Act; 

  

	 	(t)	The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of
the Exchange Act and has been designed by the Company’s principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Except as disclosed in the Pricing Circular, the Company’s internal control over financial reporting is effective and
the Company is not aware of any material weaknesses in its internal control over financial reporting; 

  

	 	(u)	Since December 30, 2006, there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to
materially affect, the Company’s internal control over financial reporting; 

  

	 	(v)	The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act) that comply with the requirements of the Exchange Act; such
disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company’s principal executive officer and principal financial officer by others within
those entities; and such disclosure controls and procedures are effective; 

  

	 	(w)	Deloitte & Touche LLP, which has audited certain financial statements of the Company and its subsidiaries is to the Company’s knowledge an independent registered
public accounting firm as required by the Act and the rules and regulations of the Commission thereunder; 

  

	 	(x)	 The Company and its subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the
protection of human health and 

  

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safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all
permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where
such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not, singly or in the aggregate, have a
Material Adverse Effect on the Company and its subsidiaries, taken as a whole; 

  

	 	(y)	There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of
properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties) which would, singly or in the aggregate, have a Material Adverse
Effect on the Company and its subsidiaries, taken as a whole; 

  

	 	(z)	The Company and its subsidiaries own or possess, or can acquire on reasonable terms, or has the right to use, all material patents, patent rights, licenses, inventions, copyrights,
know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks and trade names currently employed by them in connection with the business now
operated by them, and neither the Company nor any of its subsidiaries has received any notice of infringement of or conflict with asserted rights of others with respect to any of the foregoing which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, would have a material adverse affect on the Company and its subsidiaries, taken as a whole; 

  

	 	(aa)	No labor dispute with the employees of the Company or any of its subsidiaries exists, except as described in the Pricing Disclosure Package, or, to the knowledge of the Company, is
imminent which, in either case would, singly or in the aggregate, have a Material Adverse Effect on the Company and its subsidiaries taken as a whole; and the Company is not aware of any existing, threatened or imminent labor disturbance by the
employees of any of its principal suppliers, manufacturers or contractors that would have a Material Adverse Effect on the Company and its subsidiaries, taken as a whole; and 

  

	 	(bb)	The Company and its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as the Company believes are prudent
and customary in the businesses in which they are engaged; and neither the Company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect on the Company and its subsidiaries, taken as a whole, except as described in the Pricing Disclosure Package.

  

	2.	 Subject to the terms and conditions herein set forth, (a) the Company agrees to issue and sell to each of the Purchasers, and each of the Purchasers agrees,
severally and not jointly, to purchase from the Company, at a purchase price of 97.00% of the principal amount thereof, plus accrued interest from the First Time of Delivery, the principal amount of Securities set forth opposite the name of such
Purchaser in Schedule I hereto, and (b) in the event and to the extent that the 

  

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Purchasers shall exercise the right to purchase Additional Notes as provided below, the Company agrees to issue and sell to each of the Purchasers, and each
of the Purchasers agrees, severally and not jointly, to purchase from the Company, at the same purchase price set forth in clause (a) of this Section 2, that portion of the aggregate principal amount of Additional Notes as to which such
right shall have been exercised (to be adjusted by you so as to eliminate fractions of $1,000) determined by multiplying such aggregate principal amount of Additional Notes by a fraction, the numerator of which is the maximum aggregate principal
amount of Additional Notes which such Purchaser is entitled to purchase as set forth opposite the name of such Purchaser in Schedule I hereto and the denominator of which is the maximum aggregate principal amount of Additional Notes that all of the
Purchasers are entitled to purchase hereunder. The Additional Notes may be purchased solely for the purpose of covering over-allotments made in connection with the offering of the Notes. 

  

	  	The Company hereby grants to the Purchasers the right to purchase at their election up to $25,000,000 aggregate principal amount of Additional Notes, at the purchase price set forth
in clause (a) of the paragraph above. Any such election to purchase Additional Notes may be exercised by written notice from you to the Company, given within a period of 30 calendar days after the date of this Agreement, setting forth the
aggregate principal amount of Additional Notes to be purchased and the date on which such Additional Notes are to be delivered, as determined by Goldman, Sachs & Co., but in no event earlier than the First Time of Delivery (as defined
herein) or, unless you and the Company otherwise agree in writing, earlier than two or later than ten business days after the date of such notice. 

  

	3.	Upon the authorization by you of the release of the Securities, the several Purchasers propose to offer the Securities for sale upon the terms and conditions set forth in this
Agreement and the Offering Circular and each Purchaser hereby represents and warrants to, and agrees with the Company that: 

  

	 	(a)	It will offer and sell the Securities only to persons who it reasonably believes are “qualified institutional buyers” (“QIBs”) within the meaning of Rule 144A
promulgated under the Act in transactions meeting the requirements of such Rule 144A; 

  

	 	(b)	It is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) promulgated under the Act; and 

  

	 	(c)	It will not offer or sell the Securities by any form of general solicitation or general advertising, including but not limited to the methods described in Rule 502(c) promulgated
under the Act. 

  

	4.(a)	 The Securities to be purchased by each Purchaser hereunder will be represented by one or more definitive global Securities in book-entry form which will be
deposited by or on behalf of the Company with The Depository Trust Company (“DTC”) or its designated custodian. The Company will deliver the Securities to Goldman, Sachs & Co., for the account of each Purchaser, against payment by
or on behalf of such Purchaser of the purchase price therefor by wire transfer in Federal (same day) funds, by causing DTC to credit the Securities to the account of Goldman, Sachs & Co. at DTC. The Company will cause the certificates
representing the Securities to be made available to Goldman, Sachs & Co. for checking at least twenty-four hours prior to the Time of Delivery (as defined below) Cravath, Swaine & Moore LLP, 825 Eighth Avenue, New York, New
York 10019 (the “Closing 

  

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Location”). The time and date of such delivery and payment shall be, with respect to the Notes, 9:30 a.m., New York City time, on July 2, 2007 or
such other time and date as Goldman, Sachs & Co. and the Company may agree upon in writing, and, with respect to the Additional Notes, 9:30 am, New York City time, on the date specified by Goldman, Sachs & Co. in the written notice
given by Goldman, Sachs & Co. of the Purchasers’ election to purchase such Additional Notes, or such other time and date as Goldman, Sachs & Co. and the Company may agree upon in writing. Such time and date for delivery of the
Notes is herein called the “First Time of Delivery”, any time and date for delivery of Additional Notes, if not the First Time of Delivery, is herein called an “Additional Time of Delivery”, and each such time and date for
delivery of Securities is herein called a “Time of Delivery”. 

  

	 	(b)	The documents to be delivered at the Time of Delivery by or on behalf of the parties hereto pursuant to Section 8 hereof, including the cross-receipt for the Securities and any
additional documents requested by the Purchasers pursuant to Section 8(k) hereof, will be delivered at such time and date at the Closing Location, and the Securities will be delivered at DTC or its designated custodian), all at the Time of
Delivery. A meeting will be held at the Closing Location at 6:00 pm, New York City time, on the New York Business Day next preceding the Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding
sentence will be available for review by the parties hereto. For the purposes of this Section 4, “New York Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions
in New York are generally authorized or obligated by law or executive order to close. 

  

	5.	The Company agrees with each of the Purchasers: 

  

	 	(a)	To prepare the Offering Circular in a form approved by you; to make no amendment or any supplement to the Offering Circular which shall be disapproved by you promptly after
reasonable notice thereof; and to furnish you with copies thereof; 

  

	 	(b)	Promptly from time to time to take such action as you may reasonably request to qualify (or obtain an exemption from qualification of) the Securities and the shares of Stock
issuable upon conversion of the Securities for offering and sale under the securities laws of such jurisdictions as you may reasonably request, and to comply with such laws so as to permit the continuance of sales and dealings therein in such
jurisdictions for as long as may be necessary to complete the distribution of the Securities, provided that in connection therewith the Company shall not be required to qualify as a foreign corporation, to take any action that would subject it to
taxation in any jurisdiction where it is not subject to taxation, or to file a general consent to service of process in any jurisdiction; 

  

	 	(c)	 To furnish the Purchasers with written and electronic copies of the Offering Circular in such quantities as you may from time to time reasonably request, and if, at
any time prior to the expiration of nine months after the date of the Offering Circular, any event shall have occurred as a result of which the Offering Circular as then amended or supplemented would include an untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Offering Circular is delivered, not misleading, or, if for any other 

  

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reason it shall be necessary or desirable during such same period to amend or supplement the Offering Circular, to notify you and upon your request to
prepare and furnish without charge to each Purchaser and to any dealer in securities as many written and electronic copies as you may from time to time reasonably request of an amended Offering Circular or a supplement to the Offering Circular which
will correct such statement or omission or effect such compliance; 

  

	 	(d)	During the period beginning from the date hereof and continuing until the date 90 days after the First Time of Delivery, not to offer, sell, contract to sell or otherwise dispose of
any securities of the Company that are substantially similar to the Securities or the Stock, including but not limited to any securities that are convertible into or exchangeable for, or that represent the right to receive, Stock or any such
substantially similar securities (“Stock Rights”), without your prior written consent; provided that the foregoing shall not apply to (A) the sale of Securities under this Agreement; (B) the issuance by the Company of shares of
Stock (i) upon the exercise of an option and warrant or the conversion of a security outstanding on the date hereof or (ii) upon conversion of the Securities; or (C) the issuance by the Company of shares of Stock, Stock Rights,
restricted stock units or other equity securities (i) pursuant to the Company’s stock option and equity compensation plans outstanding on the date of this Agreement (including but not limited to the Company’s 2005 Stock Equity
Incentive Plan), (ii) in connection with any asset purchase, merger or other acquisition agreement, partner agreement or strategic agreement, provided that, the Company agrees to use commercially reasonable best efforts to cause each recipient
to agree in writing with the Company to be bound to the restrictions set forth herein (and the Company hereby agrees to provide a copy of the agreement containing such restrictions to Goldman, Sachs & Co. and not to waive, amend or
terminate such restrictions without the prior written consent of Goldman, Sachs & Co.). The sale of up to an aggregate of 350,000 shares of Stock by individual officers and directors identified on Schedule IV hereto will be permitted,
provided that such sale may not occur during the period beginning from the date hereof and continuing to and including the date 30 days after the date of the final Offering Circular covering the Offering; provided further, that the Chief Executive
Officer shall allocate the applicable number of shares of Stock that each officer and director may sell and that the Company shall provide such allocations promptly in writing to Goldman, Sachs & Co.; 

  

	 	(e)	Not to be or become, at any time prior to the expiration of two years after the First Time of Delivery, an open-end investment company, unit investment trust, closed-end investment
company or face-amount certificate company that is or is required to be registered under Section 8 of the Investment Company Act; 

  

	 	(f)	At any time when the Company is not subject to Section 13 or 15(d) of the Exchange Act, for the benefit of holders from time to time of Securities, to furnish at its expense,
upon request, to holders of Securities and prospective purchasers of securities information (the “Additional Issuer Information”) satisfying the requirements of subsection (d)(4)(i) of Rule 144A under the Act; 

  

	 	(g)	If requested by you, to use its commercially reasonable efforts to cause the Securities to be eligible for the PORTAL trading system of the National Association of Securities
Dealers, Inc.; 

  

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	 	(h)	Except for such documents that are publicly available on EDGAR, to furnish to the holders of the Securities as soon as practicable after the end of each fiscal year an annual report
(including a balance sheet and statements of income, stockholders’ equity and cash flows of the Company and its consolidated subsidiaries certified by independent public accountants) and, as soon as practicable after the end of each of the
first three quarters of each fiscal year (beginning with the fiscal quarter ending after the date of the Offering Circular), to make available to its stockholders consolidated summary financial information of the Company and its subsidiaries for
such quarter in reasonable detail; 

  

	 	(i)	During the period of two years after the Time of Delivery, the Company will not, and will not permit any of its controlled “affiliates” (as defined in Rule 144 under the
Act) to, resell any of the Securities which constitute “restricted securities” under Rule 144 that have been reacquired by any of them; 

  

	 	(j)	To use the net proceeds received by it from the sale of the Securities pursuant to this Agreement in the manner specified in the Pricing Circular under the caption “Use of
Proceeds”; 

  

	 	(k)	To reserve and keep available at all times, free of preemptive rights, shares of Stock for the purpose of enabling the Company to satisfy any obligations to issue shares of its
Stock upon conversion of the Securities; and 

  

	 	(l)	To use its commercially reasonable efforts to list, subject to notice of issuance, the shares of Stock issuable upon conversion of the Securities on the Nasdaq Stock Market,
Inc.’s Global Market (“NASDAQ”). 

  

	6.	(a) The Company represents and agrees that, without the prior consent of Goldman, Sachs & Co., it has not made and will not make any offer relating to the Securities
that, if the offering of the Securities contemplated by this Agreement were conducted as a public offering pursuant to a registration statement filed under the Act with the Commission, would constitute an “issuer free writing prospectus,”
as defined in Rule 433 under the Act (any such offer is hereinafter referred to as a “Company Supplemental Disclosure Document”); 

  

	 	(b)	Each Purchaser represents and agrees that, without the prior consent of the Company and Goldman, Sachs & Co., other than one or more term sheets relating to the Securities
containing customary information, it has not made and will not make any offer relating to the Securities that, if the offering of the Securities contemplated by this Agreement were conducted as a public offering pursuant to a registration statement
filed under the Act with the Commission, would constitute a “free writing prospectus,” as defined in Rule 405 under the Act (any such offer (other than any such term sheets) is hereinafter referred to as a “Purchaser Supplemental
Disclosure Document”); and 

  

	 	(c)	Any Company Supplemental Disclosure Document or Purchaser Supplemental Disclosure Document the use of which has been consented to by the Company and Goldman, Sachs & Co. is
listed on Schedule II(b) hereto; 

  

 11 

	7.	The Company covenants and agrees with the several Purchasers that the Company will pay or cause to be paid the following: (i) the fees, disbursements and expenses of the
Company’s counsel and accountants in connection with the issue of the Securities and the shares of Stock issuable upon conversion of the Securities and all other expenses in connection with the preparation, printing, reproduction and filing of
the Preliminary Offering Circular and the Offering Circular and any amendments and supplements thereto and the mailing and delivering of copies thereof to the Purchasers and dealers; (ii) the cost of printing or producing any Agreement among
Purchasers, this Agreement, the Indenture, the Registration Rights Agreement, the Blue Sky Memorandum, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the
Securities; (iii) all expenses in connection with the qualification of the Securities and the shares of Stock issuable upon conversion of the Securities for offering and sale under state securities laws as provided in Section 5(b) hereof,
including the fees and disbursements of counsel for the Purchasers in connection with such qualification and in connection with the Blue Sky and legal investment surveys (except that the Company’s obligation to reimburse such counsel’s
fees and disbursements shall be limited to $5,000 in the aggregate); (iv) any fees charged by securities rating services for rating the Securities; (v) the cost of preparing the Securities; (vi) the fees and expenses of the Trustee
and any agent of the Trustee and the fees and disbursements of counsel for the Trustee in connection with the Indenture and the Securities; (vii) any cost incurred in connection with the designation of the Securities for trading in PORTAL and
the listing of the shares of Stock issuable upon conversion of the Securities; and (viii) all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section.
It is understood, however, that, except as provided in this Section, and Sections 9 and 12 hereof, the Purchasers will pay all of their own costs and expenses, including the fees of their counsel, transfer taxes on resale of any of the Securities by
them, and any advertising expenses connected with any offers they may make. 

  

	8.	The obligations of the Purchasers hereunder shall be subject, in their discretion, to the condition that all representations and warranties and other statements of the Company
herein are, at and as of the Time of Delivery, true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and the following additional conditions: 

  

	 	(a)	Cravath, Swaine & Moore LLP, counsel for the Purchasers, shall have furnished to you such opinion or opinions, dated the Time of Delivery, with respect to the matters
covered in paragraph (i), the second clause of paragraph (ii), and paragraphs (vi), (vii), (viii), (ix), (xii) (but only to the statements set forth under “Description of the Notes,” “Description of Capital Stock” and
“Plan of Distribution”) and, (xiv) of subsection (b) below and a letter with respect to matters covered in subsection (c) below, as well as such other related matters as you may reasonably request, and such counsel shall
have received such papers and information as they may reasonably request to enable them to pass upon such matters; 

  

	 	(b)	Blank Rome LLP, counsel for the Company, shall have furnished to you their written opinion, dated the Time of Delivery, in form and substance satisfactory to you, to the effect
that: 

  

	 	(i)	 The Company has been duly incorporated under the Delaware General Corporation Law and is validly existing as a corporation in good standing under the laws of the

  

 12 

	 	 
State of Delaware, with corporate power and authority to own its properties and conduct its business in all material respects as described in the Offering
Circular; 

  

	 	(ii)	The Company’s authorized capital stock is as set forth in the Offering Circular under the caption "Capitalization"; the shares of Stock initially issuable upon conversion of
the Securities have been duly and validly authorized and reserved for issuance and, when issued and delivered in accordance with the provisions of the Securities and the Indenture, will be duly and validly issued and fully paid and non-assessable
and will conform in all material respects to the description of the Stock contained in the Offering Circular under the caption "Description of Capital Stock—Common Stock"; and the issuance of Stock initially issuable upon conversion of the
Securities will not be subject to any preemptive or similar rights under (i) the Delaware General Corporation Law, (ii) the Certificate of Incorporation or By-Laws of the Company or (iii) to the knowledge of such counsel, any
provision contained in any material contract to which the Company is a party (as listed on Schedule A to such opinion), which provision has not been waived; 

  

	 	(iii)	Based solely upon such counsel’s review of certificates of public officials, the Company is duly qualified as a foreign corporation for the transaction of business under the
laws of the Commonwealths of Pennsylvania and Kentucky; 

  

	 	(iv)	Each significant subsidiary (as defined in SEC Regulation S-X) of the Company that is a corporation and incorporated under the laws of any state in the United States, has been duly
incorporated thereunder and is validly existing as a corporation in good standing under the laws of its jurisdiction of incorporation; each significant subsidiary of the Company that is a limited liability company formed under the laws of any state
in the United States has been duly formed thereunder and is validly existing as a limited liability company in good standing under the laws of its jurisdiction of formation; all of the issued shares of capital stock or membership interests of each
such subsidiary have been duly authorized and validly issued, are fully paid and non-assessable, and are owned directly or indirectly by the Company, and, to our knowledge, free and clear of any adverse claim (as such term is defined in
Section 8-102(a)(1) of the Uniform Commercial Code in effect in the Commonwealth of Pennsylvania); 

  

	 	(v)	None of the matters described in the Company’s pending litigation schedule dated June 26, 2007 are required to be described in the Offering Circular pursuant to
Item 103 of Regulation S-X promulgated by the Commission; 

  

	 	(vi)	This Agreement has been duly authorized, executed and delivered by the Company; 

  

	 	(vii)	The Securities have been duly authorized, and when executed and authenticated in accordance with the provisions of the Indenture and delivered and paid for by the Purchasers in
accordance with the terms of this Agreement, will constitute valid and binding obligations of the Company entitled to the benefits provided by the Indenture; and the Securities and the Indenture conform in all material respects to the descriptions
thereof in the Pricing Disclosure Package and the Offering Circular under the caption "Description of the Notes;" 

  

 13 

	 	(viii)	The Indenture has been duly authorized, executed and delivered by the Company and assuming the due authorization, execution and delivery thereof by the Trustee, constitutes a valid
and binding agreement of the Company, enforceable against the Company in accordance with its terms; 

  

	 	(ix)	The Registration Rights Agreement has been duly authorized, executed and delivered by the Company, and, assuming the due authorization, execution and delivery thereof by the
Purchasers, constitutes a valid and binding agreement of the Company enforceable against the Company in accordance with its terms; 

  

	 	(x)	The execution and delivery by the Company of, and the performance by the Company of its obligations under, the Securities, the Indenture, the Registration Rights Agreement and this
Agreement and the consummation of the transactions herein and therein contemplated will not result in a breach or violation of (i) any agreement or instrument which is listed as an exhibit, under Item 601(b)(4) or (10) of Regulation
S-K promulgated by the Commission, to the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2006, the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2007, or the
Company’s Current Reports on Form 8-K filed thereafter and prior to the date of this Agreement, (ii) the provisions of the Certificate of Incorporation or By-laws of the Company, (iii) any applicable federal or state law, statute,
rule or regulation (excluding antifraud laws, statutes, rules or regulations and state securities or Blue Sky laws, as to which we render no opinion) which we, in our experience, believe are generally applicable to the Company in connection with the
transactions contemplated by this Agreement, or (iv) any judgment, order, writ or decree set forth on Schedule B to the opinion except, in the case of clause (iii) the breach or violation of which would not have a Material Adverse
Effect or have a material adverse effect on the performance of this Agreement or the consummation of any of the Transactions contemplated hereby; 

  

	 	(xi)	Assuming compliance with the representations, warranties, covenants and agreements of the Company (other than with respect to Section 1(k) hereof) and the Purchasers in this
Agreement and that the Notes are offered and sold in the manner contemplated by the Purchase Agreement, no consent, approval, authorization, order, registration or qualification of or with any governmental agency or body is required for the issue
and sale of the Securities or the consummation by the Company of the transactions contemplated by this Agreement, the Indenture or the Registration Rights Agreement, except such as may be required by (i) the securities or Blue Sky laws of the
various states in connection with the offer and sale of the Securities by the Company to the Purchasers and the purchase and distribution of the Securities by the Purchasers or the National Association of Securities Dealers, Inc. (as to which no
opinions need to be expressed), (ii) the filing and effectiveness of a registration statement by the Company with the Commission under the Act pursuant to the Registration Rights Agreement, and (iii) the qualification of the Indenture
under the Trust Indenture Act upon the effectiveness of such registration statement; 

  

 14 

	 	(xii)	The statements set forth in the Offering Circular under the caption “Description of the Notes” and “Description of Capital Stock”, insofar as they purport to
constitute a summary of the terms of the Securities and the Stock, and under the caption "Plan of Distribution", insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate in all material respects;

  

	 	(xiii)	Although the statements in the Offering Circular under the caption “Certain U.S. Federal Income Tax Considerations” do not purport to summarize all possible U.S. federal
income tax consequences of the acquisition, ownership and disposition of the Securities or Stock, or conversion of the Securities, insofar as such statements constitute a summary of the U.S. federal tax laws referred to therein, such statements
provide accurate descriptions in all material respects of the U.S. federal tax laws referred to therein; 

  

	 	(xiv)	Assuming compliance with the representations, warranties, covenants and agreements of the Company (other than with respect to Section 1(k) hereof) and the Purchasers in this
Agreement, and that the Notes are offered and sold in the manner contemplated by the Purchase Agreement, no registration of the Securities under the Act, and no qualification of an indenture under the Trust Indenture Act with respect thereto, is
required for the offer, sale and initial resale of the Securities by the Purchasers in the manner contemplated by this Agreement; it being understood that no opinion needs to be expressed as to any subsequent resales of Notes acquired by investors
from the Purchasers; and 

  

	 	(xv)	The Company is not, and after giving effect to the offering and sale of the Securities to be issued and sold by the Company under this Agreement and the Indenture and the
application of the net proceeds from such sale as described in the Offering Circular under the caption “Use of Proceeds”, will not be required to register as an “investment company,” as such term is defined in the Investment
Company Act. 

  

	 	(c)	 Blank Rome LLP shall also deliver to the Purchasers a statement that although such counsel are not passing upon, have not undertaken to determine independently, and
do not assume any responsibility for, the accuracy, completeness or fairness of the statements contained in the Pricing Disclosure Package or the Offering Circular (except to the extent set forth in paragraph (xii) and (xiii) above), such
counsel have participated in conferences with officers of the Company, representatives of the Purchasers and representatives of counsel to the Purchasers during which conferences the contents of the Pricing Disclosure Package and the Offering
Circular were discussed and that based upon and subject to the foregoing, nothing has come to such counsel’s attention that causes such counsel to believe that (A) the Pricing Disclosure Package, as of the Applicable Time (other than the
financial statements, notes and financial schedules and other financial and data included therein, as to which such counsel shall express no belief), contained any untrue statement of a material fact or omitted to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (B) the Offering Circular and any further amendments or supplements thereto made by the Company prior to the Time of
Delivery (other than the financial statements, notes and financial schedules and other financial and data included therein, as to which such counsel shall express no belief), contained as of its date or contains as of the Time of Delivery an 

  

 15 

	 	 
untrue statement of a material fact or omitted or omits, as the case may be, to state any material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. 

  

	 	(d)	On the date of the Offering Circular prior to the execution of this Agreement and also at the Time of Delivery, Deloitte & Touche LLP shall have furnished to you a letter
or letters, dated the respective dates of delivery thereof, in form and substance satisfactory to you, to the effect set forth in Annex I hereto; 

  

	 	(e)(i)	Neither the Company nor any of its subsidiaries shall have sustained since the date of the latest audited financial statements included in the Pricing Circular any loss or
interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing
Circular, and (ii) since the respective dates as of which information is given in the Pricing Circular there shall not have been any change in the capital stock or long-term debt of the Company or any of its subsidiaries or any change, or any
development involving a prospective change, in or affecting the general affairs, management, financial position, stockholders’ equity or results of operations of the Company and its subsidiaries, otherwise than as set forth or contemplated in
the Pricing Circular, the effect of which, in any such case described in clause (i) or (ii), is in your judgment so material and adverse as to make it impracticable or inadvisable to proceed with the offering or the delivery of the Securities
on the terms and in the manner contemplated in this Agreement and in the Offering Circular; 

  

	 	(f)	On or after the Applicable Time (i) no downgrading shall have occurred in the rating accorded the Company’s debt securities by any “nationally recognized statistical
rating organization”, as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with intended or potential
negative implications, its rating of any of the Company’s debt securities; 

  

	 	(g)	On or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on NASDAQ;
(ii) a suspension or material limitation in trading in the Company’s securities on NASDAQ; (iii) a general moratorium on commercial banking activities declared by either Federal or New York State authorities or a material disruption
in commercial banking or securities settlement or clearance services in the United States; (iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war or
(v) the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in your judgment makes
it impracticable or inadvisable to proceed with the offering or the delivery of the Securities on the terms and in the manner contemplated in the Offering Circular; 

  

	 	(h)	The Securities shall have been designated for trading on PORTAL; 

  

	 	(i)	The shares of Stock issuable upon conversion of the Securities shall have been duly listed, subject to notice of issuance, for quotation on NASDAQ; 

  

 16 

	 	(j)	The Purchasers shall have received a counterpart of the Registration Rights Agreement that shall have been executed and delivered by a duly authorized officer of the Company;

  

	 	(k)	The Company shall have obtained and delivered to the Purchasers executed copies of an agreement from the shareholders, executive officers and directors of the Company listed on
Schedule IV hereto, substantially to the effect set forth in Section 5(d) hereof in form and substance satisfactory to you; and 

  

	 	(l)	The Company shall have furnished or caused to be furnished to you at the Time of Delivery certificates of officers of the Company satisfactory to you as to the accuracy of the
representations and warranties of the Company herein at and as of such Time of Delivery, as to the performance by the Company of all of its obligations hereunder to be performed at or prior to such Time of Delivery, as to the matters set forth in
subsection (e) of this Section and as to such other matters as you may reasonably request. 

  

	9.     (a)	The Company will indemnify and hold harmless each Purchaser against any losses, claims, damages or liabilities, joint or several, to which such Purchaser may become subject, under
the 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 Preliminary Offering
Circular, the Pricing Circular, the Offering Circular, or any amendment or supplement thereto, any Company Supplemental Disclosure Document, or arise out of or are based upon the omission or alleged omission to state therein a material fact
necessary to make the statements therein not misleading, and will reimburse each Purchaser for any legal or other expenses reasonably incurred by such Purchaser in connection with investigating or defending any such action or claim as such expenses
are incurred; provided, however, that the Company shall not be liable 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 any Preliminary Offering Circular, the Pricing Circular, the Offering Circular or any such amendment or supplement, or any Company Supplemental Disclosure Document, in reliance upon and in conformity with written information
furnished to the Company by any Purchaser through Goldman, Sachs & Co. expressly for use therein. 

  

	 	(b)	 Each Purchaser will indemnify and hold harmless the Company against any losses, claims, damages or liabilities to which the Company may become subject, under the
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 Preliminary Offering
Circular, the Pricing Circular, the Offering Circular, or any amendment or supplement thereto, or any Company Supplemental Disclosure Document, or arise out of or are based upon the omission or alleged omission to state therein a material fact or
necessary to make the statements therein 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 any Preliminary Offering Circular, the
Pricing Circular, the Offering Circular or any such amendment or supplement, or any Company Supplemental Disclosure Document in reliance upon and in conformity with written information furnished to the Company by such Purchaser through Goldman,
Sachs & Co. expressly for use therein; and will reimburse the Company for any legal or other expenses 

  

 17 

	 	 
reasonably incurred by the Company in connection with investigating or defending any such action or claim as such expenses are incurred.

  

	 	(c)	Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party shall not relieve it from any liability
which it may have to any indemnified party otherwise than under such subsection. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the 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 satisfactory to such indemnified party (who shall not, except
with the consent of the indemnifying 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, the indemnifying party shall not be liable
to such indemnified party under such subsection 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 costs of
investigation. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, such consent not to be unreasonably withheld, but if settled with such consent or if there be a final judgment for
the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. 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. 

  

	 	(d)	 If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or
(b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, 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 benefits received by the Company on the one hand and the Purchasers on the other from the offering of the Securities.
If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c) above, then each indemnifying party shall
contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Purchasers on the other 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 benefits received by the Company on the
one hand and the Purchasers on the other shall be deemed to be in the same proportion as the total 

  

 18 

	 	 
net proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the
Purchasers, in each case as set forth in the Offering Circular. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company on the one hand or the Purchasers on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The Company and the Purchasers agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the Purchasers 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 above in this subsection (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 in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this subsection (d), no Purchaser shall be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten by it and distributed to investors were
offered to investors exceeds the amount of any damages which such Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. The Purchasers’ obligations in this subsection
(d) to contribute are several in proportion to their respective underwriting obligations and not joint. 

  

	 	(e)	The obligations of the Company under this Section 9 shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and
conditions, to any affiliate of each Purchaser and each person, if any, who controls any Purchaser within the meaning of the Act; and the obligations of the Purchasers under this Section 9 shall be in addition to any liability which the
respective Purchasers may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company and to each person, if any, who controls the Company within the meaning of the Act. 

 

	10.(a)	If any Purchaser shall default in its obligation to purchase the Securities which it has agreed to purchase hereunder at a Time of Delivery, you may in your discretion arrange for
you or another party or other parties to purchase such Securities on the terms contained herein. If within thirty-six hours after such default by any Purchaser you do not arrange for the purchase of such Securities, then the Company shall be
entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to you to purchase such Securities on such terms. In the event that, within the respective prescribed periods, you notify the
Company that you have so arranged for the purchase of such Securities, or the Company notifies you that it has so arranged for the purchase of such Securities, you or the Company shall have the right to postpone such Time of Delivery for a period of
not more than seven days, in order to effect whatever changes may thereby be made necessary in the Offering Circular, or in any other documents or arrangements, and the Company agrees to prepare promptly any amendments to the Offering Circular which
in your opinion may thereby be made necessary. The term “Purchaser” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with
respect to such Securities. 

  

 19 

	 	(b)	If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Purchaser or Purchasers by you and the Company as provided in subsection
(a) above, the aggregate principal amount of such Securities which remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the Company shall have the right to require each non-defaulting
Purchaser to purchase the principal amount of Securities which such Purchaser agreed to purchase hereunder and, in addition, to require each non-defaulting Purchaser to purchase its pro rata share (based on the principal amount of Securities which
such Purchaser agreed to purchase hereunder) of the Securities of such defaulting Purchaser or Purchasers for which such arrangements have not been made; but nothing herein shall relieve a defaulting Purchaser from liability for its default.

  

	 	(c)	If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Purchaser or Purchasers by you and the Company as provided in subsection
(a) above, the aggregate principal amount of Securities which remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Company shall not exercise the right described in subsection
(b) above to require non-defaulting Purchasers to purchase Securities of a defaulting Purchaser or Purchasers, then this Agreement or with respect to an Additional Time of Delivery, the obligations of the Purchasers to purchase and of the
Company to sell the Additional Notes shall thereupon terminate, without liability on the part of any non-defaulting Purchaser or the Company, except for the expenses to be borne by the Company and the Purchasers as provided in Section 7 hereof
and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Purchaser from liability for its default. 

  

	11.	The respective indemnities, agreements, representations, warranties and other statements of the Company and the several Purchasers, as set forth in this Agreement or made by or on
behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Purchaser or any controlling person of any
Purchaser, or the Company, or any officer or director or controlling person of the Company, and shall survive delivery of and payment for the Securities. 

  

	12.	If this Agreement shall be terminated pursuant to Section 10 hereof, the Company shall not then be under any liability to any Purchaser except as provided in Sections 7 and 9
hereof; but, if for any other reason, the Securities are not delivered by or on behalf of the Company as provided herein, the Company will reimburse the Purchasers through you for all expenses approved in writing by you, including fees and
disbursements of counsel, reasonably incurred by the Purchasers in making preparations for the purchase, sale and delivery of the Securities, but the Company shall then be under no further liability to any Purchaser except as provided in Sections 7
and 9 hereof. 

  

	13.	In all dealings hereunder, you shall act on behalf of each of the Purchasers, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or
agreement on behalf of any Purchaser made or given by you jointly or by Goldman, Sachs & Co. on behalf of you as the representatives. 

  

	  	 All statements, requests, notices and agreements hereunder shall be in writing, and if to the Purchasers shall be delivered or sent by mail, telex or facsimile
transmission to you as the 

  

 20 

	 	 
representatives in care of Goldman, Sachs & Co., One New York Plaza, 42nd Floor, New York, New York 10004, Attention: Registration Department; and
if to the Company shall be delivered or sent by mail, telex or facsimile transmission to the address of the Company set forth in the Offering Circular, Attention: General Counsel; provided, however, that any notice to a Purchaser pursuant to
Section 9(c) hereof shall be delivered or sent by mail, telex or facsimile transmission to such Purchaser at its address set forth in its Purchasers’ Questionnaire, or telex constituting such Questionnaire, which address will be supplied
to the Company by you upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof. 

  

	14.	This Agreement shall be binding upon, and inure solely to the benefit of, the Purchasers, the Company and, to the extent provided in Sections 9 and 11 hereof, the officers and
directors of the Company and each person who controls the Company or any Purchaser, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this
Agreement. No purchaser of any of the Securities from any Purchaser shall be deemed a successor or assign by reason merely of such purchase. 

  

	15.	Time shall be of the essence of this Agreement. 

  

	16.	The Company acknowledges and agrees that (i) the purchase and sale of the Securities pursuant to this Agreement is an arm’s-length commercial transaction between the
Company, on the one hand, and the several Purchasers, on the other, (ii) in connection therewith and with the process leading to such transaction each Purchaser is acting solely as a principal and not the agent or fiduciary of the Company,
(iii) no Purchaser has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Purchaser has advised or is currently
advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement and (iv) the Company has consulted its own legal and financial advisors to the extent it deemed
appropriate. The Company agrees that it will not claim that the Purchaser, or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company, in connection with such transaction or the
process leading thereto. 

  

	17.	This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Purchasers, or any of them, with respect to the subject
matter hereof. 

  

	18.	This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

  

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

  

	20.	This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective
counterparts shall together constitute one and the same instrument. 

  

	21.	 Notwithstanding anything herein to the contrary, the Company (and the Company’s employees, representatives, and other agents) are authorized to disclose to any
and all persons, the tax 

  

 21 

	 	 
treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided to the
Company relating to that treatment and structure, without the Purchasers imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not
apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, “tax treatment” means U.S. federal and state income tax treatment, and “tax structure” is limited to any facts that may be
relevant to that treatment. 

 If the foregoing is in accordance with your understanding, please sign and return to us five counterparts
hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a binding agreement between each of the Purchasers and the Company. It is understood that your acceptance of
this letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form of Agreement among Purchasers, the form of which shall be submitted to the Company for examination upon request, but without warranty on your part as to
the authority of the signers thereof. 
 [Signature Page Follows] 
  

 22 

  

			
	 Very truly yours,
  
 GSI Commerce, Inc.

		
	 By:
	 	 /s/ Michael R. Conn

		 	 Name: Michael R. Conn

		 	 Title: Executive Vice President, Finance
           and Chief Financial Officer

 Accepted as of the date hereof: 
 Goldman, Sachs & Co. 
  

			
	 By
	 	 /s/ Goldman, Sachs & Co.

		 	(Goldman, Sachs & Co.)

  

 23 

 SCHEDULE I 
  

							
	 Purchaser
	  	Principal
Amount of
Securities
to be
Purchased	  	Principal Amount
of Additional Notes
to be Purchased
if Maximum
Option
Exercised
	 Goldman, Sachs & Co.
	  	$	125,000,000	  	$	25,000,000
		  	 	 	  	 	 
	 Total
	  	$	125,000,000	  	$	25,000,000
		  	 	 	  	 	 

  

 24 

 SCHEDULE II 
 (a) Additional Documents Incorporated by Reference: None 
 (b) Approved Supplemental Disclosure Documents: None 
  

 25 

 SCHEDULE III 
 TERM SHEET 
 GSI Commerce, Inc. 
 $125,000,000 aggregate principal amount of 
 2.50% Convertible Senior Notes due
2027 
 June 27, 2007 
 This term
sheet relates only to the securities described below and should be read together with the preliminary offering circular, dated June 26, 2007 (including the documents incorporated by reference in the preliminary offering circular), relating to
these securities. 
  

			
	 Issuer
	  	GSI Commerce, Inc.
		
	 Securities offered
	  	2.50% Convertible Senior Notes due 2027
		
	 Aggregate principal amount offered
	  	$125,000,000
		
	 Option to purchase additional notes
	  	$25,000,000
		
	 Maturity date
	  	June 1, 2027
		
	 Interest
	  	2.50% per annum, accruing from date of first issuance, or from the most recent date to which interest has been paid or duly provided for.
		
	 Interest payment dates
	  	June 1 and December 1 of each year, beginning on December 1, 2007.
		
	 Price to public
	  	100%
		
	 NASDAQ closing price on June 26, 2007 (reference price)
	  	$24.36 per share
		
	 Conversion premium
	  	23.15% (approximately) above reference price.

  

 A-1 

			
	 Conversion price
	  	$30.00 (approximately) per share of common stock, subject to adjustment.
		
	 Conversion rate
	  	33.3333 shares of common stock per $1,000 principal amount of notes, subject to adjustment.
		
	 Free convertibility period
	  	During the periods (i) on or after March 1, 2014 and at any time prior to the close of business on the scheduled trading day immediately preceding June 8, 2014, and (ii) on or after March 1,
2027 and any time prior to the close of business on the scheduled trading day immediately preceding maturity.
		
	 Optional redemption by Issuer
	  	Not redeemable prior to June 8, 2014. At any time on or after June 8, 2014, the Issuer may redeem the notes in whole or in part for 100% of the principal amount of the notes, plus accrued and
unpaid interest.
		
	 Investor puts
	  	Investors may require the Issuer to repurchase the notes on June 1 of 2014, 2017 and 2022, respectively, for 100% of the principal amount of the notes, plus accrued and unpaid
interest.
		
	 Trade date
	  	June 27, 2007
		
	 Settlement date
	  	July 2, 2007
		
	 CUSIP / ISIN
	  	36238GAC6 / US36238GAC69
		
	 Sole book-running manager
	  	Goldman, Sachs & Co.
		
	 Use of Proceeds
	  	We estimate that we will receive net proceeds of approximately $120.7 million from this offering (or approximately $138.9 million if the initial purchaser’s option to purchase up to an
additional $25.0 million of notes is exercised in full), after deducting the initial purchaser’s discounts and other expenses. We intend to use the net proceeds from the offering for working capital and general corporate purposes, including
possible acquisitions.
		
	 Capitalization
	  	After giving effect to the increase in the aggregate offering size of this offering to $125.0 million aggregate principal amount offered (assuming no exercise of the initial purchaser’s
option to purchase additional notes), the following line items in the “As Adjusted” column of the Capitalization table would reflect the following unaudited consolidated pro forma amounts as of March 31, 2007:
		
		  	Cash and cash equivalents . . . . . . . . . .   $146,371

  

 A-2 

			
		
		  	2.50% convertible senior notes due 2027 offered hereby . . . . . . . . . .    $125,000
		
		  	Total debt . . . . . . . . . .   $203,660
		
		  	Total capitalization . . . . . . . . . .   $433,068
		
	 Adjustment to conversion rate upon a make whole fundamental change
	  	The number of additional shares by which the conversion rate will be increased in the event of a make whole fundamental change will be determined by reference to the table below, based on the
date on which such make-whole fundamental change occurs or becomes effective (referred to as the “effective date”) and the price (referred to as the “stock price”) per share of our common stock at the time of such make whole
fundamental change. If holders of our common stock receive only cash consideration for their shares of common stock in connection with a make whole fundamental change, the stock price will be the cash amount paid per share. Otherwise, the stock
price will be the average of the last reported sale prices of our common stock over the 10 trading day period ending on the trading day preceding the effective date of such make whole fundamental change.
		
		  	The stock prices set forth in the first column of the table below (i.e., the row headers) will be adjusted as of any date on which the conversion rate of the notes is otherwise adjusted. The
adjusted stock prices will equal the stock prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the conversion rate immediately prior to the adjustment giving rise to the stock price adjustment
and the denominator of which is the applicable conversion rate as so adjusted. The number of additional shares will be adjusted in the same manner as the conversion rate as set forth under the caption “Description of the Notes — Conversion
Rights — Conversion Rate Adjustments” in the Offering Circular.
		
		  	The following table sets forth the stock prices and the adjustments to the conversion rate, expressed as a number of additional shares to be received per $1,000 in principal amount of the notes,
in the event of a make-whole fundamental change:

																							
	 	  	$ 24.36	  	$ 27.50	  	$ 30.00	  	$ 32.50	  	$ 35.00	  	$ 40.00	  	$ 45.00	  	$ 50.00	  	$ 60.00	  	$ 75.00	  	$ 100.00
	 July 2, 2007
	  	7.71	  	7.22	  	6.15	  	5.30	  	4.62	  	3.60	  	2.89	  	2.37	  	1.68	  	1.08	  	0.58
	 June 1, 2008
	  	7.71	  	7.05	  	5.95	  	5.09	  	4.41	  	3.39	  	2.70	  	2.20	  	1.54	  	0.99	  	0.54
	 June 1, 2009
	  	7.71	  	6.80	  	5.67	  	4.79	  	4.10	  	3.10	  	2.43	  	1.96	  	1.36	  	0.87	  	0.47
	 June 1, 2010
	  	7.71	  	6.51	  	5.33	  	4.43	  	3.74	  	2.75	  	2.11	  	1.68	  	1.14	  	0.73	  	0.40
	 June 1, 2011
	  	7.71	  	6.10	  	4.87	  	3.94	  	3.24	  	2.29	  	1.70	  	1.32	  	0.88	  	0.55	  	0.30

  

 A-3 

																							
	 June 1, 2012
	  	7.71	  	5.57	  	4.25	  	3.29	  	2.60	  	1.71	  	1.21	  	0.91	  	0.59	  	0.38	  	0.21
	 June 1, 2013
	  	7.71	  	4.71	  	3.23	  	2.24	  	1.59	  	0.87	  	0.56	  	0.40	  	0.27	  	0.18	  	0.11
	 June 1, 2014
	  	7.71	  	3.03	  	0.00	  	0.00	  	0.00	  	0.00	  	0.00	  	0.00	  	0.00	  	0.00	  	0.00

 The exact stock prices and effective dates may not be set forth in the table above, in which case: 
  

	 	•	 	 If the stock price is between two stock price amounts in the table or the effective date is between two effective dates in the table, the number of additional
shares will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock price amounts and the two dates, as applicable, based on a 365-day year. 

  

	 	•	 	 If the stock price is greater than $100.00 per share, subject to adjustment, no adjustments will be made in the conversion rate. 

  

	 	•	 	 If the stock price is less than $24.36 per share, subject to adjustment, no adjustments will be made in the conversion rate. 

 Notwithstanding the foregoing, in no event will the conversion rate exceed 41.0509 shares of common stock per $1,000 in principal amount of notes, subject to adjustments
in the same manner as the conversion rate as set forth under the caption “Description of the Notes — Conversion Rights — Conversion Rate Adjustments” in the Offering Circular. 
 This material is confidential and is for your information only and is not intended to be used by anyone other than you. This information is subject to change and does
not purport to be a complete description of these securities or the offering. Please refer to the offering circular for a complete description. 
 This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

 This communication is being distributed solely to Qualified Institutional Buyers, as defined in Rule 144A under the Securities Act of 1933.

 A copy of the offering circular for the offering can be obtained from your Goldman Sachs sales person or Goldman, Sachs & Co., 85 Broad
Street, New York, NY 10004 Attention: Prospectus Department (212-902-1171). 
  

 A-4 

 SCHEDULE IV 
 Parties to Lock-Up Agreements 
 Michael G. Rubin* 
 Michael R. Conn* 
 Stephen J. Gold* 
 John A. Hunter* 
 Robert W. Liewald* 
 Arthur H. Miller*

 Damon Mintzer* 
 Steven Davis* 
 J. Scott Hardy* 
 Michael J. Donohoe* 
 M. Jeffrey Branman* 
 Ronald D. Fisher* 
 Mark S. Menell* 
 Michael S. Perlis* 
 Andrea M. Weiss* 
 Jeffrey F. Rayport* 
 Robert Wuesthoff* 
 QK Holdings, Inc. 
 SOFTBANK Capital LP 
 SOFTBANK Capital Advisors Fund LP 
 SOFTBANK Capital Partners LP 

	*	Indicates director and/or officer. 

  

 A-1 

 ANNEX I 
 Pursuant to Section 8(c) of the Purchase Agreement, the accountants shall furnish letters to the Purchasers to the effect that: 
  

	(i)	They are an independent registered public accounting firm with respect to the Company and its subsidiaries within the meaning of the Securities Exchange Act of 1934 (the
“Exchange Act”) and the applicable published rules and regulations thereunder adopted by the Securities and Exchange Commission and the Public Accounting Oversight Board (United States); 

  

	(ii)	In our opinion, the consolidated financial statements and financial statement schedules audited by us and included in the Offering Circular comply as to form in all material
respects with the applicable requirements of the Exchange Act and the related published rules and regulations; 

  

	(iii)	The unaudited selected financial information with respect to the consolidated results of operations and financial position of the Company for the five most recent fiscal years
included in the Offering Circular agrees with the corresponding amounts (after restatements where applicable) in the audited consolidated financial statements for such five fiscal years; 

  

	(iv)	On the basis of limited procedures not constituting an audit in accordance with generally accepted auditing standards, consisting of a reading of the unaudited financial statements
and other information referred to below, a reading of the latest available interim financial statements of the Company and its subsidiaries, inspection of the minute books of the Company and its subsidiaries since the date of the latest audited
financial statements included in the Offering Circular, inquiries of officials of the Company and its subsidiaries responsible for financial and accounting matters and such other inquiries and procedures as may be specified in such letter, nothing
came to their attention that caused them to believe that: 

  

	 	(A)	the unaudited consolidated statements of income, consolidated balance sheets and consolidated statements of cash flows included in the Offering Circular are not in conformity with
generally accepted accounting principles applied on the basis substantially consistent with the basis for the unaudited condensed consolidated statements of income, consolidated balance sheets and consolidated statements of cash flows included in
the Offering Circular; 

  

	 	(B)	any other unaudited income statement data and balance sheet items included in the Offering Circular do not agree with the corresponding items in the unaudited consolidated financial
statements from which such data and items were derived, and any such unaudited data and items were not determined on a basis substantially consistent with the basis for the corresponding amounts in the audited consolidated financial statements
included in the Offering Circular; 

  

	 	(C)	 the unaudited financial statements which were not included in the Offering Circular but from which were derived any unaudited condensed financial statements
referred to in clause (A) and any unaudited income statement data and balance sheet items included in the Offering Circular and referred to in clause (B) were not determined on a basis 

  

 A-31 

	 	 
substantially consistent with the basis for the audited consolidated financial statements included in the Offering Circular; 

  

	 	(D)	any unaudited pro forma consolidated condensed financial statements included in the Offering Circular do not comply as to form in all material respects with the applicable
accounting requirements or the pro forma adjustments have not been properly applied to the historical amounts in the compilation of those statements; 

  

	 	(E)	as of a specified date not more than five days prior to the date of such letter, there have been any changes in the consolidated capital stock (other than issuances of capital stock
upon exercise of options and stock appreciation rights, upon earn-outs of performance shares and upon conversions of convertible securities, in each case which were outstanding on the date of the latest financial statements included in the Offering
Circular or any increase in the consolidated long-term debt of the Company and its subsidiaries, or any decreases in consolidated net current assets or stockholders’ equity or other items specified by the Representatives, or any increases in
any items specified by the Representatives, in each case as compared with amounts shown in the latest balance sheet included in the Offering Circular except in each case for changes, increases or decreases which the Offering Circular discloses have
occurred or may occur or which are described in such letter; and 

  

	 	(F)	for the period fro the date of the latest financial statements included in the Offering Circular to the specified date referred to in clause (E) there were any decreases in
consolidated net revenues or operating profit or the total or per share amounts of consolidated net income or other items specified by the Representatives, or any increases in any items specified by the Representatives, in each case as compared with
the comparable period of the preceding year and with any other period of corresponding length specified by the Representatives, except in each case for decreases or increases which the Offering Circular discloses have occurred or may occur or which
are described in such letter; and 

  

	(v)	In addition to the examination referred to in their report(s) included in the Offering Circular and the limited procedures, inspection of minute books, inquiries and other
procedures referred to in paragraphs (iii) and (iv) above, they have carried out certain specified procedures, not constituting an audit in accordance with generally accepted auditing standards, with respect to certain amounts, percentages
and financial information specified by the Representatives, which are derived from the general accounting records of the Company and its subsidiaries, which appear in the Offering Circular, and have compared certain of such amounts, percentages and
financial information with the accounting records of the Company and its subsidiaries and have found them to be in agreement. 

  

 A-32Certificate of Designations

 Exhibit 4.1 
 CERTIFICATE OF DESIGNATIONS 
 OF 
 SERIES A NONCUMULATIVE PREFERRED STOCK 
 $0.01 PAR VALUE 
 OF 
 THE BANK OF NEW YORK MELLON
CORPORATION 
 THE BANK OF NEW YORK MELLON CORPORATION, a corporation organized and existing under the General Corporation Law of the
State of Delaware (the “Corporation”), in accordance with the provisions of Sections 103 and 151 thereof, does hereby certify that: 
 The Board of Directors of the Corporation (the “Board of Directors”), in accordance with the resolutions of the Board of Directors of Mellon Financial Corporation, one of the predecessors of the Corporation, dated
December 19, 2006, and resolutions of the Pricing Committee of such Board of Directors, dated June 12, 2007, the provisions of the Certificate of Incorporation and Bylaws of the Corporation and applicable law, by unanimous written consent
dated June 15, 2007, adopted the following resolution creating a series of 5,001 shares of preferred stock of the Corporation designated as “Series A Noncumulative Preferred Stock”. 
 RESOLVED, that pursuant to the Delaware General Corporation Law and the Certificate of Incorporation of The Bank of New York Mellon Corporation
(the “Corporation”), the Board of Directors hereby establishes the first series of Preferred Stock, par value $0.01 per share, of the Corporation (the “Series A Noncumulative Preferred Stock”) and fixes and determines the
designation, voting rights, preferences, redemption rights, qualifications, privileges, limitations, restrictions and special or relative rights thereof as follows: 
 Section 1. Designation and Number, Issue Date. The series will be designated the “Series A Noncumulative Preferred Stock” (hereinafter called the “Series A”) and will initially consist
of 5,001 shares. The number of shares constituting this Series may be increased from time to time in accordance with law up to the maximum number of shares of Preferred Stock authorized to be issued under the Certificate of Incorporation of the
Corporation, less all shares at the time authorized of any other series of Preferred Stock. Shares of this Series will be dated the date of issue. Shares of the Series A that are redeemed, purchased or otherwise acquired by the Corporation, or
converted into another series of Preferred Stock, shall, after such redemption, purchase or acquisition, have the status of authorized but unissued shares of preferred stock of the Corporation, without designation as to series until such shares are
once more designated as part of a particular series by the Board of Directors. 
 Section 2. Definitions. As used herein with
respect to the Series A: 
 (a) “Board of Directors” means the board of directors of the Corporation. 
 (b) “Bylaws” means the Bylaws of the Corporation, as may be amended from time to time. 
 (c) “Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions and trust companies in New York,
New York, Pittsburgh, Pennsylvania or Wilmington, Delaware are permitted or required by any applicable law to close. 

 (d) “Calculation Agent” means, at any time, the person or entity appointed by the Corporation
and serving as such agent at such time. The Corporation may terminate any such appointment and may appoint a successor agent at any time and from time to time, provided that the Corporation shall use its best efforts to ensure that there is,
at all relevant times when the Series A is outstanding, a person or entity appointed and serving as such agent. The Calculation Agent may be a person or entity affiliated with the Corporation. 
 (e) “Certificate of Designations” means this Certificate of Designations relating to the Series A, as it may be amended from time to time.

 (f) “Certificate of Incorporation” means the Certificate of Incorporation of the Corporation, as may be amended from time to
time, and shall include this Certificate of Designations. 
 (g) “Common Stock” means the common stock, par value $0.01 per share,
of the Corporation. 
 (h) “Junior Stock” means the Common Stock and any other class or series of stock of the Corporation (other
than the Series A) that ranks junior to the Series A either or both as to the payment of dividends and/or as to the distribution of assets on any liquidation, dissolution or winding up of the Corporation. 
 (i) “London Banking Day” means any day on which commercial banks are open for general business (including dealings in deposits in U.S. dollars)
in London, England. 
 (j) “Parity Stock” means any class or series of stock of the Corporation (other than the Series A) that
ranks equally with the Series A both in the payment of dividends and in the distribution of assets on any liquidation, dissolution or winding up of the Corporation. 
 (k) “Preferred Stock” means any and all series of Preferred Stock, having a par value of $0.01 per share, of the Corporation, including the Series A. 
 (l) “Reuters Screen LIBOR01” means the display designated on the Reuters 3000 Xtra (or such other page as may replace that page on that service
or such other service as may be nominated by the British Bankers’ Association for the purpose of displaying London interbank offered rates for U.S. dollar deposits). 
 (m) “Three-month LIBOR,” with respect to any Dividend Period, means the offered rate expressed as a percentage per annum for deposits in U.S. dollars for a three-month period commencing on the first day of
such Dividend Period, as that rate appears on Reuters Screen LIBOR01 as of 11:00 A.M., London time, on the second London Banking Day immediately preceding the first day of such Dividend Period. 
 If Three-month LIBOR does not appear on Reuters Screen LIBOR01, Three-month LIBOR shall be determined on the basis of the rates at which deposits in U.S.
dollars for a three-month period, beginning on the first day of such Dividend Period, and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major banks in that market selected by the
Calculation Agent at approximately 11:00 A.M., London time, on the second London Banking Day immediately preceding the first day of such Dividend Period. The Calculation Agent shall request the principal London office of each of these banks to
provide a quotation of its rate. If at least two quotations are provided, Three-month LIBOR for such Dividend Period shall be the arithmetic mean of such quotations (rounded upward if necessary to the nearest 0.00001 of 1%) of such quotations.

  

 - 2 - 

 If fewer than two quotations are provided as described in the preceding paragraph, Three-month LIBOR for
such Dividend Period shall be the arithmetic mean (rounded upward if necessary to the nearest 0.00001 of 1%) of the rates quoted by three major banks in New York City selected by the Calculation Agent at approximately 11:00 A.M., New York City time,
on the first day of such Dividend Period for loans in U.S. dollars to leading European banks for a three-month period, beginning on the first day of such Dividend Period, and in a principal amount of not less than $1,000,000. 
 If fewer than three banks selected by the Calculation Agent to provide quotations are quoting as described in the preceding paragraph, Three-month LIBOR
for such Dividend Period shall be the Three-month LIBOR in effect for the prior Dividend Period or in the case of the first Dividend Period, the most recent Three-month LIBOR that could have been determined had the Preferred Stock been outstanding.

 (n) “Voting Preferred Stock” means, with regard to any election or removal of a Preferred Stock Director (as defined in
Section 6(b) below) or any other matter as to which the holders of Series A are entitled to vote as specified in Section 6 of this Certificate of Designations, any and all series of Preferred Stock (other than the Series A) that rank
equally with the Series A as to the payment of dividends, whether bearing dividends on a non-cumulative or cumulative basis, and having voting rights equivalent to those described in Section 6(b). 
 Section 3. Dividends. 
 (a)
Rate. Holders of the Series A shall be entitled to receive, when, as and if declared by the Board of Directors (or a duly authorized committee of the Board of Directors) out of funds legally available therefor, non-cumulative cash dividends at
the rate determined as set forth below in this Section 3 applied to the liquidation preference amount of $100,000 per share of Series A. Such dividends shall be payable in arrears (as provided below in this Section 3(a)), but only when, as
and if declared by the Board of Directors (or a duly authorized committee of the Board of Directors), (a) if the shares of Series A are issued prior to June 20, 2012, on June 20 and December 20 of each year until June 20,
2012, and (b) thereafter, on March 20, June 20, September 20 and December 20 of each year (each a “Dividend Payment Date”); provided that if any such Dividend Payment Date on or after June 20,
2012 would otherwise occur on a day that is not a Business Day, such Dividend Payment Date shall instead be (and any dividend payable on the Series A on such Dividend Payment Date shall instead be payable on) the immediately succeeding Business Day.
If a Dividend Payment Date prior to June 20, 2012 is not a Business Day, the applicable dividend shall be paid on the first Business Day following that day without adjustment. Dividends on the Series A shall not be cumulative; holders of Series
A shall not be entitled to receive any dividends not declared by the Board of Directors (or a duly authorized committee of the Board of Directors) and no interest, or sum of money in lieu of interest, shall be payable in respect of any dividend not
so declared. 
 Dividends that are payable on the Series A on any Dividend Payment Date will be payable to holders of record of the Series A
as they appear on the stock register of the Corporation on the applicable record date, which shall be the 15th calendar day before such Dividend Payment Date or such other record date fixed by the Board of Directors (or a duly authorized committee
of the Board of Directors) that is not more than 60 nor less than 10 days prior to such Dividend Payment Date (each, a “Dividend Record Date”). Any such day that is a Dividend Record Date shall be a Dividend Record Date whether or not such
day is a Business Day. 
  

 - 3 - 

 Each dividend period (a “Dividend Period”) shall commence on and include a Dividend Payment
Date (other than the initial Dividend Period, which shall commence on and include the date of original issue of the Series A) and shall end on and include the calendar day preceding the next Dividend Payment Date. Dividends payable on the Series A
in respect of a Dividend Period shall be computed by the Calculation Agent (i) if shares of Series A are issued prior to June 20, 2012, on the basis of a 360-day year consisting of twelve-30 day months until the Dividend Payment Date in
June 2012 and (ii) thereafter, by multiplying the per annum dividend rate in effect for that Dividend Period by a fraction, the numerator of which will be the actual number of days in that Dividend Period and the denominator of which will be
360, and multiplying the rate obtained by $100,000. Dividends payable in respect of a Dividend Period shall be payable in arrears—i.e., on the first Dividend Payment Date after such Dividend Period. 
 The dividend rate on the Series A, for each Dividend Period, shall be (a) if the shares of Series A are issued prior to June 20, 2012, a rate
per annum equal to 6.244% until the Dividend Payment date in June 2012, and (b) thereafter, a rate per annum that will be reset quarterly and shall be equal to the greater of (i) Three-month LIBOR for such Dividend Period plus 0.565% and
(ii) 4.000% each applied to the $100,000 liquidation preference per share. 
 The Calculation Agent’s determination of any dividend
rate, and its calculation of the amount of dividends for any Dividend Period, will be maintained on file at the Corporation’s principal offices and will be available to any stockholder upon request and will be final and binding in the absence
of manifest error. 
 Holders of the Series A shall not be entitled to any dividends, whether payable in cash, securities or other property,
other than dividends (if any) declared and payable on the Series A as specified in this Section 4 (subject to the other provisions of this Certificate of Designations). 
 (b) Priority of Dividends. So long as any share of Series A remains outstanding, no dividend shall be declared or paid on the Common Stock or any
other shares of Junior Stock (other than a dividend payable solely in Junior Stock), unless (i) full dividends for the then current Dividend Period on all outstanding shares of Series A have been declared and paid (or declared and a sum
sufficient for the payment thereof has been set aside) and (ii) the Corporation is not in default on its obligation to redeem any shares of Series A that have been called for redemption. The Corporation and its subsidiaries shall not purchase,
redeem or otherwise acquire, directly or indirectly, for consideration any shares of Common Stock or other Junior Stock (other than as a result of a reclassification of Junior Stock for or into other Junior Stock, or the exchange or conversion of
one share of Junior Stock for or into another share of Junior Stock and other than through the use of the proceeds of a substantially contemporaneous sale of other shares of Junior Stock) nor shall the Corporation pay or make available any monies
for a sinking fund for the redemption of any shares of Common Stock or any other shares of Junior Stock during a Dividend Period, unless the full dividends for the most recently-completed Dividend Period on all outstanding shares of Series A have
been declared and paid (or declared and a sum sufficient for the payment thereof has been set aside). The foregoing provision shall not restrict the ability of the Corporation or any other affiliate of the Corporation to engage in any market-making
transactions in Junior Stock in the ordinary course of business. 
 On any Dividend Payment Date for which full dividends are not paid, or
declared and funds set aside therefor, upon the Preferred Stock and other equity securities designated as ranking on a parity with the Series A as to payment of dividends (“Dividend Parity Stock”), all dividends paid or declared for
payment on that Dividend Payment Date with respect to the Series 

  

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A and the Dividend Parity Stock shall be shared (1) first ratably by the holders of any such shares who have the right to receive dividends with respect
to Dividend Periods prior to the then-current Dividend Period for which such dividends were not declared and paid, in proportion to the respective amounts of the undeclared and unpaid dividends relating to prior Dividend Periods, and thereafter
(2) by the holders of these shares on a pro rata basis. 
 Subject to the foregoing, such dividends (payable in cash, securities
or other property) as may be determined by the Board of Directors (or a duly authorized committee of the Board of Directors) may be declared and paid on any securities, including Common Stock and other Junior Stock, from time to time out of any
funds legally available for such payment, and the Series A shall not be entitled to participate in any such dividends. 
 Any class or series
of preferred stock issued at any time by the Corporation that is entitled to receive dividends when, as and if declared by the Board of Directors (or a duly authorized committee of the Board of Directors) shall have, for any period when any shares
of Series A is outstanding, the same dividend payment dates as the Dividend Payment Dates of the Series A. 
 Section 4. Liquidation
Rights. 
 (a) Voluntary or Involuntary Liquidation. In the event of any liquidation, dissolution or winding up of the affairs of
the Corporation, whether voluntary or involuntary, holders of Series A shall be entitled to receive, out of the assets of the Corporation or proceeds thereof (whether capital or surplus) available for distribution to stockholders of the Corporation,
and after satisfaction of all liabilities and obligations to creditors of the Corporation, before any distribution of such assets or proceeds is made to or set aside for the holders of Common Stock and any other stock of the Corporation ranking
junior to the Series A as to such distribution, in full an amount equal to $100,000 per share (the “Series A Liquidation Amount”), together with an amount equal to all dividends (if any) that have been declared but not paid prior to the
date of payment of such distribution (but without any amount in respect of dividends that have not been declared prior to such payment date). After payment of the full amount of such liquidation distribution, the holders of Series A shall not be
entitled to any further participation in any distribution of assets of the Corporation. 
 (b) Partial Payment. If in any distribution
described in Section 4(a) above the assets of the Corporation or proceeds thereof are not sufficient to pay the Liquidation Preferences (as defined below) in full to all holders of Series A and all holders of any stock of the Corporation
ranking equally with the Series A as to such distribution, the amounts paid to the holders of Series A and to the holders of all such other stock shall be paid pro rata in accordance with the respective aggregate Liquidation Preferences of
the holders of Series A and the holders of all such other stock. In any such distribution, the “Liquidation Preference” of any holder of stock of the Corporation shall mean the amount otherwise payable to such holder in such distribution
(assuming no limitation on the assets of the Corporation available for such distribution), including an amount equal to any declared but unpaid dividends (and, in the case of any holder of stock other than the Series A and on which dividends accrue
on a cumulative basis, an amount equal to any unpaid, accrued, cumulative dividends, whether or not declared, as applicable). 
 (c)
Residual Distributions. If the Liquidation Preference has been paid in full to all holders of Series A, the holders of other stock of the Corporation shall be entitled to receive all remaining assets of the Corporation (or proceeds thereof)
according to their respective rights and preferences. 
  

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 (d) Merger, Consolidation and Sale of Assets Not Liquidation. For purposes of this Section 4,
the merger or consolidation of the Corporation with any other corporation or other entity, including a merger or consolidation in which the holders of Series A receive cash, securities or other property for their shares, or the sale, lease or
exchange (for cash, securities or other property) of all or substantially all of the assets of the Corporation, shall not constitute a liquidation, dissolution or winding up of the Corporation. 
 Section 5. Redemption. 
 (a)
Optional Redemption. The Series A may not be redeemed by the Corporation prior to the later of June 20, 2012 and the date of original issue of the Series A. On or after that date, the Corporation, at its option, may redeem, in whole at any
time or in part from time to time, the shares of Series A at the time outstanding, upon notice given as provided in Section 5(c) below, at a cash redemption price equal to $100,000 per share, together (except as otherwise provided herein) with
an amount equal to any dividends that have been declared but not paid prior to the redemption date (but with no amount in respect of any dividends that have not been declared prior to such date). The redemption price for any shares of Series A shall
be payable on the redemption date to the holder of such shares against surrender of the certificate(s) evidencing such shares to the Corporation or its agent. Any declared but unpaid dividends payable on a redemption date that occurs subsequent to
the Dividend Record Date for a Dividend Period shall not be paid to the holder entitled to receive the redemption price on the redemption date, but rather shall be paid to the holder of record of the redeemed shares on such Dividend Record Date
relating to the Dividend Payment Date as provided in Section 3 above. 
 (b) No Sinking Fund. The Series A will not be subject to
any mandatory redemption, sinking fund or other similar provisions. Holders of Series A will have no right to require redemption of any shares of Series A. 
 (c) Notice of Redemption. Notice of every redemption of shares of Series A shall be given by first class mail, postage prepaid, addressed to the holders of record of the shares to be redeemed at their
respective last addresses appearing on the books of the Corporation. Such mailing shall be at least 30 days and not more than 60 days before the date fixed for redemption. Any notice mailed as provided in this Subsection shall be conclusively
presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any holder of shares of Series A designated for redemption
shall not affect the validity of the proceedings for the redemption of any other shares of Series A. Notwithstanding the foregoing, if the Series A or any depositary shares representing interests in the Series A are issued in book-entry form through
The Depository Trust Company or any other similar facility, notice of redemption may be given to the holders of Series A at such time and in any manner permitted by such facility. Each such notice given to a holder shall state: (1) the
redemption date; (2) the number of shares of Series A to be redeemed and, if less than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder; (3) the redemption price; and
(4) the place or places where certificates for such shares are to be surrendered for payment of the redemption price. 
  

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 (d) Partial Redemption. In case of any redemption of only part of the shares of Series A at the
time outstanding, the shares to be redeemed shall be selected either pro rata or in such other manner as the Board of Directors (or a duly authorized committee of the Board of Directors) may determine to be fair and equitable. Subject to the
provisions hereof, the Corporation shall have full power and authority to prescribe the terms and conditions upon which shares of Series A shall be redeemed from time to time. If fewer than all the shares represented by any certificate are redeemed,
a new certificate shall be issued representing the unredeemed shares without charge to the holder thereof. 
 (e) Effectiveness of
Redemption. If notice of redemption has been duly given and if on or before the redemption date specified in the notice all funds necessary for the redemption have been set aside by the Corporation, separate and apart from its other funds, in
trust for the pro rata benefit of the holders of the shares called for redemption, so as to be and continue to be available therefor, then, notwithstanding that any certificate for any share so called for redemption has not been surrendered
for cancellation, on and after the redemption date dividends shall cease to accrue on all shares so called for redemption, all shares so called for redemption shall no longer be deemed outstanding and all rights with respect to such shares shall
forthwith on such redemption date cease and terminate, except only the right of the holders thereof to receive the amount payable on such redemption, without interest. Any funds unclaimed at the end of two years from the redemption date, to the
extent permitted by law, shall be released to the Corporation, after which time the holders of the shares so called for redemption shall look only to the Corporation for payment of the redemption price of such shares. 
 Section 6. Voting Rights. 
 (a) General. The holders of Series A shall not have any voting rights except as set forth below or as otherwise from time to time required by applicable law. 
 (b) Right To Elect Two Directors Upon Nonpayment Events. If and whenever the dividends on the Series A and any other class or series of Voting
Preferred Stock have not been declared and paid in an aggregate amount (i) in the case of the Series A and any other class or series of Voting Preferred Stock bearing non-cumulative dividends, equal to at least six quarterly dividends (whether
or not consecutive) or (ii) in the case of any class or series of Voting Preferred Stock bearing cumulative dividends, in an aggregate amount equal to full dividends for at least six quarterly dividend periods or their equivalent (whether or
not consecutive) (a “Nonpayment Event”), the number of directors then constituting the Board of Directors shall automatically be increased by two and the holders of Series A, together with the holders of any outstanding shares of Voting
Preferred Stock, voting together as a single class, shall be entitled to elect the two additional directors (the “Preferred Stock Directors”), provided that it shall be a qualification for election for any such Preferred Stock
Director that the election of such director shall not cause the Corporation to violate the corporate governance requirement of the New York Stock Exchange (or any other securities exchange or other trading facility on which securities of the
Corporation may then be listed or traded) that listed or traded companies must have a majority of independent directors and provided further that the Board of Directors shall at no time include more than two Preferred Stock Directors
(including, for purposes of this limitation, all directors that the holders of any series of Voting Preferred Stock are entitled to elect pursuant to like voting rights). 
 In the event that the holders of Series A and such other holders of Voting Preferred Stock shall be entitled to vote for the election of the Preferred Stock Directors following a Nonpayment 

  

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Event, such directors shall be initially elected following such Nonpayment Event only at a special meeting called at the request of the holders of record of
at least 20% of the Series A and each other series of Voting Preferred Stock then outstanding (unless such request for a special meeting is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders
of the Corporation, in which event such election shall be held only at such next annual or special meeting of stockholders), and at each subsequent annual meeting of stockholders of the Corporation. Such request to call a special meeting for the
initial election of the Preferred Stock Directors after a Nonpayment Event shall be made by written notice, signed by the requisite holders of Series A or Voting Preferred Stock, and delivered to the Secretary of the Corporation in such manner as
provided for in Section 8 below, or as may otherwise be required by applicable law. If the Secretary of the Corporation fails to call a special meeting for the election of the Preferred Stock Directors within 20 days of receiving proper notice,
any holder of Series A may call such a meeting at the Corporation’s expense solely for the election of the Preferred Stock Directors, and for this purpose only such Series A holder shall have access to the Corporation’s stock ledger.

 When dividends have been paid in full on the Series A and any and all series of non-cumulative Voting Preferred Stock (other than the
Series A) for Dividend Periods, whether or not consecutive, equivalent to at least one year after a Nonpayment Event and all dividends on any cumulative Voting Preferred Stock have been paid in full, then the right of the holders of Series A to
elect the Preferred Stock Directors shall cease (but subject always to revesting of such voting rights in the case of any future Nonpayment Event), and, if and when any rights of holders of Series A and Voting Preferred Stock to elect the Preferred
Stock Directors shall have ceased, the terms of office of all the Preferred Stock Directors shall forthwith terminate and the number of directors constituting the Board of Directors shall automatically be reduced accordingly. 
 Any Preferred Stock Director may be removed at any time without cause by the holders of record of a majority of the outstanding shares of Series A and
Voting Preferred Stock, when they have the voting rights described above (voting together as a single class). The Preferred Stock Directors elected at any such special meeting shall hold office until the next annual meeting of the stockholders if
such office shall not have previously terminated as below provided. In case any vacancy shall occur among the Preferred Stock Directors, a successor shall be elected by the Board of Directors to serve until the next annual meeting of the
stockholders upon the nomination of the then remaining Preferred Stock Director or, if no Preferred Stock Director remains in office, by the vote of the holders of record of a majority of the outstanding shares of Series A and such Voting Preferred
Stock for which dividends have not been paid, voting as a single class. The Preferred Stock Directors shall each be entitled to one vote per director on any matter that shall come before the Board of Directors for a vote. 
 (c) Other Voting Rights. So long as any shares of Series A are outstanding, in addition to any other vote or consent of stockholders required by
law or by the Certificate of Incorporation, the vote or consent of the holders of at least a majority of the shares of Series A at the time outstanding and entitled to vote thereon, voting separately as a single class, given in person or by proxy,
either in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating: 
 (i) Authorization of Senior Stock. Any amendment, alteration or repeal of any provision of the Certificate of Incorporation or Bylaws to authorize or create, or increase the 

  

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authorized amount of, any shares of any class or series of capital stock of the Corporation ranking senior to the Series A with respect to either the payment
of dividends or the distribution of assets on any liquidation, dissolution or winding up of the Corporation; 
 (ii) Amendment of Series
A. Any amendment, alteration or repeal of any provision of the Certificate of Incorporation or Bylaws so as to adversely affect the special rights, preferences, privileges or voting powers of the Series A; provided, however, that
any amendment of the Certificate of Incorporation to authorize or create or to increase the authorized amount of any Junior Stock or any class or series or any securities convertible into shares of any class or series of Dividend Parity Stock or
other series of Preferred Stock ranking equally with the Series A with respect to the distribution of assets upon liquidation, dissolution or winding up of the Corporation will not be deemed to adversely affect the rights, preferences, privileges or
voting powers of the Series A; or 
 (iii) Share Exchanges, Reclassifications, Mergers and Consolidations. Any consummation of a
binding share exchange or reclassification involving the Series A, or of a merger or consolidation of the Corporation with another corporation or other entity, or any merger or consolidation of the Corporation with or into any entity other than a
corporation unless in each case (x) the shares of Series A remain outstanding or, in the case of any such merger or consolidation with respect to which the Corporation is not the surviving or resulting corporation, are converted into or
exchanged for preference securities of the surviving or resulting corporation or a corporation controlling such corporation, and (y) such shares remaining outstanding or such preference securities, as the case may be, have such rights,
preferences, privileges and voting powers, and limitations and restrictions thereof as would not require a vote of the holders of the Preferred Stock pursuant to clauses (i) or (ii) above if such change were effected by an amendment of the
Certificate of Incorporation. 
 If any amendment, alteration, repeal, share exchange, reclassification, merger or consolidation specified in
this Section 6(c) would adversely affect the Series A and one or more but not all other series of Preferred Stock, then only the Series A and such series of Preferred Stock as are adversely affected by and entitled to vote on the matter shall
vote on the matter together as a single class (in lieu of all other series of Preferred Stock). 
 (d) Changes for Clarification.
Without the consent of the holders of Series A, so long as such action does not adversely affect the rights, preferences, privileges and voting powers, and limitations and restrictions thereof, of the Series A, the Corporation may amend, alter,
supplement or repeal any terms of the Series A: 
 (i) to cure any ambiguity, or to cure, correct or supplement any provision contained in
this Certificate of Designations that may be defective or inconsistent; or 
 (ii) to make any provision with respect to matters or questions
arising with respect to the Series A that is not inconsistent with the provisions of this Certificate of Designations. 
 (e) Changes
after Provision for Redemption. No vote or consent of the holders of Series A shall be required pursuant to Section 6(b) or (c) above if, at or prior to the time when any such vote or consent would otherwise be required pursuant to
such Section, all outstanding shares of Series A shall have been redeemed, or shall have been called for redemption upon proper notice and sufficient funds shall have been set aside for such redemption, in each case pursuant to Section 5 above.

  

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 (f) Procedures for Voting and Consents. The rules and procedures for calling and conducting any
meeting of the holders of Series A (including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other aspect or matter with
regard to such a meeting or such consents shall be governed by any rules the Board of Directors, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Certificate of Incorporation, the
Bylaws, applicable law and any national securities exchange or other trading facility on which the Series A is listed or traded at the time. Whether the vote or consent of the holders of a plurality, majority or other portion of the shares of Series
A and any Voting Preferred Stock has been cast or given on any matter on which the holders of shares of Series A are entitled to vote shall be determined by the Corporation by reference to the specified liquidation amounts of the shares voted or
covered by the consent. 
 For purposes of determining the voting rights of the holders of Series A under this Section 6, each holder
will be entitled to one vote for each $100,000 of liquidation preference to which his or her shares are entitled. Holders of shares of Series A will be entitled to one vote for each such share of Series A held by them. 
 Section 7. Record Holders. To the fullest extent permitted by applicable law, the Corporation and the transfer agent for the Series A may
deem and treat the record holder of any share of Series A as the true and lawful owner thereof for all purposes, and neither the Corporation nor such transfer agent shall be affected by any notice to the contrary. 
 Section 8. Notices. All notices or communications in respect of the Series A shall be sufficiently given if given in writing and delivered in
person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Certificate of Designations, in the Certificate of Incorporation or Bylaws or by applicable law. 
 Section 9. No Preemptive Rights. No share of Series A shall have any rights of preemption whatsoever as to any securities of the Corporation,
or any warrants, rights or options issued or granted with respect thereto, regardless of how such securities, or such warrants, rights or options, may be designated, issued or granted. 
 Section 10. Other Rights. The shares of Series A shall not have any voting powers, preferences or relative, participating, optional or other
special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Certificate of Incorporation or as provided by applicable law. 
 Section 11. Certificates. The Corporation may at its option issue shares of Series A without certificates. 
 [Reminder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, the undersigned Corporation
has caused this Certificate to be signed by a duly authorized officer this 15th day of June, 2007. 
  

					
	 THE BANK OF NEW YORK MELLON CORPORATION
	 	
			
	 By:
	 	 /s/ Carl Krasik
	 	
	 Name:
	 	 Carl Krasik
	 	
	 Title:
	 	 Secretary

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