Document:

EX-10.1

 EXHIBIT 10.1 

AMENDMENT NO. 22 
 Dated
as of October 22, 2021 
 to 

RECEIVABLES PURCHASE AGREEMENT 

Dated as of November 30, 2001 

This AMENDMENT NO. 22 (this “Amendment”) dated as of October 22, 2021 is entered into among ENERGY SERVICES FUNDING
CORPORATION, a Delaware corporation, as the seller (the “Seller”), UGI ENERGY SERVICES, LLC (as successor to UGI Energy Services, Inc.), a Pennsylvania limited liability company (“UGI”), as initial servicer (in such
capacity, together with its successors and permitted assigns in such capacity, the “Servicer”), and PNC BANK, NATIONAL ASSOCIATION, a national banking association (“PNC”), as issuer (together with its successors and
permitted assigns, the “Issuer”) and as administrator (in such capacity, together with its successors and assigns in such capacity, the “Administrator”). 

RECITALS 
 WHEREAS, the
parties hereto have entered into that certain Receivables Purchase Agreement, dated as of November 30, 2001 (as amended, supplemented or otherwise modified from time to time, the “Agreement”); 

WHEREAS, the parties hereto wish to amend the Agreement as set forth herein; and 

WHEREAS, concurrently herewith, the Seller, Servicer and PNC are entering into a Sixteenth Amended and Restated Fee Letter (the “Fee
Letter”). 
 NOW, THEREFORE, in consideration of the promises and the mutual agreements contained herein and in the Agreement, the
parties hereto agree as follows: 
 SECTION 1. Definitions. All capitalized terms used but not otherwise defined herein are used
herein as defined in the Agreement. 
 SECTION 2. Amendments to the Agreement. The Agreement is hereby amended to incorporate the
changes shown on the marked pages to the Agreement attached hereto as Exhibit A. 
 SECTION 3. Certain Representations, Warranties
and Covenants. Each of the Seller, UGI and the Servicer, as to itself, hereby represents and warrants that: 
 (a) the
representations and warranties of such Person contained in Exhibit III to the Agreement (as amended hereby) are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and
warranties were true and correct as of such earlier date); 

 (b) the execution and delivery by such Person of this Amendment, and the
performance of its obligations under this Amendment and the Agreement (as amended hereby) are within its organizational powers and have been duly authorized by all necessary organizational action on its part, and this Amendment and the Agreement (as
amended hereby) are its valid and legally binding obligations, enforceable in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights
generally; and 
 (c) no Termination Event or Unmatured Termination Event has occurred, is continuing, or would occur as a
result of this Amendment. 
 SECTION 4. Effectiveness. This Amendment shall become effective as of the date hereof provided that the
Administrator shall have received: 
 (a) counterparts to this Amendment executed by each of the parties hereto; 

(b) counterparts to the Fee Letter duly executed by each of the parties thereto; and 

(c) confirmation that the “Renewal Fee” (as defined in and owing under the Fee Letter) has been paid in full.

 SECTION 5. References to Agreement. Upon the effectiveness of this Amendment, each reference in the Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Agreement as amended hereby, and each reference to the Agreement in any other document, instrument or
agreement executed and/or delivered in connection with the Agreement shall mean and be a reference to the Agreement as amended hereby. 

SECTION 6. Effect on the Agreement. Except as specifically amended above, the Agreement and all other documents, instruments and
agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

SECTION 7. No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or
remedy of any party under the Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein. 

SECTION 8. Governing Law. THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

SECTION 9. Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns. 
 SECTION 10. Headings. The Section headings in this Amendment are inserted for convenience of
reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof. 

  
 2 

 SECTION 11. Counterparts. This Amendment may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic
transmission shall be effective as delivery of a manually executed counterpart hereof. 
 SECTION 12. Severability. Each provision of
this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction
shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction. 
 [Signature Pages Follow] 

  
 3 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above written. 
  

			
	ENERGY SERVICES FUNDING CORPORATION
		
	By:	 	 /s/ Megan Mattern

	Name: Megan Mattern
	Title: Assistant Treasurer

  

			
	UGI ENERGY SERVICES, LLC
		
	By:	 	 /s/ Megan Mattern

	Name:	 	Megan Mattern
	Title:	 	Vice President and Chief Financial Officer

  

					
		  	4	  	 Amendment No. 22 to

Receivables Purchase Agreement (UGI)

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as Issuer and Administrator
		
	By:	 	 /s/ Eric Bruno

	Name:	 	Eric Bruno
	Title:	 	Senior Vice President

  

					
		  	5	  	 Amendment No. 22 to

Receivables Purchase Agreement (UGI)

 EXHIBIT A 

Amendments to the Agreement 

(Attached) 

  

					
		  	6	  	 Amendment No. 22 to

Receivables Purchase Agreement (UGI)

Conformed to Amendment #1 dated August 29, 2003EXECUTION VERSION 

Conformed to Amendment #2 dated January 29,
2004 
 Conformed to Amendment #3 dated August 30, 2004 

Conformed to Amendment #4 dated November 1,
2005 
 Conformed to Amendment #5 dated April 24, 2006 

Conformed to Amendment #6 dated September 5,
2006 
 Conformed to Amendment #7 dated April 23, 2009 

Conformed to Amendment #8 dated April 22,
2010 
 Conformed to Amendment #9 dated August 26, 2010 

Conformed to Amendment #10 dated April 21,
2011 
 Conformed to Amendment #11 dated April 19, 2012 

Conformed to Amendment #12 dated April 18,
2013 
 Conformed to Amendment #13 dated October 1, 2013 

Conformed to Amendment #14 dated November 1,
2013 
 Conformed to Amendment #15 dated October 31, 2014 

Conformed to Amendment #16 dated October 30,
2015 
 Conformed to Amendment #17 dated October 28, 2016 

Conformed to Amendment #18 dated October 27,
2017 
 Conformed to Amendment #19 dated October 26, 2018 

Conformed to Amendment #20 dated October 25,
2019 
 Conformed to Amendment #21 dated October 23, 2020 

EXHIBIT A TO
TWENTY-SECOND AMENDMENT, DATED OCTOBER 22,2021 
  
  

 
 RECEIVABLES PURCHASE AGREEMENT 

dated as of November 30, 2001 

among 
 ENERGY SERVICES FUNDING
CORPORATION 
 UGI ENERGY SERVICES, LLC 

and 
 PNC BANK, NATIONAL
ASSOCIATION 

  
 7 

 Portion of Capital shall be funded at the Alternate Rate determined by reference to LMIR and (ii) the
Discount for any outstanding Portions of Capital then funded at the Alternate Rate determined by reference to LMIR shall immediately be converted to the Alternate Rate determined by reference to the Base Rate. 

Section 1.10 Successor LMIR. 

(a)
Announcements Related to LIBOR. On March 5, 2021, the ICE Benchmark Administration, the administrator of LIBOR (the “IBA”) and the U.K. Financial Conduct Authority, the regulatory supervisor for the IBA, announced in a public
statement the future cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12-month USD LIBOR tenor settings (collectively, the “Cessation Announcements”). The parties hereto
acknowledge that, as a result of the Cessation Announcements, a Benchmark Transition Event occurred on March 5, 2021 with respect to USD LIBOR under clauses (1) and (2) of the definition of Benchmark Transition Event below; provided
however, no related Benchmark Replacement Date occurred as of such date. 
 (b) (a) Notwithstanding
anything to the contrary herein or in any other Transaction Document, if the Administrator determines that a Benchmark Transition Event or an Early Opt-in Event has occurred with respect to LMIR, the Administrator and the Seller may amend this
Agreement to replace LMIR with a Benchmark Replacement. Until the Benchmark Replacement with respect to LMIR is effective, each advance, conversion and renewal of any Portion of Capital accruing Discount by reference to LMIR will continue to bear
interest with reference to LMIR; provided, however, that during a Benchmark Unavailability Period (i) any pending selection of, conversion to or renewal of any Portion of Capital accruing Discount
by reference to LMIR that has not yet gone into effect shall be deemed to be a selection of, conversion to or renewal of the Base Rate with respect to such Portion of Capital, and such Portion of Capital accruing Discount by reference to the Base
Rate (rather than by reference to LMIR), (ii) all outstanding Capital accruing Discount by reference to LMIR shall automatically be converted to accrue discount by reference to the Base Rate at the expiration of the existing Settlement Period
(or sooner, if Administrator cannot continue to lawfully maintain such affected Portion of Capital accruing Discount by reference to LMIR) and (iii) the component of the Base Rate based upon LMIR will not be used in any determination of the
Base Rate.Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other
Transaction Document, if a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the
then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace
such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any
other Transaction Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such
Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to
the Issuer without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document so long as the Administrator has not received, by such time, written notice of objection to such Benchmark
Replacement from the Issuer. 

  
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(c)
(b) 
Benchmark Replacement Conforming Changes. In connection with
the implementation of a Benchmark Replacement, the Administrator will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any
amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this
Agreement. or any other Transaction Document.  

(d)
(c) 
Notices; Standards for Decisions and Determinations. The
Administrator will promptly notify the Seller and the Issuer of (i) any occurrence of a Benchmark Transition
Event, a Term SOFR Transition Event, an Early Opt-in Election, or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any
Benchmark Replacement,
(iiiii
) the effectiveness of any Benchmark Replacement Conforming Changes and (iii, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to paragraph (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrator or,
if applicable, the Issuer pursuant to this
Section 1.10 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error
and may be made in its or their sole discretion and without consent from any other party heretoto this Agreement or any other Transaction Document, except, in each
case, as expressly required pursuant to this Section 1.10. 
 (e) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Transaction
Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR, BSBY or USD LIBOR) and either (A) any tenor for such Benchmark is
not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrator in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a
public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrator may modify the definition of “Settlement Period” for any Benchmark settings at or
after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to subclause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a
Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrator may modify the definition of
“Settlement Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

  
 9 

(f) Benchmark
Unavailability Period. Upon the Seller’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Seller may revoke any request for a Portion of Capital accruing Discount based on USD LIBOR, conversion to or continuation
of a Portion of Capital accruing Discount based on USD LIBOR to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Seller will be deemed to have converted any such request into a request for a Portion
of Capital of or conversion to Portion of Capital accruing Discount under the Base Rate. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate
based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. 

(g) Term SOFR
Transition Event. Notwithstanding anything to the contrary herein or in any other Transaction Document and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior
to the Reference Time in respect of any setting of the then-current Benchmark, then (i) the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Transaction Document in respect of such
Benchmark setting (the “Secondary Term SOFR Conversion Date”) and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document; and (ii)
Capital outstanding on the Secondary Term SOFR Conversion Date accruing Discount based on the then-current Benchmark shall be deemed to have been converted to Capital accruing Discount at the Benchmark Replacement with a tenor approximately the same
length as the Discount payment period of the then-current Benchmark; provided that, this paragraph (g) shall not be effective unless the Administrator has delivered to the Issuer and the Seller a Term SOFR Notice. For the avoidance of doubt, the
Administrator shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion. 

(h)
(d) This Section 1.10 of the Agreement provides a mechanism for determining an alternative rate of interestyield in the event that the London interbank offered rate is no longer available or in certain other circumstances. The Administrator does not warrant or accept any responsibility for and shall not have any liability
with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of LMIR or with respect to any alternative or successor rate thereto, or replacement rate therefor.

(i)
(e) As used in this Section 1.10: 

“Available
 Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then current Benchmark is a term rate or is based on a term rate, any tenor for such Benchmark that is or may be used for
determining the length of any Settlement Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Settlement Period” pursuant
to paragraph (e) of this Section 1.10, or (y) if the then current Benchmark is not a term rate nor based on a term rate, any payment period for yield calculated with reference to such Benchmark pursuant to this Agreement as of such date. For the
avoidance of doubt, the Available Tenor for LMIR is one month. 

  
 10 

“Benchmark”
 means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election, or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred with
respect to USD LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to paragraph (b) of this
Section 1.10. 
 “Benchmark Replacement”
means , for any Available Tenor, the first alternative set forth in the order below that can be determined by the
Administrator for the applicable Benchmark Replacement Date: 
 (1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 

(2)
 the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; 

(3)
 the sum of: (a) the alternate benchmark rate
(including, without limitation, BSBY) that has been
selected by the Administrator and the Seller as the replacement for the then-current Benchmark for the
applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate
by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a
benchmark rate of interest as a replacement
to LMIRfor the
then-current Benchmark for U.S. dollar-denominated
syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment; 

provided that, if the Benchmark Replacement as so determined would be
less than the Benchmark Replacement Floor, the Benchmark Replacement will be deemed to be the Benchmark Replacement Floor for the purposes of this Agreement. in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that
publishes such rate from time to time as selected by the Administrator in its reasonable discretion; provided, further, that, in the case of an Other Benchmark Rate Election, the “Benchmark Replacement” shall mean the alternative set forth
in clause (3) above and when such clause is used to determine the Benchmark Replacement in connection with the occurrence of an Other Benchmark Rate Election, the alternate benchmark
rate selected by the Administrator and the Seller shall be the term benchmark rate (including, without
limitation, BSBY) that is used in lieu of a USD LIBOR-based rate in relevant other U.S. dollar-denominated syndicated credit facilities; provided, further, that, with respect to a Term SOFR Transition Event, on the applicable Benchmark Replacement
Date, the “Benchmark Replacement” shall revert to and shall be determined as set forth in clause (1) of this definition. If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the
Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of LMIR with an alternate benchmark rate for each applicable Settlement
Period,the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available
Tenor for any setting of such Unadjusted Benchmark Replacement: 

  
 11 

(1)
 for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the applicable amount(s) set forth below: 

 

			
	
Available
Tenor
	  	
Benchmark Replacement Adjustment

	
One-Week
	  	0.03839% (3.839 basis points)
	
One-Month
	  	0.11448% (11.448 basis points)
	
Two-Months
	  	0.18456% (18.456 basis points)
	
Three-Months
	  	0.26161% (26.161 basis points)
	
Six-Months
	  	0.42826% (42.826 basis points)

 

	*	 These values represent the
ARRC/ISDA recommended spread adjustment values available here:  

 https://assets.bbhub.io/professional/sites/10/IBOR-Fallbacks-LIBOR-Cessat ion_Announcement_20210305.pdf 

(2)
 for purposes of clause (2) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a
positive or negative value or zero) that has been selected by the Administrator and the Seller (a)for the applicable Corresponding Tenor giving due consideration to
(i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of
LMIRsuch Benchmark with the applicable Unadjusted Benchmark Replacement (excluding such spread adjustment) by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving
or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for
suchthe replacement of LMIRsuch Benchmark with
the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
syndicated credit facilities at such time and (b) which may also reflect adjustments to account for (i) the effects of the transition from LMIR to the Benchmark Replacement and
(ii) yield- or risk-based differences between LMIR and the Benchmark Replacement. ; 

provided that, if the
then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement will not be a term rate, the Available Tenor of such
Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be the Available Tenor that has approximately the same length (disregarding business day adjustments) as the payment period for yield
calculated with reference to such Unadjusted Benchmark Replacement. 

  
 12 

 “Benchmark Replacement Conforming Changes” means, with
respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of
“Business Day,” the definition of “Settlement
Period,” timing and frequency of determining rates and making payments of Discount and otheryield, timing of investment requests or prepayment, conversion or continuation notices, length of lookback periods, the
applicability of breakage provisions, and other technical, administrative
or operational matters) that the Administrator decides may
be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrator in a manner substantially consistent with market practice (or, if the Administrator decides that
adoption of any portion of such market practice is not administratively feasible or if the Administrator determines that no market practice for the administration
of
thesuch Benchmark Replacement exists, in such
other manner of administration as the Administrator decides is reasonably necessary in connection with the administration of this
Agreement and the other Transaction Documents). 

“Benchmark Replacement Date” means
the
earlierearliest to occur of the following events
with respect to
LMIR:the
then-current Benchmark:  
 (a) (1) in the case of clause
(A1
) or
(B2) of the definition of “Benchmark Transition Event,” the later of (xa) the date of the public statement or publication of information referenced therein and (yb)
 the date on which the administrator of the London Interbank Offered Rate for interbank depositors in Dollars (“USD LIBOR”such Benchmark (or the published component used in the calculation
thereof) permanently or indefinitely ceases to provide USD LIBOR; orall Available Tenors of such Benchmark (or such component thereof); 

 (b)
(2) in the case of clause (C3) of the definition of “Benchmark Transition Event,” the date
determined by the Administrator, which date shall promptly follow the date of the public statement or publication of information referenced therein.; 

(3)
 in the case of a Term SOFR Transition Event, the date that is set forth in the Term SOFR Notice provided to the Issuer and the Seller pursuant to this Section 1.10, which date shall be at least 30 days from the date of the Term SOFR Notice;
or 
 (4) in the case of an Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date
notice of such Early Opt-in Election or an Other Benchmark Rate Election, as applicable, is provided to the Issuer, so long as the Administrator has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date
notice of such Early Opt-in Election or an Other Benchmark Rate Election, as applicable, is provided to the Issuer, written notice of objection to such Early Opt-in Election or an Other Benchmark Rate Election, as applicable, from the
Issuer. 

  
 13 

“Benchmark Replacement Floor” means the minimum
rate, if any, specified for the LMIR or, if no minimum rate is specified, zero.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the
same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date”
will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the
published component used in the calculation thereof). 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to LMIR:the then-current
Benchmark:  
 (a) (1) a public statement or publication of information by or on behalf of the administrator of USD LIBORsuch Benchmark (or the published component used in the calculation
thereof) announcing that such administrator has ceased or will cease to provide USD LIBORall Available Tenors of such Benchmark (or such component thereof),
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide USD
LIBORany Available Tenor of such Benchmark (or such component thereof); 

(b) (2) a public statement or publication of information by a
Governmental Authority having jurisdiction over the Administrator, the regulatory supervisor for the administrator of USD LIBOR, the U.S.such Benchmark (or the published component used in the calculation thereof), the Federal Reserve
SystemBoard, the Federal Reserve Bank of New York, an insolvency official with
jurisdiction over the administrator for USD
LIBORsuch Benchmark (or such component), a
resolution authority with jurisdiction over the administrator for USD LIBORsuch
Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for USD LIBORsuch Benchmark
(or such component), which states that the administrator of USD LIBORsuch Benchmark (or such component) has ceased or will cease to
provide USD
LIBORall Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide USD LIBOR; orany Available
Tenor of such Benchmark (or such component thereof); or 

(c) (3) a public statement or publication of information by the
regulatory supervisor for the administrator of USD
LIBORsuch Benchmark (or the published component used in the calculation thereof) or a Governmental Authority having jurisdiction over the Administrator announcing that USD LIBOR isall Available Tenors of such Benchmark (or such component thereof) are
no longer representative. 

For the
avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available
Tenor of such Benchmark (or the published component used in the calculation thereof). 

  
 14 

 “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LMIR and solely to the extent that LMIR (as the case may be) has
not been replaced with a Benchmark Replacement, the period
(if any) (x) beginning at the time that sucha Benchmark Replacement Date pursuant to clauses (1) or (2) of that
definition has occurred if, at such time, no Benchmark Replacement has replaced LMIR (as the case may
be)then-current Benchmark for all purposes
hereunder and under any Transaction Document in accordance
with this Section 1.10 and (y) ending at the time that a Benchmark Replacement has replaced LMIR (as the case may be)the then-current Benchmark for all purposes hereunder pursuant to theand under
any Transaction Document in accordance with this Section 1.10. 

“Early Opt-in Event” means a
determination by the Administrator that U.S. dollar-denominated
credit facilities being executed at such time, or that include language similar to that contained in this Section 1.10, are being executed or
amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace US LIBOR. BSBY” means, for the applicable Corresponding Tenor
as of the applicable Reference Time, the Bloomberg Short-Term Bank Yield Index. 

“Corresponding
 Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest or yield payment period
having approximately the same length (disregarding business day adjustment) as such Available Tenor.
 
 “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback)
being established by the Administrator in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrator
decides that any such convention is not administratively feasible for the Administrator, then the Administrator may establish another convention in its reasonable discretion.  

“Early
 Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: 

(1) a notification by the Administrator to (or the
request by the Seller to the Administrator to notify) each of the other parties hereto that at least
five currently
outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a
SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review),
and  
 (2) the joint election by the Administrator and the Seller to trigger a fallback from USD LIBOR and the provision by the Administrator of written notice of such election to the Issuer.  

  
 15 

“Floor”
 means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR or, if no floor is specified,
zero.  
 “Other Benchmark Rate Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: (x) either (i) a request by the Seller to the Administrator, or (ii) notice by the Administrator to the Seller, that, at the
determination of the Seller or the Administrator, as applicable, U.S. dollar-denominated syndicated credit facilities at
such time contain (as a result of amendment or as originally executed), in lieu of a USD LIBOR based rate, a term benchmark rate as a benchmark rate (including, without limitation, BSBY), and (y) the Administrator, in its sole discretion, and the Seller jointly
elect to trigger a fallback from USD LIBOR and the provision, as applicable, by the Administrator of written
notice of such election to the Seller and the Issuer. 
 “Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD
LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Administrator in its reasonable discretion. 
 “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve
Board and/or the Federal Reserve Bank of New York, or any successor thereto. 

“SOFR”
 means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.
 
 “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured
overnight financing rate).  
 “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from
time to time.  

“Term
 SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.  

“Term
 SOFR Notice” means a notification by the Administrator to the Issuer and the Seller of the occurrence of a Term SOFR Transition Event. 

“Term
 SOFR Transition Event” means the determination by the Administrator that (1) Term SOFR has been recommended for use by the Relevant Governmental Body, and is determinable for each Available Tenor, (2) the administration of Term SOFR
is 

  
 16 

 
administratively feasible for the Administrator and (3) a
Benchmark Transition Event or an Early Opt-in Election, as applicable (and, for the avoidance of doubt, not an Other Benchmark Rate Election), has previously
occurred resulting in a Benchmark Replacement in accordance with this Section 1.10. 

“Unadjusted
 Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. 

“USD
 LIBOR” means the London interbank offered rate for U.S. dollars.  

ARTICLE II. 

REPRESENTATIONS AND WARRANTIES; COVENANTS; 

TERMINATION EVENTS 

Section 2.1 Representations and Warranties; Covenants. Each of the Seller, UGI and the Servicer hereby makes the representations
and warranties, and hereby agrees to perform and observe the covenants, applicable to it set forth in Exhibits III, IV and VI, respectively. 

Section 2.2 Termination Events. If any of the Termination Events set forth in Exhibit V shall occur, the Administrator may,
by notice to the Seller, declare the Facility Termination Date to have occurred (in which case the Facility Termination Date shall be deemed to have occurred); provided, that automatically upon the occurrence of any event (without any requirement
for the passage of time or the giving of notice) described in paragraph (f) of Exhibit V, the Facility Termination Date shall occur. Upon any such declaration, occurrence or deemed occurrence of the Facility Termination Date, the
Issuer and the Administrator shall have, in addition to the rights and remedies that they may have under this Agreement, all other rights and remedies provided after default under the New York UCC and under other applicable law, which rights and
remedies shall be cumulative. 
 ARTICLE III. 

INDEMNIFICATION 

Section 3.1 Indemnities by the Seller. Without limiting any other rights that the Administrator, the Issuer or any of their
respective Affiliates, employees, officers, directors, agents, counsel, successors, transferees or assigns (each, an “Indemnified Party”) may have hereunder or under applicable law, the Seller hereby agrees to indemnify each
Indemnified Party from and against any and all claims, damages, expenses, costs, losses and liabilities (including Attorney Costs) (all of the foregoing being collectively referred to as “Indemnified Amounts”) incurred by any
Indemnified Party arising out of or resulting from this Agreement (whether directly or indirectly), the use of proceeds of purchases or reinvestments, the ownership of the Purchased Interest, or any interest therein, or in respect of any Receivable,
Related Security or Contract, excluding, however: (a) Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party or its employees, officers, directors, agents or counsel,
(b) recourse with respect to any Receivable to the extent that such Receivable is uncollectible on account of insolvency, bankruptcy or lack of creditworthiness of the related Obligor (except as otherwise specifically provided in this
Agreement), or (c) any overall net income taxes or franchise taxes imposed on such Indemnified Party by the jurisdiction 

  
 17 

 (b) The Seller hereby authorizes the Administrator, and irrevocably appoints the
Administrator as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Seller, which appointment is coupled with an interest, upon the occurrence and continuation of a Termination Event to take
any and all steps in the name of the Seller and on behalf of the Seller necessary or desirable, in the determination of the Administrator, to collect any and all amounts or portions thereof due under any and all Pool Assets, including endorsing the
name of the Seller on checks and other instruments representing Collections and enforcing such Pool Assets. Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to
the preceding sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever;
provided, however, that the Administrator shall not be relieved of any liability it might otherwise have to any party hereunder for its own gross negligence or willful misconduct. 

Section 4.5 Responsibilities of the Seller. (a) Anything herein to the contrary notwithstanding, the Seller shall:
(i) perform all of its obligations, if any, under the Contracts related to the Pool Receivables to the same extent as if interests in such Pool Receivables had not been transferred hereunder, and the exercise by the Administrator or the Issuer
of their respective rights hereunder shall not relieve the Seller from such obligations, and (ii) pay when due any taxes, including any sales taxes payable in connection with the Pool Receivables and their creation and satisfaction. The
Administrator and the Issuer shall not have any obligation or liability with respect to any Pool Asset, nor shall either of them be obligated to perform any of the obligations of the Seller, UGI or the Originator thereunder. 

(b) UGI hereby irrevocably agrees that if at any time it shall cease to be the Servicer hereunder, it shall act (if the then-current Servicer
so requests) as the data-processing agent of the Servicer and, in such capacity, UGI shall conduct the data-processing functions of the administration of the Receivables and the Collections thereon in substantially the same way that UGI conducted
such data-processing functions while it acted as the Servicer. 
 Section 4.6 Servicing Fee. (a) Subject to clause
(b), the Servicer shall be paid a fee equal to 0.50% per annum (the “Servicing Fee Rate”) of the daily average aggregate Outstanding Balance of the Pool Receivables. The Issuer’s Share of such fee shall
be paid through the distributions contemplated by Section 1.4(d), and the Seller’s Share of such fee shall be paid by the Seller on each Settlement Date. 

(b) If the Servicer ceases to be UGI or an Affiliate thereof, the servicing fee shall be the greater of: (i) the amount calculated
pursuant to clause (a), and (ii) an alternative amount specified by the successor Servicer not to exceed 110% of the aggregate reasonable costs and expenses incurred by such successor Servicer in connection with the performance of its
obligations as Servicer. 

  
 18 

Section 
4.7 Erroneous Payments. 
 (a) If the Administrator notifies an Issuer or a Indemnified Party, or any Person who has received funds on behalf of an
Issuer or Indemnified Party (any such Issuer, Indemnified Party or other recipient, a “Payment Recipient”) that the Administrator has determined in its sole discretion (whether or not after receipt of any notice under immediately
succeeding clause (b)) that any funds received by such Payment Recipient from the Administrator or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient
(whether or not known to such Issuer, Indemnified Party, or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise,
individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrator and shall be segregated by
the Payment Recipient and held in trust for the benefit of the Administrator, and such Issuer or Indemnified Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to)
promptly, but in no event later than two Business Days thereafter, return to the Administrator the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received),
together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrator in same day funds at the
greater of the Overnight Bank Funding Rate and a rate determined by the Administrator in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrator to any Payment Recipient under this
clause (a) shall be conclusive, absent manifest error. 
 (b) Without limiting immediately preceding clause (a), each Issuer or Indemnified Party, or any Person who has received funds on
behalf of an Issuer or Indemnified Party, such Issuer hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from
the Administrator (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrator (or any of its Affiliates) with respect
to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrator (or any of its Affiliates), or (z) that such Issuer or Indemnified Party, or other such
recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case: 

(i)
 (A) in the case of immediately preceding clauses (x)
or (y), an error shall be presumed to have been made (absent written confirmation from the Administrator to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment,
prepayment or repayment; and 
 (ii) such Issuer or Indemnified Party shall (and shall cause any other recipient that receives funds on its respective behalf to)
promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrator of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the
Administrator pursuant to this Section 4.7(b). 

(c)
 Each Issuer or Indemnified Party hereby authorizes the Administrator
to set off, net and apply any and all amounts at any time owing to such Issuer or Indemnified Party under any Transaction Document, or otherwise payable or distributable by the Administrator to such Issuer or Indemnified Party from any source,
against any amount due to the Administrator under immediately preceding clause (a) or under the indemnification provisions of this Agreement. 

  
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(d)
 In the event that an Erroneous Payment (or portion thereof) is not
recovered by the Administrator for any reason, after demand therefor by the Administrator in accordance with immediately preceding clause (a), from any Issuer that has received such Erroneous Payment (or portion thereof) (and/or from any Payment
Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrator’s notice to such Issuer at any time, (i) such
related Issuer shall be deemed to have assigned its Capital (but not its Purchased Interest) with respect to which such Erroneous Payment was made in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the
Administrator may specify) (such assignment of the Capital (but not Purchased Interest), the “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrator
in such instance), and is hereby (together with the Seller) deemed to execute and deliver an Assignment and Assumption with respect to such Erroneous Payment Deficiency Assignment, (ii) the Administrator as the assignee Issuer shall be deemed
to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrator as the assignee Issuer shall become an Issuer hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning
Issuer shall cease to be an Issuer hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Purchased
Interest which shall survive as to such assigning Issuer and (iv) the Administrator may reflect in the Register its ownership interest in the Capital subject to the Erroneous Payment Deficiency Assignment. The Administrator may, in its discretion,
sell any Capital acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Issuer be reduced by the net proceeds of the sale of such
Capital (or portion thereof), and the Administrator shall retain all other rights, remedies and claims against such Issuer (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment
Deficiency Assignment will reduce the Purchased Interest of any Issuer and such Purchased Interest shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the
Administrator has sold Capital (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrator may be equitably subrogated, the Administrator shall be contractually subrogated to
all the rights and interests of the applicable Issuer or Indemnified Party under the Transaction Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”). 

(e)
 The parties hereto agree that an Erroneous Payment shall not pay,
prepay, repay, discharge or otherwise satisfy any obligations owed by the Seller or any other or the Servicer, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is,
comprised of funds received by the Administrator from the Seller or the Servicer for the purpose of making such Erroneous Payment; provided that this Section 4.7 shall not be interpreted to increase (or accelerate the due date for), or have the
effect of increasing (or accelerating the due date for), the obligations relative to the amount (and/or timing for payment) of the obligations that would have been payable had such Erroneous Payment not been made by the Administrator. For the
avoidance of doubt, the foregoing proviso shall not derogate from any obligations (including indemnification obligations) of the Seller set forth in any other Section of this Agreement with respect to any Erroneous Payment or otherwise. 

  
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(f)
 To the extent permitted by applicable law, no Payment Recipient shall
assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrator for the return of
any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine. 

(g)
 Each party’s obligations, agreements and waivers under this
Section 4.7 shall survive the resignation or replacement of the Administrator, the termination of the Purchased Interests and/or the repayment, satisfaction or discharge of all obligations (or any portion thereof) under any Transaction
Document. 
 ARTICLE V. 

MISCELLANEOUS 

Section 5.1 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Transaction Document, or
consent to any departure by the Seller or the Servicer therefrom, shall be effective unless in a writing signed by the Administrator, and, in the case of any amendment, by the other parties thereto; and then such amendment, waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Issuer or the Administrator to exercise, and no delay in exercising any right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. 

Section 5.2 Notices, Etc. (a) All notices and other communications provided for hereunder shall, unless otherwise stated
herein, be in writing (including facsimile communication) and shall be personally delivered or sent by certified mail, postage prepaid, via nationally recognized courier or by facsimile, to the intended party at the mailing address or facsimile
number of such party set forth under its name on the signature pages hereof or at such other address or facsimile number as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall
be effective (i) if personally delivered, when received, (ii) if sent by certified mail three (3) Business Days after having been deposited in the mail, postage prepaid, (iii) if via nationally recognized courier for delivery the
next Business Day, and (iv) if transmitted by facsimile, when sent, receipt confirmed by telephone or electronic means (and shall be followed by a hard copy sent by first class mail). 

Section 5.3 Assignability. (a) This Agreement and the Issuer’s rights and obligations herein (including ownership of the
Purchased Interest or an interest therein) shall be assignable, in whole or in part, by the Issuer and its successors and assigns with the prior written consent of the Seller; provided, however, that such consent shall not be
unreasonably withheld; and provided further, that no such consent shall be required if the assignment is made to any Affiliate of PNC (other than a director or officer of PNC) or any Person that is administered by PNC or any Affiliate
of PNC. Each assignor may, in connection with the assignment, disclose to the 

  
 21 

 EXHIBIT I 

DEFINITIONS 
 As used in
the Agreement (including its Exhibits, Schedules and Annexes), the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). Unless otherwise indicated, all
Section, Annex, Exhibit and Schedule references in this Exhibit are to Sections of and Annexes, Exhibits and Schedules to the Agreement. 

“Administration Account” means the account (account number ****, ABA number ****) of the Issuer maintained at the office of PNC at
****, or such other account as may be so designated in writing by the Administrator to the Servicer. 
 “Administrator” has the
meaning set forth in the preamble to the Agreement. 
 “Adverse Claim” means a lien, security interest or other charge or
encumbrance, or any other type of preferential arrangement; it being understood that any thereof in favor of, or assigned to, the Issuer or the Administrator (for the benefit of the Issuer) shall not constitute an Adverse Claim. 

“Affected Person” has the meaning set forth in Section 1.7 of the Agreement. 

“Affiliate” means, as to any Person: (a) any Person that, directly or indirectly, is in control of, is controlled by or is
under common control with such Person, or (b) who is a director or officer: (i) of such Person or (ii) of any Person described in clause (a), except that, with respect to the Issuer, Affiliate shall mean the holder(s) of its
capital stock. For purposes of this definition, control of a Person shall mean the power, direct or indirect: (x) to vote 51% or more of the securities having ordinary voting power for the election of directors or managers of such Person, or
(y) to direct or cause the direction of the management and policies of such Person, in either case whether by ownership of securities, contract, proxy or otherwise. 

“Agreement” has the meaning set forth in the preamble to the Agreement. 

“Alternate Rate” for any Settlement Period for any Portion of Capital of the Purchased Interest means an interest rate per annum
equal to: (a) the daily average LMIR for such Settlement Period, or (b) if LMIR is unavailable as described in Section 1.9, the Base Rate for such Settlement Period; provided, however, that the “Alternate
Rate” for any day while a Termination Event exists shall be an interest rate equal to 3.00% per annum above the Base Rate in effect on such day. 

“Anti-Terrorism Laws” means any applicable laws or
regulation relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such applicable laws or regulations,
all as amended, supplemented or replaced from time to timeCorruption Laws” means the United States
Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and any other similar anti-corruption laws
or regulations applicable to the Seller, Servicer or any of their respective Subsidiaries. 

  
 22 

“Anti-Terrorism
 Law” means any law in force or hereinafter enacted related to terrorism or money laundering, including the Bank Secrecy Act, 31 U.S.C. § 5311 et seq., as amended by Title III of the USA PATRIOT Act. 
 “Approved Billing Program” means any consolidated billing or similar agreement
between a Purchasing Utility and the Originator pursuant to which the Originator may from time to time sell and/or assign receivables, which agreement has been approved in writing by the Administrator; provided, that if (i) the
Originator delivers to the Administrator in writing and in accordance with Section 5.2 a copy of such an agreement (or a substantially final draft thereof) with a request that it be approved as an “Approved Billing Program” and
(ii) the Administrator does not, on or prior to the date that is ten (10) Business Days following such delivery, notify the Originator or the Servicer that the Administrator is withholding such approval, the Administrator shall be deemed
to have approved such agreement as an “Approved Billing Program” in accordance with this definition. Without limiting the generality of the foregoing, each of the following agreements shall be an Approved Billing Program: (x) that
certain Consolidated Utility Billing Service and Assignment Agreement, contemplated to be entered into between Consolidated Edison Company of New York, Inc. and the Originator, containing terms and conditions in form and substance substantially
similar to those set forth in the draft of such agreement previously delivered by the Originator to the Administrator on April 7, 2009 and (y) that certain Third Party Supplier Customer Account Services Master Service Agreement, dated
November 6, 2008, by and between Public Service Electric and Gas Company and the Originator, a copy of which was delivered by the Originator to the Administrator on April 20, 2009. 

“Attorney Costs” means and includes all reasonable fees and disbursements of any law firm or other external counsel, the reasonable
allocated cost of internal legal services and all reasonable disbursements of internal counsel. 
 “Bankruptcy Code” means the
United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time. 
 “Base Rate” means,
for any day, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the higher of: 

(a) the rate of interest in effect for such day as publicly announced from time to time by PNC in Pittsburgh, Pennsylvania as
its “prime rate.” Such “prime rate” is set by PNC based upon various factors, including PNC’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans,
which may be priced at, above or below such announced rate, and 
 (b) 0.50% per annum above the latest Overnight Bank
Funding Rate. 
 “Benefit Plan” means any employee benefit pension plan as defined in Section 3(2) of ERISA in respect of
which the Seller, the Originator, UGI or any ERISA Affiliate is an “employer” as defined in Section 3(5) of ERISA. that evidence such Receivable or under which an Obligor becomes or is obligated to make payment in respect of such
Receivable. 

  
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 “Contributed Receivables” has the meaning set forth in Section 2.2 of
the Purchase and Sale Agreement. 
 “Covered Entity” means (a) the Seller, the Servicer and each Originator and (b) each
Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of
the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the management
and policies of such Person whether by ownership of equity interests, contract or otherwise. 
 “Credit Agreement” means that
certain Credit Agreement, dated on or about August 26, 2010, among UGI, as borrower, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, PNC Bank, National Association, Wells Fargo Bank, National Association, and
certain other parties, as such agreement may be amended, amended and restated, supplemented or otherwise modified from time to time. 

“Credit and Collection Policy” means, as the context may require, those receivables credit and collection policies and practices of
the Originator in effect on the date of the Agreement and described in Schedule I to the Agreement, as modified in compliance with the Agreement. 

“Cut-off Date” has the meaning set forth in the Purchase and Sale Agreement. 

“Days’ Sales Outstanding” means, for any calendar month, an amount (expressed as a number of days) computed as of the last day
of such calendar month equal to: (a) the average of the Outstanding Balance of all Pool Receivables as of the last day of each of the three most recent calendar months ended on the last day of such calendar month divided by
(b) (i) the aggregate credit sales made by the Originator during the three calendar months ended on the last day of such calendar month divided by (ii) 90. 

“Debt” means: (a) indebtedness for borrowed money, (b) obligations evidenced by bonds, debentures, notes or other similar
instruments, (c) obligations to pay the deferred purchase price of property or services, (d) obligations as lessee under leases that shall have been or should be, in accordance with GAAP, recorded as capital leases, and
(e) obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others
of the kinds referred to in clauses (a) through (d). 
 “Default Ratio” means the ratio (expressed as a
percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each calendar month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that became Defaulted
Receivables during such month, by (b) the aggregate credit sales made by the Originator during the month that is threefive calendar months before such month. The Outstanding Balance of any
Defaulted Receivable shall be determined without regard to any credit memos or credit balances. 

  
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 “Defaulted Receivable” means a Receivable: 

(a) as to which any payment, or part thereof, remains unpaid for more than 60120 days but less than 151 days from the original due date for such payment, or 
 (b) without duplication (i) as to which
an Insolvency Proceeding shall have occurred with respect to the Obligor thereof or any other Person obligated thereon with respect thereto, or (ii) that has been written off the Seller’s books as uncollectible. 

“Delinquency Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded
upward) computed as of the last day of each calendar month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that were Delinquent Receivables on such day by, (b) the aggregate Outstanding Balance of all Pool
Receivables (excluding Delinquent Receivables that have a stated maturity which is more than 60 days after the original invoice date of such Receivable) on such day. 

“Delinquent Receivable” means any portion of a Receivable as to which any payment, or part thereof, remains unpaid for more than 60
days from the original due date for such payment. The Outstanding Balance of any Delinquent Receivable shall be determined without regard to any credit memos or credit balances and shall exclude Delinquent Receivables that have a stated maturity
which is more than 60 days after the original invoice date of such Receivable. 
 “Dilution Horizon” means, for any calendar
month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of such calendar month of: (a) the aggregate credit sales made by the Originator during the
most recent calendar month and 50% of the next most recent calendar month’s credit sales to (b) the Net Receivables Pool Balance at the last day of the most recent calendar month. 

“Dilution Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded
upward) computed as of the last day of each calendar month by dividing: (a) the aggregate amount of payments required to be made by the Seller pursuant to Section 1.4(e)(i) of the Agreement during such calendar month, by
(b) the aggregate credit sales made by the Originator during the month that is one calendar month before such month. 
 “Dilution
Reserve” means, on any date, an amount equal to: (a) the Capital at the close of business of the Servicer on such date multiplied by (b) (i) the Dilution Reserve Percentage on such date, divided by (ii) 100%
minus the Dilution Reserve Percentage on such date. 
 “Dilution Reserve Percentage” means on any date, the product of
(i) the Dilution Horizon multiplied by (ii) the sum of (x) 2.25 times the average of the Dilution Ratios for the twelve most recent calendar months and (y) the Spike Factor. 

“Discount” means: 

  
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 (m) that (i) is neither a Defaulted Receivable nor a Delinquent
Receivable and (ii) either (A) is an Eligible Unbilled Receivable or (B) has been billed or invoiced to the related Obligor, 

(n) for which neither the Originator thereof, the Seller nor the Servicer has established any offset arrangements with the
related Obligor, 
 (o) of an Obligor as to which Defaulted Receivables of such Obligor do not exceed 25% of the Outstanding
Balance of all such Obligor’s Receivables; provided, however, that amounts owing from Cooperative Industries Inc. that are more than 90 days from the original invoice date as of the Closing Date and that are being paid in
accordance with a negotiated payment schedule shall not be considered Defaulted Receivables for purposes of this clause (o), and 

(p) that represents amounts earned and payable by the Obligor that are not subject to the performance of additional services by
the Originator thereof. 
 “Eligible Unbilled Receivable” means, at any time, any Receivables as to which the invoice or bill with
respect thereto has not yet been sent to the Obligor thereof if (a) the related Originator has recognized the related revenue on its financial books and records under GAAP; and (b) not more than 30 days have expired since such Receivable
arose. 

“Embargoed
 Property” means any property; (a) beneficially owned, directly or indirectly, by a Sanctioned Person; (b) that is due to or from a Sanctioned Person; (c) in which a Sanctioned Person otherwise holds any interest; (d) that
is located in a Sanctioned Jurisdiction; or (e) that otherwise would cause any actual or possible violation by the Issuer or Administrator of any applicable Anti-Terrorism Law or Sanctions Laws if the Issuer were to obtain an encumbrance on,
lien on, pledge of, or security interest in such property, or provide services in consideration of such property. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute of
similar import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of ERISA also refer to any successor sections. 

“ERISA Affiliate” means: (a) any corporation that is a member of the same controlled group of corporations (within the meaning
of Section 414(b) of the Internal Revenue Code) as the Seller, the Originator or UGI, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Internal Revenue Code) with
the Seller, the Originator or UGI, or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Internal Revenue Code) as the Seller, the Originator, any corporation described in clause
(a) or any trade or business described in clause (b). 
 “Erroneous Payment” has the meaning assigned to it in Section 4.7(a). 

“Erroneous
 Payment Deficiency Assignment” has the meaning assigned to it in Section 4.7(d). 

  
 26 

“Erroneous
 Payment Return Deficiency” has the meaning assigned to it in Section 4.7(d). 

“Erroneous
 Payment Subrogation Rights” has the meaning assigned to it in Section 4.7(d). 

“Excess Concentration” means, at any time, without duplication, the sum of: 

(i) the sum of the amounts by which the Outstanding Balance of Eligible Receivables of each Obligor then in the Receivables
Pool exceeds an amount equal to: (a) the applicable Concentration Percentage for such Obligor, multiplied by (b) the Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus 

(ii) the amount by which the aggregate Outstanding Balance of all Eligible Receivables that are Eligible Unbilled Receivables
exceeds
4060% of the Outstanding Balance of all Eligible
Receivables then in the Receivables Pool. 
 “Facility Termination Date” means the earliest to occur of: (a) October 22,
2021,21, 2022, (b) the date determined pursuant to Section 2.2
of the Agreement and (c) the date the Purchase Limit reduces to zero pursuant to Section 1.1(b) of the Agreement. 

“Federal Funds Rate” means, for any day, the per
annum rate set forth in the weekly statistical release designated as H.15(519), or any successor publication, published by the Federal Reserve Board (including any such successor, “H.15(519)”) for such day opposite the caption
“Federal Funds (Effective).” If on any relevant day such rate is not yet published in H.15(519), the rate for such day will be the rate set forth in the daily statistical release designated as the Composite 3:30 p.m. Quotations for U.S.
Government Securities, or any successor publication, published by the Federal Reserve Bank of New York (including any such successor, the “Composite 3:30 p.m. Quotations”) for such day under the caption “Federal Funds Effective
Rate.” If on any relevant day the appropriate rate is not yet published in either H.15(519) or the Composite 3:30 p.m. Quotations, the rate for such day will be the arithmetic mean as determined by the Administrator of the rates for the last
transaction in overnight Federal funds arranged before 9:00 a.m. (New York time) on that day by each of three leading brokers of Federal funds transactions in New York City selected by the Administrator. 
 “Federal Reserve Board” means the Board of Governors of the Federal Reserve System,
or any entity succeeding to any of its principal functions. 
 “Fee Letter” has the meaning set forth in Section 1.5
of the Agreement. 
 “GAAP” means the generally accepted accounting principles and practices in the United States, consistently
applied. 
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central
bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court, and any Person owned or
controlled, through stock or capital ownership or otherwise, by any of the foregoing. 

  
 27 

 “Indemnifying Party” has the meaning set forth in Section 3.3 of the
Agreement. 
 “Independent Director” has the meaning set forth in paragraph 3(c) of Exhibit IV to the Agreement.

 “Information Package” means a report, in substantially the form of either Annex A-1 (in the case of an Information Package
delivered in connection with a Settlement Date) or Annex A-2 (in the case of an Information Package delivered at any other time) to the Agreement, furnished to the Administrator pursuant to the Agreement. 

“Insolvency Proceeding” means: (a) any case, action or proceeding before any court or other Governmental Authority relating to
bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors of a Person, or composition, marshaling of assets for creditors of a
Person, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in each of cases (a) and (b) undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code. 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute of similar
import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of the Internal Revenue Code also refer to any successor sections. 

“Issuer” has the meaning set forth in the preamble to the Agreement. 

“Issuer’s Share” of any amount means such amount multiplied by the Purchased Interest at the time of determination. 

“LCR Security” means any commercial paper or security (other than the Company Notes and other equity securities issued to UGI or any
Originator that is a consolidated subsidiary of UGI under GAAP) within the meaning of Paragraph .32(e)(1)(viii) of the final rules titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards, 79 Fed. Reg. 197, 61440 et seq. (October 10,
2014). 
 “LIBOR Termination Date” has the
meaning set forth in Section 1.10 of the Agreement. 

“LMIR” means for any day during any Settlement Period, the greater of (a) 0.150.00% and (b) the one-month Eurodollar rate for U.S. dollar deposits as reported on the Reuters Screen LIBOR01 Page or any other page that may replace such page from time to time for the purpose of displaying
offered rates of leading banks for London interbank deposits in United States dollars, as of 11:00 a.m. (London time) on such day, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as
determined by the Administrator from another recognized source for interbank quotation), in each case, changing when and as such rate changes. 

“Lock-Box Account” means an account in the name of the Seller and maintained by the Seller at a bank or other financial institution
for the purpose of receiving Collections. 

  
 28 

 “Overnight Bank Funding Rate” means for any day, the rate comprised of both
overnight federal funds and overnight eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York (“NYFRB”), as set forth on
its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized electronic source (such as Bloomberg) selected by the Administrator for the
purpose of displaying such rate); provided, that if such day is not a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate
shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Administrator at such time (which determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above
would be less than
0.150.00%, then such rate shall be deemed to be 0.150.00%. The rate of interest charged shall be adjusted as of each
Business Day based on changes in the Overnight Bank Funding Rate without notice to the Seller. 
 “Payment Date” has the
meaning set forth in Section 2.2 of the Purchase and Sale Agreement. 
 “Payment Recipient” has the meaning set forth in Section 4.7(a) of this Agreement. 
 “Person” means an individual, partnership, corporation (including a business
trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 

“PNC” has the meaning set forth in the preamble to the Agreement. 

“Pool Assets” has the meaning set forth in Section 1.2(d) of the Agreement. 

“Pool Receivable” means a Receivable in the Receivables Pool. 

“Portion of Capital” means any separate portion of Capital being funded or maintained by the Issuer (or its successors or permitted
assigns) by reference to a particular interest rate basis. In addition, at any time when the Capital of the Purchased Interest is not divided into two or more such portions, “Portion of Capital” means 100% of the Capital. 

“Purchase and Sale Agreement” means the Purchase and Sale Agreement, dated as of even date herewith, between the Seller and UGI, as
such agreement may be amended, amended and restated, supplemented or otherwise modified from time to time. 
 “Purchase and Sale
Indemnified Amounts” has the meaning set forth in Section 9.1 of the Purchase and Sale Agreement. 
 “Purchase and
Sale Indemnified Party” has the meaning set forth in Section 9.1 of the Purchase and Sale Agreement. 
 “Purchase and
Sale Termination Date” has the meaning set forth in Section 1.4 of the Purchase and Sale Agreement. 

  
 29 

 “Purchase and Sale Termination Event” has the meaning set forth in
Section 8.1 of the Purchase and Sale Agreement. 
 “Purchase Facility” has the meaning set forth in
Section 1.1 of the Purchase and Sale Agreement. 
 “Purchase Limit” means (i) at any time on or after
October 23,
202022, 2021 and prior to but excluding
May 1,
2021,2022, $150,000,000 and (ii) at any time
on and after May 1,
2021,2022, $75,000,000, in each case, as such
amount may be subsequently reduced pursuant to Section 1.1(b) of the Agreement; provided, that any such reduction of the Purchase Limit then in effect pursuant to clauses (i) or (ii) above, as applicable,
shall automatically and permanently reduce the amount of the Purchase Limit set forth in such other clauses above in the same proportion as the percentage of the reduction of the Purchase Limit then in effect. References to the unused portion of the
Purchase Limit shall mean, at any time, the Purchase Limit minus the then outstanding Capital. 
 “Purchase Notice” has the
meaning set forth in Section 1.2(a) of the Agreement. 
 “Purchase Price” has the meaning set forth in
Section 2.1 of the Purchase and Sale Agreement. 
 “Purchase Report” has the meaning set forth in
Section 2.1 of the Purchase and Sale Agreement. 
 “Purchased Interest” means, at any time, the undivided percentage
ownership interest in: (a) each and every Pool Receivable now existing or hereafter arising, (b) all Related Security with respect to such Pool Receivables and (c) all Collections with respect to, and other proceeds of, such Pool
Receivables and Related Security. Such undivided percentage interest shall be computed as: 
     Capital + Total
Reserves     
 Net Receivables Pool Balance 

The Purchased Interest shall be determined from time to time pursuant to Section 1.3 of the Agreement. 

“Purchasing Utility” means a jurisdictional natural gas or electricity distribution company. 

“Receivable” means any indebtedness and other obligations (whether or not earned by performance) owed to the Seller (as assignee of
the Originator) or the Originator by, or any right of the Seller or the Originator to payment from or on behalf of, an Obligor (including a Purchasing Utility), whether constituting an account, chattel paper, instrument or general intangible,
arising in connection with (i) property or goods that have been or are to be sold or otherwise disposed of, or services rendered or to be rendered by the Originator (including, in each case and without limitation, the sale of electricity or
natural gas) or (ii) the sale or assignment by the Originator to a Purchasing Utility of a Billing Program Receivable, and, in each case, includes the obligation (if any) to pay any finance charges, fees and other charges with

  
 30 

 
respect thereto; provided, however, that “Receivable” shall not include any Billing Program Receivable. Indebtedness and other obligations arising from any one
transaction, including indebtedness and other obligations represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting of the indebtedness and other obligations arising from any other
transaction. 
 “Receivables Pool” means, at any time, all of the then outstanding Receivables purchased or otherwise acquired by
the Seller pursuant to the Purchase and Sale Agreement prior to the Facility Termination Date. 
 “Reference Bank” means PNC. 

“Related Rights” has the meaning set forth in Section 1.1 of the Purchase and Sale Agreement. 

“Related Security” means, with respect to any Receivable: 

(a) all of the Seller’s and the Originator thereof’s interest in any goods (including returned goods), and
documentation of title evidencing the shipment or storage of any goods (including returned goods), relating to any sale giving rise to such Receivable, 

(b) all instruments and chattel paper that may evidence such Receivable, 

(c) all other security interests or liens and property subject thereto from time to time purporting to secure payment of such
Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all UCC financing statements or similar filings relating thereto, and 

(d) all of the Seller’s and the Originator thereof’s rights, interests and claims under the Contracts and all
guaranties, indemnities, insurance, letters of credit and other agreements (including the related Contract) or arrangements of whatever character from time to time supporting or securing payment of such Receivable or otherwise relating to such
Receivable, whether pursuant to the Contract related to such Receivable or otherwise. 
 “Reportable Compliance Event” means that: (a) any Covered Entity becomes a Sanctioned Person, or is charged
by indictment, criminal complaint, or similar charging instrument, arraigned, or custodially
detained, penalized or the subject of an assessment for a
penalty, or enters into a settlement with a Governmental Authority in connection with any Anti-Corruption Law, Sanctions Law or
Anti-Terrorism Law, or any predicate crime to any Anti-Terrorism Law, or
the Seller or the Servicer has knowledge of facts or
circumstances to the effect that it is reasonably likely that any aspect of itssuch Covered Entity’s operations is in actual or
probablerepresents a violation of any
Anti-Terrorism Law; (b) any Covered Entity engages in a transaction that has caused or may cause the Issuer or
Administrator to be in violation of any Sanctions Law or Anti-Terrorism Laws; (c) any Pool Assets becomes Embargoed Property; or (d) the Seller or the Servicer otherwise violates, or the Seller or the Servicer reasonably believes that it
will violate, any of the representations or covenant set forth in paragraphs 1(w), 1(x), 2(p) and 2(q) of Exhibit III and 1(r) and 2(l) of Exhibit IV to the Agreement. 

  
 31 

 “Repurchase Price” has the meaning set forth in Section 5.14 of the
Agreement. 
 “Reserve Floor” means, at any time: (a) the aggregate Capital at such time multiplied by (b) (i) the Reserve
Floor Percentage, divided by (ii) 100%, minus the Reserve Floor Percentage. 
 “Reserve Floor Percentage” means, at any time,
the sum (expressed as a percentage) of (a) Concentration Reserve Percentage plus (b) the product of (i) the average Dilution Ratios for the twelve most recent calendar months and (ii) the Dilution Horizon. 

“Reseller” means an Obligor that purchases product from the Originator and for which the Originator acts as billing and collection
agent with respect to such Obligor’s resale of the product. 
 “Restricted Payment” has the meaning set forth in paragraph
1(n) of Exhibit IV to the Agreement. 
 “Sanctioned
Country” means a country subject to a sanctions program maintained under any Anti-Terrorism Law.Person” means (a) a Person that is the subject of sanctions administered by OFAC or the U.S. Department of State
(“State”), including by virtue of being (i) named on OFAC’s list of “Specially Designated Nationals and Blocked Persons”; (ii) organized under the laws of, ordinarily resident in, or physically located in a Sanctioned
Jurisdiction; (iii) owned or controlled 50% or more in the aggregate, by one or more Persons that are the subject of sanctions administered by OFAC; (b) a Person that is the subject of sanctions maintained by the European Union (“E.U.”),
including by virtue of being named on the E.U.’s “Consolidated list of persons, groups and entities subject to E.U. financial sanctions” or other, similar lists; (c) a Person that is the subject of sanctions maintained by the United
Kingdom (“U.K.”), including by virtue of being named on the “Consolidated List Of Financial Sanctions Targets in the U.K.” or other, similar lists; or (d) a Person that is the subject of sanctions imposed by any Governmental
Authority of a jurisdiction whose laws apply to this Agreement. 

“Sanctioned Person” means any individual person,
group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but not limited to the
blocking of property or rejection of transactions), under any Anti-Terrorism Law.Jurisdiction”
means any country, territory, or region that is the subject of comprehensive country-wide or territory-wide sanctions administered by OFAC (at the time of the Agreement, Cuba, Iran, North Korea, Syria and the Crimea region of Ukraine). 

“Sanctions
 Laws” means any law in force or hereinafter enacted related to economic sanctions, including the International Emergency Economic Powers Act, 50 U.S.C. 1701, et seq., the Trading with the Enemy Act, 50 U.S.C. App. 1, et seq., 18 U.S.C. §
2332d, and 18 U.S.C. § 2339B. 

  
 32 

 (w) No
Covered Entity is a Sanctioned Person. No Covered Entity, either in its own right or: (i) Covered
Entity nor any employees, officers, directors, or, to the Seller’s knowledge, affiliates, consultants, brokers or agents acting on a Covered Entity’s behalf in connection with this Agreement: (x) is a Sanctioned Person; (y) to the Seller’s knowledge, directly, or indirectly through any third party, (a) has any of its assets in a Sanctioned Country or in the possession, custody or control of
a Sanctioned Person in violation of any Anti-Terrorism Law; (b) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law;
or (c) engages in any dealings or transactionsis engaged in any transactions or other dealings
with or for the benefit of any Sanctioned Person or Sanctioned Jurisdiction, or any transactions or other dealings that otherwise are prohibited by any Anti-Terrorism LawLaws or Sanctions Laws;
(ii) Pool Asset is Embargoed Property. 
 (x)
Each Covered Entity has (a) conducted its business in compliance with all Anti-Corruption Laws and (b) has,
and shall ensure that each of its Subsidiaries has, instituted and maintains policies and procedures reasonably designed to promote compliance with Anti-Corruption Laws and Sanctions Laws.

 (y) (x) LCR Security. The Seller has not issued any LCR Securities, and the Seller is a consolidated subsidiary
of UGI under GAAP. 
 (z) (y) As of October 26, 2018, the Seller is an entity that is organized under the laws of the United States or
of any state and at least 51% of whose common stock or analogous equity interest is owned directly or indirectly by a company listed on the New York Stock Exchange or the American Stock Exchange or designated as a NASDAQ National Market Security
listed on the NASDAQ stock exchange and is excluded on that basis from the definition of “Legal Entity Customer” as defined in the Beneficial Ownership Rule. 

2. Representations and Warranties of UGI (including in its capacity as the Servicer). UGI, individually and in its capacity as the
Servicer, represents and warrants as follows: 
 (a) UGI is a limited liability company duly formed and validly subsisting under the laws of
the Commonwealth of Pennsylvania and is duly qualified to do business and is in good standing as a foreign limited liability company in every jurisdiction where the nature of its business requires it to be so qualified, except (i) for the
District of Columbia and the State of New York, in which jurisdictions the Servicer shall be qualified within 90 days after the Closing Date and (ii) where the failure to be so qualified would not have a Material Adverse Effect. 

(b) The execution, delivery and performance by UGI of its obligations under the Agreement and the other Transaction Documents to which it is a
party, including UGI in its capacity as the Servicer: (i) are within its organizational powers; (ii) have been duly authorized by all necessary organizational action; (iii) do not contravene or result in a default under or conflict
with: (A) its limited liability company operating agreement, (B) any law, rule or regulation applicable to it, (C) any indenture, loan agreement, mortgage, deed of trust or other material agreement or instrument to which it is a party
or by which it is bound, or (D) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its property; and (iv) do not result in or require the creation of any Adverse Claim upon or with respect to any of 

  
 33 

 (k) UGI has complied in all material respects with the Credit and Collection Policy of the
Originator with regard to each Receivable originated by the Originator. 
 (l) UGI has complied in all material respects with all of the
terms, covenants and agreements contained in the Agreement and the other Transaction Documents that are applicable to it. 
 (m) UGI is not
an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. In addition, UGI is not a “holding company,” a
“subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company” within the meaning of the Public Utility Holding
Company Act of 1935, as amended. 
 (n) Since its most recent fiscal year end, there has been no change in the business, operations,
financial condition, properties or assets of UGI which is reasonably likely to have a Material Adverse Effect on its ability to perform its obligations under the Agreement or any other Transaction Document to which it is a party or materially and
adversely affect the transactions contemplated under the Agreement or such other Transaction Documents. 
 (o) No license or approval is
required for the Administrator or any successor Servicer to use any program (other than MAS90 Software) used by the Servicer in the servicing of the Receivables, other than such licenses and approvals that have been obtained and are in full force
and effect. 
 (p) No Covered Entity is a Sanctioned
Person. No Covered Entity, either in its own right or: (i) Covered Entity nor any employees,
officers, directors, or, to UGI’s knowledge, affiliates, consultants, brokers or agents acting on a Covered Entity’s behalf in connection with this Agreement: (x) is a Sanctioned Person; (y) to UGI’s knowledge, directly, or indirectly through any third party, (a) has any of its assets in a Sanctioned Country or in the possession, custody or control of
a Sanctioned Person in violation of any Anti-Terrorism Law; (b) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law;
or (c) engages in any dealings or transactionsis engaged in any transactions or other dealings
with or for the benefit of any Sanctioned Person or Sanctioned Jurisdiction, or any transactions or other dealings that otherwise are prohibited by any Anti-Terrorism LawLaws or Sanctions Laws;
(ii) Pool Asset is Embargoed Property. 
 (q)
Each Covered Entity has (a) conducted its business in compliance with all Anti-Corruption Laws and
(b) has, and shall ensure that each of its Subsidiaries has, instituted and maintains policies and procedures reasonably designed to promote compliance with Anti-Corruption Laws and Sanctions Laws. 

  
 34 

 
minimal obligations to the extent necessary for the day-to-day operations of the Seller (such as expenses for stationery, audits, maintenance of legal status, etc.). 

(p) Use of Seller’s Share of Collections. The Seller shall apply the Seller’s Share of Collections to make payments in the
following order of priority: (i) the payment of its expenses (including all obligations payable to the Issuer and the Administrator under the Agreement and under the Fee Letter); and (ii) other legal and valid corporate purposes. 

(q) Tangible Net Worth. The Seller will not permit its Tangible Net Worth, at any time, to be less than $6,000,000. 

(r) Sanctions Laws and Anti-Terrorism Laws; Anti-Corruption Laws. 

(i)
 The Seller covenants and agrees that (A) it shall
promptly notify the Administrator and each Issuer in writing upon the occurrence of a Reportable Compliance Event, and (B) if, at any time, any Pool Asset becomes Embargoed Property, then, in addition to all other rights and remedies available
to the Administrator and the Issuer, upon request by the Administrator or the Issuer, the Seller shall provide substitute Pool Assets acceptable to the Administrator and the Issuer that is not Embargoed Property. 

(ii)
 The Seller shall conduct its business in compliance with
all Anti-Corruption Laws and maintain policies and procedures reasonably designed to promote compliance with Anti-Corruption Laws. 

(iii)
 (r) Anti-Money Laundering/International Trade Law Compliance. No Covered EntityThe Seller hereby covenants and agrees it will not: (a) become a Sanctioned Person. No Covered Entity, either in its own
right; (b) directly, or indirectly through any third party, will (a) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any
Anti-Terrorism Law; (b) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (c) engage in any dealings or
transactions prohibited by any Anti-Terrorism Law or (d) use the proceeds of any purchasea third
party, engage in any transactions or other dealings with or for the benefit of any Sanctioned Person or Sanctioned Jurisdiction, including any use of the proceeds of the facilities to fund any
operations in, finance any investments or activities in, or, make any payments to, a Sanctioned CountryPerson or Sanctioned Person in violation of any Anti-Terrorism Law. The funds used to repay Seller’s obligations under this Agreement and each of the other Transaction Documents will not
beJurisdiction; (c) repay the facilities with Embargoed Property or funds derived from any unlawful activity; or (d) cause any Affected Person
to violate any Sanctions Law or Anti-Terrorism Law. Each Covered Entity shall comply with all Anti-Terrorism Laws. Seller shall promptly notify the
Administrator in writing upon the occurrence of a Reportable Compliance Event. 

(iv)
 The Seller hereby covenants and agrees that it will not,
and will not permit any of its Subsidiaries to directly or indirectly, use the purchases or any proceeds thereof for any purpose which would breach any Anti-Corruption Laws. 

  
 35 

 (vi) promptly after the filing or receiving thereof, copies of all reports
and notices that UGI or any of its Affiliate files under ERISA with the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S. Department of Labor with respect to any Benefit Plan that is subject to Title IV of ERISA or that
UGI or any of its Affiliates receives with respect to any Benefit Plan that is subject to Title IV of ERISA from any of the foregoing or from any multiemployer plan (within the meaning of Section 4001(a)(3) of ERISA) to which UGI or any of its
Affiliate is or was, within the preceding five years, a contributing employer, in each case in respect of the assessment of withdrawal liability or an event or condition that could, in the aggregate, reasonably result in the imposition of material
liability on UGI and/or any such Affiliate; 
 (vii) at least thirty days before any change in UGI’s or the
Originator’s name or any other change requiring the amendment of UCC financing statements, a notice setting forth such changes and the effective date thereof; 

(viii) promptly after UGI obtains knowledge thereof, notice of any: (A) litigation, investigation or proceeding that may
exist at any time between UGI or any of its Subsidiaries and any Governmental Authority that, if not cured or if adversely determined, as the case may be, would have a Material Adverse Effect; (B) litigation or proceeding adversely affecting
UGI or any of its Subsidiaries in which the amount involved is $1,000,000 or more and not covered by insurance or in which injunctive or similar relief is sought; or (C) litigation or proceeding relating to any Transaction Document; 

(ix) promptly after becoming aware thereof, notice of a material adverse change in the business, operations, property or
financial or other condition of UGI or any of its Subsidiaries; and 
 (x) such other information respecting the Receivables
or the condition or operations, financial or otherwise, of UGI or any of its Affiliates as the Administrator may from time to time reasonably request. 

(k) Net Worth. At any time of determination, the net worth (as adjusted to eliminate the impact of any charges related to SFAS 133) of
the Servicer shall not be less than the lesser of (a) $93,000,000 or (b) $93,000,000 less an amount equal to the sum of all dividends paid by the Servicer from June 30, 2004 through such time; provided, however, that at no
time shall the net worth (as adjusted above) of the Servicer (as reduced by all such dividends paid during the period referred to above) be less than $40,000,000. 

(l) Sanction Laws and Anti-Terrorism Laws; Anti-Corruption Laws. 

(i)
 The Servicer covenants and agrees that it shall promptly
notify the Administrator and each Issuer in writing upon the occurrence of a Reportable Compliance Event. 

  
 36 

(ii)
 The Servicer shall conduct its business in compliance with all Anti-Corruption Laws and maintain policies and procedures reasonably designed to promote compliance with Anti-Corruption Laws.

 (iii) (l) Anti-Money
Laundering/International Trade Law Compliance. No Covered Entity willThe Servicer hereby covenants and
agrees it will not: (a) become a Sanctioned Person. No Covered Entity, either in its own
right; (b) directly, or indirectly through any third party, will (a) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) do business in or with, or derive any of its income from investments
in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (c) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (d) use the proceeds of any
purchasea third party, engage in any transactions or other dealings with or for the benefit of any
Sanctioned Person or Sanctioned Jurisdiction, including any use of the proceeds of the facilities to fund any operations in, finance any investments or activities in, or, make any payments to, a
Sanctioned
CountryPerson or Sanctioned Person in violation of any Anti-Terrorism Law. The funds used to repay Servicer’s obligations under this Agreement and each of the other Transaction Documents will not
beJurisdiction; (c) repay the facilities with Embargoed Property or funds derived from any unlawful activity. Each Covered Entity shall comply with all; or (d) cause any Affected Person to violate any Sanctions Law or
Anti-Terrorism Law. 

(iv)
 The Servicer hereby covenants and agrees that it will not, and will not permit any of its Subsidiaries to directly or indirectly, use the purchases or any proceeds thereof for any purpose which would breach any Anti-Corruption Laws. Servicer shall promptly notify the Administrator in writing upon the occurrence of a Reportable Compliance
Event. 
 3. Separate Existence. Each of the Seller and UGI hereby
acknowledges that the Issuer and the Administrator are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Seller’s identity as a legal entity separate from UGI and its
Affiliates. Therefore, from and after the date hereof, each of the Seller and UGI shall take all steps specifically required by the Agreement or reasonably required by the Administrator to continue the Seller’s identity as a separate legal
entity and to make it apparent to third Persons that the Seller is an entity with assets and liabilities distinct from those of UGI and any other Person, and is not a division of UGI, its Affiliates or any other Person. Without limiting the
generality of the foregoing and in addition to and consistent with the other covenants set forth herein, each of the Seller and UGI shall take such actions as shall be required in order that: 

(a) The Seller will be a limited purpose corporation whose primary activities are restricted in its certificate of
incorporation to: (i) purchasing or otherwise acquiring from the Originator (or its Affiliates), owning, holding, granting security interests or selling interests in Pool Assets (or other receivables originated by the Originator or its
Affiliates, and certain related assets), (ii) entering into agreements for the selling and servicing of the Receivables Pool (or other receivables pools originated by the Originator or its 

  
 37Exhibit 10.1

 

Execution Version

 

	To:	Silicon Laboratories Inc.
	 	400 West Cesar Chavez
	 	Austin, TX 78701
	 	 
	From:	Goldman Sachs & Co. LLC
	 	200 West Street
	 	New York, NY 10282-2198
	 	 
	Re:	Accelerated Stock Repurchases

 

This confirmation (this “Confirmation”),
dated October 27, 2021, is intended to set forth certain terms and provisions of the Transaction (each, a “Transaction”)
entered into between Goldman Sachs & Co. LLC (“Dealer”) and Silicon Laboratories Inc. (“Counterparty”).
The additional terms of any particular Transaction shall be set forth in a Supplemental Confirmation in the form of Schedule A
hereto (a “Supplemental Confirmation”), which shall supplement, form a part of, and be subject to this Confirmation.
This Confirmation and the Supplemental Confirmation together shall constitute a “Confirmation” as referred to in the Agreement
specified below.

 

The definitions and provisions
contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by the International
Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. This Confirmation evidences a complete binding
agreement between Counterparty and Dealer as to the subject matter and terms of the Transaction and shall supersede all prior or contemporaneous
written or oral communications with respect thereto.

 

This Confirmation supplements,
forms a part of, and is subject to an agreement in the form of the ISDA 2002 Master Agreement (the “Agreement”) as
if Dealer and Counterparty had executed the Agreement on the date of this Confirmation (but without any Schedule), subject to New York
law (without reference to its choice of laws doctrine other than Title 14 of Article 5 of the New York General Obligations Law)
as the governing law.

 

The
Transaction shall be the sole transaction under the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty
or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist
between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement
or any other agreement to which Dealer and Counterparty are parties, the Transactions shall not be considered Transactions under, or
otherwise governed by, such existing or deemed ISDA Master Agreement , the Transaction shall not constitute a “Transaction”
or “Specified Transaction” as defined in any such existing or deemed to be existing ISDA Master Agreement, and the occurrence
of an Event of Default, Termination Event or other event under this Transaction shall not, by itself, give rise to any right or obligation
under any other ISDA Master Agreement or other agreement or deemed agreement.

 

All provisions contained
or incorporated by reference in the Agreement shall govern this Confirmation except as expressly modified herein or in the Supplemental
Confirmation.

 

If, in relation to any Transaction
to which this Confirmation relates, there is any inconsistency between the Agreement, this Confirmation, any Supplemental Confirmation
and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated: (i) such
Supplemental Confirmation; (ii) this Confirmation; (iii) the Agreement and (iv) the Equity Definitions.

 

1.            Each
Transaction constitutes a Share Forward Transaction for the purposes of the Equity Definitions. Set forth below are the terms and conditions
that, together with the terms and conditions set forth in the Supplemental Confirmation, shall govern the Transaction.

 

     

     

    

 

General Terms:

 

	 	Trade Date:	As set forth in the related Supplemental Confirmation.
	 	 	 
		Buyer:	Counterparty.
	 	 	 
	 	Seller:	Dealer.
	 	 	 
		Shares:	Common stock, par value $0.01 per share,
                                            of Counterparty (Ticker: SLAB).
	 	 	 
		Exchange:	Nasdaq Global Select Market
	 	 	 
	 	Related Exchange(s):	All Exchanges.
	 	 	 
		Prepayment\Variable	
		Obligation:	Applicable.
	 	 	 
	 	Prepayment Amount:	As set forth in the Supplemental Confirmation.
	 	 	 
	 	Prepayment Date:	As set forth in the Supplemental Confirmation.

 

 Valuation:

 

	 	VWAP Price:	For any Exchange Business Day, a price per Share equal to the 10b-18
                                   volume weighted average price per Share for the regular trading session (including any extensions
                                   thereof) of the Exchange on such Exchange Business Day (without regard to pre-open or after hours
                                   trading outside of such regular trading session for such Exchange Business Day), as reported by Bloomberg
                                   L.P. or its successor at 4:15 p.m. New York time (or 15 minutes following the end of any extension
                                   of the regular trading session) on such Exchange Business Day, on Bloomberg page “SLAB
                                   <Equity> AQR_SEC” (or any successor thereto), or if such price is not so reported on such
                                   Exchange Business Day for any reason or is, in the Calculation Agent’s reasonable discretion
                                   and in good faith, clearly erroneous, such VWAP Price shall be as reasonably determined by the Calculation
                                   Agent in good faith and in a commercially reasonable manner. For purposes of calculating the VWAP
                                   Price, the Calculation Agent will include only those trades that are reported during the period of
                                   time during which Counterparty could purchase its own shares under Rule 10b-18(b)(2) and
                                   are effected pursuant to the conditions of Rule 10b-18(b)(3), each under the Securities Exchange
                                   Act of 1934, as amended (the “Exchange Act”) (such trades, “Rule 10b-18
                                   eligible transactions”).
	 	 	 
	 	Forward Price:	The arithmetic mean (not a weighted average) of the VWAP Prices
                                      for the Calculation Dates in the Calculation Period, subject to “Valuation Disruption”
                                      below.
	 	 	 
	 	Forward Price Adjustment Amount:	As set forth in the Supplemental Confirmation.
	 	 	 
	 	Calculation Period:	The period from and including the Calculation Period Start
                                           Date to and including the Termination Date.
	 	 	 
	 	Calculation Period Start Date:	As set forth in the Supplemental Confirmation.

 

    1 

     

    

 

		Termination Date:	The Scheduled
                                            Termination Date; provided that Dealer shall have the right to designate any Calculation
                                            Date on or after the First Acceleration Date to be the Termination Date (the “Accelerated
                                            Termination Date”) by delivering notice to Counterparty of any such designation
                                            prior to 8:00 p.m. New York City time on the Exchange Business Day immediately following
                                            the designated Accelerated Termination Date (the “Accelerated Termination Notice
                                            Date”).
	 	 	 
	 	Calculation Dates:	As set forth in the Supplemental Confirmation.
	 	 	 
	 	Scheduled Termination Date:	As set forth in the Supplemental
                                            Confirmation, subject to postponement as provided in “Valuation Disruption” below

 

	 	First Acceleration Date:	For each Transaction, as set forth in the Supplemental Confirmation
	 	 	 
	 	Valuation Disruption:	The
                                            definition of “Market Disruption Event” in Section 6.3(a) of the Equity
                                            Definitions is hereby amended by deleting the words “at any time during the one-hour
                                            period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation
                                            Time or Knock-out Valuation Time, as the case may be” and inserting the words “at
                                            any time on any Scheduled Trading Day during the Calculation Period or Settlement Valuation
                                            Period” after the word “material,” in the third line thereof.

 

Section 6.3(d) of
the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time”
in the fourth line thereof.

 

Notwithstanding
anything to the contrary in the Equity Definitions, to the extent that a Disrupted Day occurs (i) on a Scheduled Trading Day that
is a Calculation Date for such Transaction, the Calculation Agent may, in its good faith and commercially reasonable discretion, postpone
the Scheduled Termination Date to the next Calculation Date, or (ii) in the Settlement Valuation Period, the Calculation Agent may
extend the Settlement Valuation Period by up to one Calculation Date for each Disrupted Day. If any such Disrupted Day is a Disrupted
Day because of a Market Disruption Event (or a deemed Market Disruption Event as provided herein), the Calculation Agent shall determine
whether (i) such Disrupted Day is a Disrupted Day in full, in which case the VWAP Price for such Disrupted Day shall not be included
for purposes of determining the Forward Price or the Settlement Price, as the case may be, or (ii) such Disrupted Day is a Disrupted
Day only in part, in which case the VWAP Price for such Disrupted Day shall be determined by the Calculation Agent based on Rule 10b-18
eligible transactions in the Shares on such Disrupted Day effected before the relevant Market Disruption Event occurred and/or after
the relevant Market Disruption Event ended, and the weighting of the VWAP Price for the relevant Calculation Dates during the Calculation
Period or the Settlement Valuation Period, as the case may be, shall be adjusted in a commercially reasonable manner by the Calculation
Agent for purposes of determining the Forward Price or the Settlement Price, as the case may be, with such adjustments based on the duration
of any Market Disruption Event and the volume, historical volatility and price of the Shares. Any Exchange Business Day on which, as
of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be an Exchange Business
Day; if a closure of the Exchange prior to its normal close of trading on any Exchange Business Day is scheduled following the date hereof,
then such Exchange Business Day shall be deemed to be a Disrupted Day in full.

 

    2 

     

    

 

		 	If a Disrupted Day
                                            occurs on a Scheduled Trading Day scheduled to be a Calculation Date during the Calculation
                                            Period or the Settlement Valuation Period, as the case may be, and each of the eight immediately
                                            following Calculation Dates is a Disrupted Day, then the Calculation Agent, in its good faith
                                            and commercially reasonable discretion, may deem such eighth scheduled Calculation Date to
                                            be an Exchange Business Day that is not a Disrupted Day and determine the VWAP Price for
                                            such eighth scheduled Calculation Date using its good faith and commercially reasonable estimate
                                            of the value of the Shares on such eighth scheduled Calculation Date based on the volume,
                                            historical volatility and price of the Shares.
	 	 	 
	 	 	The Calculation Agent shall notify the parties
                                            of the occurrence of any Disrupted Day as promptly as practicable, and shall use good faith
                                            efforts to notify the parties of any determination pursuant to these Valuation Disruption
                                            provisions no later than the Exchange Business Day immediately following the last consecutive
                                            affected Calculation Date.
	 	 	 

Settlement Terms:

 

	 	Settlement Procedures:	If the Number of Shares to be
                                            Delivered is positive, Physical Settlement shall be applicable; provided that Dealer does
                                            not, and shall not, make the agreement or the representations set forth in Section 9.11
                                            of the Equity Definitions related to the restrictions imposed by applicable securities laws
                                            with respect to any Shares delivered by Dealer to Counterparty under any Transaction. If
                                            the Number of Shares to be Delivered is negative, then the Counterparty Settlement Provisions
                                            in Annex A shall apply.
	 	 	 
	 	Number of Shares to be Delivered:	A number of Shares equal to (x)(a) the Prepayment Amount divided by
                            (b) the Divisor Amount minus (y) the number of Initial Shares.
	 	 	 
	 	Divisor Amount:	The greater of (i) the Forward Price
                                            minus the Forward Price Adjustment Amount and (ii) $1.00.
	 	 	 
	 	Excess Dividend Amount:	For the avoidance of doubt, all
                                            references to the Excess Dividend Amount shall be deleted from Section 9.2(a)(iii) of
                                            the Equity Definitions.
	 	 	 
	 	Settlement Date:	If the Number of Shares to be Delivered
                                            is positive, the date that is one Settlement Cycle immediately following the Termination
                                            Date; provided that with respect to any Accelerated Termination Date, the date shall be the
                                            date that falls one Settlement Cycle following the Accelerated Termination Notice Date.
	 	 	 
	 	Settlement Currency:	USD.

 

    3 

     

    

 

	 	Initial Share Delivery:	Dealer
                                            shall deliver a number of Shares equal to the Initial Shares to Counterparty on the Initial
                                            Share Delivery Date in accordance with Section 9.4 of the Equity Definitions, with the
                                            Initial Share Delivery Date deemed to be a “Settlement Date” for purposes of
                                            such Section 9.4.
	 	 	 

		Initial Share Delivery Date:	As set forth in
                                            the Supplemental Confirmation.
	 	 	 
	 	Initial Shares:	As set forth in the Supplemental Confirmation.
	 	 	 

Share Adjustments:

 

	 	Potential Adjustment Event:	Notwithstanding
                                            anything to the contrary in Section 11.2(e) of the Equity Definitions, none
                                            of the following shall constitute a Potential Adjustment Event:
                                            (i) the issuance of stock options, performance stock units or restricted stock units
                                            in or relating to the Shares to directors, officers, consultants and employees of Counterparty
                                            consistent with past practice or as otherwise publicly disclosed prior to the Trade Date
                                            in reports filed with the Securities and Exchange Commission (the “SEC”),
                                            (ii) the issuance of Shares in connection with any dividend reinvestment program of
                                            Counterparty disclosed in reports filed with the SEC, (iii) an Extraordinary
                                            Dividend, (iv) this Transaction, and (v) any Permitted OMR Transaction or Permitted
                                            Purchases (each as defined below).

 

It shall
constitute an additional Potential Adjustment Event if the Scheduled Termination Date for the Transaction is postponed pursuant to “Valuation
Disruption” above, in which case the Calculation Agent may, in its commercially reasonable discretion, adjust any relevant terms
of any such Transaction as necessary to account for the economic effect on any Transaction of such postponement.

	 	 	 
	 	Extraordinary Dividend:	For any calendar quarter, any dividend or distribution
                                            on the Shares with an ex-dividend date occurring during such calendar quarter (other than
                                            any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) of
                                            the Equity Definitions) (a “Dividend”) the amount or value of which (as determined
                                            by the Calculation Agent), when aggregated with the amount or value (as determined by the
                                            Calculation Agent) of any and all previous Dividends with ex-dividend dates occurring in
                                            the same calendar quarter, exceeds the Ordinary Dividend Amount.
	 	 	 
	 	Scheduled Ex-Dividend Dates:	As set forth in the Supplemental Confirmation.

 

    4 

     

    

 

		Additional Termination Event(s):	Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of
              an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant to Article 12
              of the Equity Definitions, an Additional Termination Event (with such terminated Transaction (or portion thereof) being
              the Affected Transaction and Counterparty being the sole Affected Party) shall be deemed to occur, and, in lieu of Sections
              12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction.
	 	 	 
	 	 	The declaration by the Issuer of:
	 	 	 
	 	 	(i) any Extraordinary Dividend, the ex-dividend
                                            date for which occurs or is scheduled to occur during the Relevant Dividend Period, and/or
	 	 	 
	 	 	(ii) 
                                            any Dividend that is not an Extraordinary Dividend, if the ex-dividend date for such Dividend
                                            for any calendar quarter occurring (in whole or in part) during the Relevant Dividend Period
                                            will be prior to the Scheduled Ex-Dividend Date for such calendar quarter,

                                                                                 

                                                                                shall in each
                                            case constitute an Additional Termination Event, with Counterparty as the sole Affected Party
                                            and the Transactions as the Affected Transaction.

	 	 	 
	 	Ordinary Dividend Amount:	As set forth in the Supplemental Confirmation.
	 	 	 
	 	Method of Adjustment:	Calculation Agent Adjustment.
	 	 	 
	 	Agreement Regarding Dividends:	Notwithstanding any other provision of this Confirmation, the Definitions or the Agreement
               to the contrary, in calculating any adjustment pursuant to Article 11 of the Equity Definitions or any amount payable
               in respect of any termination or cancellation of the Transaction pursuant to Article 12 of the Equity Definitions
               or Section 6 of the Agreement, the Calculation Agent shall not take into account changes to any dividends since the
               Trade Date. For the avoidance of doubt, if an Early Termination Date occurs in respect of the Transaction, the amount
               payable pursuant to Section 6 of the Agreement in respect of such Early Termination Date shall be determined without
               regard to the difference between actual dividends declared (including Extraordinary Dividends) and expected dividends
               as of the Trade Date.
	 	 	 
	 	Scheduled Ex-Dividend Dates:	As set forth in the Supplemental Confirmation.

 

Extraordinary Events:

 

		Consequences of Merger Events:	 
	 	 	 
	 	(a) Share-for-Share:	Modified
                                            Calculation Agent Adjustment.
	 	 	 
	 	(b) Share-for-Other:	Cancellation
                                            and Payment.
	 	 	 
	 	(c) Share-for-Combined:	Component
                                            Adjustment.
	 	 	 
	 	Tender Offer:	Applicable; provided that Section 12.1(d) of
                                            the Equity Definitions shall be amended by replacing “10%” in the third line
                                            thereof with “25%.
	 	 	 
	 	Consequences of Tender Offers:	 
	 	 	 
	 	(a) Share-for-Share:	Modified
                                            Calculation Agent Adjustment.
	 	 	 
	 	(b) Share-for-Other:	Modified
                                            Calculation Agent Adjustment.
	 	 	 
	 	(c) Share-for-Combined:	Modified
                                            Calculation Agent Adjustment.

 

    5 

     

    

 

		Nationalization, Insolvency or Delisting:	Cancellation
                                            and Payment; provided that in addition to the provisions of Section 12.6(a)(iii) of
                                            the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in
                                            the United States and the Shares are not immediately re-listed, re-traded or re-quoted on
                                            any of the New York Stock Exchange, NYSE MKT, The NASDAQ Global Select Market or The NASDAQ
                                            Global Market (or their respective successors); if the Shares are immediately re-listed,
                                            re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation
                                            system shall be deemed to be the Exchange.

 

Additional
Disruption Events:

 

		Change in Law:	Applicable;
                                            provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended
                                            by (i) replacing the phrase “the interpretation” in the third line thereof
                                            with the phrase “, or public announcement of, the formal or informal interpretation”
                                            and (ii) replacing the word “Shares” where it appears in clause (X) thereof
                                            with the words “Hedge Position”; provided further that Section 12.9(a)(ii) of
                                            the Equity Definitions is hereby amended by replacing the parenthetical beginning after the
                                            word “regulation” in the second line thereof with the words “(including,
                                            for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption
                                            or promulgation of new regulations authorized or mandated by existing statute)”.
	 	 	 
	 	Failure to Deliver:	Applicable.
	 	 	 
	 	Insolvency Filing:	Applicable.
	 	 	 
	 	Hedging Disruption:	Not Applicable.
	 	 	 
	 	Increased Cost of Hedging:	Not Applicable.
	 	 	 
	 	Loss of Stock Borrow:	Applicable.
	 	 	 
	 	Maximum Stock Loan Rate:	200 basis points per annum.
	 	 	 
	 	Increased Cost of Stock Borrow:	Applicable.
	 	 	 
	 	Initial Stock Loan Rate:	50 basis points per annum.
	 	 	 
	 	Hedging Party:	Dealer or an affiliate of Dealer that
                                            is involved in the hedging of the Transaction for all applicable Additional Disruption Events;
                                            provided that when making any determination or calculation as “Hedging Party,”
                                            Dealer shall act in good faith and in a commercially reasonable manner and shall promptly
                                            provide Counterparty with a written explanation describing in reasonable detail any determination
                                            or calculation made by it (including any quotations, market data or information from internal
                                            sources used in making such determinations, but without disclosing its proprietary models
                                            or other information that it determines in good faith is likely to be proprietary or subject
                                            to contractual, legal or regulatory obligations to not disclose such information).
	 	 	 
	 	Determining Party:	Dealer for all applicable Extraordinary
                                            Events and Additional Disruption Events; provided that when making any determination
                                            or calculation as “Determining Party,” Dealer shall act in good faith and in
                                            a commercially reasonable manner and shall promptly provide Counterparty with a written explanation
                                            describing in reasonable detail any determination or calculation made by it (including any
                                            quotations, market data or information from internal sources used in making such determinations,
                                            but without disclosing its proprietary models or other information that it determines in
                                            good faith is likely to be proprietary or subject to contractual, legal or regulatory obligations
                                            to not disclose such information).

 

    6 

     

    

 

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

 

		Transfer:	Notwithstanding
                                            anything to the contrary in the Agreement, Dealer may assign, transfer and set over all rights,
                                            title and interest, powers, privileges and remedies of Dealer under any Transaction, in whole
                                            but not in part, to an Affiliate of Dealer without the consent of Counterparty if
                                            each of the Transfer Conditions is satisfied. “Transfer Conditions” means
                                            (1) such Affiliate of Dealer (A) has a long-term issuer rating by a nationally
                                            recognized credit rating agency that is equal to or better than Dealer’s rating at
                                            the time of such transfer (the “Rating Condition”) or (B) the obligations
                                            of such Affiliate will be guaranteed, pursuant to the terms of a customary guarantee used
                                            generally for similar transactions, by an entity meeting the Rating Condition or by Dealer
                                            or Dealer’s ultimate parent entity; (2) the transferee agrees in writing with
                                            Dealer and Counterparty to be bound by the terms of this Confirmation with respect to the
                                            transferred obligations; (3) at the time of such transfer, Counterparty would not, as
                                            a result of such assignment or transfer, reasonably be expected at any time either (A) to
                                            be required to pay to Dealer or such transferee an amount in respect of an Indemnifiable
                                            Tax greater than the amount Counterparty would have been required to pay to Dealer in the
                                            absence of such transfer or (B) to receive a payment from which an amount is required
                                            to be deducted or withheld for or on account of a Tax as to which no additional amount is
                                            required to be paid; (4) no Event of Default where Dealer is the Defaulting Party or
                                            Termination Event where Dealer is the sole Affected Party has occurred and is continuing
                                            at the time of the transfer, and no Event of Default or Termination Event will occur with
                                            respect to Counterparty, Dealer or the transferee as a result of such transfer; (5) if
                                            to a transferee incorporated or organized in a jurisdiction other than the United States
                                            or United Kingdom, at the time of such transfer, after giving effect thereto, Counterparty
                                            is not reasonably expected to become subject to a material adverse legal or regulatory consequence
                                            as a result of such transfer to which it would not otherwise have been subject absent such
                                            transfer; (6)  Counterparty shall incur no additional or increased costs as a result
                                            of such transfer (except the same that shall be reimbursed by Dealer and/or such transferee);
                                            and (7) Dealer shall have provided prompt written notice to Counterparty of such transfer.
	 	 	 
	 	Dealer Payment Instructions:	Chase Manhattan Bank New York
	 	 	For A/C Goldman Sachs & Co. LLC
	 	 	A/C #930-1-011483
	 	 	ABA #: 021-000021

 

    7 

     

    

 

		Counterparty’s Contact Details for Purpose of Giving Notice:	Silicon Laboratories Inc.
	 	 	400 West Cesar Chavez
	 	 	Austin, Texas 78701
	 	 	Attention: Saie-Yau Hui, Treasurer
	 	 	Telephone No.: 512-532-5304
	 	 	Facsimile No.: 512-428-1550
	 	 	Email: Treasury@silabs.com

 

		Dealer’s Contact Details for
                              Purpose of Giving Notice:	Goldman
                                            Sachs & Co. LLC
	 	 	200
                                            West Street
	 	 	New
                                            York, NY 10282-2198
	 	 	Attention:
                                            Michael Voris, Equity Capital Markets
	 	 	Telephone
                                            No.: 212-902-4895
	 	 	Facsimile
                                            No.: 212-291-5027
	 	 	Email:
                                            Michael.Voris@ny.ibd.email.gs.com
	 	 	 
	 	 	With
                                            a copy to:
	 	 	Attention:
                                            Blair Seideman, Equity Capital Markets
	 	 	Telephone:
                                            212-902-0923
	 	 	Email:
                                            Blair.Seideman@ny.ibd.email.gs.com
	 	 	And
                                            email notification to the following address:
	 	 	Eq-derivs-notifications@am.ibd.gs.com

 

2.            Calculation
Agent. Dealer provided that following the occurrence of an Event of Default under Section 5(a)(vii) of the Agreement
with respect to Dealer, Counterparty shall have the right to designate a leading independent dealer in equity derivatives as the substitute
Calculation Agent for so long as such Event of Default is continuing. Whenever the Calculation Agent is called upon to make a determination,
calculation or adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an
event, the Calculation Agent shall make such determination, calculation or adjustment assuming that such dealer maintains a commercially
reasonable Hedge Position in respect of the Transaction. Following any adjustment, determination or calculation by the Calculation Agent
or the Determining Party hereunder, upon a request by Counterparty (which may be by email), the Calculation Agent or Determining Party,
as the case may be, will provide to Counterparty by email to the email address provided by Counterparty within three (3) Exchange
Business Days following receipt of such request, a report (in a commonly used file format for the storage and manipulation of financial
data but without disclosing any proprietary models of the Calculation Agent or other information that it determines in good faith is
or is likely to be proprietary or subject to contractual, legal or regulatory obligations not to disclose such information) displaying
in reasonable detail the basis for such determination, adjustment or calculation, as the case may be, including any assumptions used
in making such adjustment, determination or calculation. Whenever the Calculation Agent is required or permitted to exercise discretion
in any way, it will do so in good faith and in a commercially reasonable manner.

 

3.            Additional
Mutual Representations, Warranties and Covenants of Each Party. In addition to the representations, warranties and covenants in the
Agreement, each party represents, warrants and covenants to the other party that:

 

(a)            Eligible
Contract Participant. It is an “eligible contract participant”, as defined in the U.S. Commodity Exchange Act (as amended),
and is entering into each Transaction hereunder as principal (and not as agent or in any other capacity, fiduciary or otherwise) and
not for the benefit of any third party.

 

(b)            Accredited
Investor. Each party acknowledges that the offer and sale of each Transaction to it is intended to be exempt from registration under
the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(a)(2) thereof. Accordingly,
each party represents and warrants to the other that (i) it has the financial ability to bear the economic risk of its investment
in each Transaction and is able to bear a total loss of its investment, (ii) it is an “accredited investor” as that
term is defined under Regulation D under the Securities Act and (iii) the disposition of each Transaction is restricted under this
Confirmation, the Securities Act and state securities laws.

 

    8 

     

    

 

4.            Additional
Representations, Warranties and Covenants of Dealer. In addition to the representations, warranties and covenants in the Agreement,
Dealer represents, warrants and covenants to Counterparty that:

 

(a)            Material
Nonpublic Information. Dealer hereby represents and covenants to Counterparty that it has implemented policies and procedures, taking
into consideration the nature of its business, reasonably designed to prevent individuals making investment decisions related to any
Transaction from having access to material nonpublic information regarding Issuer that may be in possession of other individuals at Dealer.

 

(b)            Rule 10b-18.
With respect to purchases of Shares by Dealer in connection with any Transaction during the Calculation Period for such Transaction (other
than any purchases made by Dealer in connection with dynamic hedge adjustments of Dealer’s exposure to any Transaction as a result
of any equity optionality contained in such Transaction, including, for the avoidance of doubt, timing optionality), Dealer will use
good faith, commercially reasonable efforts to effect such purchases (i) only on the Calculation Dates and (ii) in a manner
so that, if such purchases were made by Counterparty, they would meet the requirements of Rule 10b-18(b)(2), (3) and (4), and
effect calculations in respect thereof, taking into account any applicable Securities and Exchange Commission no-action letters as appropriate
and subject to any delays between the execution and reporting of a trade of the Shares on the Exchange and other circumstances beyond
Dealer’s control. Notwithstanding the foregoing, Dealer shall not be responsible for any failure to comply with Rule 10b-18(b)(3) to
the extent any transaction that was executed (or deemed to be executed) by or on behalf of Counterparty or an “affiliated purchaser”
(as defined under Rule 10b-18) pursuant to a separate agreement is not deemed to be an “independent bid” or an “independent
transaction” for purposes of Rule 10b-18(b)(3).

 

5.            Additional
Representations, Warranties and Covenants of Counterparty. In addition to the representations, warranties and covenants in the Agreement,
Counterparty represents, warrants and covenants to Dealer that:

 

(a)            As
of the date hereof and on the Trade Date, it is not entering into such Transaction (i) on the basis of, and is not aware of, any
material non-public information with respect to the Shares, (ii) in anticipation of, in connection with, or to facilitate, a distribution
of its securities, a self tender offer or a third-party tender offer or (iii) to create actual or apparent trading activity in the
Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of
the Shares (or any security convertible into or exchangeable for the Shares).

 

(b)            Each
transaction contemplated by this Confirmation is being entered into pursuant to a publicly disclosed Share buy-back program and its Board
of Directors has approved the use of derivatives to effect the Share buy-back program.

 

(c)            Without
limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its
affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of
any Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or
ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own
Equity.

 

(d)            The
Shares are not, and Counterparty will not cause the Shares to be, subject to a “restricted period” (as defined in Regulation
M promulgated under the Exchange Act) at any time during any Regulation M Period (as defined below) for any Transaction unless Counterparty
has provided written notice to Dealer of such restricted period not later than the Scheduled Trading Day immediately preceding the first
day of such “restricted period”; Counterparty acknowledges that any such notice may cause a Disrupted Day to occur pursuant
to Section 5 below; accordingly, Counterparty acknowledges that its delivery of such notice must comply with the standards set forth
in Section 6 below; “Regulation M Period” means, for any Transaction, (i) the Relevant Period (as defined below)
and (ii) the Settlement Valuation Period, if any, for such Transaction. “Relevant Period” means, for any Transaction,
the period commencing on the Calculation Period Start Date for such Transaction and ending on the earlier of (i) the Scheduled Termination
Date and (ii) the Additional Relevant Day (as specified in the related Supplemental Confirmation) for such Transaction, or such
earlier day as elected by Dealer and communicated to Counterparty on such day (or, if later, the First Acceleration Date without regard
to any acceleration thereof pursuant to “Special Provisions for Acquisition Transaction Announcements” below).

 

    9 

     

    

 

(e)            As
of the Trade Date and the Prepayment Date for each Transaction, Counterparty is not “insolvent” (as such term is defined
under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)).

 

(f)            Counterparty
is not and, after giving effect to any Transaction, will not be, required to register as an “investment company” as such
term is defined in the Investment Company Act of 1940, as amended.

 

(g)            Counterparty
has not and will not enter into agreements similar to the Transactions described herein where the relevant calculation or valuation dates
in any initial hedge period, calculation period, relevant period or settlement valuation period (each however defined) in such other
transaction will coincide at any time (including as a result of extensions in such initial hedge period, calculation period, relevant
period or settlement valuation period as provided in the relevant agreements) with the Calculation Dates in any Relevant Period or, if
applicable, any Settlement Valuation Period under this Confirmation. In the event that any relevant calculation or valuation dates in
any initial hedge period, relevant period, calculation period or settlement valuation period in any other similar transaction coincides
with any Calculation Dates in any Relevant Period or, if applicable, Settlement Valuation Period under this Confirmation as a result
of any postponement of the Scheduled Termination Date or extension of the Settlement Valuation Period pursuant to “Valuation Disruption”
above, Counterparty shall promptly amend such transaction to avoid any such overlap. For the avoidance of doubt, nothing in this Section 5(g) shall
prohibit or apply to the Permitted Purchases (as defined below).

 

6.            Regulatory
Disruption. In the event that Dealer concludes, in its good faith, commercially reasonable discretion based on the advice of counsel,
that it is appropriate with respect to any legal, regulatory or self-regulatory requirements or related policies and procedures (whether
or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer (provided that any such
requirements, policies or procedures are generally applicable to transactions of this nature and related to compliance with applicable
laws for Dealer and applied hereto in a non-discriminatory manner and in a consistent manner to similarly affected transactions generally)),
for it to refrain from or decrease any market activity on any Scheduled Trading Day or Days in order to establish, maintain or unwind
commercially reasonable Hedge Positions during the Calculation Period or, if applicable, the Settlement Valuation Period, Dealer may
by written notice to Counterparty elect to deem that a Market Disruption Event has occurred and will be continuing on such Scheduled
Trading Day or Days; provided that if such deemed Market Disruption Event is deemed to have occurred solely in response to such
related policies or procedures, such Scheduled Trading Day or Days will each be a Disrupted Day in full. Dealer shall promptly notify
Counterparty upon exercising its rights pursuant to this provision and shall subsequently notify Counterparty in writing on the Scheduled
Trading Day Dealer reasonably believes in good faith and upon the advice of counsel that it may resume its market activity.

 

7.            10b5-1
Plan. Counterparty represents, warrants and covenants to Dealer that:

 

(a)            Counterparty
is entering into this Confirmation and each transaction hereunder in good faith and not as part of a plan or scheme to evade the prohibitions
of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) or any other antifraud or anti-manipulation provisions
of the federal or applicable state securities laws and that it has not entered into or altered and will not enter into or alter any corresponding
or hedging transaction or position with respect to the Shares. For the avoidance of doubt, any Permitted OMR Transactions (as defined
below) shall not fall within the ambit of the previous sentence. Counterparty acknowledges that it is the intent of the parties that
the Transaction complies with the requirements of paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 and each transaction
entered into under this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c).

 

(b)            Counterparty
will not seek to control or influence Dealer’s decision to make any “purchases or sales” (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3))
under any Transaction entered into under this Confirmation, including, without limitation, Dealer’s decision to enter into any
hedging transactions. Counterparty represents and warrants that it has consulted with its own advisors as to the legal aspects of its
adoption and implementation of this Confirmation and the Supplemental Confirmation under Rule 10b5-1.

 

    10 

     

    

 

(c)            Counterparty
acknowledges and agrees that any amendment, modification, waiver or termination of this Confirmation or the Supplemental Confirmation
must be effected in accordance with the requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c).
Without limiting the generality of the foregoing, any such amendment, modification, waiver or termination shall be made in good faith
and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment, modification or waiver shall
be made at any time at which Counterparty or any officer, director, manager or similar person of Counterparty is aware of any material
non-public information regarding Counterparty or the Shares.

 

8.            Counterparty
Purchases. Counterparty (or any “affiliated purchaser” as defined in Rule 10b-18 under the Exchange Act (“Rule 10b-18”))
shall not, without the prior written consent of Dealer, directly or indirectly purchase any Shares (including by means of a derivative
instrument), listed contracts on the Shares or securities that are convertible into, or exchangeable or exercisable for Shares (including,
without limitation, any Rule 10b-18 purchases of blocks (as defined in Rule 10b-18)) on any Calculation Date during any Relevant
Period or, if applicable, Settlement Valuation Period, except through Dealer or pursuant to the Permitted OMR Transactions.

 

Notwithstanding the immediately
preceding paragraph or anything herein to the contrary, Counterparty may purchase Shares pursuant to any Rule 10b5-1 or Rule 10b-18
repurchase plan entered into with Dealer or an Affiliate of Dealer, so long as, on any Exchange Business Day, purchases under all Permitted
OMR Transactions do not in the aggregate exceed the Designated OMR Threshold specified in the Supplemental Confirmation for such Transaction
on such Calculation Date (a “Permitted OMR Transaction”). In addition, the preceding paragraph shall not limit (w) Counterparty’s
purchases of Shares that do not constitute “Rule 10b-18 purchases” under subparagraphs (ii) or (iii) of Rule 10b-18(a)(13),
(x) Counterparty’s purchases of Shares pursuant to employee incentive plans in connection with related equity transactions,
or the granting of Shares or options to “affiliated purchasers” (as defined in Rule 10b-18) or the ability of such affiliated
purchasers to acquire such Shares or options, in connection with the Counterparty’s compensation policies for directors, officers
and employees, (y) withholding of Shares to cover amounts payable (including tax liabilities and/or payment of exercise price) in
respect of the exercise of employee stock options or the vesting of restricted stock or stock units and (z) privately negotiated
(off-market) transactions by Counterparty, not involving any derivative instrument, to purchase Shares from existing holders of Shares
in transactions that do not result in, or relate to, purchases of Shares in the public market by such existing holders in connection
with such transactions. Purchases of Shares that are permitted by this paragraph are referred to herein as the “Permitted Purchases”).

 

9.            Special
Provisions for Merger Transactions. Notwithstanding anything to the contrary herein or in the Equity Definitions:

 

(a)            Counterparty
agrees that it:

 

(i)            will
not during the period commencing on the Trade Date through the end of the Relevant Period or, if applicable, the Settlement Valuation
Period for any Transaction make, or, to the extent within its control, permit to be made, any public announcement (as defined in Rule 165(f) under
the Securities Act) of any Merger Transaction or potential Merger Transaction (a “Public Announcement”) unless such
Public Announcement is made prior to the opening or after the close of the regular trading session on the Exchange for the Shares, except
to the extent required by any law, rule or regulation applicable to Counterparty;

 

(ii)            shall
promptly (but in any event prior to the next opening of the regular trading session on the Exchange) notify Dealer following any such
Public Announcement that such Public Announcement has been made; and

 

(iii)            shall
promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide Dealer with written notice
specifying (i) Counterparty’s average daily Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full
calendar months immediately preceding the date of such Public Announcement that were not effected through Dealer or its affiliates and
(ii) the number of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three
full calendar months preceding the date of such Public Announcement. Such written notice shall be deemed to be a certification by Counterparty
to Dealer that such information is true and correct. In addition, Counterparty shall promptly notify Dealer of the earlier to occur of
the completion of the relevant Merger Transaction and the completion of the vote by target shareholders.

 

    11 

     

    

 

 

(b)           Counterparty
acknowledges that a Public Announcement may cause the terms of any Transaction to be adjusted or such Transaction to be terminated; accordingly,
Counterparty acknowledges that in making any Public Announcement, it must comply with the standards set forth in Section 7 above.

 

(c)            Upon
the occurrence of any Public Announcement (whether made by Counterparty or a third party), Dealer in its commercially reasonable discretion
may (i) make commercially reasonable adjustments to the terms of any Transaction to account for the economic effect on the Transaction
of such Merger Transaction, including, without limitation, the Scheduled Termination Date or the Forward Price Adjustment Amount, and/or
suspend the Calculation Period and/or any Settlement Valuation Period, (such adjustments to be limited to account for changes in the price
of the Shares and volatility, stock loan rate and liquidity relevant to the Shares or to such Transaction) or (ii) if Dealer determines
that no adjustment that it could make under clause (i) would produce a commercially reasonable result, treat the occurrence of such
Public Announcement a Share-for-Other Merger Event with the Cancellation Amount determined taking into account the fact that the Calculation
Period or Settlement Valuation Period, as the case may be, had fewer Scheduled Trading Days than originally anticipated.

 

“Merger
Transaction” means any merger, acquisition or similar transaction involving a recapitalization as referred to in Rule 10b-18(a)(13)(iv) under
the Exchange Act (after giving effect to the exclusions from such reference in clause (A) of Rule 10b-18(a)(13)(iv)).

 

10.           Special
Provisions for Acquisition Transaction Announcements. (a) If an Acquisition Transaction Announcement occurs on or prior to the
Settlement Date, then the Calculation Agent shall make such adjustments in a commercially reasonable manner, to the exercise, settlement,
payment or any other terms as the Calculation Agent determines appropriate, at such time or at multiple times as the Calculation Agent
deems appropriate (without duplication), to account for the economic effect on such Transaction of such Acquisition Transaction Announcement.

 

(b)           “Acquisition
Transaction Announcement” means (i) the announcement of an Acquisition Transaction by Counterparty or any of its subsidiaries
that is reasonably likely to be completed (provided that for such purposes, in determining whether such transaction or event is
reasonably likely to be completed, the Calculation Agent shall take into account the effect of such announcement on the market price of
the Shares or options on the Shares and, if such effect is material, shall deem such transaction or event to be reasonably likely to be
completed), (ii) an announcement that Counterparty or any of its subsidiaries has entered into an agreement or a letter of intent
designed to result in an Acquisition Transaction, by Counterparty or any of its subsidiaries or any other party that is a party to such
agreement or letter of intent, (iii) the announcement by Counterparty of the intention to solicit or enter into, or to explore strategic
alternatives or other similar undertaking that include, an Acquisition Transaction, (iv) any other announcement by Counterparty or
any of its subsidiaries that in the reasonable judgment of the Calculation Agent is reasonably likely to result in an Acquisition Transaction
(provided that for such purposes, in determining whether such transaction or event is reasonably likely to be completed, the Calculation
Agent shall take into account the effect of such announcement on the market price of the Shares or options on the Shares and, if such
effect is material, shall deem such transaction or event to be reasonably likely to be completed) or (v) any announcement of any
material change or amendment to any previous Acquisition Transaction Announcement (including any announcement of the abandonment of any
such previously announced Acquisition Transaction, agreement, letter of intent, understanding or intention).

 

(c)           “Acquisition
Transaction” means (i) any Merger Event (for purposes of this definition the definition of Merger Event shall be read with
the references therein to “100%” being replaced by “35%” and to “50%” by “65%” and without
reference to the clause beginning immediately following the definition of Reverse Merger therein to the end of such definition), Tender
Offer or Merger Transaction or any other transaction involving the merger of Counterparty with or into any third party, (ii) the
sale or transfer of all or substantially all of the assets of Counterparty, (iii) a recapitalization, reclassification, binding share
exchange or other similar transaction, (iv) any acquisition, lease, exchange, transfer, disposition (including by way of spin-off
or distribution) of assets (including any capital stock or other ownership interests in subsidiaries) or other similar event by Counterparty
or any of its subsidiaries where the aggregate consideration transferable or receivable by or to Counterparty or its subsidiaries exceeds
35% of the market capitalization of Counterparty.

 

    13

     

    

 

11.           Acknowledgments.

 

(a)           The
parties hereto intend for:

 

(i)            the
Transaction to be a “securities contract” as defined in Section 741(7) of the Bankruptcy Code, a “swap agreement”
as defined in Section 101(53B) of the Bankruptcy Code and a “forward contract” as defined in Section 101(25) of
the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17),
362(b)(27), 362(o), 546(e), 546(g), 546(j), 555, 556, 560 and 561 of the Bankruptcy Code;

 

(ii)            the
Agreement to be a “master netting agreement” as defined in Section 101(38A) of the Bankruptcy Code;

 

(iii)           a
party’s right to liquidate, terminate or accelerate the Transaction, net out or offset termination values or payment amounts, and
to exercise any other remedies upon the occurrence of any Event of Default or Termination Event under the Agreement with respect to the
other party or any Extraordinary Event that results in the termination or cancellation of the Transaction to constitute a “contractual
right” (as defined in the Bankruptcy Code); and

 

(iv)          all
payments for, under or in connection with the Transaction, all payments for the Shares (including, for the avoidance of doubt, payment
of the Prepayment Amount) and the transfer of such Shares to constitute “settlement payments” and “transfers”
(as defined in the Bankruptcy Code).

 

(b)           Counterparty
acknowledges that:

 

(i)            during
the term of the Transaction, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts
or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect to such Transaction;

 

(ii)           Dealer
and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than in connection with
hedging activities in relation to any Transaction, including acting as agent or as principal and for its own account or on behalf of customers;

 

(iii)          Dealer
shall make its own determination as to whether, when or in what manner any hedging or market activities in Counterparty’s securities
shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Forward
Price and the VWAP Price;

 

(iv)          any
market activities of Dealer and its affiliates with respect to the Shares may affect the market price and volatility of the Shares, as
well as the Forward Price and VWAP Price, each in a manner that may be adverse to Counterparty; and

 

(v)           each
Transaction is a derivatives transaction in which it has granted Dealer an option; Dealer may purchase shares for its own account at an
average price that may be greater than, or less than, the price paid by Counterparty under the terms of the related Transaction.

 

(c)            Counterparty:

 

(i)             is
an “institutional account” as defined in FINRA Rule 4512(c);

 

(ii)            is
capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving
a security or securities, and will exercise independent judgment in evaluating the recommendations of Dealer or its associated persons,
unless it has otherwise notified Dealer in writing; and

 

    14

     

    

 

(iii)           will
notify Dealer if any of the statements contained in clause (i) or (ii) of this Section 10(c) ceases to be true.

 

12.           Credit
Support Documents. The parties hereto acknowledge that the Transaction is not secured by any collateral that would otherwise secure
the obligations of Counterparty herein or pursuant to the Agreement.

 

13.           No
Set-off. Obligations under the Agreement shall not be subject to any Set-off by either party against any obligations of the other
party or of that other party’s affiliates. “Set-off” means set-off, offset, combination of accounts, right of retention
or withholding or similar right or requirement to which the relevant payer of an amount is entitled or subject (whether arising under
the Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer

 

14.           Delivery
of Shares. Notwithstanding anything to the contrary herein, Dealer may, by prior notice to Counterparty, satisfy its obligation to
deliver any Shares or other securities on any date due (an “Original Delivery Date”) by making separate deliveries
of Shares or such securities, as the case may be, at more than one time on or prior to such Original Delivery Date, so long as the aggregate
number of Shares and other securities so delivered on or prior to such Original Delivery Date is equal to the number required to be delivered
on such Original Delivery Date.

 

15.           Early
Termination. In the event that (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event)
occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of
an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to
be paid to holders of Shares consists solely of cash, (ii) an Announcement Event, Merger Event or Tender Offer that is within Counterparty’s
control; or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which the Counterparty
is the Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi) or (viii) of
the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from
an event of events outside Counterparty’s control) if either party would owe any amount to the other party pursuant to Section 6(d)(ii) of
the Agreement (any such amount, a “Payment Amount”), then, in lieu of any payment of such Payment Amount, Counterparty
may, no later than the Early Termination Date or the date on which such Transaction is terminated, elect to deliver or for Dealer to deliver,
as the case may be, to the other party a number of Shares (or, in the case of a Merger Event, a number of units, each comprising the number
or amount of the securities or property that a hypothetical holder of one Share would receive in such Nationalization, Insolvency
or Merger Event, as the case may be (each such unit, an “Alternative Delivery Unit” and, the securities or property
comprising such unit, “Alternative Delivery Property”)) with a value equal to the Payment Amount, as determined by
the Calculation Agent in a commercially reasonable manner (and the parties agree that, in making such determination of value, the Calculation
Agent may take into account a number of factors, including the market price of the Shares or Alternative Delivery Property on the date
of early termination and, if such delivery is made by Dealer, the prices at which Dealer purchases Shares or Alternative Delivery Property
on any Calculation Date in a commercially reasonable manner to fulfill its delivery obligations under this Section 15); provided
that in determining the composition of any Alternative Delivery Unit, if the relevant Merger Event involves a choice of consideration
to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash; and provided further
that Counterparty may make such election only if Counterparty represents and warrants to Dealer in writing on the date it notifies Dealer
of such election that, as of such date, Counterparty is not aware of any material non-public information concerning the Shares and is
making such election in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws. If such delivery
is made by Counterparty, paragraphs 2 through 7 of Annex A shall apply as if such delivery were a settlement of the Transaction to which
Net Share Settlement applied, the Cash Settlement Payment Date were the Early Termination Date and the Forward Cash Settlement Amount
were zero (0) minus the Payment Amount owed by Counterparty.

 

16.           Maximum
Share Delivery. Notwithstanding anything to the contrary in this Confirmation, in no event shall Dealer be required to deliver any
Shares in excess of the Maximum Number of Shares.

 

    15

     

    

 

17.           Automatic
Termination Provisions. Notwithstanding anything to the contrary in Section 6 of the Agreement, if a Termination Price is specified
in the Supplemental Confirmation, then an Additional Termination Event with Counterparty as the sole Affected Party and the Transaction
to which such Supplemental Confirmation relates as the Affected Transaction will automatically occur without any notice or action by Dealer
or Counterparty if, on three consecutive Exchange Business Days, the price of the Shares on the Exchange at any time during the regular
trading session (including any extensions thereof) of the Exchange (without regard to pre-open or after hours trading outside of such
regular trading session for each such Exchange Business Day) falls below such Termination Price, and the Exchange Business Day following
such third consecutive Exchange Business Day will be the “Early Termination Date” for purposes of the Agreement.

 

18.           Delivery
of Cash. For the avoidance of doubt, nothing in this Confirmation shall be interpreted as requiring Counterparty to deliver cash in
respect of the settlement of the Transactions contemplated by this Confirmation following payment by Counterparty of the relevant Prepayment
Amount, except in circumstances where the required cash settlement thereof is permitted for classification of the contract as equity by
ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as in effect on the relevant Trade Date (including,
without limitation, where Counterparty so elects to deliver cash or fails timely to elect to deliver Shares or Alternative Delivery Property
in respect of the settlement of such Transactions).

 

19.           Claim
in Bankruptcy. Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with respect to the Transactions
that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy.

 

20.           Tax.

 

(a)           The
parties agree that “Indemnifiable Tax” as defined in Section 14 of the Agreement shall not include (i) any tax imposed
or collected pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”),
any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of
the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered
into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”) or (ii) any
tax imposed on amounts treated as dividends from sources within the United States under Section 871(m) of the Code (or the United
States Treasury Regulations or other guidance issued thereunder). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction
or withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement.

 

(b)           Each
party agrees to deliver to the other party one duly executed and completed United States Internal Revenue Service Form W-9, W-8BEN-E
or W-8ECI upon execution and delivery of this Agreement; promptly upon reasonable demand by the other party; and promptly upon
learning that any such Form previously provided by Counterparty has become obsolete or incorrect.

 

21.           Governing
Law; Jurisdiction.

 

(a)           The
Agreement, this Confirmation, the Supplemental Confirmation and all matters arising in connection with the Agreement, this Confirmation
and the Supplemental Confirmation shall be governed by, and construed and enforced in accordance with, the laws of the State of New York
(without reference to its choice of laws doctrine other than Title 14 of Article 5 of the New York General Obligations Law).

 

(b)           Each
party hereby irrevocably and unconditionally submits for itself and its property in any suit, legal action or proceeding relating to this
Agreement and/or any Transaction, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”)
to the exclusive jurisdiction of the Supreme Court of the State of New York, sitting in New York County, the courts of the United States
of America for the Southern District of New York and appellate courts from any thereof. Nothing in this Confirmation, any Supplemental
Confirmation or this Agreement precludes either party from bringing Proceedings in any other jurisdiction if (A) the courts of the
State of New York or the United States of America for the Southern District of New York lacks jurisdiction over the parties or the subject
matter of the Proceedings or declines to accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings
are commenced by a party for the purpose of enforcing against the other party’s property, assets or estate any decision or judgment
rendered by any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any
such court’s decision or judgment to any higher court with competent appellate jurisdiction over that court’s decisions or
judgments if that higher court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or
the U.S. Supreme Court; or (D) any suit, action or proceeding has been commenced in another jurisdiction by or against the other
party or against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under this Agreement,
this Confirmation or any Supplemental Confirmation the party (1) joins, files a claim, or takes any other action, in any such suit,
action or proceeding or (2) otherwise commences any Proceeding in that other jurisdiction as the result of that other suit, action
or proceeding having commenced in that other jurisdiction.

 

    16

     

    

 

22.           Offices.

 

(a)           The
Office of Dealer is: New York, New York.

 

(b)           The
Office of Counterparty is: Austin, Texas.

 

23.           General
Obligations Law of New York. With respect to each Transaction, (i) this Confirmation, together with the Supplemental Confirmation,
is a “qualified financial contract”, as such term is defined in Section 5-701(b)(2) of the General Obligations Law
of New York (the “General Obligations Law”); and (ii) this Confirmation, together with the Supplemental Confirmation,
constitutes a prior “written contract” as set forth in Section 5-701(b)(1)(b) of the General Obligations Law, and
each party hereto intends and agrees to be bound by this Confirmation and the Supplemental Confirmation.

 

24.           Waiver
of Jury Trial. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING RELATING TO THE AGREEMENT, THIS CONFIRMATION, THE SUPPLEMENTAL CONFIRMATION, THE TRANSACTIONS
HEREUNDER AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT, THIS CONFIRMATION AND ANY SUPPLEMENTAL CONFIRMATION AND THE TRANSACTIONS
HEREUNDER. EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH A SUIT, ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES
THAT IT AND THE OTHER PARTY HAVE BEEN INDUCED TO ENTER INTO THE TRANSACTIONS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS PROVIDED HEREIN.

 

25.           Counterparts.
This Confirmation may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party
hereto may execute this Confirmation by signing and delivering one or more counterparts.

 

26.           Confidentiality.
The parties agree not to issue or release any press release, articles, advertising, publicity or other matter relating to this Transaction
or mentioning or implying the name of the parties hereto or the subject matter hereof, except as may be required by law, generally accepted
accounting principles applicable to such party or as otherwise agreed to by the parties, and, in the latter case, only after providing
the other party with an opportunity to review and comment thereon. Notwithstanding the foregoing, effective from the date of commencement
of discussions concerning the Transaction, Dealer and each of its employees, representatives, or other agents may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all material documentation of
any kind (including opinions or other tax analyses) that are provided to Dealer relating to such tax treatment and tax structure. The
foregoing does not constitute an authorization to disclose the identity of any existing or future party to the Transaction or their representatives
or, except relating to any disclosure of the tax structure or tax treatment, any specific pricing terms or commercial or financial information.

 

27.           ISDA
2018 U.S. Resolution Stay Protocol. Both parties hereto have adhered to the ISDA 2018 U.S. Resolution Stay Protocol, as published
by the International Swaps and Derivatives Association, Inc. as of July 31, 2018 (the “ISDA U.S. QFC Protocol”),
and accordingly agree that the terms of the ISDA U.S. QFC Protocol shall be incorporated into and form a part of this Agreement. For purposes
of incorporating the ISDA U.S. QFC Protocol, each party shall be deemed to have the same status as “Regulated Entity” and/or
 “Adhering Party” (as such terms are defined therein) applicable to it under the ISDA U.S. QFC Protocol and this Agreement
shall be deemed to be a “Protocol Covered Agreement” (as defined therein).

 

    17

     

    

 

28.            CARES
Act. Counterparty represents and warrants that it and any of its subsidiaries has not applied, and shall not, until after the first
date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation or early termination
of the Transaction, apply, for a loan, loan guarantee, direct loan (as that term is defined in the Coronavirus Aid, Relief and Economic
Security Act (the “CARES Act”)) or other investment, or to receive any financial assistance or relief under any program
or facility (collectively “Financial Assistance”) that (a) is established under applicable law (whether in existence
as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve
Act, as amended, and (b) (i) requires under applicable law (or any regulation, guidance, interpretation or other pronouncement
of a governmental authority with jurisdiction for such program or facility) as a condition of such Financial Assistance, that Counterparty
comply with any requirement not to, or otherwise agree, attest, certify or warrant that it has not, as of the date specified in such condition,
repurchased, or will not repurchase, any equity security of Counterparty, and that Counterparty has not, as of the date specified in the
condition, made a capital distribution or will not make a capital distribution, or (ii) where the terms of the Transaction
would cause Counterparty to fail to satisfy any condition for application for or receipt or retention of the Financial Assistance (collectively
 “Restricted Financial Assistance”); provided, that Counterparty or any of its subsidiaries may apply for Restricted
Financial Assistance if Counterparty either (a) determines based on the advice of outside counsel of national standing that the terms
of the Transaction would not cause Counterparty or any of its subsidiaries to fail to satisfy any condition for application for or receipt
or retention of such Financial Assistance based on the terms of the program or facility as of the date of such advice or (b) delivers
to Dealer evidence or other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction
is permitted under such program or facility (either by specific reference to the Transaction or by general reference to transactions with
the attributes of the Transaction in all relevant respects).

 

    18

     

    

 

Counterparty hereby agrees (a) to check this Confirmation carefully
and immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the
foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty with
respect to any particular Transaction to which this Confirmation relates, by manually signing this Confirmation or this page hereof
as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy
to Dealer.

 

	 	Yours faithfully,

 

	 	Goldman Sachs & Co. LLC

 

	 	By:	/s/ Mike Voris
	 	 	Authorized Signatory

 

 

Agreed and Accepted By:

 

SILICON
LABORATORIES INC.

 

	By:	/s/ John Hollister	 
	 	Name:
John Hollister	 
	 	Title: Senior Vice President & Chief Financial
Officer	 

 

[signature page to the Confirmation]

 

    

     

    

 

Schedule
A

 

SUPPLEMENTAL CONFIRMATION

 

	To:	Silicon Laboratories Inc.
	 	400 West Cesar Chavez
	 	Austin, TX 78701
	 	 
	From:	Goldman
Sachs & Co. LLC
	 	 
	Subject:	Accelerated
Stock Repurchases
	 	 
	Ref. No:	[Insert Reference No.]
	 	 
	Date:	October 27,
2021

 

1.            This
Supplemental Confirmation supplements, forms part of, and is subject to the Confirmation dated October 27, 2021 (the “Confirmation”)
between Silicon Laboratories Inc. and Goldman Sachs & Co. LLC, as amended and supplemented from time to time. All provisions
contained in the Confirmation govern this Supplemental Confirmation except as expressly modified below.

 

2.             For
purposes of the Transaction, the following terms shall have the following values or meanings:

 

	Trade Date:	October 27, 2021
	 	 
	Forward Price Adjustment	
	Amount:	USD [___]
	 	 
	Calculation Period
Start Date:	[___]
	 	 
	Calculation Dates:	Each
Scheduled Trading Day in the Calculation Period or the Settlement Valuation Period, as the case may be, subject to the limitations set
forth in “Valuation Disruption” in the Master Confirmation.
	 	 
	Scheduled Termination
Date:	[___]
	 	 
	First Acceleration
Date:	[___]
	 	 
	Prepayment Amount:	USD
400,000,000
	 	 
	Prepayment Date:	[___]
	 	 
	Initial Shares:	1,738,564
Shares; provided that if, in connection with the Transaction, Dealer is unable to borrow or otherwise acquire a number of Shares equal
to the Initial Shares for delivery to Counterparty on the Initial Share Delivery Date, the Initial Shares delivered on the Initial Share
Delivery Date shall be reduced to such number of Shares that Dealer is able to so borrow or otherwise acquire; provided that if
the Initial Shares are reduced as provided in the preceding proviso, then Dealer shall use commercially reasonable efforts to borrow or
otherwise acquire an additional number of Shares, at a cost no greater than the Initial Stock Loan Rate, equal to the shortfall in the
Initial Shares delivered on the Initial Share Delivery Date and shall deliver such additional Shares as promptly as practicable, and all
Shares so delivered shall be considered Initial Shares.

 

    A-1

     

    

 

	Initial Share Delivery Date:	[___]
	 	 
	Maximum Number of
Shares:	[___]
	 	 
	Ordinary Dividend
Amount:	USD 0.00
	 	 
	Scheduled Ex Dividend
Dates:	None
	 	 
	Termination Price:	USD
[___]
	 	 
	Additional Relevant
Day:	The Exchange Business Day immediately following the Calculation Period.
	 	 
	Designated OMR Threshold:	zero
(0)

 

3.             Counterparty
represents and warrants to Dealer that neither it nor any “affiliated purchaser” (as defined in Rule 10b-18 under the
Exchange Act) has made any purchases of blocks pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act during either
(i) the four full calendar weeks immediately preceding the Trade Date or (ii) during the calendar week in which the Trade Date
occurs.

 

    A-2

     

    

 

Schedule
A

 

COUNTERPARTY SETTLEMENT PROVISIONS

 

1.            The
following Counterparty Settlement Provisions shall apply to the extent indicated under the Confirmation:

 

	Settlement Currency:	USD.
	 	 
	Settlement Method
Election:	Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting the word “Physical”
in the sixth line thereof and replacing it with the words “Net Share” and (ii) the Electing Party may make a settlement
method election only if the Electing Party represents and warrants to Dealer in writing on the date it notifies Dealer of its election
that, as of such date, the Electing Party is not aware of any material non-public information concerning Counterparty or the Shares and
is electing the settlement method in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws.
	 	 
	Electing Party:	Counterparty.
	 	 
	Settlement Method	 
	Election Date:	The
earlier of (i) the Scheduled Termination Date and (ii) the second Exchange Business Day immediately following the Accelerated
Termination Date (in which case the election under Section 7.1 of the Equity Definitions shall be made no later than 10 minutes prior
to the open of trading on the Exchange on such second Exchange Business Day), as the case may be.
	 	 
	Default Settlement
Method:	Net Share Settlement; provided, if the Forward Cash Settlement Amount is negative, the Default Settlement Method shall be Cash
Settlement.
	 	 
	Forward Cash Settlement	 
	Amount:	The Number of Shares to be Delivered multiplied by the Settlement Price.
	 	 
	Settlement Price:	The
arithmetic mean (and not the weighted average) of the VWAP Prices for the Calculation Dates in the Settlement Valuation Period, subject
to Valuation Disruption as specified in the Confirmation.
	 	 
	Settlement Valuation
Period:	A number of Calculation Dates required for Dealer to unwind a commercially reasonable hedge position, beginning on the Calculation
Date immediately following the earlier of (i) the Scheduled Termination Date or (ii) the Calculation Date immediately following
the Termination Date. Dealer shall notify Counterparty of the last Calculation Date of the Settlement Valuation Period on or prior to
the Exchange Business Day immediately following such last Calculation Date.

	 	 
	Cash Settlement:	If
Cash Settlement is applicable, then Buyer shall pay to Seller the absolute value of the Forward Cash Settlement Amount on the Cash Settlement
Payment Date.
	Cash Settlement	 
	Payment Date:	The
date one Settlement Cycle following the last day of the Settlement Valuation Period.
	 	 
	Net Share Settlement	 
	Procedures:	If Net Share Settlement is applicable, Net Share Settlement shall be made in accordance with paragraphs
2 through 7 below.

 

    

     

    

 

2.             Net
Share Settlement shall be made by delivery on the Cash Settlement Payment Date of a number of Shares satisfying the conditions set forth
in paragraph 3 below (the “Registered Settlement Shares”), or a number of Shares not satisfying such conditions (the
 “Unregistered Settlement Shares”), in either case with a value equal to the absolute value of the Forward Cash Settlement
Amount, with such Shares’ value determined by the Calculation Agent in a commercially reasonable manner (which value shall, in the
case of Unregistered Settlement Shares, take into account a customary, commercially reasonable illiquidity discount resulting from the
fact that the Unregistered Settlement Shares will not be registered for resale).

 

3.             Counterparty
may only deliver Registered Settlement Shares pursuant to paragraph 2 above if:

 

(a)            a
registration statement covering public resale of the Registered Settlement Shares by Dealer (the “Registration Statement”)
shall have been filed with the Securities and Exchange Commission under the Securities Act and been declared or otherwise become effective
on or prior to the date of delivery, and no stop order shall be in effect with respect to the Registration Statement; a printed prospectus
relating to the Registered Settlement Shares (including any prospectus supplement thereto, the “Prospectus”) shall
have been delivered to Dealer, in such quantities as Dealer shall reasonably have requested, on or prior to the date of delivery;

 

(b)           the
form and content of the Registration Statement and the Prospectus (including, without limitation, any sections describing the plan of
distribution) shall be reasonably satisfactory to Dealer;

 

(c)            as
of or prior to the date of delivery, Dealer and its agents shall have been afforded a reasonable opportunity to conduct a due diligence
investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities by issuers of comparable
size to Counterparty and in the same industry as Counterparty and the results of such investigation are satisfactory to Dealer, in its
good faith discretion, subject to customary confidentiality undertakings on the part of such party; and

 

(d)           as
of the date of delivery, an agreement (the “Underwriting Agreement”) shall have been entered into with Dealer in connection
with the public resale of the Registered Settlement Shares by Dealer substantially similar to underwriting agreements customary for underwritten
offerings of equity securities by issuers of comparable size to Counterparty and in the same industry as Counterparty, in form and substance
reasonably satisfactory to Dealer, which Underwriting Agreement shall include, without limitation, provisions substantially similar to
those contained in such underwriting agreements relating, without limitation, to the indemnification of, and contribution in connection
with the liability of, Dealer and its affiliates and the provision of customary opinions, accountants’ comfort letters and lawyers’
negative assurance letters.

 

4.             If
Counterparty delivers Unregistered Settlement Shares pursuant to paragraph 2 above:

 

(a)           all
Unregistered Settlement Shares shall be delivered to Dealer (or any affiliate of Dealer designated by Dealer) pursuant to the exemption
from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof;

 

(b)           as
of or prior to the date of delivery, Dealer and any potential purchaser of any such Shares from Dealer (or any affiliate of Dealer designated
by Dealer) identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due diligence investigation with
respect to Counterparty customary in scope for private placements of equity securities by issuers of comparable size to Counterparty and
in the same industry as Counterparty (including, without limitation, the right to have made available to them for inspection all financial
and other records, pertinent corporate documents and other information reasonably requested by them), subject to customary confidentiality
undertakings on the part of such party;

 

    2

     

    

 

(c)            as
of the date of delivery, Counterparty shall enter into an agreement (a “Private Placement Agreement”) with Dealer (or
any affiliate of Dealer designated by Dealer) in connection with the private placement of such shares by Counterparty to Dealer (or any
such affiliate) and the private resale of such Shares by Dealer (or any such affiliate), substantially similar to private placement purchase
agreements customary for private placements of equity securities by issuers of comparable size to Counterparty and in the same industry
as Counterparty, in form and substance commercially reasonably satisfactory to Dealer based on the advice of counsel, which Private Placement
Agreement shall include, without limitation, provisions substantially similar to those contained in such private placement purchase agreements
relating, without limitation, to the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates
and the provision of customary opinions, accountants’ comfort letters and lawyers’ negative assurance letters, and shall provide
for the payment by Counterparty of all commercially reasonable out of pocket fees and expenses in connection with such resale, including
all commercially reasonable fees and expenses of outside counsel for Dealer, and shall contain customary representations, warranties,
covenants and agreements of Counterparty reasonably necessary or advisable to establish and maintain the availability of an exemption
from the registration requirements of the Securities Act for such resales; and

 

(d)           in
connection with the private placement of such shares by Counterparty to Dealer (or any such affiliate) and the private resale of such
shares by Dealer (or any such affiliate), Counterparty shall, if so requested by Dealer, prepare, in cooperation with Dealer, a private
placement memorandum in form and substance reasonably satisfactory to Dealer

 

5.             Dealer,
itself or through an affiliate (the “Selling Agent”) or any underwriter(s), will sell, in a commercially reasonable
manner, all, or such lesser portion as may be required hereunder, of the Registered Settlement Shares or Unregistered Settlement Shares
and any Makewhole Shares (as defined below) (together, the “Settlement Shares”) delivered by Counterparty to Dealer
pursuant to paragraph 6 below commencing on the Cash Settlement Payment Date and continuing until the date on which the aggregate Net
Proceeds (as such term is defined below) of such sales, as determined by Dealer in a commercially reasonable manner, is equal to the absolute
value of the Forward Cash Settlement Amount (such date, the “Final Resale Date”). If the proceeds of any sale(s) made
by Dealer, the Selling Agent or any underwriter(s), net of any commercially reasonable fees and commissions (including, without limitation,
underwriting or placement fees) customary for similar transactions under the circumstances at the time of the offering, together with
commercially reasonable carrying charges and expenses incurred in connection with the offer and sale of the Shares (including, but without
limitation to, the covering of any over-allotment or short position (syndicate or otherwise)) (the “Net Proceeds”)
exceed the absolute value of the Forward Cash Settlement Amount, Dealer will refund, in USD, such excess to Counterparty on the date that
is three (3) Currency Business Days following the Final Resale Date, and, if any portion of the Settlement Shares remains unsold,
Dealer shall return to Counterparty on that date such unsold Shares.

 

6.             If
the Calculation Agent determines that the Net Proceeds received from the sale of the Registered Settlement Shares or Unregistered Settlement
Shares or any Makewhole Shares, if any, pursuant to this paragraph 6 are less than the absolute value of the Forward Cash Settlement Amount
(the amount in USD by which the Net Proceeds are less than the absolute value of the Forward Cash Settlement Amount being the “Shortfall”
and the date on which such determination is made, the “Deficiency Determination Date”), Counterparty shall on the Calculation
Date next succeeding the Deficiency Determination Date (the “Makewhole Notice Date”) deliver to Dealer, through the
Selling Agent, a notice of Counterparty’s election that Counterparty shall either (i) pay an amount in cash equal to the Shortfall
on the day that is two (2) Currency Business Days after the Makewhole Notice Date, or (ii) deliver additional Shares. If Counterparty
elects to deliver to Dealer additional Shares, then Counterparty shall deliver additional Shares in compliance with the terms and conditions
of paragraph 3 or paragraph 4 above, as the case may be (the “Makewhole Shares”), on the second Clearance System Business
Day which is also a Calculation Date following the Makewhole Notice Date in such number as the Calculation Agent reasonably believes would
have a market value on that Calculation Date equal to the Shortfall. Such Makewhole Shares shall be sold by Dealer in accordance with
the provisions above; provided that if the sum of the Net Proceeds from the sale of the originally delivered Shares and the Net Proceeds
from the sale of any Makewhole Shares is less than the absolute value of the Forward Cash Settlement Amount then Counterparty shall, at
its election, either make such cash payment or deliver to Dealer further Makewhole Shares until such Shortfall has been reduced to zero.

 

    3

     

    

 

7.             Notwithstanding
the foregoing, in no event shall the aggregate number of Settlement Shares and Makewhole Shares be greater than the Reserved Shares (the
 “Capped Number”). Counterparty represents and warrants (which shall be deemed to be repeated on each day that a Transaction
is outstanding) that the Capped Number is equal to or less than the number of Shares determined according to the following formula:

 

A - B

 

WhereA = the number of authorized
but unissued shares of the Counterparty that are not reserved for future issuance on the date of the determination of the Capped Number;
and

 

B = the maximum number
of Shares required to be delivered to third parties if Counterparty elected Net Share Settlement of all transactions in the Shares (other
than Transactions in the Shares under this Confirmation) with all third parties that are then currently outstanding and unexercised.

 

“Reserved
Shares” means [___] Shares.

 

    4

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