Document:

Exhibit 4.1

 

 

 

 

 

 

 

 

Rights
Agreement

 

Dated
as of October 15, 2018

 

By and
Between

 

Hudson
Global, Inc.

 

and

 

Computershare
Trust Company, N.A.,

as Rights
Agent

 

     

     

    

 

Table of Contents

 

Page 

 

	1.	Certain Definitions	1
	2.	Appointment of Rights Agent	7
	3.	Issue of Right Certificates	7
	4.	Form of Right Certificates	9
	5.	Countersignature and Registration	10
	6.	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	10
	7.	Exercise of Rights; Purchase Price; Expiration Date of Rights	11
	8.	Cancellation and Destruction of Right Certificates	13
	9.	Company Covenants Concerning Securities and Rights	13
	10.	Record Date	15
	11.	Adjustment of Purchase Price, Number and Kind of Securities or Number of Rights	15
	12.	Certificate of Adjusted Purchase Price or Number of Securities	22
	13.	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	22
	14.	Fractional Rights and Fractional Securities	24
	15.	Rights of Action	26
	16.	Agreement of Rights Holders	27
	17.	Right Certificate Holder Not Deemed a Stockholder	27
	18.	Concerning the Rights Agent	28
	19.	Merger or Consolidation or Change of Name of Rights Agent	28
	20.	Duties of Rights Agent	29
	21.	Change of Rights Agent	31
	22.	Issuance of New Right Certificates	32
	23.	Redemption	32

  

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Table of Contents

(continued)

 

Page 

 

	24.	Exchange	33
	25.	Notice of Certain Events	34
	26.	Notices	35
	27.	Supplements and Amendments	36
	28.	Successors; Certain Covenants	36
	29.	Benefits of This Agreement	36
	30.	Governing Law	37
	31.	Severability	37
	32.	Descriptive Headings, Etc	37
	33.	Determinations and Actions by the Board	37
	34.	Process to Seek Exemption	38
	35.	Suspension of Exercisability or Exchangeability	39
	36.	Effective Time	39
	37.	Counterparts	40
	38.	Force Majeure	40
	Exhibits	 
	Certificate of Designation of Series B Junior Participating Preferred Stock	A-1
	Form of Right Certificate	B-1
	Summary of Rights to Purchase Preferred Stock	C-1

 

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RIGHTS AGREEMENT

This Rights Agreement, dated as of October
15, 2018 (this “Agreement”), is made and entered into by and between Hudson Global, Inc., a Delaware
corporation (the “Company”), and Computershare Trust Company, N.A., as Rights Agent (the “Rights
Agent”).

RECITALS:

WHEREAS, (i) the Company has generated
Tax Benefits (as hereinafter defined) for United States federal income tax purposes; (ii) the Company desires to avoid an “ownership
change” within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”),
and related Treasury Regulations (as hereinafter defined) in order to preserve the ability to fully utilize such Tax Benefits;
and (iii) in furtherance of such objective, the Company desires to enter into this Agreement; and

WHEREAS, on October 15, 2018, the Board
of Directors of the Company (the “Board”) authorized and declared a dividend distribution of one right
(a “Right”) in respect of each of the Company’s Common Shares (as hereinafter defined) outstanding
as of the Close of Business (as hereinafter defined) on October 25, 2018 (the “Record Date”), each Right
initially representing the right to purchase one one-hundredth of a Preferred Share (as hereinafter defined), on the terms and
subject to the conditions herein set forth, and further authorized and directed the issuance of one Right (subject to adjustment
as provided herein) with respect to each Common Share issued or delivered by the Company (whether originally issued or delivered
from the Company’s treasury) after the Record Date but prior to the earlier of the Distribution Date (as hereinafter defined)
and the Expiration Date (as hereinafter defined) or as provided in Section 22.

NOW, THEREFORE, in consideration of
the mutual agreements herein set forth, the parties hereto hereby agree as follows:

1.
Certain Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

(a)
“Acquiring Person” means any Person (other than the Company, any Related Person or any Exempt
Person) who or which, together with all Affiliates and Associates of such Person, is or becomes the Beneficial Owner of 4.99% or
more of the then-outstanding Common Shares; provided, however, that (i) any Person who would otherwise constitute
an Acquiring Person as of 4:00 p.m., New York City time, on the date of this Agreement (the “Effective Time”),
will not be deemed to be an Acquiring Person for any purpose of this Agreement unless and until such time as (A) such Person or
any Affiliate or Associate of such Person thereafter becomes the Beneficial Owner of any additional Common Shares, other than (1)
pursuant to any agreement or regular-way purchase order for Common Shares that is in effect on or prior to the Effective Time and
consummated in accordance with its terms after the Effective Time or (2) as a result of a stock dividend, rights dividend, stock
split or similar transaction effected by the Company in which all holders of Common Shares are treated equally, or (B) any other
Person who is the Beneficial Owner of Common Shares becomes an Affiliate or Associate of such Person, provided that the
exclusion in this clause (i) shall cease to apply with respect to any Person at such time as such Person, together with all Affiliates
and Associates of such Person, ceases to Beneficially Own 4.99% or more of the then-outstanding Common Shares, (ii) a Person will
not be deemed to have become an Acquiring Person solely as a result of a reduction in the number of Common Shares outstanding unless
and until such time as (A) such Person or any Affiliate or Associate of such Person thereafter becomes the Beneficial Owner of
any additional Common Shares, other than as a result of a stock dividend, rights dividend, stock split or similar transaction effected
by the Company in which all holders of Common Shares are treated equally, or (B) any other Person who is the Beneficial Owner of
Common Shares thereafter becomes an Affiliate or Associate of such Person, and in either such case, such Person, together with
all Affiliates and Associates of such Person, shall thereafter be the Beneficial Owner of 4.99% or more of the outstanding Common
Shares and (iii) a Person will not be deemed to have become an Acquiring Person solely as a result of an Exempt Transaction unless
and until such time as (A) such Person or any Affiliate or Associate of such Person thereafter becomes the Beneficial Owner of
any additional Common Shares, other than as a result of a stock dividend, rights dividend, stock split or similar transaction effected
by the Company in which all holders of Common Shares are treated equally, or (B) any other Person who is the Beneficial Owner of
Common Shares thereafter becomes an Affiliate or Associate of such Person, and in either such case, such Person, together with
all Affiliates and Associates of such Person, shall thereafter be the Beneficial Owner of 4.99% or more of the outstanding Common
Shares. Notwithstanding the foregoing, if (1) the Board determines in good faith that a Person who would otherwise be an “Acquiring
Person” as defined pursuant to the foregoing provisions of this Section 1(a), has become such inadvertently and (2) such
Person has divested, divests as promptly as practicable or agrees in writing with the Company to divest, a sufficient number of
Common Shares so that such Person is not or would no longer be an “Acquiring Person” as defined pursuant to the foregoing
provisions of this Section 1(a), then such Person shall not be deemed to be an “Acquiring Person” for any purposes
of this Agreement.

    	 

     

    

(b)
“Affiliate” and “Associate” mean, with respect to any Person, any other
Person (other than a Related Person or an Exempt Person) whose Common Shares would be deemed constructively owned by such first
Person, owned by a single “entity” as defined in Section 1.382-3(a)(1) of the Treasury Regulations, or otherwise aggregated
with Common Shares owned by such first Person pursuant to the provisions of the Code or the Treasury Regulations, provided,
however, that a Person will not be deemed to be the Affiliate or Associate of another Person solely because either or both
Persons are or were directors of the Company.

(c)
“Agreement” has the meaning set forth in the Preamble to this Agreement.

(d)
A Person will be deemed the “Beneficial Owner” of, and to “Beneficially Own,”
any securities:

(i)
which such Person actually owns, directly or indirectly, or would be deemed to actually or constructively own pursuant to
Section 382 of the Code and the Treasury Regulations promulgated thereunder (including any coordinated acquisition of securities
by any Persons who have a formal or an informal understanding with respect to such acquisition (to the extent that ownership of
such securities would be attributed to such Persons under Section 382 of the Code and the Treasury Regulations promulgated thereunder));

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(ii)
which such Person or any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly, within
the meaning of Rules 13d-3 or 13d-5 promulgated under the Exchange Act, as in effect on the date of this Agreement;

(iii)
which such Person or any of such Person’s Affiliates or Associates has (A) the right or ability to vote, cause to
be voted or control or direct the voting of pursuant to any agreement, arrangement or understanding, whether or not in writing;
provided, however, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, any security if the agreement,
arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person in
response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations
promulgated under the Exchange Act and (2) is not also then reportable on a statement on Schedule 13D under the Exchange Act (or
any comparable or successor report) or (B) the right or the obligation to become the Beneficial Owner (whether such right is exercisable
or such obligation is required to be performed immediately or only after the passage of time, the occurrence of conditions or the
satisfaction of regulatory requirements) pursuant to any agreement, arrangement or understanding, whether or not in writing (other
than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of
securities), written or otherwise, or upon the exercise of conversion rights, exchange rights, rights (other than the Rights),
warrants or options, or otherwise, through conversion of a security, pursuant to the power to revoke a trust, discretionary account
or similar arrangement, pursuant to the power to terminate a repurchase or similar so-called “stock-borrowing” agreement
or arrangement, or pursuant to the automatic termination of a trust, discretionary account or similar arrangement; provided, however,
that a Person shall not be deemed to be the Beneficial Owner of, or to Beneficially Own, securities tendered pursuant to a tender
or an exchange offer made pursuant to, and in accordance with, the applicable rules and regulations promulgated under the Exchange
Act until such tendered securities are accepted for purchase or exchange;

(iv)
which are Beneficially Owned (within the meaning of the preceding subsections of this Section 1(d)), directly or indirectly,
by any other Person with which such Person or any of such Person’s Affiliates or Associates has any agreement, arrangement
or understanding, whether or not in writing, for the purpose of acquiring, holding, voting or disposing of any securities of the
Company; or

(v)
which are the subject of, or the reference securities for, or that underlie, any Derivative Position of such Person or any
of such Person’s Affiliates or Associates, with the number of Common Shares deemed Beneficially Owned in respect of a Derivative
Position being the notional or other number of Common Shares in respect of such Derivative Position that is specified in (A) one
or more filings with the SEC by such Person or any of such Person’s Affiliates or Associates or (B) the documentation evidencing
such Derivative Position as the basis upon which the value or settlement amount of such Derivative Position, or the opportunity
of the holder of such Derivative Position to profit or share in any profit, is to be calculated in whole or in part (whichever
of (A) or (B) is greater), or if no such number of Common Shares is specified in such filings or documentation (or such documentation
is not available to the Board), as determined by the Board in its reasonable discretion.

(e)
“Board” has the meaning set forth in the Recitals to this Agreement.

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(f)
“Business Day” means any day other than a Saturday, Sunday or a day on which banking institutions
in the State of New York or New Jersey are authorized or obligated by law or executive order to close.

(g)
“Close of Business” on any given date means 5:00 p.m., New York City time, on such date; provided,
however, that if such date is not a Business Day, it means 5:00 p.m., New York City time, on the next succeeding Business
Day.

(h)
“Code” has the meaning set forth in the Recitals to this Agreement.

(i)
“Common Shares”, when used with reference to the Company, means the shares of common stock, par
value $0.001 per share, of the Company; provided, however, that if the Company is the continuing or surviving corporation
in a transaction described in Section 13(a)(ii), “Common Shares”, when used with reference to the Company, means shares
of the capital stock or units of the equity interests with the greatest aggregate voting power of the Company. “Common Shares”,
when used with reference to any corporation or other legal entity other than the Company, including an Issuer, means shares of
the capital stock or units of the equity interests with the greatest aggregate voting power of such corporation or other legal
entity.

(j)
“Company” has the meaning set forth in the Preamble to this Agreement.

(k)
“current market price” has the meaning set forth in Section 11(d)(i).

(l)
“Derivative Position” means any option, warrant, convertible security, stock appreciation right,
or other security, contract right or derivative position or similar right (including any “swap” transaction with respect
to any security, other than a broad based market basket or index), whether or not presently exercisable, that has an exercise or
a conversion privilege or a settlement payment or mechanism at a price related to the value of the Common Shares or a value determined
in whole or in part with reference to, or derived in whole or in part from, the value of the Common Shares and that increases in
value as the market price or value of the Common Shares increases or that provides an opportunity, directly or indirectly, to profit
or share in any profit derived from any increase in the value of the Common Shares, in each case regardless of whether (i) it conveys
any voting rights in such Common Shares to any Person, (ii) it is required to be, or capable of being, settled through delivery
of Common Shares or (iii) any Person (including the holder of such Derivative Position) may have entered into other transactions
that hedge its economic effect.

(m)
“Distribution Date” means the earlier of: (i) the Close of Business on the tenth calendar day
following the Share Acquisition Date (or, if the tenth calendar day following the Share Acquisition Date occurs before the Record
Date, the Close of Business on the Record Date), or (ii) the Close of Business on the tenth Business Day (or, unless the Distribution
Date shall have previously occurred, such later date as may be specified by the Board) after the commencement of a tender or an
exchange offer by any Person (other than the Company, any Related Person or any Exempt Person), if upon the consummation thereof
such Person would be the Beneficial Owner of 4.99% or more of the then-outstanding Common Shares.

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(n)
“equivalent common shares” has the meaning set forth in Section 11(a)(iii).

(o)
“equivalent preferred shares” has the meaning set forth in Section 11(a)(iii).

(p)
“Effective Time” has the meaning set forth in Section 1(a).

(q)
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

(r)
“Exchange Ratio” has the meaning set forth in Section 24(a).

(s)
“Exemption Request” has the meaning set forth in Section 34(a).

(t)
“Exempt Person” means a Person whose Beneficial Ownership (together with all Affiliates and Associates
of such Person) of 4.99% or more of the then-outstanding Common Shares will not, as determined by the Board in its sole discretion,
jeopardize or endanger the availability to the Company of any income tax benefit, provided, however, that such a
Person will cease to be an Exempt Person if the Board makes a contrary determination in its sole discretion with respect to the
effect of such Person’s Beneficial Ownership (together with all Affiliates and Associates of such Person), regardless of
the reason for such contrary determination.

(u)
“Exempt Transaction” means any transaction that the Board determines, in its sole discretion,
is exempt for purposes of this Agreement.

(v)
“Exercise Value” has the meaning set forth in Section 11(a)(iii).

(w)
“Expiration Date” means the earliest of (i) the Close of Business on October 15,
2021, which is the third anniversary of the date on which the Board authorized and declared a dividend distribution of the Rights,
or such earlier date as of which the Board determines that this Agreement is no longer necessary for the preservation of Tax Benefits,
(ii) the time at which the Rights are redeemed as provided in Section 23, (iii) the time at which all exercisable Rights are exchanged
as provided in Section 24, (iv) the Close of Business on the effective date of the repeal of Section 382 of the Code or any successor
or replacement provision if the Board determines that this Agreement is no longer necessary for the preservation of Tax Benefits,
(v) the Close of Business on the first day of a taxable year of the Company to which the Board determines that no Tax Benefits
may be carried forward, and (vi) the Close of Business on the first Business Day following the certification of the voting results
of the Company’s 2019 annual meeting of stockholders, if Stockholder Approval has not been obtained prior to such date.

(x)
“Flip-in Event” means the event described in Section 11(a)(ii).

(y)
“Flip-over Event” means any event described in clauses (i), (ii) or (iii) of Section 13(a).

(z)
“Issuer” has the meaning set forth in Section 13(b).

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(aa)
“Person” means any individual, firm, corporation, partnership, limited liability company, limited
partnership, trust or other entity, including any group thereof making a “coordinated acquisition” of shares or otherwise
treated as an “entity” within the meaning of Section 1.382-3(a)(1) of the Treasury Regulations, and includes any successor
(by merger or otherwise) of such entity, but will not include a Public Group (as such term is defined in Section 1.382.2T(f)(13)
of the Treasury Regulations).

(bb)
“Preferred Shares” means shares of Series B Junior Participating Preferred Stock, par value $0.001
per share, of the Company having substantially the rights and preferences set forth in the form of Certificate of Designation of
Series B Junior Participating Preferred Stock attached as Exhibit A.

(cc)
“Purchase Price” means initially $3.50 per one one-hundredth of a Preferred Share, subject to
adjustment from time to time as provided in this Agreement.

(dd)
“Record Date” has the meaning set forth in the Recitals to this Agreement.

(ee)
“Redemption Price” means $0.001 per Right, subject to adjustment by resolution of the Board to
reflect any stock split, stock dividend or similar transaction occurring after the Record Date.

(ff)
“Related Person” means (i) any Subsidiary of the Company or (ii) any employee benefit or stock
ownership plan of the Company or of any Subsidiary of the Company or any entity holding Common Shares for or pursuant to the terms
of any such plan.

(gg)
“Requesting Person” has the meaning set forth in Section 34(a).

(hh)
“Right” has the meaning set forth in the Recitals to this Agreement.

(ii)
“Right Certificates” means certificates evidencing the Rights, in substantially the form attached
as Exhibit B.

(jj)
“Rights Agent” means Computershare Trust Company, N.A., unless and until a successor Rights Agent
has become such pursuant to the terms of this Agreement, and thereafter, “Rights Agent” means such successor Rights
Agent.

(kk)
“Securities Act” means the Securities Act of 1933, as amended.

(ll)
“SEC” means the U.S. Securities and Exchange Commission.

(mm)
“Share Acquisition Date” means the first date of public announcement by the Company or an Acquiring
Person (by press release, filing made with the SEC or otherwise) that an Acquiring Person has become such or that discloses information
that reveals the existence of an Acquiring Person.

(nn)
“Stockholder Approval” means the approval of this Agreement by the affirmative vote of the holders
of a majority of the voting power of the outstanding Common Shares of the Company entitled to vote (excluding the vote of any Acquiring
Person) that are present in person or represented by proxy and actually voted on the proposal to approve this Agreement, at a duly
called meeting of stockholders of the Company (or any adjournment or postponement thereof) at which a quorum is present.

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(oo)
“Subsidiary”, when used with reference to any Person, means any corporation or other legal entity
of which a majority of the voting power of the voting equity securities or equity interests is owned, directly or indirectly, by
such Person; provided, however, that for purposes of Section 13(b), “Subsidiary”, when used with reference
to any Person, means any corporation or other legal entity of which at least 20% of the voting power of the voting equity securities
or equity interests is owned, directly or indirectly, by such Person.

(pp)
“Summary of Rights” has the meaning set forth in Section 3(a).

(qq)
“Tax Benefits” means the net operating loss carryovers, capital loss carryovers, general business
credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any “net unrealized
built-in loss” within the meaning of Section 382 of the Code or any successor or replacement provision, of the Company or
any direct or indirect subsidiary thereof.

(rr)
“Trading Day” means any day on which the principal national securities exchange or quotation system
on which the Common Shares are listed or admitted to trading is open for the transaction of business or, if the Common Shares are
not listed or admitted to trading on any national securities exchange or quotation system, a Business Day.

(ss)
“Treasury Regulations” means final, temporary and proposed income tax regulations promulgated
under the Code, including any amendments thereto.

(tt)
“Triggering Event” means any Flip-in Event or Flip-over Event.

(uu)
“Trust” has the meaning set forth in Section 24(a).

(vv)
“Trust Agreement” has the meaning set forth in Section 24(a).

2.
Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as rights agent for the Company
in accordance with the express terms and conditions of this Agreement (and no implied terms and conditions), and the Rights Agent
hereby accepts such appointment. The Company may from time to time appoint co-rights agents as it may deem necessary or desirable,
upon 10 days’ prior written notice to the Rights Agent, setting forth the respective duties of the Rights Agent and any co-rights
agent. In the event that the Company appoints one or more co-rights agents, the respective duties of the Rights Agent and any co-rights
agent(s) shall be as the Company shall determine and the Company shall provide written notice thereof to the Rights Agent. The
Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such co-rights
agent.

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3.
Issue of Right Certificates. (a) Until the Distribution Date, (i) the Rights will be evidenced by the certificates
representing Common Shares registered in the names of the record holders thereof or, in the case of uncertificated Common Shares
registered in book entry form, by notation in accounts reflecting the ownership of such Common Shares (which certificates and uncertificated
Common Shares, as applicable, will also be deemed to be Right Certificates), (ii) the Rights will be transferable only in connection
with the transfer of the underlying Common Shares, and (iii) the transfer of any Common Shares in respect of which Rights have
been issued will also constitute the transfer of the Rights associated with such Common Shares. On the Record Date, or as soon
as practicable thereafter, the Company will send a copy of the Summary of Rights to Purchase Preferred Stock in substantially the
form attached as Exhibit C (the “Summary of Rights”), by first-class mail, postage-prepaid, to
each record holder of Common Shares as of the Close of Business on the Record Date (other than any Acquiring Person or any Associate
or Affiliate of any Acquiring Person), at the address of such holder shown on the records of the Company. With respect to certificates
for Common Shares outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates
registered in the names of the holders thereof, together with the Summary of Rights.

(b)
Rights will be issued by the Company in respect of all Common Shares (other than Common Shares issued upon the exercise
or exchange of any Right) issued or delivered by the Company (whether originally issued or delivered from the Company’s treasury)
after the Record Date but prior to the earlier of the Distribution Date and the Expiration Date. Certificates evidencing such Common
Shares will have stamped on, impressed on, printed on, written on, or otherwise affixed to them the following legend, or such similar
legend in substantially the form as follows, as the Company may deem appropriate and as is not inconsistent with the provisions
of this Agreement, or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any stock exchange or quotation system on which the Common Shares may from time to time be listed
or quoted, or to conform to usage:

This Certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Rights
Agreement between Hudson Global, Inc. and Computershare Trust Company, N.A. (or any successor Rights Agent), as Rights Agent, dated
as of October 15, 2018 (as it may be amended or supplemented from time to time, the “Rights Agreement”),
the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices
of Hudson Global, Inc. The Rights are not exercisable prior to the occurrence of certain events as specified in the Rights Agreement.
Under certain circumstances, as set forth in the Rights Agreement, such Rights may be redeemed, may be exchanged, may expire, may
be amended, or may be evidenced by separate certificates and no longer be evidenced by this Certificate. Hudson Global, Inc. will
mail to the holder of this Certificate a copy of the Rights Agreement, as in effect on the date of mailing, without charge, promptly
after its receipt of a written request therefor. Under certain circumstances as set forth in the Rights Agreement, Rights that
are or were Beneficially Owned by an Acquiring Person or any Affiliate or Associate of an Acquiring Person (as such terms are defined
in the Rights Agreement) may become null and void.

With respect to any uncertificated Common Shares, a legend
in substantially similar form will be included in a notice to the record holder of such shares in accordance with applicable law.
Notwithstanding the provisions of this Section, neither the omission of a legend nor the failure to deliver the notice of such
legend required hereby shall affect the enforceability of any part of this Agreement or the rights of any holder of Rights.

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(c)
Any Right Certificate issued pursuant to this Section 3 that represents Rights Beneficially Owned by an Acquiring Person
or any Associate or Affiliate thereof and any Right Certificate issued at any time upon the transfer of any Rights to an Acquiring
Person or any Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate and any Right Certificate
issued pursuant to Section 6 or 11 hereof upon the transfer, exchange, replacement or adjustment of any other Right Certificate
referred to in this sentence, shall be subject to and contain the following legend, or such similar legend in substantially the
form as follows, as the Company may deem appropriate and as is not inconsistent with the provisions of this Agreement, or as may
be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any stock exchange on which the Rights may from time to time be listed, or to conform to usage:

The Rights represented by this Right Certificate are or
were Beneficially Owned by a Person who was an Acquiring Person or an Affiliate or an Associate of an Acquiring Person (as such
terms are defined in the Rights Agreement). This Right Certificate and the Rights represented hereby may become null and void in
the circumstances specified in Section 11(a)(ii) or Section 13 of the Rights Agreement.

(d)
As promptly as practicable after the Company has notified the Rights Agent of the occurrence of the Distribution Date as
set forth herein, the Company will prepare and execute, the Rights Agent will countersign and the Company will send or cause to
be sent (or, the Rights Agent will, if requested in writing to do so by the Company and provided with all necessary and relevant
information and documentation, in form and substance reasonably satisfactory to the Rights Agent, send), by first-class, insured,
postage prepaid mail, to each record holder of Common Shares as of the Close of Business on the Distribution Date, at the address
of such holder shown on the records of the Company or the transfer agent or registrar for such Common Shares, a Right Certificate
evidencing one Right for each Common Share so held, subject to adjustment as provided herein. As of, and after, the Distribution
Date, the Rights will be evidenced solely by such Right Certificates. The Company shall promptly notify the Rights Agent in writing
upon the occurrence of the Distribution Date and, if such notification is given orally, the Company shall confirm the same in writing
within two Business Days.

(e)
In the event that the Company purchases or otherwise acquires any Common Shares after the Record Date but prior to the Distribution
Date, any Rights associated with such Common Shares will be deemed canceled and retired so that the Company will not be entitled
to exercise any Rights associated with the Common Shares so purchased or acquired.

4.
Form of Right Certificates. The Right Certificates (and the form of election to purchase and the form of assignment
to be printed on the reverse thereof) will be substantially in the form attached as Exhibit B with such changes and marks
of identification or designation, and such legends, summaries or endorsements printed thereon, as the Company may deem appropriate
(but which will not affect the rights, duties, liabilities, protections or responsibilities of the Rights Agent hereunder) and
as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with
any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange or quotation system on which
the Rights may from time to time be listed or quoted, or to conform to usage. Subject to the provisions of Section 22, the Right
Certificates, whenever issued, on their face will entitle the holders thereof to purchase such number of one one-hundredths of
a Preferred Share as is set forth therein at the Purchase Price set forth therein, but the Purchase Price, the number and kind
of securities issuable upon the exercise of each Right and the number of Rights outstanding will be subject to adjustment as provided
herein.

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5.
Countersignature and Registration. (a) The Right Certificates will be executed on behalf of the Company by its Chief
Executive Officer, its President or any Vice President, either manually or by facsimile signature, and will have affixed thereto
the Company’s seal or a facsimile thereof, which will be attested to by the Secretary or an Assistant Secretary of the Company,
either manually or by facsimile signature. The Right Certificates will be countersigned by an authorized signatory of the Rights
Agent, either manually or by facsimile signature, and will not be valid for any purpose unless so countersigned. In case any officer
of the Company who signed any of the Right Certificates ceases to be such an officer of the Company before countersignature by
the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned by the Rights
Agent, and issued and delivered by the Company with the same force and effect as though the person who signed such Right Certificates
had not ceased to be such an officer of the Company; and any Right Certificate may be signed on behalf of the Company by any person
who, at the actual date of the execution of such Right Certificate, is a proper officer of the Company to sign such Right Certificate,
although at the date of the execution of this Agreement any such person was not such an officer. In case any authorized signatory
of the Rights Agent who has countersigned any Right Certificate ceases to be an authorized signatory of the Rights Agent before
issuance and delivery by the Company, such Right Certificate, nevertheless, may be issued and delivered by the Company with the
same force and effect as though the person who countersigned such Right Certificate had not ceased to be an authorized signatory
of the Rights Agent; and any Right Certificate may be countersigned on behalf of the Rights Agent by any person who, at the actual
date of the countersignature of such Right Certificate, is properly authorized to countersign such Right Certificate, although
at the date of the execution of this Rights Agreement any such person was not so authorized.

(b)
Following the Distribution Date, upon receipt by the Rights Agent of notice to that effect and all other relevant information
and documentation as referred to in Section 3(d), the Rights Agent will keep or cause to be kept, at the office of the Rights Agent
designated for such purpose and at such other offices as may be required to comply with any applicable law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock exchange or any quotation system on which the Rights
may from time to time be listed or quoted, books for registration and transfer of the Right Certificates issued hereunder. Such
books will show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced on
its face by each of the Right Certificates and the date of each of the Right Certificates.

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6.
Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.
(a) Subject to the provisions of Sections 7(d) and 14, at any time after the Close of Business on the Distribution Date and prior
to the Expiration Date, any Right Certificate or Right Certificates representing exercisable Rights may be transferred, split up,
combined or exchanged for another Right Certificate or Right Certificates, entitling the registered holder to purchase a like number
of one one-hundredths of a Preferred Share (or other securities, as the case may be) as the Right Certificate or Right Certificates
surrendered then entitled such holder (or former holder in the case of a transfer) to purchase. Any registered holder desiring
to transfer, split up, combine or exchange any such Right Certificate or Right Certificates must make such request in a writing
delivered to the Rights Agent and must surrender the Right Certificate or Right Certificates to be transferred, split up, combined
or exchanged at the office or offices of the Rights Agent designated for such purpose, along with a signature guarantee (if required)
and such other and further documentation as the Company or the Rights Agent may reasonably request. Neither the Rights Agent nor
the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Right Certificate
until the registered holder has properly completed and duly signed the certificate contained in the form of assignment on the reverse
side of such Right Certificate and has provided such additional evidence, as the Company or the Rights Agent may reasonably request,
of the identity of the Beneficial Owner (or former Beneficial Owner), any Affiliates or Associates of such Beneficial Owner, or
of any other Person with which such Beneficial Owner or any of such Beneficial Owner’s Affiliates or Associates has any agreement,
arrangement or understanding (whether or not in writing) for the purpose of acquiring, holding, voting or disposing of securities
of the Company. Thereupon or as promptly as practicable thereafter, subject to the provisions of Sections 7(d) and 14, the Company
will prepare, execute and deliver to the Rights Agent, and the Rights Agent will countersign and deliver to the Person entitled
thereto, a Right Certificate or Right Certificates, as the case may be, as so requested. Pursuant to this Agreement, the Company
or the Rights Agent may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with any transfer, split up, combination or exchange of Right Certificates. The Rights Agent will not have any duty or obligation
to take any action pursuant to any Section of this Agreement that requires the payment of such taxes and/or charges unless and
until it is satisfied that all such taxes and/or charges have been paid, and the Rights Agent shall promptly forward any such sum
collected by it to the Company or to such Persons as the Company may specify by written notice.

(b)
Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction
or mutilation of a Right Certificate and, in case of loss, theft or destruction, of indemnity or security satisfactory to them,
along with such other and further documentation as the Company or the Rights Agent may reasonably request, and, if requested by
the Company, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender
to the Rights Agent and cancellation of the Right Certificate if mutilated, the Company will prepare, execute and deliver a new
Right Certificate of like tenor to the Rights Agent and the Rights Agent will countersign and deliver such new Right Certificate
to the registered holder in lieu of the Right Certificate so lost, stolen, destroyed or mutilated.

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7.
Exercise of Rights; Purchase Price; Expiration Date of Rights. (a) The registered holder of any Right Certificate
may exercise the Rights evidenced thereby (except as otherwise provided herein), in whole or in part, at any time after the Distribution
Date and prior to the Expiration Date, upon the surrender of the Right Certificate, with the form of election to purchase and the
certificate on the reverse side thereof properly completed and duly executed (with such signature duly guaranteed, if required),
to the Rights Agent at the office or offices of the Rights Agent designated for such purpose, together with payment in cash, in
lawful money of the United States of America, by certified check or bank draft payable to the order of the Company, equal to the
sum of (i) the exercise price for the total number of securities as to which such surrendered Rights are exercised and (ii) an
amount equal to any applicable tax and/or charge required to be paid by the holder of such Right Certificate in accordance with
the provisions of Section 9(d). Except for those provisions herein that expressly survive the termination of this Agreement, this
Agreement shall terminate upon the earlier to occur of (x) the Expiration Date and (y) such time as all outstanding Rights have
been exercised, redeemed or exchanged pursuant to the terms of this Agreement.

(b)
Except as otherwise provided herein, upon receipt of a Right Certificate representing exercisable Rights, with the form
of election to purchase properly completed and duly executed, accompanied by payment as described above, the Rights Agent will
promptly (i) requisition from any transfer agent of the Preferred Shares (or make available, if the Rights Agent is the transfer
agent) certificates representing the number of one one-hundredths of a Preferred Share to be purchased or, in the case of uncertificated
shares or other securities, requisition from any transfer agent therefor a notice setting forth such number of shares or other
securities to be purchased for which registration will be made on the stock transfer books of the Company (and the Company hereby
irrevocably authorizes and directs its transfer agent to comply with all such requests), or, if the Company elects to deposit Preferred
Shares issuable upon the exercise of the Rights hereunder with a depositary agent, requisition from the depositary agent depositary
receipts representing such number of one one-hundredths of a Preferred Share as are to be purchased (and the Company hereby irrevocably
authorizes and directs such depositary agent to comply with all such requests), (ii) after receipt of such certificates (or notices
or depositary receipts, as the case may be), cause the same to be delivered to or upon the order of the registered holder of such
Right Certificate, registered in such name or names as may be designated by such holder, (iii) when necessary to comply with this
Agreement, requisition from the Company or any transfer agent therefor (or make available, if the Rights Agent is the transfer
agent) certificates representing the number of equivalent common shares (or, in the case of uncertificated shares, a notice of
the number of equivalent common shares for which registration will be made on the stock transfer books of the Company) to be issued
in lieu of the issuance of Common Shares in accordance with the provisions of Section 11(a)(iii), (iv) when necessary to comply
with this Agreement, after receipt of such certificates or notices, cause the same to be delivered to or upon the order of the
registered holder of such Right Certificate, registered in such name or names as may be designated by such holder, (v) when necessary
to comply with this Agreement, requisition from the Company the amount of cash to be paid in lieu of the issuance of fractional
shares in accordance with the provisions of Section 14 or in lieu of the issuance of Common Shares in accordance with the provisions
of Section 11(a)(iii), (vi) when necessary to comply with this Agreement, after receipt, deliver such cash to or upon the order
of the registered holder of such Right Certificate, and (vii) when necessary to comply with this Agreement, deliver any due bill
or other instrument provided to the Rights Agent by the Company for delivery to the registered holder of such Right Certificate
as provided in Section 11(l).

(c)
Except as otherwise provided herein, in case the registered holder of any Right Certificate properly exercises less than
all of the Rights evidenced thereby, the Company will prepare, execute and deliver a new Right Certificate evidencing the Rights
remaining unexercised and the Rights Agent will countersign and deliver such new Right Certificate to the registered holder of
such Right Certificate or to his, hers or its duly authorized assigns, subject to the provisions of Section 14.

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(d)
Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company will be obligated to
undertake any action with respect to any purported transfer, split up, combination or exchange of any Right Certificate pursuant
to Section 6 or exercise of a Right Certificate as set forth in this Section 7 unless the registered holder of such Right Certificate
has (i) properly completed and duly executed the certificate following the form of assignment or the form of election to purchase,
as applicable, set forth on the reverse side of the Right Certificate surrendered for such transfer, split up, combination, exchange
or exercise and (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or
Affiliates or Associates thereof as the Company or the Rights Agent may reasonably request.

8.
Cancellation and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise,
transfer, split up, combination or exchange will, if surrendered to the Company or to any of its stock transfer agents, be delivered
to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, will be canceled by it, and no
Right Certificates will be issued in lieu thereof except as expressly permitted by the provisions of this Agreement. The Company
will deliver to the Rights Agent for cancellation and retirement, and the Rights Agent will so cancel and retire, any other Right
Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent will deliver all canceled
Right Certificates to the Company, or will, at the written request of the Company, destroy such canceled Right Certificates, and
in such case will deliver a certificate of destruction thereof to the Company.

9.
Company Covenants Concerning Securities and Rights. The Company covenants and agrees that:

(a)
It will cause to be reserved and kept available out of its authorized and unissued Preferred Shares or any Preferred Shares
held in its treasury, a number of Preferred Shares that will be sufficient to permit the exercise pursuant to Section 7 of all
outstanding Rights.

(b)
So long as the Preferred Shares (and, following the occurrence of a Triggering Event, Common Shares and/or other securities)
issuable upon the exercise of the Rights may be listed on a national securities exchange or quoted on a quotation system, it will
endeavor to cause, from and after such time as the Rights become exercisable, all securities reserved for issuance upon the exercise
of Rights to be listed on such exchange or quoted on such system, upon official notice of issuance upon such exercise.

(c)
It will take all such action as may be necessary to ensure that all Preferred Shares (and, following the occurrence of a
Triggering Event, Common Shares and/or other securities) delivered (or evidenced by registration on the stock transfer books of
the Company) upon the exercise of Rights, at the time of delivery of the certificates for (or registration of) such securities,
will be (subject to payment of the Purchase Price) duly authorized, validly issued, fully paid and non-assessable securities.

    	13

     

    

(d)
It will pay when due and payable any and all transfer taxes and/or charges that may be payable in respect of the issuance
or delivery of the Right Certificates and of any certificates representing securities issued upon the exercise of Rights (or, if
such securities are uncertificated, the registration of such securities on the stock transfer books of the Company); provided,
however, that the Company will not be required to pay any transfer tax or charge which may be payable in respect of any
transfer or delivery of Right Certificates to a person other than, or the issuance or delivery of certificates or depositary receipts
representing (or the registration of) securities issued upon the exercise of Rights in a name other than that of, the registered
holder of the Right Certificate evidencing Rights surrendered for exercise, or to issue or deliver any certificates, depositary
receipts or notices representing securities issued upon the exercise of any Rights until any such tax or charge has been paid (any
such tax or charge being payable by the holder of such Right Certificate at the time of surrender) or until it has been established
to the Company’s and the Rights Agent’s reasonable satisfaction that no such tax or charge is due.

(e)
It will use its best efforts (i) to file on an appropriate form, as soon as practicable following the later of the Share
Acquisition Date and the Distribution Date, a registration statement under the Securities Act with respect to the securities issuable
upon exercise of the Rights, (ii) to cause such registration statement to become effective as soon as practicable after such filing,
and (iii) to cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of
the Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities and
(B) the Expiration Date. The Company will also take such action as may be appropriate under, or to ensure compliance with, the
applicable state securities or “blue sky” laws in connection with the exercisability of the Rights. The Company may
temporarily suspend, for a period of time after the date set forth in clause (i) of the first sentence of this Section 9(e), the
exercisability of the Rights in order to prepare and file such registration statement and to permit it to become effective. Upon
any such suspension, the Company will issue a public announcement stating that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement at such time as the suspension is no longer in effect, in each case with prompt written
notice to the Rights Agent. In addition, if the Company determines that a registration statement should be filed under the Securities
Act or any state securities laws following the Distribution Date, the Company may temporarily suspend the exercisability of the
Rights in each relevant jurisdiction until such time as a registration statement has been declared effective and, upon any such
suspension, the Company will issue a public announcement stating that the exercisability of the Rights has been temporarily suspended,
as well as a public announcement at such time as the suspension is no longer in effect, in each case with prompt written notice
to the Rights Agent. Notwithstanding anything in this Agreement to the contrary, the Rights will not be exercisable in any jurisdiction
if the requisite registration or qualification in such jurisdiction has not been effected or the exercise of the Rights is not
permitted under applicable law.

(f)
In the event that the Company is obligated to issue other securities of the Company and/or pay cash pursuant to Sections
11, 13, 14 or 24, it will make all arrangements necessary so that such other securities and/or cash are available for distribution
by the Rights Agent, if and when appropriate.

    	14

     

    

10.
Record Date. Each Person in whose name any certificate representing Preferred Shares (or Common Shares and/or other
securities, as the case may be) is issued (or in which such securities are registered upon the stock transfer books of the Company)
upon the exercise of Rights will for all purposes be deemed to have become the holder of record of the Preferred Shares (or Common
Shares and/or other securities, as the case may be) represented thereby on, and such certificate (or registration) will be dated,
the date upon which the Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price and all
applicable transfer taxes and/or charges was made; provided, however, that if the date of such surrender and payment
is a date upon which the transfer books of the Company for the Preferred Shares (or Common Shares and/or other securities, as the
case may be) are closed, such Person will be deemed to have become the record holder of such securities on, and such certificate
(or registration) will be dated, the next succeeding Business Day on which the transfer books of the Company for the Preferred
Shares (or Common Shares and/or other securities, as the case may be) are open. Prior to the exercise of the Rights evidenced thereby,
the holder of a Right Certificate will not be entitled to any rights of a holder of any security for which the Rights are or may
become exercisable, including, without limitation, the right to vote, to receive dividends or other distributions, or to exercise
any preemptive rights, and will not be entitled to receive any notice of any proceedings of the Company, except as provided herein.

11.
Adjustment of Purchase Price, Number and Kind of Securities or Number of Rights. The Purchase Price, the number and
kind of securities issuable upon the exercise of each Right and the number of Rights outstanding are subject to adjustment from
time to time as provided in this Section 11.

(a)
(i) In the event that the Company at any time after the Record Date (A) declares a dividend on the Preferred Shares payable
in Preferred Shares, (B) subdivides the outstanding Preferred Shares, (C) combines the outstanding Preferred Shares into a smaller
number of Preferred Shares, or (D) issues any shares of its capital stock in a reclassification of the Preferred Shares (including
any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation),
except as otherwise provided in this Section 11(a), the Purchase Price in effect at the time of the record date for such dividend
or of the effective date of such subdivision, combination or reclassification and/or the number and/or kind of shares of capital
stock issuable on such date upon the exercise of a Right, will be proportionately adjusted so that the holder of any Right exercised
after such time is entitled to receive upon payment of the Purchase Price then in effect the aggregate number and kind of shares
of capital stock which, if such Right had been exercised immediately prior to such date and at a time when the transfer books of
the Company for the Preferred Shares were open, the holder of such Right would have owned upon such exercise (and, in the case
of a reclassification, would have retained after giving effect to such reclassification) and would have been entitled to receive
by virtue of such dividend, subdivision, combination or reclassification; provided, however, that in no event shall
the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock
issuable upon the exercise of one Right. If an event occurs which would require an adjustment under both this Section 11(a)(i)
and Section 11(a)(ii) or Section 13, the adjustment provided for in this Section 11(a)(i) will be in addition to, and will be made
prior to, any adjustment required pursuant to Section 11(a)(ii) or Section 13.

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(ii)
Subject to the provisions of Section 24, if any Person becomes an Acquiring Person, then from and after the later of the
Distribution Date and the Share Acquisition Date, proper provision will be made so that each holder of a Right, except as provided
below, will thereafter have the right to receive, upon the exercise thereof in accordance with the terms of this Agreement at an
exercise price per Right equal to the product of the then-current Purchase Price multiplied by the number of one one-hundredths
of a Preferred Share for which a Right was exercisable immediately prior to the date of the occurrence of such Flip-in Event (or,
if any other Flip-in Event shall have previously occurred, the product of the then-current Purchase Price multiplied by the number
of one one-hundredths of a Preferred Share for which a Right was exercisable immediately prior to the date of the first occurrence
of a Flip-in Event), in lieu of Preferred Shares, such number of Common Shares as equals the result obtained by (x) multiplying
the then-current Purchase Price by the number of one one-hundredths of a Preferred Share for which a Right was exercisable immediately
prior to the date of the occurrence of such Flip-in Event (or, if any other Flip-in Event shall have previously occurred, multiplying
the then-current Purchase Price by the number of one one-hundredths of a Preferred Share for which a Right was exercisable immediately
prior to the date of the first occurrence of a Flip-in Event), and dividing that product by (y) 50% of the current per share market
price of the Common Shares (as determined pursuant to Section 11(d)) on the date of the occurrence of such Flip-in Event. Notwithstanding
anything in this Agreement to the contrary, from and after the first occurrence of a Flip-in Event, any Rights that are Beneficially
Owned by (A) any Acquiring Person (or any Affiliate or Associate of any Acquiring Person), (B) a transferee of any Acquiring Person
(or any such Affiliate or Associate) who becomes a transferee after the occurrence of a Flip-in Event, or (C) a transferee of any
Acquiring Person (or any such Affiliate or Associate) who became a transferee prior to or concurrently with the occurrence of a
Flip-in Event pursuant to either (1) a transfer from an Acquiring Person to holders of its equity securities or to any Person with
whom it has any continuing agreement, arrangement or understanding regarding the transferred Rights or (2) a transfer which the
Board has determined is part of a plan, an arrangement or understanding which has the purpose or effect of avoiding the provisions
of this Section 11(a)(ii), and subsequent transferees of any of such Persons, will be null and void without any further action
and any holder of such Rights will thereafter have no rights whatsoever with respect to such Rights under any provision of this
Agreement. The Company will use all reasonable efforts to ensure that the provisions of this Section 11(a)(ii) are complied with,
but will have no liability to any holder of Right Certificates or any other Person as a result of its failure to make any determinations
with respect to an Acquiring Person or its Affiliates, Associates or transferees hereunder. Upon the occurrence of a Flip-in Event,
no Right Certificate that represents Rights that are or have become null and void pursuant to the provisions of this Section 11(a)(ii)
will thereafter be issued pursuant to Section 3 or Section 6, and any Right Certificate delivered to the Rights Agent that represents
Rights that are or have become null and void pursuant to the provisions of this Section 11(a)(ii) will be canceled. Upon the occurrence
of a Flip-over Event, any Rights that shall not have been previously exercised pursuant to this Section 11(a)(ii) shall thereafter
be exercisable only pursuant to Section 13 and not pursuant to this Section 11(a)(ii).

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(iii)
Upon the occurrence of a Flip-in Event, if there are not sufficient Common Shares authorized but unissued or issued but
not outstanding to permit the issuance of all Common Shares issuable in accordance with Section 11(a)(ii) upon the exercise of
a Right, the Board will use its best efforts to promptly authorize and, subject to the provisions of Section 9(e), make available
for issuance additional Common Shares or other equity securities of the Company having equivalent voting rights and an equivalent
value (as determined in good faith by the Board) to the Common Shares (for purposes of this Section 11(a)(iii), “equivalent
common shares”). In the event that equivalent common shares are so authorized, upon the exercise of a Right in accordance
with the provisions of Section 7, the registered holder will be entitled to receive (A) Common Shares, to the extent any are available,
and (B) a number of equivalent common shares, which the Board has determined in good faith to have a value equivalent to the excess
of (x) the aggregate current per share market value on the date of the occurrence of the most recent Flip-in Event of all Common
Shares issuable in accordance with Section 11(a)(ii) upon the exercise of a Right (the “Exercise Value”)
over (y) the aggregate current per share market value on the date of the occurrence of the most recent Flip-in Event of any Common
Shares available for issuance upon the exercise of such Right; provided, however, that if at any time after 90 calendar
days after the latest of the Share Acquisition Date, the Distribution Date and the date of the occurrence of the most recent Flip-in
Event, there are not sufficient Common Shares and/or equivalent common shares available for issuance upon the exercise of a Right,
then the Company will be obligated to deliver, upon the surrender of such Right and without requiring payment of the Purchase Price,
Common Shares (to the extent available), equivalent common shares (to the extent available) and then cash (to the extent permitted
by applicable law and any agreements or instruments to which the Company is a party in effect immediately prior to the Share Acquisition
Date), which securities and cash have an aggregate value equal to the excess of (1) the Exercise Value over (2) the product of
the then-current Purchase Price multiplied by the number of one one-hundredths of a Preferred Share for which a Right was exercisable
immediately prior to the date of the occurrence of the most recent Flip-in Event (or, if any other Flip-in Event shall have previously
occurred, the product of the then-current Purchase Price multiplied by the number of one one-hundredths of a Preferred Share for
which a Right would have been exercisable immediately prior to the date of the occurrence of such Flip-in Event if no other Flip-in
Event had previously occurred). To the extent that any legal or contractual restrictions prevent the Company from paying the full
amount of cash payable in accordance with the foregoing sentence, the Company will pay to holders of the Rights as to which such
payments are being made all amounts which are not then restricted on a pro rata basis and will continue to make payments on a pro
rata basis as promptly as funds become available until the full amount due to each such holder of Rights has been paid.

    	17

     

    

(b)
In the event that the Company fixes a record date for the issuance of rights, options or warrants to all holders of Preferred
Shares entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Preferred
Shares (or securities having equivalent rights, privileges and preferences as the Preferred Shares (for purposes of this Section
11(b), “equivalent preferred shares”)) or securities convertible into Preferred Shares or equivalent
preferred shares at a price per Preferred Share or equivalent preferred share (or having a conversion price per share, if a security
convertible into Preferred Shares or equivalent preferred shares) less than the current per share market price of the Preferred
Shares (as determined pursuant to Section 11(d)) on such record date, the Purchase Price to be in effect after such record date
will be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator
of which is the number of Preferred Shares outstanding on such record date plus the number of Preferred Shares which the aggregate
offering price of the total number of Preferred Shares and/or equivalent preferred shares so to be offered (and/or the aggregate
initial conversion price of the convertible securities so to be offered) would purchase at such current per share market price,
and the denominator of which is the number of Preferred Shares outstanding on such record date plus the number of additional Preferred
Shares and/or equivalent preferred shares to be offered for subscription or purchase (or into which the convertible securities
so to be offered are initially convertible); provided, however, that in no event shall the consideration to be paid
upon the exercise of one Right be less than the aggregate par value of the shares of capital stock issuable upon the exercise of
one Right. In case such subscription price may be paid in a consideration part or all of which is in a form other than cash, the
value of such consideration will be as determined in good faith by the Board, which determination will be described in a written
statement filed with the Rights Agent. Preferred Shares owned by or held for the account of the Company will not be deemed outstanding
for the purposes of any such computation. Such adjustment will be made successively whenever such a record date is fixed, and in
the event that such rights, options or warrants are not so issued, the Purchase Price will be adjusted to be the Purchase Price
which would then be in effect if such record date had not been fixed.

(c)
In the event that the Company fixes a record date for the making of a distribution to all holders of Preferred Shares (including
any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation)
of evidences of indebtedness, cash (other than a regular periodic cash dividend), assets, stock (other than a dividend payable
in Preferred Shares) or subscription rights, options or warrants (excluding those referred to in Section 11(b)), the Purchase Price
to be in effect after such record date will be determined by multiplying the Purchase Price in effect immediately prior to such
record date by a fraction, the numerator of which is the current per share market price of the Preferred Shares (as determined
pursuant to Section 11(d)) on such record date or, if earlier, the date on which the Preferred Shares begin to trade on an ex-dividend
or when issued basis for such distribution, less the fair market value (as determined in good faith by the Board, which determination
will be described in a written statement filed with the Rights Agent) of the portion of the evidences of indebtedness, cash, assets
or stock so to be distributed or of such subscription rights, options or warrants applicable to one Preferred Share, and the denominator
of which is such current per share market price of the Preferred Shares; provided, however, that in no event shall
the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock
issuable upon the exercise of one Right. Such adjustments will be made successively whenever such a record date is fixed; and in
the event that such distribution is not so made, the Purchase Price will again be adjusted to be the Purchase Price which would
then be in effect if such record date had not been fixed.

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(d)
(i) For the purposes of any computation hereunder, the “current per share market price” of Common
Shares on any date will be deemed to be the average of the daily closing prices per share of such Common Shares for the 30 consecutive
Trading Days immediately prior to but not including such date; provided, however, that in the event that the current
per share market price of the Common Shares is determined during a period following the announcement by the issuer of such Common
Shares of (A) a dividend or distribution on such Common Shares payable in such Common Shares or securities convertible into such
Common Shares (other than the Rights) or (B) any subdivision, combination or reclassification of such Common Shares, and prior
to the expiration of 30 Trading Days after but not including the ex-dividend date for such dividend or distribution, or the record
date for such subdivision, combination or reclassification, then, and in each such case, the current per share market price will
be appropriately adjusted to take into account ex-dividend trading or to reflect the current per share market price per equivalent
common share. The closing price for each day will be the last sale price, regular way, or, in case no such sale takes place on
such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated
quotation system with respect to securities listed or admitted to trading on The NASDAQ Stock Market LLC or, if the Common Shares
are not listed or admitted to trading on The NASDAQ Stock Market LLC, as reported in the principal consolidated quotation system
with respect to securities listed on the principal national securities exchange on which the Common Shares are listed or admitted
to trading or, if the Common Shares are not listed or admitted to trading on any national securities exchange, the last quoted
price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by such
market then in use, or, if on any such date the Common Shares are not quoted by any such organization, the average of the closing
bid and asked prices as furnished by a professional market maker making a market in the Common Shares selected by the Board. If
the Common Shares are not publicly held or not so listed or traded, or are not the subject of available bid and asked quotes, “current
per share market price” will mean the fair value per share as determined in good faith by the Board, which determination
will be described in a written statement filed with the Rights Agent.

(ii)
For the purposes of any computation hereunder, the “current per share market price” of the Preferred
Shares will be determined in the same manner as set forth above for the Common Shares in Section 11(d)(i), other than the last
sentence thereof. If the current per share market price of the Preferred Shares cannot be determined in the manner provided above,
the “current per share market price” of the Preferred Shares will be conclusively deemed to be an amount equal to the
current per share market price of the Common Shares multiplied by one hundred (as such number may be appropriately adjusted to
reflect events, such as stock splits, stock dividends, recapitalizations or similar transactions relating to the Common Shares
occurring after the date of this Agreement). If neither the Common Shares nor the Preferred Shares are publicly held or so listed
or traded, or the subject of available bid and asked quotes, “current per share market price” of the Preferred Shares
will mean the fair value per share as determined in good faith by the Board, which determination will be described in a written
statement filed with the Rights Agent. For all purposes of this Agreement, the current per share market price of one one-hundredth
of a Preferred Share will be equal to the current per share market price of one Preferred Share divided by one hundred.

(e)
Except as set forth below, no adjustment in the Purchase Price will be required unless such adjustment would require an
increase or a decrease of at least 1% in such price; provided, however, that any adjustments which by reason of this
Section 11(e) are not required to be made will be carried forward and taken into account in any subsequent adjustment. All calculations
under this Section 11 will be made to the nearest cent or to the nearest one one-millionth of a Preferred Share or one ten-thousandth
of a Common Share or other security, as the case may be. Notwithstanding the first sentence of this Section 11(e), any adjustment
required by this Section 11 will be made no later than the earlier of (i) three years from the date of the transaction which requires
such adjustment and (ii) the Expiration Date.

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(f)
If, as a result of an adjustment made pursuant to Section 11(a), the holder of any Right thereafter exercised becomes entitled
to receive any securities of the Company other than Preferred Shares, thereafter the number and/or kind of such other securities
so receivable upon the exercise of any Right (and/or the Purchase Price in respect thereof) will be subject to adjustment from
time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares
(and the Purchase Price in respect thereof) contained in this Section 11, and the provisions of Sections 7, 9, 10, 13 and 14 with
respect to the Preferred Shares (and the Purchase Price in respect thereof) will apply on like terms to any such other securities
(and the Purchase Price in respect thereof).

(g)
All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder will evidence
the right to purchase, at the adjusted Purchase Price, the number of one one-hundredths of a Preferred Share issuable from time
to time hereunder upon the exercise of the Rights, all subject to further adjustment as provided herein.

(h)
Unless the Company has exercised its election as provided in Section 11(i), upon each adjustment of the Purchase Price pursuant
to Section 11(b) or Section 11(c), each Right outstanding immediately prior to the making of such adjustment will thereafter evidence
the right to purchase, at the adjusted Purchase Price, that number of one one-hundredths of a Preferred Share (calculated to the
nearest one one-millionth of a Preferred Share) obtained by (i) multiplying (x) the number of one one-hundredths of a Preferred
Share issuable upon the exercise of a Right immediately prior to such adjustment of the Purchase Price by (y) the Purchase Price
in effect immediately prior to such adjustment of the Purchase Price and (ii) dividing the product so obtained by the Purchase
Price in effect immediately after such adjustment of the Purchase Price.

(i)
The Company may elect, on or after the date of any adjustment of the Purchase Price, to adjust the number of Rights in substitution
for any adjustment in the number of one one-hundredths of a Preferred Share issuable upon the exercise of a Right. Each of the
Rights outstanding after such adjustment of the number of Rights will be exercisable for the number of one one-hundredths of a
Preferred Share for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such
adjustment of the number of Rights will become that number of Rights (calculated to the nearest one ten-thousandth) obtained by
dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately
after adjustment of the Purchase Price. The Company will make a public announcement (with prompt written notice thereof to the
Rights Agent) of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the
time, the amount of the adjustment to be made. Such record date may be the date on which the Purchase Price is adjusted or any
day thereafter, but, if the Right Certificates have been issued, will be at least 10 calendar days later than the date of the public
announcement. If Right Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 11(i),
the Company will, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record
date Right Certificates evidencing, subject to the provisions of Section 14, the additional Rights to which such holders are entitled
as a result of such adjustment, or, at the option of the Company, will cause to be distributed to such holders of record in substitution
and replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof if
required by the Company, new Right Certificates evidencing all Rights to which such holders are entitled after such adjustment.
Right Certificates so to be distributed will be issued, executed, and countersigned in the manner provided for herein (and may
bear, at the option of the Company, the adjusted Purchase Price) and will be registered in the names of the holders of record of
Right Certificates on the record date specified in the public announcement.

    	20

     

    

(j)
Without respect to any adjustment or change in the Purchase Price and/or the number and/or kind of securities issuable upon
the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price
and the number and kind of securities which were expressed in the initial Right Certificates issued hereunder.

(k)
Before taking any action that would cause an adjustment reducing the Purchase Price below one one-hundredth of the then
par value, if any, of the Preferred Shares or below the then par value, if any, of any other securities of the Company issuable
upon the exercise of the Rights, the Company will take any corporate action which may, based on the advice of its counsel, be necessary
in order that the Company may validly and legally issue fully paid and non-assessable Preferred Shares or such other securities,
as the case may be, at such adjusted Purchase Price.

(l)
In any case in which this Section 11 otherwise requires that an adjustment in the Purchase Price be made effective as of
a record date for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until
the occurrence of such event the issuance to the holder of any Right exercised after such record date the number of Preferred Shares
or other securities of the Company, if any, issuable upon such exercise over and above the number of Preferred Shares or other
securities of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment;
provided, however, that the Company delivers to such holder a due bill or other appropriate instrument evidencing
such holder’s right to receive such additional Preferred Shares or other securities upon the occurrence of the event requiring
such adjustment.

(m)
Notwithstanding anything in this Agreement to the contrary, the Company will be entitled to make such reductions in the
Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that in its good faith
judgment the Board determines to be advisable in order that any (i) consolidation or subdivision of the Preferred Shares, (ii)
issuance wholly for cash of Preferred Shares at less than the current per share market price therefor, (iii) issuance wholly for
cash of Preferred Shares or securities which by their terms are convertible into or exchangeable for Preferred Shares, (iv) stock
dividends, or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made by the Company to holders
of its Preferred Shares is not taxable to such stockholders.

(n)
Notwithstanding anything in this Agreement to the contrary, in the event that the Company at any time after the Record Date,
but prior to the Distribution Date (i) pays a dividend on the outstanding Common Shares payable in Common Shares, (ii) subdivides
the outstanding Common Shares, (iii) combines the outstanding Common Shares into a smaller number of shares, or (iv) issues any
shares of its capital stock in a reclassification of the outstanding Common Shares (including any such reclassification in connection
with a consolidation or merger in which the Company is the continuing or surviving corporation), the number of Rights associated
with each Common Share then outstanding, or issued or delivered thereafter but prior to the Distribution Date, will be proportionately
adjusted so that the number of Rights thereafter associated with each Common Share following any such event equals the result obtained
by multiplying the number of Rights associated with each Common Share immediately prior to such event by a fraction, the numerator
of which is the total number of Common Shares outstanding immediately prior to the occurrence of the event and the denominator
of which is the total number of Common Shares outstanding immediately following the occurrence of such event. The adjustments provided
for in this Section 11(n) will be made successively whenever such a dividend is paid or such a subdivision, combination or reclassification
is effected.

    	21

     

    

12.
Certificate of Adjusted Purchase Price or Number of Securities. Whenever an adjustment is made as provided in Section
11 or Section 13, the Company will promptly (a) prepare a certificate setting forth such adjustment and a brief statement of the
facts accounting for such adjustment, (b) file with the Rights Agent and with each transfer agent for the Preferred Shares and
the Common Shares a copy of such certificate, and (c) if such adjustment is made after the Distribution Date, mail a brief summary
of such adjustment to each holder of a Right Certificate in accordance with Section 26. The Rights Agent shall be fully protected
in relying on any such certificate and on any adjustments or statements therein contained and shall have no duty or liability with
respect to, and shall not be deemed to have knowledge of, any such adjustment or any such event unless and until it shall have
received such a certificate.

13.
Consolidation, Merger or Sale or Transfer of Assets or Earning Power. (a) In the event that:

(i)
at any time after a Person has become an Acquiring Person, the Company consolidates with, or merges with or into, any other
Person and the Company is not the continuing or surviving corporation of such consolidation or merger; or

(ii)
at any time after a Person has become an Acquiring Person, any Person consolidates with the Company, or merges with or into
the Company, and the Company is the continuing or surviving corporation of such merger or consolidation and, in connection with
such merger or consolidation, all, or part, of the Common Shares are changed into or exchanged for stock or other securities of
any other Person or cash or any other property; or

(iii)
at any time after a Person has become an Acquiring Person, the Company, directly or indirectly, sells or otherwise transfers
(or one or more of its Subsidiaries sells or otherwise transfers), in one or more transactions, assets or earning power (including,
without limitation, securities creating any obligation on the part of the Company and/or any of its Subsidiaries) representing
in the aggregate more than 50% of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any Person
or Persons other than the Company or one or more of its wholly owned Subsidiaries; then, and in each such case, proper provision
will be made so that from and after the latest of the Distribution Date, the Share Acquisition Date, and the date of the occurrence
of such Flip-over Event: (A) each holder of a Right thereafter has the right to receive, upon the exercise thereof in accordance
with the terms of this Agreement at an exercise price per Right equal to the product of the then-current Purchase Price multiplied
by the number of one one-hundredths of a Preferred Share for which a Right was exercisable immediately prior to the Share Acquisition
Date, such number of duly authorized, validly issued, fully paid, non-assessable and freely tradeable Common Shares of the Issuer,
free and clear of any liens, encumbrances and other adverse claims and not subject to any rights of call or first refusal, as equals
the result obtained by (x) multiplying the then-current Purchase Price by the number of one one-hundredths of a Preferred Share
for which a Right is exercisable immediately prior to the Share Acquisition Date and dividing that product by (y) 50% of the current
per share market price of the Common Shares of the Issuer (as determined pursuant to Section 11(d)), on the date of the occurrence
of such Flip-over Event; (B) the Issuer will thereafter be liable for, and will assume, by virtue of the occurrence of such Flip-over
Event, all obligations and duties of the Company pursuant to this Agreement; (C) the term “Company” will
thereafter be deemed to refer to the Issuer; and (D) the Issuer will take such steps (including, without limitation, the reservation
of a sufficient number of its Common Shares to permit the exercise of all outstanding Rights) in connection with such consummation
as may be necessary to assure that the provisions hereof are thereafter applicable, as nearly as reasonably may be possible, in
relation to its Common Shares thereafter deliverable upon the exercise of the Rights.

    	22

     

    

(b)
For the purposes of this Section 13, “Issuer” means (i) in the case of any Flip-over Event described
in Sections 13(a)(i) or (ii) above, the Person that is the continuing, surviving, resulting or acquiring Person (including the
Company as the continuing or surviving corporation of a transaction described in Section 13(a)(ii) above), and (ii) in the case
of any Flip-over Event described in Section 13(a)(iii) above, the Person that is the party receiving the greatest portion of the
assets or earning power (including, without limitation, securities creating any obligation on the part of the Company and/or any
of its Subsidiaries) transferred pursuant to such transaction or transactions; provided, however, that in any such
case: (A) if (1) no class of equity security of such Person is, at the time of such merger, consolidation or transaction and has
been continuously over the preceding 12-month period, registered pursuant to Section 12 of the Exchange Act, and (2) such Person
is a Subsidiary, directly or indirectly, of another Person, a class of equity security of which is and has been so registered,
the term “Issuer” means such other Person; and (B) in case such Person is a Subsidiary, directly or indirectly, of
more than one Person, a class of equity security of two or more of which are and have been so registered, the term “Issuer”
means whichever of such Persons is the issuer of the equity security having the greatest aggregate market value. Notwithstanding
the foregoing, if the Issuer in any of the Flip-over Events listed above is not a corporation or other legal entity having outstanding
equity securities, then, and in each such case, (x) if the Issuer is directly or indirectly wholly owned by a corporation or other
legal entity having outstanding equity securities, then all references to Common Shares of the Issuer will be deemed to be references
to the Common Shares of the corporation or other legal entity having outstanding equity securities which ultimately controls the
Issuer, and (y) if there is no such corporation or other legal entity having outstanding equity securities, (I) proper provision
will be made so that the Issuer creates or otherwise makes available for purposes of the exercise of the Rights in accordance with
the terms of this Agreement, a kind or kinds of security or securities having a fair market value at least equal to the economic
value of the Common Shares which each holder of a Right would have been entitled to receive if the Issuer had been a corporation
or other legal entity having outstanding equity securities; and (II) all other provisions of this Agreement will apply to the issuer
of such securities as if such securities were Common Shares.

    	23

     

    

(c)
The Company will not consummate any Flip-over Event if (i) at the time of or immediately after such Flip-over Event, there
are or would be any rights, warrants, instruments or securities outstanding or any agreements or arrangements in effect which would
eliminate or substantially diminish the benefits intended to be afforded by the Rights, (ii) prior to, simultaneously with or immediately
after such Flip-over Event, the stockholders of the Person who constitutes, or would constitute, the Issuer for purposes of Section
13(a) shall have received a distribution of Rights previously owned by such Person or any of its Affiliates or Associates, or (iii)
the form or nature of the organization of the Issuer would preclude or limit the exercisability of the Rights. In addition, the
Company will not consummate any Flip-over Event unless the Issuer has a sufficient number of authorized Common Shares (or other
securities as contemplated in Section 13(b) above) which have not been issued or reserved for issuance to permit the exercise in
full of the Rights in accordance with this Section 13, and unless prior to such consummation the Company and the Issuer have executed
and delivered to the Rights Agent a supplemental agreement providing for the terms set forth in subsections (a) and (b) of this
Section 13 and further providing that as promptly as practicable after the consummation of any Flip-over Event, the Issuer will:

(A)
prepare and file a registration statement under the Securities Act with respect to the Rights and the securities issuable
upon the exercise of the Rights on an appropriate form, and use its best efforts to cause such registration statement to (1) become
effective as soon as practicable after such filing and (2) remain effective (with a prospectus at all times meeting the requirements
of the Securities Act) until the Expiration Date;

(B)
take all such action as may be appropriate under, or to ensure compliance with, the applicable state securities or “blue
sky” laws in connection with the exercisability of the Rights; and

(C)
deliver to holders of the Rights historical financial statements for the Issuer and each of its affiliates which comply
in all respects with the requirements for registration on Form 10 under the Exchange Act.

(d)
The provisions of this Section 13 will similarly apply to successive mergers or consolidations or sales or other transfers.
In the event that a Flip-over Event occurs at any time after the occurrence of a Flip-in Event, except for Rights that have become
null and void pursuant to Section 11(a)(ii), Rights that shall not have been previously exercised will cease to be exercisable
in the manner provided in Section 11(a)(ii) and will thereafter be exercisable in the manner provided in Section 13(a).

    	24

     

    

14.
Fractional Rights and Fractional Securities. (a) The Company will not be required to issue fractions of Rights or
to distribute Right Certificates which evidence fractional Rights. In lieu of such fractional Rights, the Company will pay as promptly
as practicable to the registered holders of the Right Certificates with regard to which such fractional Rights otherwise would
be issuable, an amount in cash equal to the same fraction of the current market value of one Right. For the purposes of this Section
14(a), the current market value of one Right is the closing price of the Rights for the Trading Day immediately prior to the date
on which such fractional Rights otherwise would have been issuable. The closing price for any day is the last sale price, regular
way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either
case as reported in the principal quotation system with respect to securities listed or admitted to trading on The NASDAQ Stock
Market LLC or, if the Rights are not listed or admitted to trading on The NASDAQ Stock Market LLC, as reported in the principal
quotation system with respect to securities listed on the principal national securities exchange on which the Rights are listed
or admitted to trading or, if the Rights are not listed or admitted to trading on any national securities exchange, the last quoted
price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by such
market then in use, or, if on any such date the Rights are not quoted by any such organization, the average of the closing bid
and asked prices as furnished by a professional market maker making a market in the Rights selected by the Board. If the Rights
are not publicly held or are not so listed or traded, or are not the subject of available bid and asked quotes, the current market
value of one Right will mean the fair value thereof as determined in good faith by the Board, which determination will be described
in a written statement filed with the Rights Agent.

(b)
The Company will not be required to issue fractions of Preferred Shares (other than fractions which are integral multiples
of one one-hundredth of a Preferred Share) upon the exercise of the Rights or to distribute certificates which evidence fractional
Preferred Shares or to register fractional Preferred Shares on the stock transfer books of the Company (other than fractions which
are integral multiples of one one-hundredth of a Preferred Share). Fractions of Preferred Shares in integral multiples of one one-hundredth
of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts pursuant to an appropriate agreement
between the Company and a depositary selected by it, provided that such agreement provides that the holders of such depositary
receipts have all of the rights, privileges and preferences to which they are entitled as Beneficial Owners of the Preferred Shares
represented by such depositary receipts. In lieu of fractional Preferred Shares that are not integral multiples of one one-hundredth
of a Preferred Share, the Company may pay to any Person to whom or which such fractional Preferred Shares would otherwise be issuable
an amount in cash equal to the same fraction of the current market value of one Preferred Share. For the purposes of this Section
14(b), the current market value of one Preferred Share is the closing price of the Preferred Shares (as determined in the same
manner as set forth for Common Shares in the second sentence of Section 11(d)(i)) for the Trading Day immediately prior to the
date of such exercise; provided, however, that if the closing price of the Preferred Shares cannot be so determined,
the closing price of the Preferred Shares for such Trading Day will be conclusively deemed to be an amount equal to the closing
price of the Common Shares (as determined pursuant to the second sentence of Section 11(d)(i)) for such Trading Day multiplied
by one hundred (as such number may be appropriately adjusted to reflect events such as stock splits, stock dividends, recapitalizations
or similar transactions relating to the Common Shares occurring after the date of this Agreement); provided further, however,
that if neither the Common Shares nor the Preferred Shares are publicly held or listed or admitted to trading on any national securities
exchange, or the subject of available bid and asked quotes, the current market value of one Preferred Share will mean the fair
value thereof as determined in good faith by the Board, which determination will be described in a written statement filed with
the Rights Agent.

    	25

     

    

(c)
Following the occurrence of a Triggering Event, the Company will not be required to issue fractions of Common Shares or
other securities issuable upon the exercise or exchange of the Rights or to distribute certificates which evidence any such fractional
securities or to register any such fractional securities on the stock transfer books of the Company. In lieu of issuing any such
fractional securities, the Company may pay to any Person to whom or which such fractional securities would otherwise be issuable
an amount in cash equal to the same fraction of the current market value of one such security. For the purposes of this Section
14(c), the current market value of one Common Share or other security issuable upon the exercise or exchange of the Rights is the
closing price thereof (as determined in the same manner as set forth for Common Shares in the second sentence of Section 11(d)(i))
for the Trading Day immediately prior to the date of such exercise or exchange; provided, however, that if neither
the Common Shares nor any such other securities are publicly held or listed or admitted to trading on any national securities exchange,
or the subject of available bid and asked quotes, the current market value of one Common Share or such other security will mean
the fair value thereof as determined in good faith by the Board, which determination will mean the fair value thereof as will be
described in a written statement filed with the Rights Agent.

(d)
Whenever a payment of cash in lieu of fractional Rights, fractional Preferred Shares or fractional Common Shares is to be
made by the Rights Agent under this Agreement, the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate
setting forth in reasonable detail the facts related to such payments and the prices and/or formulas utilized in calculating such
payments, and (ii) provide sufficient monies to the Rights Agent in the form of fully collected funds to make such payments. The
Rights Agent shall be fully protected in relying upon such a certificate and shall have no duty with respect to, and shall not
be deemed to have knowledge of, any payment of cash in lieu of fractional Rights, fractional Preferred Shares or fractional Common
Shares under this Agreement unless and until the Rights Agent shall have received such a certificate and sufficient monies.

15.
Rights of Action. All rights of action in respect of this Agreement, excepting the rights of action given to the
Rights Agent hereunder, including Section 18 or Section 20 hereof, are vested in the respective registered holders of the Right
Certificates (and, prior to the Distribution Date, the registered holders of the Common Shares); and any registered holder of any
Right Certificate (or, prior to the Distribution Date, of the Common Shares), without the consent of the Rights Agent or of the
holder of any other Right Certificate (or, prior to the Distribution Date, of the holder of any Common Shares), may in his/her
own behalf and for his/her own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company
to enforce, or otherwise act in respect of, his/her right to exercise the Rights evidenced by such Right Certificate in the manner
provided in such Right Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders
of the Rights, it is specifically acknowledged that the holders of the Rights would not have an adequate remedy at law for any
breach of this Agreement and will be entitled to specific performance of the obligations under this Agreement, and injunctive relief
against actual or threatened violations of the obligations of any Person subject to this Agreement.

    	26

     

    

16.
Agreement of Rights Holders. Every holder of a Right by accepting the same consents and agrees with the Company and
the Rights Agent and with every other holder of a Right that:

(a)
Prior to the Distribution Date, the Rights are transferable only in connection with the transfer of the Common Shares;

(b)
After the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered
at the office or offices of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of
transfer, and with the appropriate forms and certificates fully completed and executed;

(c)
The Company and the Rights Agent may deem and treat the person in whose name the Right Certificate (or, prior to the Distribution
Date, the associated Common Shares) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding
any notations of ownership or writing on the Right Certificate or the associated Common Shares, if any, made by anyone other than
the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent will be affected by
any notice to the contrary;

(d)
Such holder expressly waives any right to receive any fractional Rights and any fractional securities upon the exercise
or exchange of a Right, except as otherwise provided in Section 14.

(e)
Notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent will have any liability
to any holder of a Right or other Person as a result of its inability to perform any of its obligations under this Agreement by
reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction
or by a governmental, regulatory or an administrative agency or commission, or any statute, rule, regulation or executive order
promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation; provided,
however, that the Company will use its best efforts to have any such order, decree or ruling lifted or otherwise overturned as
soon as possible.

17.
Right Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Right Certificate will be entitled
to vote, receive dividends, or be deemed for any purpose the holder of Preferred Shares or any other securities of the Company,
which may at any time be issuable upon the exercise of the Rights represented thereby, nor will anything contained herein or in
any Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders
(except as provided in Section 25), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced
by such Right Certificate shall have been exercised in accordance with the provisions of this Agreement or exchanged pursuant to
the provisions of Section 24.

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18.
Concerning the Rights Agent. (a) The Company will pay to the Rights Agent reasonable compensation for all services
rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees and other
disbursements incurred in the preparation, negotiation, delivery, amendment, administration and execution of this Agreement and
the exercise and performance of its duties hereunder. The Company will also indemnify the Rights Agent and its affiliates, directors,
employees. representatives and advisors for, and hold them harmless against, any loss, liability, suit, action, proceeding, damage,
judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses
of legal counsel), incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which gross
negligence, bad faith or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of
a court of competent jurisdiction), for action taken, suffered or omitted to be taken by the Rights Agent in connection with the
acceptance and administration of this Agreement, including the costs and expenses of defending against any claim of liability arising
therefrom, directly or indirectly. The provisions provided for under this Section 18 and Section 20 below shall survive
the exercise or expiration of the Rights, the termination or expiration of this Agreement and the resignation, replacement or removal
of the Rights Agent. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company.

(b)
The Rights Agent will be protected and will incur no liability for or in respect of any action taken, suffered, or omitted
to be taken by it in connection with its administration of this Agreement in reliance upon any Right Certificate or certificate
or other notice evidencing Preferred Shares or Common Shares or other securities of the Company, instrument of assignment or transfer,
power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement or other paper or document
believed by it to be genuine and to be signed, executed, and, where necessary, verified or acknowledged, by the proper Person or
Persons. The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof
hereunder, and the Rights Agent shall be fully protected and shall incur no liability for failing to take any action in connection
therewith, unless and until it has received such notice in writing.

19.
Merger or Consolidation or Change of Name of Rights Agent. (a) Any Person into which the Rights Agent or any successor
Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which
the Rights Agent or any successor Rights Agent is a party, or any Person succeeding to the stockholder services business of the
Rights Agent or any successor Rights Agent, will be the successor to the Rights Agent under this Agreement without the execution
or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be eligible
for appointment as a successor Rights Agent under the provisions of Section 21. If at the time such successor Rights Agent succeeds
to the agency created by this Agreement any of the Right Certificates shall have been countersigned but not delivered, any such
successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so countersigned;
and if at that time any of the Right Certificates shall not have been countersigned, any successor Rights Agent may countersign
such Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in
all such cases such Right Certificates will have the full force provided in the Right Certificates and in this Agreement.

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(b)
If at any time the name of the Rights Agent changes and at such time any of the Right Certificates have been countersigned
but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver the Right Certificates so countersigned;
and if at that time any of the Right Certificates have not been countersigned, the Rights Agent may countersign such Right Certificates
either in its prior name or in its changed name; and in all such cases such Right Certificates will have the full force provided
in the Right Certificates and in this Agreement.

20.
Duties of Rights Agent. The Rights Agent undertakes the duties and obligations expressly imposed by this Agreement
upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their acceptance
thereof, will be bound:

(a)
The Rights Agent may consult with legal counsel (who may be legal counsel for the Rights Agent or the Company or an employee
of the Rights Agent), and the advice or opinion of such counsel will be full and complete authorization and protection to the Rights
Agent and the Rights Agent shall incur no liability for or in respect of any action taken or omitted to be taken by it in accordance
with such advice or opinion.

(b)
Whenever in the performance of its duties under this Agreement the Rights Agent deems it necessary or desirable that any
fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by
a certificate signed by any one of the Chairman of the Board, the President, any Vice President, the Secretary or the Treasurer
of the Company and delivered to the Rights Agent, and such certificate will be full authorization to the Rights Agent for any action
taken, suffered or omitted to be taken by it under the provisions of this Agreement in reliance upon such certificate.

(c)
The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (which gross
negligence, bad faith or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of
a court of competent jurisdiction). Any liability of the Rights Agent under this Agreement will be limited to the amount of annual
fees paid by the Company to the Rights Agent. Anything to the contrary notwithstanding, in no event will the Rights Agent be liable
for special, punitive, indirect, incidental or consequential loss or damages of any kind whatsoever (including, without limitation,
lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damages. and regardless of the form
of the action; and the Company agrees to indemnify the Rights Agent and its affiliates, directors, employees, representatives and
advisors and to hold them harmless to the fullest extent permitted by law against any loss, liability or expense incurred as a
result of claims for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever.

(d)
The Rights Agent will not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and
recitals are and will be deemed to have been made by the Company only.

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(e)
The Rights Agent will not be under any responsibility or have any liability in respect of the validity of this Agreement
or the execution and delivery hereof (except the due execution and delivery hereof by the Rights Agent) or in respect of the validity
or execution of any Right Certificate (except its countersignature thereof); nor will it be liable or responsible for any breach
by the Company of any covenant contained in this Agreement or in any Right Certificate; nor will it be liable or responsible for
any adjustment required under the provisions of Sections 11 or 13 (including any adjustment which results in the Rights becoming
null and void) or liable or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence
of facts that would require any such adjustment (except with respect to the exercise of the Rights evidenced by the Right Certificates
after actual notice of any such adjustment); nor will it by any act hereunder be deemed to make any representation or warranty
as to the authorization or reservation of any shares of stock or other securities to be issued pursuant to this Agreement or any
Right Certificate or as to whether any shares of stock or other securities will, when issued, be duly authorized, validly issued,
fully paid and non-assessable.

(f)
The Company will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying
out or performing by the Rights Agent of the provisions of this Agreement.

(g)
The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties
hereunder from any one of the Chairman of the Board, the President, any Vice President, the Secretary or the Treasurer of the Company,
and to apply to such officers for advice or instructions in connection with its duties, and the Rights Agent will not be liable
for any action taken, suffered or omitted to be taken by it in accordance with instructions of any such officer(s). The Rights
Agent will be fully authorized and protected in relying upon instructions received by any such officer(s). The Rights Agent will
not be held to have notice of any change of authority of any person until its receipt of written notice thereof from the Company.

(h)
The Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of
the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Rights Agent under
this Agreement. Nothing herein will preclude the Rights Agent (or its shareholders, affiliates, directors, officers or employees)
from acting in any other capacity for the Company or for any other Person.

(i)
The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder
either itself or by or through its attorneys or agents, and the Rights Agent will not be answerable or accountable for any act,
default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default,
neglect or misconduct in the absence of gross negligence, bad faith or willful misconduct in the selection and continued employment
thereof (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable order, judgment,
decree or ruling of a court of competent jurisdiction). The Rights Agent will not be under any duty or responsibility to ensure
compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Right
Certificates.

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(j)
If, with respect to any Right Certificate surrendered to the Rights Agent for exercise, transfer, split up, combination
or exchange, either (i) the certificate attached to the form of assignment or form of election to purchase, as the case may be,
has either not been completed or indicates an affirmative response to clause 1 or 2 thereof, or (ii) any other actual or suspected
irregularity exists, the Rights Agent will not take any further action with respect to such requested exercise, transfer, split
up, combination or exchange without first consulting with the Company, and will thereafter take further action with respect thereto
only in accordance with the Company’s written instructions.

(k)
No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise of its rights if it believes that repayment of such
funds or adequate indemnification against such risk or liability is not reasonably assured to it.

(l)
In the event that the Rights Agent reasonably believes any ambiguity or uncertainty exists hereunder or in any notice, instruction,
direction, request or other communication, paper or document received by the Rights Agent hereunder, the Rights Agent shall, as
soon as practicable, inform the Company or such Person seeking clarification and may, in its sole discretion, refrain from taking
any action, and will be fully protected and will not be liable in any way to the Company or other Person or entity for refraining
from taking such action, unless the Rights Agent receives written instructions signed by the Company which eliminates such ambiguity
or uncertainty to the reasonable satisfaction of the Rights Agent.

21.
Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties
under this Agreement upon 30 calendar days’ notice in writing mailed to the Company in accordance with Section 26 hereof
and, in the event that the Rights Agent or one of its Affiliates is not also the transfer agent for the Company, to each transfer
agent of the Preferred Shares or the Common Shares, by first-class mail, postage prepaid, or nationally recognized overnight delivery.
In the event that the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent
will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of
such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Rights Agent
or any successor Rights Agent upon 30 calendar days’ notice in writing, mailed to the Rights Agent or such successor Rights
Agent, as the case may be, and to each transfer agent of the Preferred Shares and the Common Shares by registered or certified
mail, and to the holders of the Right Certificates by first-class mail. If the Rights Agent resigns or is removed or otherwise
becomes incapable of acting, the Company will appoint a successor to the Rights Agent. If the Company fails to make such appointment
within a period of 90 calendar days after giving notice of such removal or after it has been notified in writing of such resignation
or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate (who will, with such notice,
submit his/her Right Certificate for inspection by the Company), then the registered holder of any Right Certificate may apply
to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed
by the Company or by such a court, will be a corporation or other legal entity organized and doing business under the laws of the
United States, in good standing, which is authorized under such laws to exercise stockholder services powers and is subject to
supervision or examination by federal or state authority and which has, along with its Affiliates, at the time of its appointment
as Rights Agent a combined capital and surplus of at least $50 million. After its appointment, the successor Rights Agent will
be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without
further act or deed; but the predecessor Rights Agent will deliver to the successor Rights Agent any property at the time held
by it hereunder, and will execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later
than the effective date of any such appointment, the Company will file notice thereof in writing with the predecessor Rights Agent
and each transfer agent of the Preferred Shares and/or the Common Shares, and mail a notice thereof in writing to the registered
holders of the Right Certificates. Failure to give any notice provided for in this Section 21, however, or any defect therein,
will not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor
Rights Agent, as the case may be.

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22.
Issuance of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Right Certificates
to the contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved
by the Board to reflect any adjustment or change in the Purchase Price per share and the number and/or kind of securities issuable
upon the exercise of the Rights made in accordance with the provisions of this Agreement. In addition, in connection with the issuance
or sale by the Company of Common Shares following the Distribution Date and prior to the Expiration Date, the Company (a) will,
with respect to Common Shares so issued or sold pursuant to the exercise, exchange or conversion of securities (other than the
Rights) issued prior to the Distribution Date which are exercisable or exchangeable for, or convertible into, Common Shares, and
(b) may, in any other case, if deemed necessary, appropriate or desirable by the Board, issue Right Certificates representing an
equivalent number of Rights as would have been issued in respect of such Common Shares if they had been issued or sold prior to
the Distribution Date, as appropriately adjusted as provided herein as if they had been so issued or sold; provided, however,
that (i) no such Right Certificate will be issued if, and to the extent that, in its good faith judgment the Board determines that
the issuance of such Right Certificate could have a material adverse tax consequence to the Company or to the Person to whom or
which such Right Certificate otherwise would be issued and (ii) no such Right Certificate will be issued if, and to the extent
that, appropriate adjustment otherwise has been made in lieu of the issuance thereof.

23.
Redemption. (a) Prior to the Expiration Date, the Board may, at its option, redeem all but not less than all of the
then-outstanding Rights at the Redemption Price at any time prior to the Close of Business on the later of (i) the Distribution
Date and (ii) the Share Acquisition Date. Any such redemption will be effective immediately upon the action of the Board ordering
the same, unless such action of the Board expressly provides that such redemption will be effective at a subsequent time or upon
the occurrence or nonoccurrence of one or more specified events (in which case such redemption will be effective in accordance
with the provisions of such action of the Board).

(b)
Immediately upon the effectiveness of the redemption of the Rights as provided in Section 23(a), and without any further
action and without any notice, the right to exercise the Rights will terminate and the only right thereafter of the holders of
Rights will be to receive the Redemption Price, without interest thereon. Promptly after the effectiveness of the redemption of
the Rights as provided in Section 23(a), the Company will publicly announce such redemption (with prompt written notice to the
Rights Agent) and, within 10 calendar days thereafter, will give notice of such redemption to the holders of the then-outstanding
Rights by mailing such notice to all such holders at their last addresses as they appear upon the registry books of the Company;
provided, however, that the failure to give, or any defect in, any such notice will not affect the validity of the
redemption of the Rights. Any notice that is mailed in the manner herein provided will be deemed given, whether or not the holder
receives such notice. The notice of redemption mailed to the holders of Rights will state the method by which the payment of the
Redemption Price will be made. The Company may, at its option, pay the Redemption Price in cash, Common Shares (based upon the
current per share market price of the Common Shares (as determined pursuant to Section 11(d)) at the time of such redemption),
or any other form of consideration deemed appropriate by the Board (based upon the fair market value of such other consideration,
as determined by the Board in good faith) or any combination thereof. The Company may, at its option, combine the payment of the
Redemption Price with any other payment being made concurrently to the holders of Common Shares and, to the extent that any such
other payment is discretionary, may reduce the amount thereof on account of the concurrent payment of the Redemption Price. If
legal or contractual restrictions prevent the Company from paying the Redemption Price (in the form of consideration deemed appropriate
by the Board) at the time of such redemption, the Company will pay the Redemption Price, without interest, promptly after such
time as the Company ceases to be so prevented from paying the Redemption Price.

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24.
Exchange. (a) The Board may, at its option, at any time after the later of the (i) the Distribution Date and (ii)
the Share Acquisition Date, exchange all or part of the then-outstanding and exercisable Rights (which will not include Rights
that have become null and void pursuant to the provisions of Section 11(a)(ii)) for Common Shares at an exchange ratio of one Common
Share per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the Record
Date (such exchange ratio being hereinafter referred to as the “Exchange Ratio”). Any such exchange will
be effective immediately upon the action of the Board ordering the same, unless such action of the Board expressly provides that
such exchange will be effective at a subsequent time or upon the occurrence or nonoccurrence of one or more specified events (in
which case such exchange will be effective in accordance with the provisions of such action of the Board). Prior to effecting an
exchange pursuant to this Section 24, the Board may direct the Company to enter into a Trust Agreement in such form and with such
terms as the Board shall then approve (the “Trust Agreement”). If the Board so directs, the Company shall
enter into the Trust Agreement and shall issue to the trust created by such agreement (the “Trust”) all
of the Common Shares issuable pursuant to the exchange, and all Persons entitled to receive Common Shares pursuant to the exchange
shall be entitled to receive such Common Shares (and any dividends or distributions made thereon after the date on which such shares
are deposited in the Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust
Agreement. Notwithstanding the foregoing, the Board will not be empowered to effect such exchange at any time after any Person
(other than the Company or any Related Person), who or which, together with all Affiliates and Associates of such Person, becomes
the Beneficial Owner of 50% or more of the then-outstanding Common Shares.

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(b)
Immediately upon the effectiveness of the exchange of any Rights as provided in Section 24(a), and without any further action
and without any notice, the right to exercise such Rights will terminate and the only right with respect to such Rights thereafter
of the holder of such Rights will be to receive that number of Common Shares equal to the number of such Rights held by such holder
multiplied by the Exchange Ratio. Promptly after the effectiveness of the exchange of any Rights as provided in Section 24(a),
the Company will publicly announce such exchange (with prompt written notice thereof also provided to the Rights Agent) and, within
10 calendar days thereafter, will give notice of such exchange to all of the holders of such Rights at their last addresses as
they appear upon the registry books of the Rights Agent; provided, however, that the failure to give, or any defect
in, such notice will not affect the validity of such exchange. Any notice that is mailed in the manner herein provided will be
deemed given, whether or not the holder receives such notice. Each such notice of exchange will state the method by which the exchange
of the Common Shares for the Rights will be effected and, in the event of any partial exchange, the number of Rights which will
be exchanged. Any partial exchange will be effected pro rata based on the number of Rights (other than Rights which have become
null and void pursuant to the provisions of Section 11(a)(ii)) held by each holder of Rights.

(c)
In any exchange pursuant to this Section 24, the Company, at its option, may substitute for any Common Share exchangeable
for a Right (i) equivalent common shares (as such term is used in Section 11(a)(iii)), (ii) cash, (iii) debt securities of the
Company, (iv) other assets, or (v) any combination of the foregoing, in any event having an aggregate value, as determined in good
faith by the Board (which determination will be described in a written statement filed with the Rights Agent), equal to the current
market value of one Common Share (as determined pursuant to Section 11(d)) on the Trading Day immediately preceding the date of
the effectiveness of the exchange pursuant to this Section 24.

25.
Notice of Certain Events. (a) If after the Distribution Date the Company proposes (i) to pay any dividend payable
in stock of any class to the holders of Preferred Shares or to make any other distribution to the holders of Preferred Shares (other
than a regular periodic cash dividend), (ii) to offer to the holders of Preferred Shares rights, options or warrants to subscribe
for or to purchase any additional Preferred Shares or shares of stock of any class or any other securities, rights or options,
(iii) to effect any reclassification of its Preferred Shares (other than a reclassification involving only the subdivision of outstanding
Preferred Shares), (iv) to effect any consolidation or merger into or with, or to effect any sale or other transfer (or to permit
one or more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of assets or earning power
(including, without limitation, securities creating any obligation on the part of the Company and/or any of its Subsidiaries) representing
more than 50% of the assets and earning power of the Company and its Subsidiaries, taken as a whole, to any other Person or Persons
other than the Company or one or more of its wholly owned Subsidiaries, (v) to effect the liquidation, dissolution or winding up
of the Company, or (vi) to declare or pay any dividend on the Common Shares payable in Common Shares or to effect a subdivision,
combination or reclassification of the Common Shares, then, in each such case, the Company will give to the Rights Agent and each
holder of a Right Certificate, to the extent feasible and in accordance with Section 26 hereof, a notice of such proposed action,
which specifies the record date for the purposes of such stock dividend, distribution or offering of rights, options or warrants,
or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution or winding up is to
take place and the date of participation therein by the holders of the Common Shares and/or Preferred Shares, if any such date
is to be fixed, and such notice will be so given, in the case of any action covered by clause (i) or (ii) above, at least 10 calendar
days prior to the record date for determining the holders of the Preferred Shares for the purposes of such action, and, in the
case of any such other action, at least 10 calendar days prior to the date of the taking of such proposed action or the date of
participation therein by the holders of the Common Shares and/or Preferred Shares, whichever is the earlier.

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(b)
In case any Triggering Event occurs, then, in any such case, the Company will as soon as practicable thereafter give to
the Rights Agent and each holder of a Right Certificate, in accordance with Section 26 hereof, a notice in writing of the occurrence
of such event, which specifies the event and the consequences of the event to the holders of Rights.

(c)
Notwithstanding anything in this Agreement to the contrary, prior to the Distribution Date, a filing by the Company with
the SEC shall constitute sufficient notice to the holders of any Rights or of any Common Shares for the purposes of this Agreement.

26.
Notices. (a) Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder
of any Right Certificate to or on the Company will be sufficiently given or made if sent in writing by first-class mail, postage
prepaid, or overnight delivery service, addressed (until another address is filed in writing with the Rights Agent) as follows:

Hudson Global, Inc.

1325 Avenue of the Americas

New York, New York 10019

Attention: Corporate Secretary

(b)
Subject to the provisions of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by
the Company or by the holder of any Right Certificate to or on the Rights Agent will be sufficiently given or made if sent in writing
by first-class mail, postage prepaid, or overnight delivery service, addressed (until another address is filed in writing with
the Company) as follows:

Computershare Trust Company, N.A.

250 Royall Street

Canton, Massachusetts 02021

Attention: Client Services

(c)
Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of
any Right Certificate (or, if prior to the Distribution Date, to the holder of any Common Shares) will be sufficiently given or
made if sent in writing by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on
the registry books of the Company.

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27.
Supplements and Amendments. Prior to the time at which the Rights cease to be redeemable pursuant to Section 23,
and subject to the penultimate sentence of this Section 27, the Company may, in its sole and absolute discretion, and the Rights
Agent will if the Company so directs, supplement or amend any provision of this Agreement in any respect without the approval of
any holders of the Rights or Common Shares. From and after the time at which the Rights cease to be redeemable pursuant to Section
23, and subject to the penultimate sentence of this Section 27, the Company may, and the Rights Agent will if the Company so directs,
supplement or amend this Agreement without the approval of any holders of the Rights or Common Shares in order (i) to cure any
ambiguity, (ii) to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions
herein, (iii) to shorten or lengthen any time period hereunder, or (iv) to supplement or amend the provisions hereunder in any
manner which the Company may deem desirable; provided, however, that no such supplement or amendment shall adversely
affect the interests of the holders of Rights as such (other than an Acquiring Person or an Affiliate or Associate of an Acquiring
Person), and no such supplement or amendment shall cause the Rights again to become redeemable or cause this Agreement again to
become supplementable or amendable other than in accordance with the terms of this sentence. Without limiting the generality or
effect of the foregoing, this Agreement may be supplemented or amended to provide for such voting powers for the Rights and such
procedures for the exercise thereof, if any, as the Board may determine to be appropriate. Notwithstanding anything in this Agreement
to the contrary, any supplement or amendment to this Agreement shall be evidenced by a writing signed by the Company and the Rights
Agent. Upon the delivery of a certificate from an appropriate officer of the Company which states that the proposed supplement
or amendment is in compliance with the terms of this Section 27, the Rights Agent will execute such supplement or amendment; provided,
however, that such supplement or amendment does not adversely affect the rights, duties, obligations or immunities of the Rights
Agent under this Agreement. Notwithstanding anything in this Agreement to the contrary, no supplement or amendment may be made
which decreases the stated Redemption Price to an amount less than $0.001 per Right. Notwithstanding anything in this Agreement
to the contrary, the limitations on the ability of the Board to amend this Agreement set forth in this Section 27 shall not affect
the power or ability of the Board to take any other action that is consistent with its fiduciary duties under applicable Delaware
law, including, without limitation, accelerating or extending the Expiration Date or making any other amendment to this Agreement
that is permitted by this Section 27 or adopting a new stockholder rights agreement with such terms as the Board determines in
its sole discretion to be appropriate.

28.
Successors; Certain Covenants. All of the covenants and provisions of this Agreement by or for the benefit of the
Company or the Rights Agent will be binding on and inure to the benefit of their respective successors and assigns hereunder.

29.
Benefits of This Agreement. Nothing in this Agreement will be construed to give to any Person other than the Company,
the Rights Agent, and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares)
any legal or equitable right, remedy or claim under this Agreement. This Agreement will be for the sole and exclusive benefit of
the Company, the Rights Agent, and the registered holders of the Right Certificates (or, prior to the Distribution Date, the Common
Shares). The Company and, by accepting the Rights hereunder, each holder of the Rights: (a) irrevocably submit to the exclusive
jurisdiction of the Court of Chancery of the State of Delaware, or, if such court shall lack subject matter jurisdiction, the United
States District Court for the District of Delaware, over any suit, action or proceeding arising out of or relating to this Agreement;
(b) acknowledge that the forum designated by this Section 29 has a reasonable relation to this Agreement and to such Persons’
relationship with one another; (c) waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter
have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in any court referred to
in this Section 29; (d) undertake not to commence any action subject to this Agreement in any forum other than the forum described
in this Section 29; and (e) agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment
in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon such Persons.

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30.
Governing Law. This Agreement, each Right and each Right Certificate issued hereunder will be deemed to be a contract
made under the internal substantive laws of the State of Delaware and for all purposes will be governed by and construed in accordance
with the internal substantive laws of such State applicable to contracts to be made and performed entirely within such State.

31.
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
or other authority to be invalid, null and void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
of this Agreement will remain in full force and effect and will in no way be affected, impaired or invalidated; provided, however,
that nothing contained in this Section 31 will affect the ability of the Company under the provisions of Section 27 to supplement
or amend this Agreement to replace such invalid, null and void or unenforceable term, provision, covenant or restriction with a
legal, valid and enforceable term, provision, covenant or restriction; provided further, however, that if any such excluded or
severed term, provision, covenant or restriction adversely affects the rights, immunities, duties or obligations of the Rights
Agent, then the Rights Agent will be entitled to resign immediately upon written notice to the Company.

32.
Descriptive Headings, Etc. Descriptive headings of the several Sections of this Agreement are inserted for convenience
only and will not control or affect the meaning or construction of any of the provisions hereof. Unless otherwise expressly provided,
references herein to Articles, Sections and Exhibits are to Articles, Sections and Exhibits of or to this Agreement.

33.
Determinations and Actions by the Board. (a) For all the purposes of this Agreement, any calculation of the number
of Common Shares outstanding at any particular time, including for the purpose of determining the particular percentage of such
outstanding Common Shares of which any Person is the Beneficial Owner, will be made in accordance with the provisions of Section
382 of the Code, or any successor or replacement provision, and the Treasury Regulations promulgated thereunder. The Board will
have the exclusive power and authority to administer this Agreement and to exercise or refrain from exercising all rights and powers
specifically granted to the Board or to the Company, or as may be necessary or advisable in the administration of this Agreement,
including, without limitation, the right and power (i) to interpret the provisions of this Agreement (including, without limitation,
Section 27, this Section 33 and other provisions hereof relating to its powers or authority hereunder) and (ii) to make all determinations
deemed necessary or advisable for the administration of this Agreement (including, without limitation, any determination contemplated
by Section 1(a) or any determination as to whether particular Rights shall have become null and void). All such actions, calculations,
interpretations and determinations (including, for the purpose of clause (y) below, any omission with respect to any of the foregoing)
which are done or made by the Board in good faith will (x) be final, conclusive and binding on the Company, the Rights Agent, the
holders of the Rights and all other parties and (y) not subject the Board to any liability to any Person, including, without limitation,
the Rights Agent and the holders of the Rights. The Rights Agent is entitled always to assume the Board acted in good faith and
shall be fully protected and incur no liability in reliance thereon.

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(b)
If at any time the Board determines that a Person has become an Acquiring Person, the Company will give written notice of
such determination, indicating the identity of such Person, to the Rights Agent promptly thereafter. Until such a notice is received
by the Rights Agent, the Rights Agent may presume conclusively for all purposes that no Person has become an Acquiring Person.

34.
Process to Seek Exemption. (a) Any Person who desires to effect any transaction that might, if consummated, result
in such Person becoming the Beneficial Owner of 4.99% or more of the then-outstanding Common Shares (or, in the case of any Person
who would otherwise constitute an Acquiring Person as of the Effective Time but will not be deemed to be an Acquiring Person for
any purpose of this Agreement unless and until such time as provided in Section 1(a), any additional Common Shares) (a “Requesting
Person”) may, prior to the date of the transaction for which the Requesting Person is seeking a determination, request
in writing that the Board make a determination under this Agreement so that such Person would be deemed to be an “Exempt
Person” for the purposes of this Agreement or such transaction would be deemed to be an “Exempt Transaction”
for the purposes of this Agreement (an “Exemption Request”). Any Exemption Request must be delivered
by registered mail, return receipt requested, to the Secretary of the Company at the Company’s principal executive office.
Such Exemption Request will be deemed to have been made when actually received by the Company. Any Exemption Request must include:
(i) the name, address and telephone number of the Requesting Person; (ii) the number and percentage of Common Shares then Beneficially
Owned by the Requesting Person; (iii) a reasonably detailed description of the transaction or transactions by which the Requesting
Person would propose to acquire Beneficial Ownership of Common Shares, the maximum number and percentage of Common Shares that
the Requesting Person proposes to acquire and the proposed tax treatment thereof; and (iv) a commitment by the Requesting Person
that such Requesting Person will not acquire Beneficial Ownership of 4.99% or more of the then-outstanding Common Shares or, if
such Requesting Person Beneficially Owns 4.99% or more of the then-outstanding Common Shares, any additional Common Shares prior
to such time as the Board has responded to, or is deemed to have responded to, the Exemption Request pursuant to this Section 34.
The Board will, in good faith, endeavor to respond to any Exemption Request within 30 calendar days of receiving such Exemption
Request; provided that the failure of the Board to make a determination within such period will be deemed to constitute
the denial by the Board of the Exemption Request. The Requesting Person must respond promptly to reasonable and appropriate requests
for additional information from the Company or the Board and its advisors to assist the Board in making its determination. As a
condition to making any determination requested pursuant to this Section 34(a), the Board may, in its discretion, require (at the
expense of the Requesting Person) a report from advisors selected by the Board to the effect that the proposed transaction or transactions
will not result in the application of any limitations on the use by the Company of the Tax Benefits taking into account any and
all other transactions that have been consummated prior to receipt of the Exemption Request, any and all other proposed transactions
that have been approved by the Board prior to its receipt of the Exemption Request and any such other actual or proposed transactions
involving Common Shares as the Board may require; provided that the Board may make the determination requested in the Exemption
Request notwithstanding the effect of the proposed transaction or transactions on the Tax Benefits if it determines that such determination
is in the best interests of the Company. The Board may impose any conditions that it deems reasonable and appropriate in connection
with a determination pursuant to this Section 34(a), including, without limitation, restrictions on the ability of the Requesting
Person to transfer Common Shares acquired by it in the transaction or transactions to which such determination relates. Any Exemption
Request may be submitted on a confidential basis and, except to the extent required by applicable law, the Company will maintain
the confidentiality of such Exemption Request and the determination of the Board with respect thereto, unless the information contained
in the Exemption Request or the determination of the Board with respect thereto otherwise becomes publicly available.

    	38

     

    

(b)
The Board may make a determination under this Agreement so that a Person would be deemed to be an “Exempt Person”
for the purposes of this Agreement or a transaction would be deemed to be an “Exempt Transaction” for the purposes
of this Agreement, whether or not an Exemption Request has been made pursuant to Section 34(a). In connection with such determination,
the Board may impose any conditions that it deems reasonable and appropriate, including, without limitation, restrictions on the
ability of the transferee to transfer Common Shares acquired by it in the transaction or transactions to which such determination
relates. Any determination of the Board pursuant to this Section 34(b) may be made prospectively or retroactively.

35.
Suspension of Exercisability or Exchangeability. To the extent that the Board determines in good faith that some
action will or may need to be taken pursuant to, or in order to properly give effect to, Sections 7, 11, 13, 21 or 24 or to comply
with federal or state securities laws or rules and regulations of any national securities exchange on which the Common Shares are
listed or admitted to trading, the Company may suspend the exercisability or exchangeability of the Rights for a reasonable period
of time sufficient to allow it to take such action or to comply with such laws or rules and regulations. In the event of any such
suspension, the Company will issue as promptly as practicable a public announcement stating that the exercisability or exchangeability
of the Rights has been temporarily suspended. The Company shall promptly notify the Rights Agent in writing whenever it makes such
a public announcement temporarily suspending the exercisability or exchangeability of the Rights, and whenever such suspension
has been lifted. Upon such suspension, any rights of action vested in a holder of the Rights will be similarly suspended. Failure
to give a notice pursuant to the provisions of this Agreement will not affect the validity of any action taken hereunder.

36.
Effective Time. Notwithstanding anything in this Agreement to the contrary, this Agreement will not be effective
until the Effective Time.

    	39

     

    

37.
Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts will for
all purposes be deemed to be an original, and all such counterparts will together constitute but one and the same instrument. A
signature to this Agreement executed and/or transmitted electronically will have the same authority, effect and enforceability
as an original signature.

38.
Force Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for
any delays or failures in performance resulting from acts beyond its reasonable control, including, without limitation, acts of
God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss
of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war,
or civil unrest.

    	40

     

    

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed as of the date and year first above written.

	 	HUDSON GLOBAL, INC.
	 	 
	 	By:	
 /s/ Jeffrey E. Eberwein 

	 	 	Name:	Jeffrey E. Eberwein
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	Computershare Trust Company, N.A.
	 	 	 	 
	 	By:	
 /s/ Dennis V. Moccia 

	 	 	Name:	Dennis V. Moccia
	 	 	Title:	Manager, Contract Administration

  

[Signature Page to Rights Agreement] 

     

     

    

 

EXHIBIT A

CERTIFICATE OF DESIGNATION

of

SERIES B JUNIOR PARTICIPATING

PREFERRED STOCK

of

HUDSON GLOBAL, INC.

(Pursuant to Section 151 of the

General Corporation Law of the State of Delaware)

Hudson Global, Inc., a corporation organized
and existing under the General Corporation Law of the State of Delaware (the “Company”), DOES HEREBY
CERTIFY:

That, pursuant to authority vested in
the Board of Directors of the Company by its Amended and Restated Certificate of Incorporation, and pursuant to the provisions
of Section 151 of the General Corporation Law of the State of Delaware, the Board of Directors of the Company has adopted the following
resolution providing for the issuance of a series of Preferred Stock:

RESOLVED, that pursuant to the authority
expressly granted to and vested in the Board of Directors of the Company (the “Board of Directors” or
the “Board”) by the Amended and Restated Certificate of Incorporation of the Company, a series of Preferred
Stock, par value $0.001 per share (the “Preferred Stock”), of the Company be, and it hereby is, created,
and that the designation and amount thereof and the powers, designations, preferences and relative, participating, optional and
other special rights of the shares of such series, and the qualifications, limitations or restrictions thereof are as follows:

I. Designation and
Amount

The shares of such series will be designated
as Series B Junior Participating Preferred Stock (the “Series B Preferred”) and the number of shares
constituting the Series B Preferred is 1,000,000. Such number of shares may be increased or decreased by resolution of the Board;
provided, however, that no decrease will reduce the number of shares of Series B Preferred to a number less than
the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options,
rights or warrants or upon the conversion of any outstanding securities issued by the Company convertible into the Series B Preferred.

II. Dividends and
Distributions

(a)
Subject to the rights of the holders of any shares of any series of Preferred Stock ranking prior to the Series B Preferred
with respect to dividends, the holders of shares of the Series B Preferred, in preference to the holders of the Common Stock, par
value $0.001 per share (the “Common Stock”), of the Company, and of any other junior stock, will be entitled
to receive, when, as and if declared by the Board out of funds legally available for the purpose, dividends payable in cash (except
as otherwise provided below) on such dates as are from time to time established for the payment of dividends on the Common Stock
(each such date being referred to herein as a “Dividend Payment Date”), commencing on the first Dividend
Payment Date after the first issuance of a share or fraction of a share of the Series B Preferred (the “First Dividend
Payment Date”), in an amount per share (rounded to the nearest cent) equal to the greater of (i) $1.00 or (ii) subject
to the provision for adjustment hereinafter set forth, one hundred times the aggregate per share amount of all cash dividends,
and one hundred times the aggregate per share amount (payable in kind) of all non-cash dividends, other than a dividend payable
in shares of the Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared
on the Common Stock since the immediately preceding Dividend Payment Date or, with respect to the First Dividend Payment Date,
since the first issuance of any share or fraction of a share of the Series B Preferred. In the event that the Company at any time
(i) declares a dividend on the outstanding shares of Common Stock payable in shares of Common Stock, (ii) subdivides the outstanding
shares of Common Stock, (iii) combines the outstanding shares of Common Stock into a smaller number of shares, or (iv) issues any
shares of its capital stock in a reclassification of the outstanding shares of Common Stock (including any such reclassification
in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), then, in each such
case and regardless of whether any shares of the Series B Preferred are then issued or outstanding, the amount to which the holders
of shares of the Series B Preferred would otherwise be entitled immediately prior to such event under clause (ii) of the preceding
sentence will be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock
outstanding immediately after such event, and the denominator of which is the number of shares of Common Stock that were outstanding
immediately prior to such event.

    	A-1

    	

    

(b)
The Company will declare a dividend on the Series B Preferred as provided in the immediately preceding paragraph immediately
after it declares a dividend on the Common Stock (other than a dividend payable in shares of Common Stock). Each such dividend
on the Series B Preferred will be payable immediately prior to the time at which the related dividend on the Common Stock is payable.

(c)
Dividends will accrue on outstanding shares of the Series B Preferred from the Dividend Payment Date next preceding the
date of issue of such shares, unless (i) the date of issue of such shares is prior to the record date for the First Dividend Payment
Date, in which case dividends on such shares will accrue from the date of the first issuance of a share of the Series B Preferred
or (ii) the date of issue is a Dividend Payment Date or is a date after the record date for the determination of the holders of
shares of the Series B Preferred entitled to receive a dividend and before such Dividend Payment Date, in either of which events
such dividends will accrue from such Dividend Payment Date. Accrued but unpaid dividends will cumulate from the applicable Dividend
Payment Date but will not bear interest. Dividends paid on the shares of Series B Preferred in an amount less than the total amount
of such dividends at the time accrued and payable on such shares will be allocated pro rata on a share-by-share basis among all
such shares at the time outstanding. The Board may fix a record date for the determination of the holders of shares of the Series
B Preferred entitled to receive payment of a dividend or distribution declared thereon, which record date will be not more than
60 calendar days prior to the date fixed for the payment thereof.

    	A-2

    	

    

III. Voting Rights

The holders of shares of the Series B
Preferred will have the following voting rights:

(a)
Subject to the provision for adjustment hereinafter set forth, each share of the Series B Preferred will entitle the holder
thereof to one hundred votes on all matters submitted to a vote of the stockholders of the Company. In the event the Company at
any time (i) declares a dividend on the outstanding shares of Common Stock payable in shares of Common Stock, (ii) subdivides the
outstanding shares of Common Stock, (iii) combines the outstanding shares of Common Stock into a smaller number of shares, or (iv)
issues any shares of its capital stock in a reclassification of the outstanding shares of Common Stock (including any such reclassification
in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), then, in each such
case and regardless of whether any shares of Series B Preferred are then issued or outstanding, the number of votes per share to
which the holders of shares of the Series B Preferred would otherwise be entitled immediately prior to such event will be adjusted
by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately
after such event, and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior
to such event.

(b)
Except as otherwise provided herein, in any Certificate of Designation creating a series of Preferred Stock or any similar
stock, or by law, the holders of shares of the Series B Preferred and the holders of shares of the Common Stock and any other capital
stock of the Company having general voting rights will vote together as one class on all matters submitted to a vote of stockholders
of the Company.

(c)
Except as set forth in the Amended and Restated Certificate of Incorporation or herein, or as otherwise provided by law,
the holders of shares of the Series B Preferred will have no voting rights.

IV. Certain Restrictions

(a)
Whenever dividends or other dividends or distributions payable on the Series B Preferred are in arrears, thereafter and
until all accrued and unpaid dividends and distributions, whether or not declared, on shares of the Series B Preferred outstanding
have been paid in full, the Company will not:

(i)
Declare or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends
or upon liquidation, dissolution or winding up) to the shares of Series B Preferred;

(ii)
Declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends
or upon liquidation, dissolution or winding up) with the shares of Series B Preferred, except dividends paid ratably on the shares
of Series B Preferred and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts
to which the holders of all such shares are then entitled;

    	A-3

    	

    

(iii)
Redeem, purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding up) to the shares of Series B Preferred; provided, however, that the Company
may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any stock of the
Company ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the shares of Series B Preferred;
or

(iv)
Redeem, purchase or otherwise acquire for consideration any shares of the Series B Preferred, or any shares of stock ranking
on a parity with the shares of Series B Preferred, except in accordance with a purchase offer made in writing or by publication
(as determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the respective
annual dividend rates and other relative rights and preferences of the respective series and classes, may determine in good faith
will result in fair and equitable treatment among the respective series or classes.

(b)
The Company will not permit any majority-owned subsidiary of the Company to purchase or otherwise acquire for consideration
any shares of stock of the Company unless the Company could, under paragraph (a) of this Article IV, purchase or otherwise acquire
such shares at such time and in such manner.

V. Reacquired Shares

Any shares of the Series B Preferred
purchased or otherwise acquired by the Company in any manner whatsoever will be retired and canceled promptly after the acquisition
thereof. All such shares will upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued
as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth herein, in the Amended
and Restated Certificate of Incorporation of the Company, or in any other Certificate of Designation creating a series of Preferred
Stock or any similar stock or as otherwise required by law.

VI. Liquidation,
Dissolution or Winding Up

Upon any liquidation, dissolution or
winding up of the Company, no distribution will be made (a) to the holders of shares of stock ranking junior (either as to dividends
or upon liquidation, dissolution or winding up) to the shares of Series B Preferred unless, prior thereto, the holders of shares
of the Series B Preferred have received $100 per share, plus an amount equal to accrued and unpaid dividends and distributions
thereon, whether or not declared, to the date of such payment; provided, however, that the holders of shares of the
Series B Preferred will be entitled to receive an aggregate amount per share, subject to the provision for adjustment hereinafter
set forth, equal to one hundred times the aggregate amount to be distributed per share to the holders of shares of the Common Stock
or (b) to the holders of shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding
up) with the shares of Series B Preferred, except distributions made ratably on the shares of Series B Preferred and all such parity
stock in proportion to the total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution
or winding up. In the event the Company at any time (i) declares a dividend on the outstanding shares of Common Stock payable in
shares of Common Stock, (ii) subdivides the outstanding shares of Common Stock, (iii) combines the outstanding shares of Common
Stock into a smaller number of shares, or (iv) issues any shares of its capital stock in a reclassification of the outstanding
shares of Common Stock (including any such reclassification in connection with a consolidation or merger in which the Company is
the continuing or surviving corporation), then, in each such case and regardless of whether any shares of the Series B Preferred
are then issued or outstanding, the aggregate amount to which each holder of shares of the Series B Preferred would otherwise be
entitled immediately prior to such event under the proviso in clause (a) of the preceding sentence will be adjusted by multiplying
such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event,
and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

    	A-4

    	

    

VII. Consolidation,
Merger, Etc.

In the event that the Company enters
into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed
into other stock or securities, cash and/or any other property, then, in each such case, each share of the Series B Preferred will
at the same time be similarly exchanged for or changed into an amount per share, subject to the provision for adjustment hereinafter
set forth, equal to one hundred times the aggregate amount of stock, securities, cash and/or any other property (payable in kind),
as the case may be, into which or for which each share of Common Stock is changed or exchanged. In the event the Company at any
time (a) declares a dividend on the outstanding shares of Common Stock payable in shares of Common Stock, (b) subdivides the outstanding
shares of Common Stock, (c) combines the outstanding shares of Common Stock into a smaller number of shares, or (d) issues any
shares of its capital stock in a reclassification of the outstanding shares of Common Stock (including any such reclassification
in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), then, in each such
case and regardless of whether any shares of the Series B Preferred are then issued or outstanding, the amount set forth in the
preceding sentence with respect to the exchange or change of shares of the Series B Preferred will be adjusted by multiplying such
amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event,
and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

VIII. Redemption

The shares of Series B Preferred are
not redeemable.

IX. Rank

The Series B Preferred rank, with respect
to the payment of dividends and the distribution of assets, junior to all other series of the Company’s Preferred Stock.

X. Amendment

Notwithstanding anything contained in
the Amended and Restated Certificate of Incorporation of the Company to the contrary and in addition to any other vote required
by applicable law, the Amended and Restated Certificate of Incorporation of the Company may not be amended in any manner that would
materially alter or change the powers, preferences or special rights of the Series B Preferred so as to affect them adversely without
the affirmative vote of the holders of at least 67% of the outstanding shares of Series B Preferred, voting together as a single
series.

    	A-5

    	

    

IN WITNESS WHEREOF, I have signed this
Certificate of Designation on behalf of Hudson Global, Inc. this ____ day of October 2018.

	 	HUDSON GLOBAL, INC.
	 	 
	 	By:	
   

	 	 	Name:	 
	 	 	Title:	 

 

    	A-6

    	

    

 

EXHIBIT B

FORM OF RIGHT CERTIFICATE

	Certificate No. R-___________	______________ Rights

 

NOT EXERCISABLE AFTER October 15, 2021 OR EARLIER IF REDEEMED,
EXCHANGED OR AMENDED. THE RIGHTS ARE SUBJECT TO REDEMPTION, EXCHANGE AND AMENDMENT AT THE OPTION OF THE COMPANY, ON THE TERMS SET
FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES SPECIFIED IN THE RIGHTS AGREEMENT, RIGHTS THAT ARE OR WERE BENEFICIALLY
OWNED BY AN ACQUIRING PERSON OR AN AFFILIATE OR AN ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT)
OR A TRANSFEREE THEREOF MAY BECOME NULL AND VOID.

Right Certificate

HUDSON GLOBAL, INC.

This certifies that ________, or registered assigns, is the registered owner of the number of Rights set forth
above, each of which entitles the owner thereof, subject to the terms, provisions, and conditions of the Rights Agreement, dated
as of October 15, 2018 (the “Rights Agreement”), by and between Hudson Global, Inc., a Delaware corporation
(the “Company”), and Computershare Trust Company, N.A., (the “Rights Agent”),
to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior
to the Expiration Date (as such term is defined in the Rights Agreement) at the office or offices of the Rights Agent designated
for such purpose, one one-hundredth of a fully paid, non-assessable share of Series B Junior Participating Preferred Stock, par
value $0.001 per share (the “Preferred Shares”), of the Company, at a purchase price of $3.50 per one
one-hundredth of a Preferred Share (the “Purchase Price”), upon presentation and surrender of this Right
Certificate with the Form of Election to Purchase and related Certificate duly executed. If this Right Certificate is exercised
in part, the holder will be entitled to receive upon the surrender hereof another Right Certificate or Right Certificates for the
number of whole Rights not exercised. The number of Rights evidenced by this Right Certificate (and the number of one one-hundredths
of a Preferred Share which may be purchased upon the exercise hereof) set forth above, and the Purchase Price set forth above,
are the number and Purchase Price as of the date of the Rights Agreement, based on the Preferred Shares as constituted at such
date.

As provided in the Rights Agreement,
the Purchase Price and/or the number and/or kind of securities issuable upon the exercise of the Rights evidenced by this Right
Certificate are subject to adjustment upon the occurrence of certain events.

This Right Certificate is subject to
all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated
herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the
rights, limitations of rights, obligations, duties and immunities of the Rights Agent, the Company and the holders of the Right
Certificates, which limitations of rights include the temporary suspension of the exercisability of the Rights under the circumstances
specified in the Rights Agreement. Copies of the Rights Agreement are on file at the office or offices of the Rights Agent designated
for such purpose and can be obtained from the Company without charge upon the written request therefor. Terms used herein with
initial capital letters and not defined herein are used herein with the meanings ascribed thereto in the Rights Agreement.

    	B-1

     

    

Pursuant to the Rights Agreement, from
and after the occurrence of a Flip-in Event, any Rights that are Beneficially Owned by (i) any Acquiring Person (or any Affiliate
or Associate of any Acquiring Person), (ii) a transferee of any Acquiring Person (or any such Affiliate or Associate) who becomes
a transferee after the occurrence of a Flip-in Event, or (iii) a transferee of any Acquiring Person (or any such Affiliate or Associate)
who became a transferee prior to or concurrently with the Flip-in Event pursuant to either (a) a transfer from an Acquiring Person
to holders of its equity securities or to any Person with whom it has any continuing agreement, arrangement or understanding regarding
the transferred Rights or (b) a transfer which the Board of Directors of the Company has determined is part of a plan, an arrangement
or understanding which has the purpose or effect of avoiding certain provisions of the Rights Agreement, and subsequent transferees
of any of such Persons, will be null and void without any further action and any holder of such Rights will thereafter have no
rights whatsoever with respect to such Rights under any provision of the Rights Agreement. From and after the occurrence of a Flip-in
Event, no Right Certificate will be issued that represents Rights that are or have become null and void pursuant to the provisions
of the Rights Agreement, and any Right Certificate delivered to the Rights Agent that represents Rights that are or have become
null and void pursuant to the provisions of the Rights Agreement will be canceled.

This Right Certificate, with or without
other Right Certificates, may be transferred, split up, combined or exchanged for another Right Certificate or Right Certificates
entitling the holder to purchase a like number of one one-hundredths of a Preferred Share (or other securities, as the case may
be) as the Right Certificate or Right Certificates surrendered entitled such holder (or former holder in the case of a transfer)
to purchase, upon the presentation and surrender hereof at the office or offices of the Rights Agent designated for such purpose,
with the Form of Assignment (if appropriate) and the related Certificate duly executed.

Subject to the provisions of the Rights
Agreement, the Rights evidenced by this Certificate may be redeemed by the Company, at its option, at a redemption price of $0.001
per Right or may be exchanged in whole or in part. The Rights Agreement may be supplemented and amended by the Company, as provided
therein.

The Company is not required to issue
fractions of Preferred Shares (other than fractions which are integral multiples of one one-hundredth of a Preferred Share, which
may, at the option of the Company, be evidenced by depositary receipts) or other securities issuable upon the exercise of any Right
or Rights evidenced hereby. In lieu of issuing such fractional Preferred Shares or other securities, the Company may make a cash
payment, as provided in the Rights Agreement.

    	B-2

     

    

No holder of this Right Certificate,
as such, will be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares or of any
other securities of the Company which may at any time be issuable upon the exercise of the Right or Rights represented hereby,
nor will anything contained herein or in the Rights Agreement be construed to confer upon the holder hereof, as such, any of the
rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions
affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise,
until the Right or Rights evidenced by this Right Certificate have been exercised in accordance with the provisions of the Rights
Agreement.

This Right Certificate will not be valid
or obligatory for any purpose until it has been countersigned by the Rights Agent.

WITNESS the facsimile signature of the
officers of the Company and its corporate seal. Dated as of _______, ____.

	ATTEST:	 	HUDSON GLOBAL, INC.
	 	 	 
	
   

	 	By:	  

 

	 	 	 	 	 	Name:	 
	 	 	 	 	 	Title:	 
	 	 	 
	Countersigned:	 	 
	 	 	 
	Computershare Trust Company, N.A., as Rights Agent	 	 
	 	 	 
	By:	
   

	 	 	 
	 	Authorized Signature	 	 	 	 

 

    	B-3

     

    

 

Form of Reverse Side of Right Certificate

FORM OF ASSIGNMENT

(To be executed by the registered holder
if such

holder desires to transfer the Right Certificate)

FOR VALUE RECEIVED, ___________ hereby
sells, assigns and transfers unto

  

	
  

	(Please print name and address of transferee)

                                                                               

	
 

	this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint ________ Attorney, to transfer the within Right Certificate on the books of the within-named Company, with full power of substitution.

 

	Dated: ________, ____	 	 
	 	 	 
	 	 	
   

	 	 	Signature
	 	 	 
	Signature Guaranteed:	
   

	 	 
	 	 	 	 
	Signatures must be guaranteed by an eligible guarantor institution (a bank, stockbroker, savings and loan association or credit union with membership in an approved signature guarantee medallion program) at a guarantee level satisfactory to the Rights Agent. A notary public is not sufficient.

 

    	B-4

     

    

 

CERTIFICATE

The undersigned hereby certifies by checking
the appropriate boxes that:

(1) the Rights evidenced by this Right
Certificate [ ] are [ ] are not being sold, assigned, transferred, split up, combined or exchanged by or on behalf of a Person
who is or was an Acquiring Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement);
and

(2) after due inquiry and to the best
knowledge of the undersigned, it [ ] did [ ] did not acquire the Rights evidenced by this Right Certificate from any Person who
is, was or became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.

	Dated: ________, ____	 	 
	 	 	 
	 	 	
   

	 	 	Signature

 

    	B-5

     

    

 

FORM OF ELECTION TO PURCHASE

(To be executed if the holder desires
to

exercise the Right Certificate)

To Hudson Global, Inc.:

The undersigned hereby irrevocably elects
to exercise _________ Rights represented by this Right Certificate to purchase the one one-hundredths of a Preferred Share or other
securities issuable upon the exercise of such Rights and requests that a certificate or certificates for such securities be issued
in the name of and delivered to:

	Please insert social security	 
	or other identifying number:	
   

	 

                                                                       

	
 

	(Please print name and address)

                                                                                 

	
 

	 
	If such number of Rights is not all of the Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights will be registered in the name of and delivered to:
	 
	Please insert social security	 
	or other identifying number:	
   

	 

                                                                       

	
 

	(Please print name and address)

                                                                                 

	
 

 

	Dated: ________, ____	 	 
	 	 	 
	 	 	
   

	 	 	Signature
	 	 	 
	Signature Guaranteed:	
   

	 	 
	 	 	 	 
	Signatures must be guaranteed by an eligible guarantor institution (a bank, stockbroker, savings and loan association or credit union with membership in an approved signature guarantee medallion program) at a guarantee level satisfactory to the Rights Agent. A notary public is not sufficient.

 

    	B-6

     

    

 

CERTIFICATE

The undersigned hereby certifies by checking
the appropriate boxes that:

(1) the Rights evidenced by this Right
Certificate [ ] are [ ] are not being exercised by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or
Associate of any such Person (as such terms are defined pursuant to the Rights Agreement); and

(2) after due inquiry and to the best
knowledge of the undersigned, it [ ] did [ ] did not acquire the Rights evidenced by this Right Certificate from any Person who
is, was, or became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.

	Dated: ________, ____	 	 
	 	 	 
	 	 	
   

	 	 	Signature

 

NOTICE

Signatures on the foregoing Form of
Assignment and Form of Election to Purchase and in the related Certificates must correspond to the name as written upon the face
of this Right Certificate in every particular, without alteration or enlargement or any change whatsoever.

Signatures must be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved
medallion signature program) pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended.

    	B-7

     

    

EXHIBIT C

SUMMARY OF RIGHTS TO PURCHASE PREFERRED
STOCK

On October 15, 2018, the Board of Directors of Hudson Global, Inc. declared a dividend of one preferred share
purchase right for each outstanding share of Hudson Global, Inc.’s common stock, par value $0.001 per share. The dividend
is payable on October 25, 2018 to our stockholders of record on that date. The terms of the rights are set forth in a rights agreement,
dated as of October 15, 2018, by and between Hudson Global, Inc. and Computershare Trust Company, N.A., as rights agent.

The rights agreement is intended to protect
stockholder value by attempting to protect against a possible limitation on our ability to use our net operating loss carryforwards
and other tax attributes to reduce potential future federal income tax obligations. Under the Internal Revenue Code and rules promulgated
by the Internal Revenue Service, we may “carry forward” tax losses and credits in certain circumstances
to offset any current and future earnings and thus reduce our federal income tax liability, subject to certain requirements and
restrictions. To the extent that our tax attributes do not otherwise become limited, we believe that we will be able to carry forward
a significant amount of losses and credits, and therefore these tax attributes could be a substantial asset to us. However, if
we experience an “ownership change,” as defined in Section 382 of the Internal Revenue Code, our ability
to use these tax attributes will be substantially limited, and the timing of the usage of the tax attributes could be substantially
delayed, which could significantly impair the value of that asset.

In general terms, the rights agreement
imposes a significant penalty upon any person or group that acquires beneficial ownership of 4.99% or more of our outstanding common
stock without the prior approval of our Board of Directors. A person or group that acquires a percentage of our common stock in
excess of that threshold is called an “acquiring person.” Any rights held by an acquiring person are
null and void and may not be exercised.

This summary of rights provides a general
description of the rights agreement. Because it is only a summary, this description should be read together with the entire rights
agreement, which we incorporate in this summary by reference. We have filed the rights agreement with the Securities and Exchange
Commission as an exhibit to our registration statement on Form 8-A. Upon written request, we will provide a copy of the rights
agreement free of charge to any stockholder.

The Rights. Our Board of Directors
authorized the issuance of one right per each outstanding share of our common stock on October 25, 2018. If the rights become
exercisable, each right would allow its holder to purchase from us one one-hundredth of a share of our Series B Junior Participating
Preferred Stock for a purchase price of $3.50.

Each fractional share of preferred stock would give the stockholder
approximately the same dividend, voting and liquidation rights as does one share of our common stock. Prior to exercise, however,
a right does not give its holder any dividend, voting or liquidation rights.

    	C-1

     

    

Exercisability. The rights will
not be exercisable until the earlier of:

		·	10 days after a public announcement by Hudson Global, Inc. that a person or group has become an acquiring person; and

		·	10 business days (or a later date determined by our Board of Directors) after a person or group begins a tender or an exchange
offer that, if completed, would result in that person or group becoming an acquiring person.

We refer to the date that the rights become exercisable as
the “distribution date.” Until the distribution date, our common stock certificates will also evidence
the rights and will contain a notation to that effect. Any transfer of shares of common stock prior to the distribution date will
constitute a transfer of the associated rights. After the distribution date, the rights will separate from the common stock and
be evidenced by right certificates, which we will mail to all holders of rights that have not become null and void.

After the distribution date, if a person
or group already is or becomes an acquiring person, all holders of rights, except the acquiring person, may exercise their rights
upon payment of the purchase price to purchase shares of our common stock (or other securities or assets as determined by the Board
of Directors) with a market value of two times the purchase price. We refer to this as a “flip-in event.”

After the distribution date, if a flip-in
event has already occurred and Hudson Global, Inc. is acquired in a merger or similar transaction, all holders of rights, except
the acquiring person, may exercise their rights upon payment of the purchase price, to purchase shares of the acquiring or other
appropriate entity with a market value of two times the purchase price of the rights. We refer to this as a “flip-over
event.”

Rights may be exercised to purchase our
preferred shares only after the distribution date occurs and prior to the occurrence of a flip-in event as described above. A distribution
date resulting from the commencement of a tender offer or an exchange offer as described in the second bullet point above could
precede the occurrence of a flip-in event, in which case the rights could be exercised to purchase our preferred shares. A distribution
date resulting from any occurrence described in the first bullet point above would necessarily follow the occurrence of a flip-in
event, in which case the rights could be exercised to purchase shares of common stock (or other securities or assets) as described
above.

Exempted Persons and Exempted Transactions.
Our Board of Directors recognizes that there may be instances when an acquisition of our common stock that would cause a stockholder
to become an acquiring person may not jeopardize the availability of any tax attributes to Hudson Global, Inc. Accordingly, the
rights agreement grants discretion to the Board of Directors to designate a person as an “Exempt Person” or to designate
a transaction involving our common stock as an “Exempt Transaction.” An “Exempt Person” cannot become an
acquiring person under the rights agreement. Our Board of Directors can revoke an “Exempt Person” designation if it
subsequently makes a contrary determination regarding whether a person jeopardizes the availability of tax attributes to Hudson
Global, Inc.

    	C-2

     

    

Expiration. The rights will expire
on the earliest of (i) October 15, 2021, which is the third anniversary of the date on which our Board of Directors authorized
and declared a dividend of the rights, or such earlier date as of which our Board of Directors determines that the rights agreement
is no longer necessary for the preservation of our tax assets, (ii) the time at which the rights are redeemed, (iii) the time
at which the rights are exchanged, (iv) the effective time of the repeal of Section 382 of the Code or any successor statute if
the Board of Directors determines that the rights agreement is no longer necessary for the preservation of our tax assets, (v)
the first day of a taxable year of the Company to which the Board of Directors determines that no NOLs or other tax assets may
be carried forward, and (vi) the day following the certification of the voting results of Hudson Global, Inc.’s 2019 annual
meeting of stockholders, if stockholder approval of the rights agreement has not been obtained prior to that date.

Redemption.
Our Board may redeem all (but not less than all) of the rights for a redemption price of $0.001 per right at any time before the
later of the distribution date and the date of the first public announcement or disclosure by Hudson Global, Inc. that a person
or group has become an acquiring person. Once the rights are redeemed, the right to exercise the rights will terminate, and the
only right of the holders of such rights will be to receive the redemption price. The redemption price will be adjusted if we
declare a stock split or issue a stock dividend on our common stock.

Exchange. After the later of the
distribution date and the date of the first public announcement by Hudson Global, Inc. that a person or group has become an acquiring
person, but before an acquiring person owns 50% or more of our outstanding common stock, our Board of Directors may exchange each
right (other than rights that have become null and void) for one share of common stock or an equivalent security.

Anti-Dilution Provisions. Our
Board may adjust the purchase price of the preferred shares, the number of preferred shares issuable and the number of outstanding
rights to prevent dilution that may occur as a result of certain events, including, among others, a stock dividend, a stock split
or a reclassification of the preferred shares or our common stock. No adjustments to the purchase price of less than one percent
will be made.

Amendments. Before the time the
rights cease to be redeemable, our Board of Directors may amend or supplement the rights agreement without the consent of the holders
of the rights, except that no amendment may decrease the redemption price below $0.001 per right. At any time thereafter, our Board
of Directors may amend or supplement the rights agreement to cure an ambiguity, to alter time period provisions, to correct inconsistent
provisions or to make any additional changes to the rights agreement, but only to the extent that those changes do not impair or
adversely affect any rights holder and do not result in the rights again becoming redeemable. The limitations on our Board of Director’s
ability to amend the rights agreement does not affect our Board of Director’s power or ability to take any other action that
is consistent with its fiduciary duties, including, without limitation, accelerating or extending the expiration date of the rights,
or making any amendment to the rights agreement that is permitted by the rights agreement or adopting a new rights agreement with
such terms as our Board determines in its sole discretion to be appropriate.

* * *

    	C-3Exhibit 10.1

 

 

 

 

SEPARATION AND DISTRIBUTION AGREEMENT

 

by and between

FMC CORPORATION

and

LIVENT CORPORATION

Dated as of October 15, 2018

 

 

 

 

    
	 

     

    

TABLE OF CONTENTS

__________________

 

Page

 

Article
I

Definitions

 

	Section 1.01.  Certain Definitions	6

 

Article
II

The Separation

 

	Section 2.01.  Pre-IPO Restructuring Transactions; Separation of Assets	19
	Section 2.02.  Transfer of Assets and Assumption of Liabilities	20
	Section 2.03.  Lithium Assets	21
	Section 2.04.  Lithium Liabilities	23
	Section 2.05.  Shared Assets; Shared Contracts	25
	Section 2.06.  Additional Conveyance Documents	26
	Section 2.07.  Foreign Transfers	26
	Section 2.08.  Transfers Not Effected on or Prior to the Separation Date; Transfers Deemed Effective as of the Separation Date	27
	Section 2.09.  Intellectual Property License	28
	Section 2.10.  Disclaimer of Representations and Warranties	29
	Section 2.11.  Issuance of Shares, Agreement to Make Separation Payment	29

 

Article
III

IPO; Pre-IPO Transactions

 

	Section 3.01.  The IPO	30
	Section 3.02.  Conditions Precedent to Consummation of the IPO	31

 

Article
IV

The Distribution

 

	Section 4.01.  The Distribution	32
	Section 4.02.  Actions Prior to the Distribution	33
	Section 4.03.  Conditions to Distribution	33

 

Article
V

Affirmative covenants

 

	Section 5.01.  Consents and Governmental Approvals	34
	Section 5.02.  Licenses and Permits	35
	Section 5.03.  Termination of Inter-Company Accounts and Agreements	35
	Section 5.04.  Financing Arrangements; Separation Payment	35
	Section 5.05.  Guarantees	35

 

    
	 

     

    

	Section 5.06.  Bank Accounts; Cash Balances	36

 

Article
VI

Exchange of Information; Confidentiality

 

	Section 6.01.  Books and Records	37
	Section 6.02.  Exchange of Information; Archives	38
	Section 6.03.  Ownership of Information	39
	Section 6.04.  Compensation for Providing Information	39
	Section 6.05.  Record Retention	39
	Section 6.06.  Limitation of Liability	39
	Section 6.07.  Other Agreements Providing for Exchange of Information	39
	Section 6.08.  Production of Witnesses; Records; Cooperation	40
	Section 6.09.  Confidentiality	40
	Section 6.10.  Protective Arrangements	42
	Section 6.11.  Preservation of Legal Privileges	42
	Section 6.12.  Tax Records	44

 

Article
VII

Insurance Matters

 

	Section 7.01.  Insurance Prior to the Distribution Time	44
	Section 7.02.  Ownership of Existing Policies and Programs	44
	Section 7.03.  Acquisition and Maintenance of Post-Separation Insurance	45
	Section 7.04.  Rights Under Shared Policies	45
	Section 7.05.  Claims Administration	46
	Section 7.06.  Non-Waiver of Rights to Coverage	47

 

Article
VIII

Mutual Releases; Indemnification

 

	Section 8.01.  Mutual Release of Pre-Closing Claims	47
	Section 8.02.  Indemnification by the Company	49
	Section 8.03.  Indemnification by Parent	50
	Section 8.04.  Third-Party Claims	51
	Section 8.05.  Survival of Indemnification Obligations	52
	Section 8.06.  Limitation of Liability	53
	Section 8.07.  Additional Matters	54
	Section 8.08.  Remedies Cumulative	54
	Section 8.09.  Existing Litigation	54

 

Article
IX

Miscellaneous

 

	Section 9.01.  Termination	55
	Section 9.02.  Expenses	56
	Section 9.03.  Dispute Resolution	56
	Section 9.04.  Governing Law; Exclusive Forum	56

 

    
	3

     

    

	Section 9.05.  Waiver of Jury Trial	57
	Section 9.06.  Specific Performance	57
	Section 9.07.  Counterparts; Entire Agreement; Conflicting Agreements	57
	Section 9.08.  No Construction Against Drafter	58
	Section 9.09.  Assignability	58
	Section 9.10.  Third-Party Beneficiaries	59
	Section 9.11.  Notices	59
	Section 9.12.  Severability	59
	Section 9.13.  Headings	60
	Section 9.14.  Survival of Covenants	60
	Section 9.15.  Waivers of Default	60
	Section 9.16.  Amendments	60
	Section 9.17.  Interpretation	60

 

    
	4

     

    

SEPARATION AND DISTRIBUTION AGREEMENT

 

THIS SEPARATION AND
DISTRIBUTION AGREEMENT, dated as of October 15, 2018, is by and between FMC CORPORATION, a Delaware corporation (“Parent”),
and LIVENT CORPORATION, a Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise
defined shall have the respective meanings assigned to them in ‎Article
I hereof.

 

R E C I T A L S

 

WHEREAS, the Board
of Directors of Parent (the “Parent Board”) has determined that it is in the best interests of Parent and its
stockholders to separate the Lithium Business from the Parent Business (the “Separation”);

 

WHEREAS, the Company
has been incorporated for this purpose and has not engaged in activities except in preparation for the Separation and the exchange,
sale and distribution of its stock;

 

WHEREAS, in furtherance
of the foregoing, on or prior to the date of the consummation of the IPO (the “Separation Date”), Parent transferred
to the Company the capital stock and equity interests of the Lithium Subsidiaries (which then held substantially all of the Lithium
Assets and had previously assumed the Lithium Liabilities in accordance with the Plan of Reorganization, all as more fully described
in this Agreement, the Ancillary Agreements and the Plan of Reorganization) (the “Contribution”) and, in exchange
therefor, the Company (i) issued to Parent, on or prior to the date hereof, shares of Company Common Stock, and (ii) shall pay
Parent, following the Separation Date, an amount in cash equal to the net cash proceeds from the sale of shares of Company Common
Stock in the IPO (including the net cash proceeds from the exercise of any over-allotment option), as determined in good faith
by the Company Board, or any committee thereof, which determination shall be conclusive (the “Separation Payment”);

 

WHEREAS, the Parent
Board has further determined that it is appropriate and desirable, on the terms and conditions contemplated hereby, for an offer
and sale to the public of a limited number of shares of the common stock, par value $0.001 per share, of the Company (the “Company
Common Stock”), to take place pursuant to a registration statement on Form S-1, as more fully described in this Agreement
and the Ancillary Agreements (the “IPO”);

 

WHEREAS, in connection
with the Pre-IPO Restructuring Transactions, the Company has entered into the Company Financing Arrangements;

 

WHEREAS, after the
IPO, Parent intends to transfer shares of Company Common Stock to stockholders of Parent by means of one or more distributions
by Parent to its stockholders of shares of Company Common Stock or one or more offers to stockholders of Parent to exchange their
Parent Common Stock for shares of Company Common Stock (any combination thereof, the “Distribution”);

 

    
	5

     

    

WHEREAS, for U.S. federal
and state income tax purposes, it is intended that (i) the Contribution and Distribution, if effected, taken together, will qualify
as a “reorganization” within the meaning Section 368(a)(1)(D) of the Internal Revenue Code of 1986, as amended (the
“Code”), and (ii) the Distribution and the Separation Payment, if effected, will qualify as tax-free transactions
by reason of Sections 355 and 361 of the Code (in each case, also qualifying for such treatment under the corresponding provisions
of state Law);

 

WHEREAS, this Agreement,
together with the Ancillary Agreements, Local Separation Agreements and other documents implementing the Separation, is intended
to be, and is hereby adopted as, a “plan of reorganization” within the meaning of Treas. Reg. Section 1.368-2(g); and

 

WHEREAS, it is appropriate
and desirable to set forth herein and in the Ancillary Agreements the principal corporate transactions required to effect the Separation
(including the Pre-IPO Restructuring Transactions), the Company Financing Arrangements, the Contribution, the IPO, and the Distribution,
if effected, and certain other agreements that will govern certain matters relating thereto (collectively, the “Transactions”),
and the relationship of Parent, the Company and their respective Subsidiaries following the IPO, including as set out in the Shareholders’
Agreement between Parent and the Company entered into in connection with the IPO, as amended, modified or supplemented from time
to time (the “Shareholders’ Agreement”).

 

NOW, THEREFORE, in
consideration of the mutual agreements, provisions and covenants contained in this Agreement, the parties, intending to be legally
bound, hereby agree as follows:

 

Article
I

Definitions

 

Section 1.01.Certain
Definitions. For the purposes of this Agreement, the following terms shall have the following meanings:

 

“Action”
means any demand, action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any federal, state,
local, foreign or international Governmental Authority or any arbitration or mediation tribunal.

 

“Additional
Company Transfer Documents” has the meaning set forth in ‎Section
2.06.

 

“Additional
Parent Transfer Documents” has the meaning set forth in ‎Section
2.06.

 

“Additional
Transfer Documents” has the meaning set forth in ‎Section
2.06.

 

“Affiliate”
of any Person means a Person that controls, is controlled by, or is under common control with such Person. As used herein, “control”
means the possession,

 

    
	6

     

    

directly or indirectly,
of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting
securities or other interests, by contract or otherwise. It is expressly agreed that, from and after the Separation Date, solely
for purposes of this Agreement, (1) no member of the Lithium Group shall be deemed to be an Affiliate of any member of the Parent
Group and (2) no member of the Parent Group shall be deemed to be an Affiliate of any member of the Lithium Group.

 

“Agreement”
means this Separation and Distribution Agreement, including all of the schedules and exhibits hereto.

 

“Ancillary
Agreements” means the Shareholders’ Agreement, the Transition Services Agreement, the Tax Matters Agreement, the
Employee Matters Agreement, the Trademark License Agreement, the Registration Rights Agreement, the Local Separation Agreements,
the Additional Transfer Documents and any other agreements, instruments or certificates related thereto or to the Transactions
and including any exhibits, schedules, attachments, tables or other appendices thereto.

 

“Assets”
means assets, properties, claims and rights (including goodwill), wherever located (including in the possession of vendors or other
third parties or elsewhere), of every kind, character and description, whether real, personal or mixed, tangible, intangible or
contingent, in each case whether or not recorded or reflected or required to be recorded or reflected on the books and records
or financial statements of any Person, including the following:

 

(a) all accounting
and other legal and business books, records, ledgers and files and all personnel records, in each case, whether printed, electronic,
contained on storage media or written, or in any other form;

 

(b) all apparati,
computers and other electronic data processing and communication equipment, telephone and facsimile numbers, fixtures, machinery,
furniture, office equipment, IT Assets, automobiles, motor vehicles and other transportation equipment, special and general tools,
test devices, prototypes and models, and other tangible personal property;

 

(c) all inventories
of materials, parts, biological materials, lithium minerals or metals, concentrates, analytical and research materials, raw materials,
supplies, and work-in-process and finished goods and products, in each case of whatever kind, nature or description;

 

(d) all interests
in real property of whatever nature, including but not limited to easements, servitudes, land use and mineral rights, leases, licenses,
subleases or security interests, whether as owner, mortgagee, lessor, sublessor, lessee, sublessee or otherwise;

 

(e) all interests
in any capital stock or other equity interests of any Person, all bonds, notes, debentures or other securities issued by any Person,
all loans, advances or other extensions of credit or capital contributions to any Person and all other investments in any Person;

 

    
	7

     

    

(f) all leases
of personal property, open purchase orders for raw materials, supplies, parts or services, and other similar Contracts;

 

(g) all deposits,
letters of credit, and performance and surety bonds;

 

(h) all Intellectual
Property;

 

(i) all IP/IT
Contracts;

 

(j) all cost
information, sales and pricing data, customer prospect lists, supplier records, customer and supplier lists, customer and vendor
data, correspondence and lists, product data and literature, artwork, designs, formulations and specifications, quality records
and reports, and other books, records, studies, surveys, reports, plans and documents, other than any Intellectual Property in
any of the foregoing;

 

(k) all prepaid
expenses, trade accounts, and other accounts and notes receivable;

 

(l) all Contracts
and rights thereunder, all claims or rights against any Person arising from the ownership of any Asset, all rights in connection
with any bids or offers, and all claims, choices in action and similar rights, whether accrued or contingent;

 

(m) all employee
Contracts, including the right thereunder to restrict an employee thereunder from competing in certain respects;

 

(n) all rights
under insurance policies and all rights in the nature of insurance, indemnification, recovery or contribution;

 

(o) all licenses,
permits, approvals, consents, registrations and authorizations, including, without limitation, marketing authorizations for any
products requiring such to be sold, which have been issued by or obtained from any Governmental Authority;

 

(p) all cash
or cash equivalents, certificates of deposit, banker’s acceptances and other investment securities of any form or maturity,
and all bank accounts, lock boxes and other deposit arrangements, and all brokerage accounts;

 

(q) all receivables
from Tax authorities; and

 

(r) all interest
rate, currency, commodity or other swap, collar, cap or other hedging or similar agreements or arrangements.

 

“Bromborough
Indemnity Deed” means that certain Deed of Indemnity, dated as of December 28, 2017, by and among FMC Chemicals Limited
(a Lithium Subsidiary), Parent, FMC Chemicals Pension Plan Limited (a Lithium Subsidiary), and certain other parties named therein,
with respect to the indemnification of certain

 

    
	8

     

    

Liabilities associated
with the winding-up of the FMC Chemicals Pension Plan. For the avoidance of doubt, any Liabilities of any member of the Parent
Group arising out of or relating to the Bromborough Indemnity Deed shall be a Lithium Liability and subject to the rights and obligations
of the parties in ‎Article VIII of this Agreement.

 

“Business”
means the Lithium Business or the Parent Business, as the context requires.

 

“Business
Day” means any day other than a Saturday, a Sunday or a day on which banking institutions are authorized or obligated
by Law to be closed in New York, New York.

 

“Code”
has the meaning set forth in the recitals hereto.

 

“Company”
has the meaning set forth in the preamble hereto.

 

“Company Accounts”
has the meaning set forth in ‎Section 5.06(b).

 

“Company Balance
Sheet” means the consolidated balance sheet of the Company as set forth in the IPO Registration Statement.

 

“Company Board”
means the Board of Directors of the Company.

 

“Company Books
and Records” means originals or true and complete copies thereof, including electronic copies (if available), of (a)
all minute books, corporate charters and bylaws or comparable constitutive documents, records of share issuances and related corporate
records of each member of the Lithium Group, (b) all books and records primarily relating to (i) Lithium Participants, (ii) the
purchase of materials, supplies and services for the Lithium Business, and (iii) dealings with customers of the Lithium Business,
and (c) all files relating exclusively to any Lithium Asset, Lithium Liabilities, or any Action the Liability of which is a Lithium
Liability.

 

“Company Common
Stock” has the meaning set forth in the recitals.

 

“Company Credit
Facility” means that certain Credit Agreement, dated as of September 28, 2018, by and among the Company and FMC Lithium
USA Corp., a Delaware corporation, as borrowers, certain Subsidiaries of the Company from time to time party thereto as guarantors,
each lender from time to time party thereto and Citibank, N.A., as administrative agent and collateral agent for the lenders, as
may be amended and restated, supplemented or otherwise modified from time to time.

 

“Company Debt
Obligations” means all Indebtedness of the Company or any member of the Lithium Group, including without limitation Indebtedness
incurred pursuant to the Company Financing Arrangements.

 

“Company Financing
Arrangements” means the Company Credit Facility.

 

“Company Indemnitees”
has the meaning set forth in ‎Section 8.03.

 

    
	9

     

    

“Consents”
means any consents, waivers or approvals from, or notification requirements to, any third parties.

 

“Contract”
means any written or oral commitment, contract, subcontract, agreement, lease, sublease, license, understanding, sales order, purchase
order, instrument, indenture, note or other commitment that is binding on any Person or any part of its property under applicable
Law.

 

“Contribution”
has the meaning set forth in the recitals.

 

“Covered Claims”
has the meaning set forth in ‎Section 7.04.

 

“Disclosing
Party” has the meaning set forth in ‎Section 6.09(a).

 

“Disclosure
Documents” means any form, statement, schedule or other material filed with or furnished to the SEC or any other Governmental
Authority by or on behalf of any party or any of its controlled Affiliates, and also any information statement, prospectus, offering
memorandum, offering circular or similar disclosure document (including in connection with the IPO) and any schedule thereto or
document incorporated therein by reference, whether or not filed with or furnished to the SEC or any other Governmental Authority.

 

“Dispute”
has the meaning set forth in ‎Section 9.03.

 

“Distribution”
has the meaning set forth in the recitals.

 

“Distribution
Date” means the date of the Distribution or, if no Distribution has occurred, the date that Parent ceases to hold in
excess of 50% of the outstanding shares of Company Common Stock.

 

“Employee
Matters Agreement” means the Employee Matters Agreement, dated on or about the Separation Date, by and between Parent
and the Company, including all schedules and exhibits thereto, as amended, modified or supplemented from time to time.

 

“Environmental
Law” means any Law relating to (A) human or occupational health and safety; (B) pollution or protection of the environment
(including ambient air, indoor air, water vapor, surface water, groundwater, wetlands, drinking water supply, land surface or subsurface
strata, biota and other natural resources); or (C) Hazardous Materials including any Law relating to exposure to, or use, generation,
manufacture, processing, management, treatment, recycling, storage, disposal, emission, discharge, transport, distribution, labeling,
presence, possession, handling, Release or threatened Release of, any Hazardous Material and any Law relating to recordkeeping,
notification, disclosure, registration and reporting requirements respecting Hazardous Materials.

 

“Environmental
Liabilities” means all Liabilities (including all removal, remediation, reclamation, cleanup or monitoring costs, investigatory
costs, response costs, natural resources damages, property damages, personal injury damages, costs of compliance with any product
take-back requirements or with any settlement, judgment or

 

    
	10

     

    

other determination
of Liability and indemnity, contribution or similar obligations and all costs and expenses, interest, fines, penalties or other
monetary sanctions in connection therewith) relating to, arising out of or resulting from any (a) (i) Environmental Law, (ii) actual
or alleged generation, use, storage, manufacture, processing, recycling, labeling, handling, possession, management, treatment,
transportation, distribution, emission, discharge or disposal, or arrangement for the transportation or disposal, of any Hazardous
Material, or (iii) actual or alleged presence, Release or threatened Release of, or exposure to, any Hazardous Material (including
to the extent relating to the actual or alleged exposure to Hazardous Material, any claims that arise under, or are covered by,
workers’ compensation laws and/or workers’ compensation, disability or other insurance providing medical care and/or
compensation to injured workers) or (b) Contract or other consensual arrangement pursuant to which Liability is assumed or imposed
with respect to any of the foregoing.

 

“Environmental
Permits” means Governmental Approvals relating to or required by Environmental Laws.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder.

 

“Existing
Lithium Litigation Matters” means those matters set forth on Schedule 1.01 under the heading “Existing Lithium
Litigation Matters.”

 

“FIFO Basis”
means, with respect to the payment of claims pursuant to the same Shared Policy, the payment in full of each successful claim (regardless
of whether a member of the Parent Group or the Lithium Group is the claimant) in the order in which such successful claim is approved
by the insurance carrier, until the limit of the applicable Shared Policy is met.

 

“GAAP”
means accounting principles generally accepted in the United States of America.

 

“Governmental
Approvals” means any notices, reports or other filings to be made, or any consents, registrations, approvals, licenses,
permits or authorizations to be obtained from, any Governmental Authority, and any financial instruments or assurances required
to be maintained in connection with such Governmental Approvals.

 

“Governmental
Authority” means any nation or Government, any state, municipality or other political subdivision thereof, and any entity,
body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic,
foreign or multinational, exercising executive, legislative, judicial, regulatory, administrative or other similar functions of,
or pertaining to, Government and any executive official thereof. As used in this definition, “Government” is
meant to include all levels and subdivisions of any U.S. or non-U.S. governments (i.e., local, regional or national, and administrative,
legislative or executive).

 

    
	11

     

    

“Group”
means either the Lithium Group or the Parent Group, as the context requires.

 

“Guarantee”
has the meaning set forth in ‎Section 5.05.

 

“Hazardous
Material” means (a) any petroleum or petroleum products, radioactive materials, toxic mold, radon, asbestos or asbestos-containing
materials in any form, lead-based paint, urea formaldehyde foam insulation, Per- and Polyfluoroalkyl Substances (PFAs) or polychlorinated
biphenyls (PCBs); and (b) any chemicals, materials, substances, compounds, mixtures, products or byproducts, biological agents,
living or genetically modified materials, pollutants, contaminants or wastes that are now or hereafter become defined or characterized
as or included in the definition of “hazardous substances,” “hazardous wastes,” “hazardous materials,”
“extremely hazardous wastes,” “restricted hazardous wastes,” “special waste,” “toxic
substances,” “pollutants,” “contaminants,” “toxic,” “dangerous,” “corrosive,”
“flammable,” “reactive,” “radioactive,” or words of similar import, under any Environmental
Law.

 

“Indebtedness”
of any Person means (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds,
debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid,
(d) all obligations of such Person under conditional sale or other title retention agreements relating to property or assets purchased
by such Person, (e) all obligations of such Person issued or assumed as the deferred purchase price of property or services, (f)
all indebtedness of others secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise,
to be secured by) any mortgage, lien, pledge, or other encumbrance on property owned or acquired by such Person, whether or not
the obligations secured thereby have been assumed, (g) all guarantees by such Person of indebtedness of others, (h) all capital
lease obligations of such Person and (i) all securities or other similar instruments convertible or exchangeable into any of the
foregoing, but excluding daily cash overdrafts associated with routine cash operations.

 

“Indemnifying
Party” has the meaning set forth in ‎Section 8.06(a).

 

“Indemnitee”
has the meaning set forth in ‎Section 8.06(a).

 

“Indemnity
Payment” has the meaning set forth in ‎Section 8.06(a).

 

“Independent
Directors” has the meaning set forth in ‎Section
9.03.

 

“Information”
means all information in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies,
reports, records, books, Contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications,
drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer
programs or other software (including all source code of such programs and software), marketing plans, customer names, communications
by or to attorneys (including attorney-client privileged

 

    
	12

     

    

communications), memoranda
and other materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial,
personnel or business information or data.

 

“Insurance
Proceeds” means those monies:

 

(a) received
by an insured from a third-party insurance carrier;

 

(b) paid
by a third-party insurance carrier on behalf of the insured; or

 

(c) received
(including by way of setoff) from any third party in the nature of insurance, contribution or indemnification in respect of any
Liability;

 

in each such case net of any deductibles,
self-insured retentions, claims handling and administrative costs, Tax surcharges, state assessments, reinsurance costs and other
related costs or expenses incurred in the collection thereof and excluding, for the avoidance of doubt, proceeds from any self-insurance,
captive insurance or similar program.

 

“Intellectual
Property” means all intellectual property throughout the world, including all U.S. and foreign (i) patents, invention
disclosures, and all related continuations, continuations-in-part, divisionals, provisionals, renewals, reissues, re-examinations,
additions, extensions (including all supplementary protection certificates), and all applications and registrations therefor, (ii)
trademarks, service marks, names, corporate names, trade names, domain names, logos, slogans, trade dress, design rights, and other
similar designations of source or origin and all applications and registrations therefor, together with the goodwill symbolized
by any of the foregoing (collectively, “Trademarks”), (iii) copyrights and copyrightable subject matter and
all applications and registrations therefor, (iv) any and all trade secrets, confidential data and technical information, including
practices, techniques, methods, processes, inventions, developments, specifications, formulations, manufacturing processes, structures,
chemical or biological manufacturing control data, analytical and quality control information and procedures, pharmacological,
toxicological and clinical test data and results, stability data, studies and procedures and regulatory information (v) computer
software (including source code, object code, firmware, operating systems and specifications), (vi) databases and data collections
and (vii) all rights to sue or recover and retain damages and costs and attorneys’ fees for the past, present or future infringement,
misappropriation or other violation of any of the foregoing.

 

“IP/IT Contracts”
means all Contracts related to Intellectual Property and/or IT Assets.

 

“IPO”
has the meaning set forth in the recitals.

 

“IPO Registration
Statement” means the registration statement on Form S-l (File No. 333-183254) filed under the Securities Act, pursuant
to which the Company Common Stock to be issued in the IPO will be registered, together with all amendments

 

    
	13

     

    

thereto (including
post-effective amendments and registration statements filed pursuant to Rule 462(b) under the Securities Act).

 

“IT Assets” shall mean
computers, hardware, software, firmware, middleware, servers, workstations, routers, hubs, switches, data communications lines,
and all other information technology assets, including all associated documentation related to any of the foregoing.

 

“Law”
means any United States or non-United
States federal, national, supranational, state, provincial, local or similar law (including common law), statute, ordinance, regulation,
rule, code, order, treaty, license, permit, authorization, registration, approval, consent, decree, injunction, judgment, notice
of liability, request for information, binding judicial or administrative interpretation or other requirement, in each case, enacted,
promulgated, issued, entered or otherwise put into effect by a Governmental Authority.

 

“Liabilities”
means any and all Indebtedness, claims, debts, Taxes, liabilities, demands, causes of action, Actions and obligations, whether
accrued, fixed or contingent, mature or inchoate, known or unknown, reflected on a balance sheet or otherwise, including, without
limitation, those arising under any Law, Action or judgment of any court of any kind or any award of any arbitrator of any kind,
and those arising under any Contract, commitment or undertaking.

 

“License”
has the meaning set forth in ‎Section 2.09(a).

 

“Licensed
IP” has the meaning set forth in ‎Section 2.09(a).

 

“Lien”
means any mortgage, security interest, pledge, lien, charge, claim, option, right to acquire, voting or other restriction, right-of-way,
covenant, condition, easement, encroachment, restriction on transfer, or other encumbrance of any nature whatsoever.

 

“linked”
has the meaning set forth in ‎Section 5.06(b).

 

“Lithium Assets”
has the meaning set forth in ‎Section 2.03.

 

“Lithium Business”
means all of the businesses and operations of the Company and the members of the Lithium Group as described in the IPO Registration
Statement.

 

“Lithium Group”
means the Company, each Lithium Subsidiary and each other Person that either (x) is controlled directly or indirectly by the Company
immediately after the Separation Date or (y) becomes controlled by the Company following the Separation Date.

 

“Lithium Intellectual
Property” means all Intellectual Property owned by Parent or any of its Subsidiaries that are exclusively used or exclusively
held for use in the Lithium Business as of the Separation Date (other than any Parent Asset).

 

    
	14

     

    

“Lithium IP/IT
Contracts” means all IP/IT Contracts entered into by Parent or any of its Subsidiaries that are exclusively used and
exclusively held for use in the Lithium Business as of the Separation Date.

 

“Lithium IT
Assets” means all IT Assets owned by Parent or any of its Subsidiaries that are exclusively used or exclusively held
for use in the Lithium Business as of the Separation Date.

 

“Lithium Liabilities”
has the meaning set forth in ‎Section 2.04(a).

 

“Lithium Participants”
has the meaning set forth in the Employee Matters Agreement.

 

“Lithium Subsidiaries”
means all of the Subsidiaries of the Company as of the Separation Date, after giving effect to the Pre-IPO Restructuring Transactions,
including, for the avoidance of doubt, the Subsidiaries listed on Schedule 1.01 under the heading “Lithium Subsidiaries.”

 

“Local Separation
Agreements” means each of the asset transfer agreements, share transfer agreements, business transfer agreements, certificates
of demerger and merger and other agreements and instruments that provide for the transfer or assumption of Lithium Assets and Lithium
Liabilities by a member of the Parent Group to a member of the Lithium Group as contemplated by the Plan of Reorganization.

 

“Losses”
means any and all damages, losses, deficiencies, Liabilities, Taxes, obligations, penalties, judgments, settlements, claims, payments,
fines, charges, interest, costs and expenses, whether or not resulting from third-party claims, including the costs and expenses
of (i) any and all Actions and demands, assessments, judgments, settlements and compromises relating thereto and (ii) the costs
and expenses of attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred
in the investigation or defense thereof or the enforcement of rights hereunder.

 

“NYSE” means the New
York Stock Exchange.

 

“Parent”
has the meaning set forth in the preamble hereto.

 

“Parent Accounts”
has the meaning set forth in ‎Section 5.06(b).

 

“Parent Assets”
has the meaning set forth in ‎Section 2.03(b).

 

“Parent Board”
has the meaning set forth in the recitals.

 

“Parent Books
and Records” means originals or true and complete copies thereof, including electronic copies (if available) of (a) minute
books, corporate charters and bylaws or comparable constitutive documents, records of share issuances and related corporate records,
of the Parent Group; (b) all books and records relating to (i) Parent Participants, (ii) the purchase of materials, supplies and
services for the Parent Business and (iii) dealings with customers of the Parent Business; and (c) all files relating to any

 

    
	15

     

    

Action the Liability
with respect to which is a Parent Liability. Notwithstanding the foregoing, “Parent Books and Records” shall not include
any Tax Returns or other information, documents or materials relating to Taxes and shall not include Company Books and Records.

 

“Parent Business”
means any business or operations of the Parent Group (whether conducted independently or in association with one or more third
parties through a partnership, joint venture or other mutual enterprise) other than the Lithium Business.

 

“Parent Common
Stock” means the common stock, par value $0.10 per share, of Parent.

 

“Parent Credit
Facilities” means any outstanding Indebtedness of Parent and its Subsidiaries incurred prior to the Separation Date,
of whatever sort, nature or description.

 

“Parent Environmental
Liabilities” means all Environmental Liabilities to the extent that they constitute Parent Liabilities.

 

“Parent Group”
means Parent, each of the Retained Subsidiaries and each other Person that either (x) is controlled directly or indirectly by Parent
immediately after the Separation Date or (y) becomes controlled by Parent following the Separation Date; provided, however,
that neither the Company nor any other member of the Lithium Group shall be members of the Parent Group.

 

“Parent Indemnitees”
has the meaning set forth in ‎Section 8.02.

 

“Parent Liabilities”
has the meaning set forth in ‎Section 2.04(b).

 

“Parent Participants”
has the meaning set forth in the Employee Matters Agreement.

 

“Parent Policies”
has the meaning set forth in ‎Section 7.02.

 

“Parent Transaction”
has the meaning set forth in ‎Section 6.09(e).

 

“Person”
means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization,
a limited liability entity, any other entity or any Governmental Authority.

 

“Plan of Reorganization”
shall mean that certain FMC Corporation Lithium Spin Transaction plan, dated as of September 21, 2018.

 

“Policies”
or “Policy” shall mean insurance policies and insurance contracts of any kind, including primary, excess and
umbrella, comprehensive general liability, directors and officers, automobile, products, workers’ compensation, employee
dishonesty, property and crime insurance policies and self-insurance, captive insurance company arrangements, together with the
rights, benefits and privileges thereunder.

 

    
	16

     

    

“Post-Separation
Insurance Arrangements” has the meaning set forth in ‎Section
7.03.

 

“Pre-IPO Restructuring
Transactions” means all of the transactions described in the Plan of Reorganization that occur on or prior to the IPO.

 

“Privilege”
has the meaning set forth in ‎Section 6.11(a).

 

“Receiving
Party” has the meaning set forth in ‎Section 6.09(a).

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated on or about the Separation Date, by and between Parent
and the Company, as amended, modified or supplemented from time to time.

 

“Related Claim”
has the meaning set forth in ‎Section 7.04(d).

 

“Release”
means any release, spill, emission, leaking, dumping, pumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching
or migration into, onto, within or through the indoor or outdoor environment (including ambient air, surface water, groundwater,
land surface or subsurface strata, soil and sediments) or into, through, or within any property, building, structure, fixture or
equipment.

 

“Retained
Subsidiaries” has the meaning set forth in ‎Section
2.03(b).

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, together with the rules and regulations promulgated thereunder.

 

“Segregated
Account” has the meaning set forth in ‎Section 2.11(b).

 

“Separation”
has the meaning set forth in the recitals.

 

“Separation
Date” has the meaning set forth in the recitals.

 

“Separation
Payment” has the meaning set forth in the recitals.

 

“Services”
has the meaning set forth in the Transition Services Agreement.

 

“Shared Asset”
has the meaning set forth in ‎Section 2.05(a).

 

“Shared Contracts”
means each Contract entered into prior to the Separation Date which is between Parent or any of its Subsidiaries (including any
member of the Lithium Group), on the one hand, and one or more third parties, on the other hand, that has benefits or imposes obligations
on the Lithium Business, but is not a Lithium Asset, including those Contracts listed on Schedule 1.01 under the heading “Shared
Contracts,” except to the extent such Contract has been previously severed, divided, mirrored or otherwise separated in accordance
with ‎Section 2.01(b).

 

    
	17

     

    

“Shared Facilities”
means the production facilities, manufacturing sites, warehouses, distribution centers, sales offices, data processing centers,
administrative offices or other facilities (whether owned or leased) of Parent or any of the members of the Parent Group in which
operations of both the Lithium Business and the Parent Business are conducted as of the Separation Date, including, without limitation,
those listed on Schedule 1.01 under the heading “Shared Facilities.”

 

“Shared Policies”
has the meaning set forth in ‎Section 7.04.

 

“Shareholders’
Agreement” has the meaning set forth in the recitals.

 

“Subsidiary”
means, when used with respect to any Person, (a) a corporation in which such Person or one or more Subsidiaries of such Person,
directly or indirectly, owns capital stock having a majority of the total voting power in the election of directors of all outstanding
shares of all classes and series of capital stock of such corporation entitled generally to vote in such election; and (b) any
other Person (other than a corporation) in which such Person or one or more Subsidiaries of such Person, directly or indirectly,
has (i) a majority ownership interest or (ii) the power to elect or direct the election of a majority of the members of the governing
body of such first-named Person.

 

“Tax Control” means the
definition of “control” set forth in Section 368(c) of the Code.

 

“Tax Matters
Agreement” means the Tax Matters Agreement, dated on or about the Separation Date, by and between Parent and the Company,
as amended, modified or supplemented from time to time.

 

“Tax-Free
Status” means the qualification of the Contribution and the Distribution, taken together, (X) (a) as a reorganization
described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified
property” for purposes of Sections 355(c) and 361(c) of the Code and (c) as a transaction in which Parent, the Company and
the holders of Parent Common Stock will recognize no income or gain for U.S. federal income tax purposes pursuant to Sections 355,
361 and 1032 of the Code, other than, in the case of Parent and the Company, intercompany items or excess loss accounts taken into
account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the Code and (Y) as a transaction in which
Parent should recognize no income or gain for U.S. federal income tax purposes with respect to the Separation Payment by reason
of Sections 355 and 361 of the Code.

 

“Tax Opinion”
has the meaning set forth in Section 4.03(d).

 

“Tax Return”
has the meaning set forth in the Tax Matters Agreement.

 

“Taxes”
has the meaning set forth in the Tax Matters Agreement.

 

“Third-Party
Claim” has the meaning set forth in ‎Section 8.04(a).

 

    
	18

     

    

“Trademark
License Agreement” means the Trademark License Agreement, dated on or about the Separation Date, by and between Parent
and the Company, as amended, modified or supplemented from time to time.

 

“Transactions”
has the meaning set forth in the recitals.

 

“Transition
Services Agreement” means the Transition Services Agreement, dated on or about the Separation Date, by and between Parent
and the Company, as amended, modified or supplemented from time to time.

 

“Trigger Time”
means the later of the Separation Date or October 1, 2018.

 

“Underwriters”
means the underwriters for the IPO.

 

“Underwriting
Agreement” means the underwriting agreement to be entered into among the Underwriters, the Company and Parent with respect
to the IPO.

 

“Unrelated
Claim” has the meaning set forth in ‎Section 7.04(d).

 

Article
II

The Separation

 

Section 2.01.Pre-IPO
Restructuring Transactions; Separation of Assets.

 

(a)       Prior
to the Separation Date, and subject to ‎Section 2.02(d), the parties hereto shall
cause, or shall have caused, the Pre-IPO Restructuring Transactions to be completed in accordance with the Plan of Reorganization.

 

(b)       Subject
to ‎Section 2.05, on or prior to the date hereof, including in connection with
the Pre-IPO Restructuring Transactions, the Lithium Assets (including Lithium Assets that are, or are contained in, the Shared
Facilities) shall, to the extent reasonably practicable (including taking into account the costs of any actions taken), be severed,
divided or otherwise separated from the Parent Assets so that members of the Lithium Group will own and control the Lithium Assets
as of the Separation Date and members of the Parent Group will own and control the Parent Assets as of the Separation Date. Such
separation may include subdivision of real property, subleasing or other division of shared buildings or premises and allocation
of shared working capital, equipment and other Assets. Such separation is intended to be effected in a manner that does not unreasonably
disrupt either the Lithium Business or the Parent Business and minimizes, to the extent reasonably practicable, current and future
costs (and losses of Tax or other economic benefits) of the respective Businesses and the parties acknowledge that the Plan of
Reorganization has been structured in a manner that complies with this intent.

 

Section 2.02.Transfer
of Assets and Assumption of Liabilities.

 

    
	19

     

    

(a)       On
or prior to the Separation Date, in accordance with the Plan of Reorganization and to the extent not previously effected pursuant
to the steps of the Plan of Reorganization that have been completed prior to the date hereof:

 

(i)       Parent
shall, and shall cause the members of the Parent Group to, assign, transfer, convey and deliver to the Company, or certain of the
members of the Lithium Group designated by the Company, and the Company and the members of the Lithium Group shall accept from
Parent and the applicable members of the Parent Group, all of Parent’s direct or indirect right, title and interest in and
to all of the Lithium Assets (it being understood that if any Lithium Asset shall be held by a Lithium Subsidiary or a wholly owned
Subsidiary thereof, such Lithium Asset may be assigned, transferred, conveyed and delivered to the Company or the applicable member
of the Lithium Group as a result of the transfer of all of the equity interests in such Lithium Subsidiary from Parent or the applicable
member of the Parent Group to the Company or the applicable member of the Lithium Group);

 

(ii)       the
Company and the members of the Lithium Group designated by the Company shall accept, assume and agree faithfully to perform, discharge
and fulfill all the Lithium Liabilities in accordance with their respective terms; the Company and the applicable members of the
Lithium Group shall be responsible for all Lithium Liabilities, regardless of when or where such Lithium Liabilities arose or arise,
or whether the facts on which they are based occurred prior to or subsequent to the Separation Date, regardless of where or against
whom such Lithium Liabilities are asserted or determined (including any Lithium Liabilities arising out of claims made by Parent’s
or the Company’s respective directors, officers, employees, agents, Subsidiaries or Affiliates against any member of the
Parent Group or the Lithium Group) or whether asserted or determined prior to the date hereof, and regardless of whether arising
from or alleged to arise from negligence, recklessness, violation of Law, fraud or misrepresentation by any member of the Parent
Group or the Lithium Group, or any of their respective directors, officers, employees, agents, Subsidiaries or Affiliates;

 

(iii)       the
Company shall cause the members of the Lithium Group to assign, transfer, convey and deliver to certain of the members of the Parent
Group designated by Parent all of the direct or indirect right, title and interest in and to any member of the Lithium Group in,
to and under all Parent Assets not already owned by a member of the Parent Group; and

 

(iv)       Parent,
and certain of the members of the Parent Group designated by Parent, shall accept and assume from the members of the Lithium Group
and agree faithfully to perform, discharge and fulfill certain Parent Liabilities of such members of the Lithium Group, and Parent
and the members of the Parent Group shall be responsible for all Parent Liabilities, regardless of when or where such Parent Liabilities
arose or arise, or whether the facts on which they are based occurred prior to or subsequent to the Separation Date, regardless
of where or against whom such Parent Liabilities are asserted or determined (including any

 

    
	20

     

    

such Parent
Liabilities arising out of claims made by Parent’s or the Company’s respective directors, officers, employees, agents,
Subsidiaries or Affiliates against any member of the Parent Group or the Lithium Group) or whether asserted or determined prior
to the date hereof, and regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law,
fraud or misrepresentation by any member of the Parent Group or the Lithium Group, or any of their respective directors, officers,
employees, agents, Subsidiaries or Affiliates.

 

(b)       The
Company hereby waives compliance by each and every member of the Parent Group with the requirements and provisions of any “bulk-sale”
or “bulk-transfer” Laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of
any or all of the Lithium Assets to any member of the Lithium Group.

 

(c)       Parent
hereby waives compliance by each and every member of the Lithium Group with the requirements and provisions of any “bulk-sale”
or “bulk-transfer” Laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of
any or all of the Parent Assets to any member of the Parent Group.

 

(d)       Except
as set forth on Schedule ‎2.02(d), any outstanding obligations pursuant to any
Local Separation Agreement that have not been fully performed by the Separation Date shall be terminated and of no further force
or effect on the Separation Date.

 

Section 2.03.Lithium
Assets. (a) For purposes of this Agreement, “Lithium Assets” shall mean all of Parent’s and its Subsidiaries’
right, title and interest as of the Separation Date, in and to:

 

(i)       all
Assets (excluding any Intellectual Property, IP/IT Contracts and IT Assets) reflected as assets of the Company and its Subsidiaries
in the Company Balance Sheet and all Assets acquired after the date of the Company Balance Sheet that, had they been acquired on
or before such date and owned as of such date, would have been reflected on the Company Balance Sheet if prepared in accordance
with GAAP applied on a consistent basis, other than any such Assets disposed of subsequent to the date of the Company Balance Sheet;

 

(ii)       except
as expressly otherwise contemplated in this Agreement or any Ancillary Agreement, any and all Assets (excluding any Intellectual
Property, IP/IT Contracts and IT Assets) of Parent and its Subsidiaries that are primarily related to or primarily used or primarily
held for use in connection with the Lithium Business;

 

(iii)       all
issued and outstanding capital stock and other equity interests of the Lithium Subsidiaries and all other equity, partnership,
membership, joint venture and similar interests in any joint ventures or strategic partnerships primarily related to or held in
connection with the Lithium Business, including such interests listed or described on Schedule 2.03(a)(iii);

 

    
	21

     

    

(iv)       any
Assets used or held for use in connection with the Lithium Business that are not primarily related to the Lithium Business and
that are listed or described on Schedule ‎2.03(a)(iv);

 

(v)       all
Lithium Intellectual Property, including the Intellectual Property listed on Schedule 2.03(a)(v);

 

(vi)       all
Lithium IP/IT Contracts, including the IP/IT Contracts listed on Schedule 2.03(a)(vi);

 

(vii)       all
Lithium IT Assets; and

 

(viii)       any
and all Assets (A) that are expressly contemplated by this Agreement or any other Ancillary Agreement (including any schedule or
exhibit hereto or thereto) as Assets to be transferred to the Company or any member of the Lithium Group (excluding any Intellectual
Property, IP/IT Contracts and IT Assets) or (B) listed or described on Schedule 2.03(a)(viii).

 

Notwithstanding anything to the contrary
in this Agreement, the Lithium Assets shall not in any event include any Assets that are included in the Parent Assets referred
to in ‎Section 2.03(b).

 

(b)       For
the purposes of this Agreement, “Parent Assets” shall mean (without duplication):

 

(i)       the
Assets listed or described on Schedule ‎2.03(b)(i);

 

(ii)       any
and all Trademarks and/or domain names that include “FMC”;

 

(iii)       any
and all Assets that are contemplated by this Agreement, any Local Separation Agreement or any Ancillary Agreement (including any
schedule or exhibit hereto or thereto) as Assets to be retained by Parent or any other Person in the Parent Group;

 

(iv)       the
capital stock and other equity interests of each of Parent’s Subsidiaries other than the Company and the Lithium Subsidiaries
(collectively, the “Retained Subsidiaries”); and

 

(v)       all
other Assets of Parent and its Subsidiaries that are not Lithium Assets.

 

Section 2.04.Lithium
Liabilities. (a) For the purposes of this Agreement, “Lithium Liabilities” shall mean (without duplication
with ‎Section 2.04(b)), in each case whether occurring or arising before, on or
after the Separation Date:

 

(i)       any
and all Liabilities, including any Environmental Liabilities (other than the Parent Environmental Liabilities), reflected as liabilities
or obligations of the Company in the Company Balance Sheet and all Liabilities

 

    
	22

     

    

incurred
or arising after the date of the Company Balance Sheet that, had they been incurred or arisen on or before such date, would have
been reflected on the Company Balance Sheet if prepared in accordance with GAAP applied on a consistent basis, excluding any such
Liabilities (or portions thereof) that have been satisfied, paid or discharged subsequent to the date of the Company Balance Sheet
and prior to the Separation Date;

 

(ii)       any
and all Liabilities, including any Environmental Liabilities (other than the Parent Environmental Liabilities), to the extent relating
to or arising from any Lithium Asset or the Lithium Business, including, without limitation, Liabilities relating to or arising
from:

 

(A)       the
conduct and operation of the Lithium Business (including as conducted or operated by any predecessor of any member of the Parent
Group or the Lithium Group), at any time prior to, on or after the Separation Date (including any Liability relating to, arising
out of or resulting from any act or failure to act by any director, officer, manager, member, employee or agent of any member of
the Parent Group or Lithium Group (whether or not such act or failure to act is or was within such Person’s authority));

 

(B)       the
conduct and operation of any other business conducted by any member of the Lithium Group at any time after the Separation Date
(including any Liability relating to, arising out of or resulting from any act or failure to act by any director, officer, manager,
member, employee or agent of any member of the Lithium Group (whether or not such act or failure to act is or was within such Person’s
authority));

 

(C)       the
ownership, operation or use of any Lithium Assets (including any Contracts of the Lithium Business and any real property, leasehold
interests facilities or mines currently or formerly owned, leased or operated by or in connection with the Lithium Business);

 

(D)       any
warranty or similar obligation entered into, created or incurred in the course of business of the Lithium Business with respect
to its products or services;

 

(E)       any
product liability claims or other claims of third parties relating to any product developed, manufactured, marketed, distributed,
leased or sold by the Lithium Business;

 

(F)       any
Action relating to the Lithium Business;

 

(G)       claims
made by the Company’s directors, officers, employees, agents, Subsidiaries or Affiliates against any member of the Parent
Group or the Lithium Group to the extent relating to the Lithium Business or the Transactions;

 

    
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(H)       any
of the terminated, divested or discontinued businesses and operations of Parent and its Subsidiaries that would have comprised
part of, or related to, the Lithium Business had they not been terminated, divested or discontinued prior to the Separation Date,
including as listed or described on Schedule 2.04(a)(ii)(H);

 

(I)       any
and all Company Debt Obligations and any and all Liabilities arising under Company Financing Arrangements; and

 

(J)       any
Shared Contracts that are allocated to the Company pursuant to ‎Section 2.05;

 

(iii)       any
and all Liabilities that are expressly contemplated by this Agreement or any Ancillary Agreement (or any other schedules hereto
or thereto) as Liabilities to be retained, assumed or retired by the Company or any Person in the Lithium Group (including any
Lithium Subsidiary), and all agreements, obligations and Liabilities of any Person in the Lithium Group under this Agreement, any
Local Separation Agreement or any of the Ancillary Agreements;

 

(iv)       any
and all Environmental Liabilities to the extent relating to or arising from the Lithium Assets or the Lithium Business, as currently
or formerly operated (including as conducted or operated by any predecessor of any member of the Parent Group or the Lithium Group),
and any currently or formerly owned, leased or operated real property, facilities or mines of the foregoing, including listed or
described on Schedule 2.04(a)(iv); and

 

(v)       any
and all Liabilities that are listed or described on Schedule 2.04(a)(v).

 

Notwithstanding anything to the contrary
in this Agreement, the Lithium Liabilities shall not in any event include any Liabilities that are included in the Parent Liabilities
referred to in ‎Section 2.04(b).

 

(b)       For
the purposes of this Agreement, “Parent Liabilities” shall mean the following (without duplication):

 

(i)       any
and all Liabilities that are expressly contemplated by this Agreement or any other Ancillary Agreement (or any other schedules
hereto or thereto) as Liabilities to be retained or assumed by Parent or any other member of the Parent Group, and all agreements
and obligations of any member of the Parent Group under this Agreement or any of the other Ancillary Agreements;

 

(ii)       any
and all Liabilities of a member of the Parent Group to the extent relating to, arising out of or resulting from any Parent Assets;
and

 

(iii)       any
and all Liabilities of any members of the Parent Group or the Lithium Group that are not Lithium Liabilities.

 

    
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Section 2.05.Shared
Assets; Shared Contracts. (a) Subject to the following paragraphs (b) through (d) of this ‎Section
2.05 in respect of any Shared Contract, with respect to any Asset that cannot reasonably be separated or otherwise allocated as
provided in ‎Section 2.01(b) prior to the Separation Date (a “Shared Asset”),
(i) no right, title or interest in such Shared Asset shall be assigned, transferred or otherwise conveyed as of the Separation
Date pursuant to this Agreement notwithstanding ‎Section 2.02(a) and (ii) following
the Separation Date, without limiting any Services provided with respect to such Shared Asset pursuant to the Transition Services
Agreement, Parent, the Company and the members of their respective Groups shall use their respective commercially reasonable efforts
to work together (and, if necessary and desirable, to work with any applicable third party) in an effort to divide, partially assign,
modify and/or replicate (in whole or in part) such Shared Asset such that each Group shall receive an Asset to be used in connection
with its respective Business in a manner consistent with past practice.

 

(b)       At
the written request of the Company, Parent shall, and shall cause the applicable members of the Parent Group to, to the extent
not prohibited by the terms of the applicable Shared Contract or applicable Law and except where the benefits or rights under such
Shared Contract are specifically provided pursuant to an Ancillary Document, make available to the Company and the applicable members
of the Lithium Group benefits and rights pursuant to such Shared Contract that are substantially equivalent to the benefits and
rights enjoyed by the Lithium Group under such Shared Contract prior to the Separation Date; provided, however, that
the Company and the applicable members of the Lithium Group shall assume and discharge (or promptly reimburse Parent for) such
Liabilities under the applicable Shared Contracts that are associated with the benefits and rights made available to them (allocated
in a manner consistent with past practice of Parent with respect to the Lithium Business), which shall be Lithium Liabilities for
all purposes hereunder. Notwithstanding the foregoing, each party and its Group shall be responsible for any or all Liabilities
arising out of or resulting from such party’s or Group’s breach of the relevant Shared Contract.

 

(c)       The
parties shall, and shall cause the members of their respective Group to, use their respective commercially reasonable efforts to
work together (and, if necessary and desirable, to work with the third party to each Shared Contract) in an effort to divide, partially
assign, modify and/or replicate (in whole or in part) the respective rights and obligations under and in respect of any Shared
Contract, such that (i) a member of the Lithium Group is the beneficiary of the rights and is responsible for the obligations related
to that portion of such Shared Contract relating to the Lithium Business, which rights shall be a Lithium Asset and which Liabilities
shall be a Lithium Liability, and (ii) a member of the Parent Group is the beneficiary of the rights and is responsible for the
obligations related to such Shared Contract relating to the Parent Business, which rights shall be a Parent Asset and which obligations
shall be a Parent Liability.

 

(d)       If
Parent or any member of the Parent Group, on the one hand, or the Company or any member of the Lithium Group, on the other hand,
receives any benefit or payment under any Shared Contract which was intended for the other party or its Group, Parent, on the one
hand, or the Company, on the other hand, will use its respective commercially reasonable efforts, or will cause any member of its
Group to use

 

    
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its commercially reasonable
efforts, to deliver, transfer or otherwise afford such benefit or payment to the other party.

 

Section 2.06.Additional
Conveyance Documents. In furtherance of the assignment, transfer and conveyance of Lithium Assets and the assumption of Lithium
Liabilities set forth in ‎Section 2.02, on or prior to the Separation Date,
(i) Parent shall execute and deliver, and shall cause its Subsidiaries to execute and deliver, such bills of sale, stock powers,
certificates of title, deeds, assignments of Contracts and other instruments of transfer, conveyance and assignment (collectively,
the “Additional Parent Transfer Documents”) as and to the extent necessary to evidence the transfer, conveyance
and assignment of all of Parent’s and its Subsidiaries’ right, title and interest in and to the Lithium Assets to the
Company, and (ii) the Company shall execute and deliver to Parent, and shall cause its Subsidiaries to execute and deliver, such
bills of sale, stock powers, certificates of title, assumptions of Contracts and other instruments of assumption (collectively,
the “Additional Company Transfer Documents,” and together with the Additional Parent Transfer Documents, the
“Additional Transfer Documents”) as and to the extent necessary to evidence the valid and effective assumption
of the Lithium Liabilities by the Company or a Subsidiary of the Company. For the avoidance of doubt, Additional Transfer Documents
shall exclude the Local Separation Agreements.

 

Section 2.07.Foreign
Transfers. Parent shall use its reasonable best efforts to effect the legal separation of the Lithium Assets and Lithium Liabilities,
on the one hand, from the Parent Assets and the Parent Liabilities, on the other hand, that are located in jurisdictions outside
the United States prior to or on the Separation Date in accordance with the Plan of Reorganization, including pursuant to the Pre-IPO
Restructuring Transactions. If all of the transactions necessary to effectuate such legal separation in jurisdictions outside the
United States are not completed on or before the Separation Date, then Parent may, at its election, (a) delay the Separation Date
until such time as the legal separation of such Assets and Liabilities in jurisdictions outside the United States is completed
or (b) consummate the IPO on the Separation Date notwithstanding that such legal separation of Assets and Liabilities in jurisdictions
outside the United States has not yet been completed; provided that in the case of clause (b), Parent shall, and shall cause
the members of the Parent Group to, use commercially reasonable efforts to complete such legal separation as soon as practicable
following the Separation Date in accordance with ‎Section 2.08 in all respects.

 

Section 2.08.Transfers
Not Effected on or Prior to the Separation Date; Transfers Deemed Effective as of the Separation Date. (a) To the extent that
any transfers of Assets (including the capital stock or equity interests of any Lithium Subsidiary or Retained Subsidiary) or assumptions
of Liabilities contemplated by this ‎Article II shall not have been consummated
on, at or prior to the Separation Date because of a necessary Consent or Governmental Approval or because a condition precedent
to any such transfer has not been satisfied or any relevant fact related thereto has not been realized, the parties shall cooperate
to effect such transfers or assumptions, as the case may be, as promptly following the Separation Date as shall be practicable.

 

    
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(b)       Nothing
herein shall be deemed to require the transfer of any Assets or the assumption of any Liabilities which by their terms or operation
of Law cannot be transferred or assumed without the receipt of an applicable Consent or Governmental Approval; provided,
however, that the parties shall, and shall cause the members of their respective Groups to, cooperate and use commercially
reasonable efforts to seek to obtain any necessary Consents or Governmental Approvals for the transfer of all Assets and assumption
of all Liabilities contemplated to be transferred or assumed pursuant to this ‎Article
II. In the event that any transfer of Assets or assumption of Liabilities contemplated by this Agreement has not been consummated
at or prior to the Separation Date (including any Assets or Liabilities described in ‎Section
2.07 and the proviso thereto), then from and after the Separation Date, (i) the party (or relevant member in its Group) retaining
such Asset shall thereafter hold (or shall cause such member in its Group to hold) such Asset for the use and benefit of the party
(or relevant member in its Group) entitled thereto (at the expense of the Person entitled thereto) and (ii) the party intended to
assume such Liability shall, or shall cause the applicable member of its Group to, pay or reimburse the party (or the relevant
member of its Group) retaining such Liability for all amounts paid or incurred in connection with the retention of such Liability.
In addition, the party retaining such Asset or Liability (or relevant member of its Group) shall (or shall cause such member in
its Group to) treat, insofar as reasonably possible and to the extent permitted by applicable Law, such Asset or Liability in the
ordinary course of business in accordance with past practice and take such other actions as may be reasonably requested by the
party to which such Asset or Liability is to be transferred or assumed in order to place such party, insofar as reasonably possible,
in the same position as if such Asset or Liability had been transferred or assumed on or prior to the Separation Date as contemplated
hereby and so that all the benefits and burdens relating to such Asset or Liability, including possession, use, risk of loss, potential
for gain, and dominion, control and command over such Asset or Liability, are to inure from and after the Separation Date to the
relevant member of the Parent Group or the Lithium Group, as the case may be, entitled to the receipt of such Asset or Liability.
In furtherance of the foregoing, the parties agree that, as of the Separation Date, each party shall be deemed to have acquired
complete and sole beneficial ownership over all of the Assets, together with all rights, powers and privileges incident thereto,
and shall be deemed to have assumed in accordance with the terms of this Agreement all of the Liabilities, and all duties, obligations
and responsibilities incident thereto, which such party is entitled to acquire or required to assume pursuant to the terms of this
Agreement or, as applicable, an Ancillary Agreement.

 

(c)       If
and when the Consents, Governmental Approvals and/or conditions or facts, the absence, non-satisfaction or existence of which caused
the deferral of transfer of any Asset or assumption of any Liability pursuant to ‎Section
2.08(b), are obtained, satisfied or realized, the transfer or assignment of the applicable Asset or Liability shall be effected
in accordance with and subject to the terms of this Agreement and/or the applicable Ancillary Agreement as promptly as practicable
after the receipt of such Consents, Governmental Approvals, satisfaction of such conditions or realization of such facts.

 

Section 2.09.Intellectual Property
License.

 

    
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(a)       License
Grant. Effective from and after the Separation Date, Parent (on behalf of the Parent Group) hereby grants to the Company a
non-exclusive, worldwide, fully paid-up, royalty-free, non-transferable (except as set forth herein), non-sublicensable (except
as set forth herein) license under the Intellectual Property owned by the Parent Group as of the Separation Date and included in
the Parent Assets (other than any Trademarks), but only to the extent used or held for use in the Lithium Business on or prior
to the Separation Date, (the “Licensed IP”) to use, reproduce, create derivative works of, modify, distribute,
make, have made, sell, offer for sale or import products and services solely in connection with the operation of the Lithium Business
as conducted as of the Separation Date (the “License”).

 

(b)       Sublicensing.
The License includes the right for the Company to grant a sublicense to (i) any Lithium Subsidiary and (ii) manufacturers, suppliers,
distributors, contractors or consultants of the Lithium Business solely for the purpose of providing products and services to,
or otherwise acting on behalf of and at the direction of, the Company; provided that (x) each permitted sublicensee under
clauses (i) or (ii) of this ‎Section 2.09(b) shall be bound by all obligations
of Company under this Agreement relating to the License; (ii) Company shall be liable for any breach of the terms and conditions
of this Agreement with respect to the License by any such sublicensee and (iii) any sublicense granted hereunder shall terminate
upon the termination of the License.

 

(c)       Retention
of Rights. The Company (on behalf of the Lithium Group) acknowledges and agrees that, as between the Lithium Group and the
Parent Group, the Parent or another member of the Parent Group is the sole and exclusive owner of all right, title and interest
in and to the Licensed IP. All rights not expressly granted by Parent (on behalf of the Parent Group) herein are hereby retained
by the Parent Group. The License (including any sublicensing rights granted in ‎Section
2.09(b) are subject to, and limited by, any and all licenses, rights, limitations and restrictions with respect to the Licensed
IP previously granted to or otherwise obtained by any third party that are in effect as of the Separation Date.

 

(d)       Assistance.
Without limitation of the Services to be provided under the Transition Services Agreement, the Parent Group shall not be obligated
to provide any materials or embodiments of or related to the Licensed IP or any documentation, assistance, training, guidance,
maintenance, support or any other service of any kind whatsoever to the Company or any of its permitted sublicensees with respect
to its or their use, installation or maintenance of the Licensed IP.

 

Section 2.10.Disclaimer
of Representations and Warranties. (a) EACH OF PARENT (ON BEHALF OF ITSELF AND EACH PERSON IN THE PARENT GROUP) AND THE COMPANY
(ON BEHALF OF ITSELF AND EACH PERSON IN THE LITHIUM GROUP) UNDERSTANDS AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH HEREIN, NO
PARTY TO THIS AGREEMENT, ANY ANCILLARY AGREEMENT, ANY LOCAL SEPARATION AGREEMENT OR ANY OTHER AGREEMENT OR DOCUMENT CONTEMPLATED
BY THIS AGREEMENT, ANY ANCILLARY AGREEMENT, ANY LOCAL SEPARATION AGREEMENT OR OTHERWISE, IS REPRESENTING OR WARRANTING TO ANY

 

    
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OTHER PARTY HERETO
OR THERETO IN ANY WAY, EXPRESS OR IMPLIED, AS TO THE ASSETS, BUSINESSES OR LIABILITIES TRANSFERRED, ASSUMED OR LICENSED AS CONTEMPLATED
HEREBY OR THEREBY, AS TO ANY CONSENTS OR GOVERNMENTAL APPROVALS REQUIRED IN CONNECTION HEREWITH OR THEREWITH, AS TO THE VALUE OR
FREEDOM FROM ANY LIENS OF, OR ANY OTHER MATTER CONCERNING, ANY ASSETS OF SUCH PARTY, OR AS TO THE ABSENCE OF ANY DEFENSES OR RIGHT
OF SETOFF OR FREEDOM FROM COUNTERCLAIM WITH RESPECT TO ANY CLAIM OR OTHER ASSET, INCLUDING ANY ACCOUNTS RECEIVABLE, OF ANY PARTY,
OR AS TO THE LEGAL SUFFICIENCY OF ANY ASSIGNMENT, DOCUMENT, CERTIFICATE OR INSTRUMENT DELIVERED HEREUNDER TO CONVEY TITLE TO ANY
ASSET OR THING OF VALUE UPON THE EXECUTION, DELIVERY AND FILING HEREOF OR THEREOF. EXCEPT AS MAY EXPRESSLY BE SET FORTH HEREIN,
ALL SUCH ASSETS ARE BEING TRANSFERRED OR LICENSED ON AN “AS IS,” “WHERE IS” BASIS (AND, IN THE CASE OF
ANY REAL PROPERTY, BY MEANS OF A QUITCLAIM OR SIMILAR FORM DEED OR CONVEYANCE WITHOUT WARRANTY) AND THE RESPECTIVE TRANSFEREES
SHALL BEAR THE ECONOMIC AND LEGAL RISKS THAT (I) ANY CONVEYANCE SHALL PROVE TO BE INSUFFICIENT TO VEST IN THE TRANSFEREE GOOD AND
MARKETABLE TITLE, FREE AND CLEAR OF ANY LIEN, ENCUMBRANCE, CHARGE, ASSESSMENT OR OTHER ADVERSE CLAIM, AND (II) ANY NECESSARY CONSENTS
OR GOVERNMENTAL APPROVALS ARE NOT OBTAINED OR THAT ANY REQUIREMENTS OF LAWS OR JUDGMENTS ARE NOT COMPLIED WITH. ALL WARRANTIES
OF HABITABILITY, MERCHANTABILITY, SUFFICIENCY, FITNESS FOR ANY PARTICULAR PURPOSE, FUNCTION, ENVIRONMENTAL CONDITION, OPERATIONAL
CONDITION, NON-INFRINGEMENT, VALIDITY AND ENFORCEABILITY AND ALL OTHER WARRANTIES ARISING UNDER THE UNIFORM COMMERCIAL CODE (OR
SIMILAR NON-U.S. LAWS) ARE HEREBY DISCLAIMED.

 

Section 2.11.Issuance
of Shares; Separation Payment.

 

(a)       In
exchange for the consummation of the transactions contemplated by the foregoing sections of ‎Article
II, the Company (i) has, on or prior to the date hereof, issued to Parent shares of Company Common Stock, and (ii) shall, promptly
following the consummation of the IPO, make the Separation Payment to Parent by wire transfer of immediately available funds into
an account or accounts designated by Parent prior to the Separation Date.

 

(b)       Parent
shall maintain any funds received pursuant to the payment of the Separation Payment in a non-interest bearing segregated bank account
(the “Segregated Account”). As promptly as possible after receiving the Separation Payment, and in all events
before the 12-month anniversary of the Distribution, Parent will distribute the cash held in the Segregated Account exclusively
to (i) Parent’s creditors in retirement of outstanding Parent indebtedness, (ii) to Parent’s shareholders in repurchase
of, or distribution with respect to, its shares, or (iii) a combination of (i) and (ii).

 

    
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Article
III

IPO; Pre-IPO Transactions

 

Section 3.01.The IPO. Subject
to the terms and conditions hereof, each of Parent and the Company shall use their commercially reasonable efforts to consummate
the IPO, including by taking the actions specified in this ‎Section 3.01, to the
extent not undertaken and completed prior to the execution of this Agreement:

 

(a)       the
Company shall prepare and file such amendments or supplements to the IPO Registration Statement as may be necessary in order to
cause the same to become and remain effective as required by the Underwriting Agreement, the SEC and applicable Law, including
federal, state or foreign securities Laws, and shall cooperate in preparing, filing with the SEC and causing to become effective
any registration statements or amendments thereof that are required to reflect the establishment of, or amendments to, any employee
benefit and other plans necessary or appropriate in connection with the IPO or the other Transactions;

 

(b)       the
Company shall enter into the Underwriting Agreement, in form and substance reasonably satisfactory to Parent, and shall comply
with its obligations thereunder;

 

(c)       the
Company shall use its commercially reasonable efforts to take all such actions as may be necessary or appropriate under state securities
and blue sky laws of the United States (and any comparable Laws under any foreign jurisdictions) in connection with the IPO;

 

(d)       the
Company shall prepare, file and use its commercially reasonable efforts to seek to make effective an application for listing of
the Company Common Stock issued in the IPO on NYSE;

 

(e)       the
Company shall participate in the preparation of materials and presentations as any of Parent and the Underwriters shall deem necessary
or desirable in connection with the IPO; and

 

(f)       the
Company will cooperate in all respects with Parent and the Underwriters in connection with the pricing of the Company Common Stock
to be issued in the IPO and will, at any such party’s request, promptly take any and all actions necessary or desirable to
consummate the IPO as contemplated by the IPO Registration Statement and the Underwriting Agreement.

 

Section 3.02.Conditions
Precedent to Consummation of the IPO. The obligations of the parties to consummate the Separation and the settlement of the
IPO shall be subject to the following conditions, which conditions shall be for the sole benefit of Parent, which conditions may
be waived by Parent in its sole and absolute discretion, and any determination by Parent regarding the satisfaction or waiver of
any of such conditions shall be conclusive, and which conditions shall not give rise to or create any duty on the part of Parent
or the Parent Board to waive or not waive such conditions or in

 

    
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any way limit Parent’s
right to terminate this Agreement as set forth in this Agreement or alter the consequences of any such termination from those specified
in this Agreement:

 

(a)       final
approval of the Separation and the IPO shall have been given by the Parent Board in its sole discretion;

 

(b)       the
Separation shall have been completed in accordance with the provisions of ‎Article
II and the Plan of Reorganization;

 

(c)       the
IPO Registration Statement shall have been filed and declared effective by the SEC, and there shall be no stop-order in effect
with respect thereto and no proceeding for that purpose shall have been instituted by the SEC;

 

(d)       the
actions and filings with regard to state securities and blue sky Laws of the United States (and any comparable Laws under any foreign
jurisdictions) referenced in ‎Section 3.01(c) shall have been taken and, where
applicable, have become effective or been accepted;

 

(e)       the
Company Common Stock to be issued in the IPO shall have been accepted for listing on NYSE, subject to official notice of issuance;

 

(f)       the
Company Financing Arrangements shall have been executed and delivered in accordance with the terms thereof;

 

(g)       immediately
prior to the pricing of the IPO, the members of the Company Board, as named in the IPO Registration Statement, shall have been
duly elected, and an amended and restated certificate of incorporation of the Company and an amended and restated bylaws of the
Company, each in substantially the form filed as an exhibit to the IPO Registration Statement, shall be in effect;

 

(h)       the
Company shall have entered into the Underwriting Agreement and all conditions to the obligations of Parent, the Company and the
Underwriters shall have been satisfied or waived;

 

(i)       Parent
shall be satisfied, in its sole discretion, that (i) it will possess Tax Control of the Company immediately following the settlement
of the IPO, (ii) all other conditions relating to Tax-Free Status will, to the extent applicable as of the time the IPO is consummated,
be satisfied or can reasonably be anticipated to be satisfied, and (iii) there will be no event or circumstance that may cause any
of such conditions not to be satisfied as of the time of the Distribution or thereafter;

 

(j)       after
giving effect to the Separation, the IPO and the use of the proceeds therefrom as described in this Agreement and the IPO Registration
Statement, Parent shall be in compliance with all of the terms and conditions of the Parent Credit Facilities;

 

(k)       no
order, injunction or decree issued by any Governmental Authority or other legal restraint or prohibition restraining or preventing
the consummation of the Separation, the IPO, the Distribution or any of the other Transactions shall be in effect;

 

    
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(l)       all
Consents and Governmental Approvals required in connection with the Separation and the IPO shall have been received, except where
the failure to obtain such Consents or Governmental Approvals would not have a material adverse effect on either (i) the ability
of the parties to consummate the Transactions or (ii) the Lithium Business, taken as a whole; and

 

(m)       this
Agreement shall not have been terminated.

 

Article
IV

The Distribution

 

Section 4.01.The
Distribution. Parent intends to, but shall not be obligated to, within eighteen (18) months following the settlement of the
IPO, but no earlier than the expiration or waiver by the Underwriters of the lock-up period described in the IPO Registration Statement,
effect the Distribution. Parent shall, in its sole and absolute discretion, determine the date of the consummation of the Distribution,
if any, and all terms of the Distribution, including the form, structure and terms of any transaction(s) and/or offering(s) to
effect the Distribution, the number of shares of Company Common Stock distributed pursuant thereto and the timing of and conditions
to the consummation of the Distribution. In addition, Parent may, at any time and from time to time until the completion of the
Distribution, modify or change the terms of the Distribution, including by accelerating or delaying the timing of the consummation
of all or part of the Distribution. The Company shall cooperate with Parent in all respects to accomplish the Distribution and
shall, at Parent’s direction, promptly take any and all actions necessary or desirable to effect the Distribution, including,
to the extent necessary, the registration under the Securities Act and the Exchange Act of the Company Common Stock on an appropriate
registration form or forms to be designated by Parent. Parent shall select any investment banker(s) and manager(s) in connection
with the Distribution, as well as any financial printer, solicitation and/or exchange agent and financial, legal, accounting and
other advisors for Parent; provided, however, that nothing in this Agreement shall prohibit the Company from engaging
(at its own expense) its own financial, legal, accounting and other advisors in connection with the Distribution. For the avoidance
of doubt, Parent shall have the right not to complete a Distribution for any or no reason.

 

Section 4.02.Actions
Prior to the Distribution. Subject to the conditions to the Distribution set out in ‎Section
4.03, the parties shall take the following actions in connection with the Distribution:

 

(a)       Parent
and the Company shall (i) prepare and mail, prior to the date of any Distribution, to the holders of Parent Common Stock, such
information concerning the Company and the Distribution and such other matters as Parent reasonably determines is necessary or
desirable and such information as may be required by Law, and (ii) file with the SEC any such documentation that Parent determines
is necessary or desirable to effect the Distribution (including any registration statement on Form S-4 to be filed in connection
with the Distribution), and Parent and the Company shall each use commercially reasonable efforts to obtain all necessary approvals
from the SEC in connection therewith as soon as practicable;

 

    
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(b)       the
Company shall use commercially reasonable efforts to take all such action as may be necessary or desirable under applicable state
securities and blue sky Laws of the United States (and any comparable Laws under any foreign jurisdictions) in connection with
the Distribution;

 

(c)       the
Company shall prepare, file and use commercially reasonable efforts to seek to make effective an application for listing of the
Company Common Stock to be issued in the Distribution on NYSE;

 

(d)       the
Company shall take all commercially reasonable steps necessary or desirable to cause the conditions set forth in ‎Section
4.03 to be satisfied and to effect the Distribution, including, without limitation, providing to the exchange or distribution agent
all share certificates and any information required in order to complete the Distribution or any other disposition; and

 

(e)       Parent
and the Company shall reasonably cooperate with Davis Polk & Wardwell, LLP, as counsel to Parent, to deliver customary representation
letters in connection with the Tax Opinion (as defined below), and shall cooperate in obtaining any customary tax rulings or opinions,
including under applicable non-U.S. Law, deemed necessary or desirable by Parent, in its sole and absolute discretion.

 

Section 4.03.Conditions
to Distribution. The obligations of the parties hereto to consummate the Distribution are subject to the satisfaction, or waiver
by Parent in its sole and absolute discretion, of each of the following conditions, which conditions shall be for the sole benefit
of Parent, which conditions may be waived by Parent in its sole and absolute discretion, and any determination by Parent regarding
the satisfaction or waiver of any of such conditions shall be conclusive, and which conditions shall not give rise to or create
any duty on the part of Parent or the Parent Board to waive or not waive such conditions or in any way limit Parent’s right
to terminate this Agreement as set forth in this Agreement or alter the consequences of any such termination from those specified
in this Agreement; provided that for the avoidance of doubt, in the event that Parent determines not to consummate the Distribution
because one or more of such conditions is not satisfied or for any other reason, such determination by Parent shall not impact
the effectiveness of the Separation or the IPO:

 

(a)       final
approval of the Distribution shall have been given by the Parent Board in its sole discretion;

 

(b)       all
actions and filings necessary or appropriate under applicable securities Laws of the United States or any state securities and
blue sky Laws of the United States (and any comparable Laws under any foreign jurisdictions) in connection with the Distribution
shall have been taken or made, and, where applicable, have become effective or been accepted by the applicable Governmental Authority;

 

(c)       the
Company Common Stock to be issued in the Distribution shall have been accepted for listing on NYSE, subject to official notice
of issuance;

 

    
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(d)       to
the extent required by Parent in its sole discretion, Parent shall have received an opinion from Davis Polk & Wardwell LLP,
counsel to Parent, regarding the Tax-Free Status of the Contribution, the Separation Payment and the Distribution, taken together
(the “Tax Opinion”);

 

(e)       no
order, injunction or decree issued by any Governmental Authority or other legal restraint or prohibition restraining or preventing
the consummation of the Separation, the IPO, the Distribution or any of the other Transactions shall be in effect; and

 

(f)       all
Consents and Governmental Approvals required in connection with the Distribution shall have been received, except where the failure
to obtain such Consents or Governmental Approvals would not have a material adverse effect on either (i) the ability of the parties
to consummate the Transactions or (ii) the Lithium Business, taken as a whole.

 

Article
V

Affirmative covenants

 

Section 5.01.Consents
and Governmental Approvals. Not in limitation of any obligations of the parties hereunder, the members of the Parent Group
and the members of the Lithium Group shall cooperate to make all other filings and give notice to and obtain any Consent or Governmental
Approval that may reasonably be required to consummate the Transactions; provided that in no event shall any member of a
Group have any Liability whatsoever to any member of the other Group for any failure to obtain any such Consent or Governmental
Approval.

 

Section 5.02.Licenses
and Permits. Parent shall cause the members of the Parent Group to prepare and file with the appropriate Governmental Authorities
applications for the transfer or issuance, as may be necessary or advisable in connection with the Transactions, to the members
of the Lithium Group of all material Governmental Approvals, including all applicable Environmental Permits, required for the members
of the Lithium Group to operate the Lithium Business and the members of the Lithium Group shall cooperate and use commercially
reasonable efforts to secure the transfer or issuance of such Governmental Approvals.

 

Section 5.03.Termination
of Inter-Company Accounts and Agreements. (a) Except as set forth in ‎Section
5.03(b), in furtherance of the releases and other provisions of ‎Section 8.01 hereof,
the Company and each Person in the Lithium Group, on the one hand, and Parent and each Person in the Parent Group, on the other
hand, shall take all actions as are necessary or advisable to terminate any and all agreements, arrangements, commitments or understandings
(including all intercompany accounts payable or accounts receivable between a member of the Parent Group, on the one hand, and
a member of the Lithium Group, on the other hand, accrued as of the Separation Date), whether or not in writing, between or among
the Company or any member of the Lithium Group, on the one hand, and Parent and any member of the Parent Group, on the other hand,
effective as of or prior to the Separation Date. No such agreement, arrangement,

 

    
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commitment,
understanding or intercompany account (including any provision thereof which purports to survive termination) shall be of any
further force or effect after the Separation Date.

 

(b)       The
provisions of ‎Section 5.03(a) shall not apply to any of the following agreements,
arrangements, commitments, understandings or intercompany accounts (or to any of the provisions thereof): (i) this Agreement and
the Ancillary Agreements (and each other agreement or instrument expressly contemplated by this Agreement or any Ancillary Agreement
to be entered into by any of the parties hereto or any member of their respective Groups); (ii) any agreements, arrangements, commitments
or understandings set forth or described on Schedule ‎5.03(b)(ii); (iii) any agreements,
arrangements, commitments or understandings (including any Shared Contracts) to which any Person other than the parties hereto
and their respective Affiliates is a party; and (iv) any other agreements, arrangements, commitments, understandings or intercompany
accounts that this Agreement or any Ancillary Agreement expressly contemplates will survive the Separation Date.

 

Section 5.04.Financing
Arrangements. Prior to or concurrently with the Separation, the Company shall enter into the Company Financing Arrangements.
To the extent applicable and to the extent not undertaken and completed prior to the execution of this Agreement, the Company shall
take all such reasonable actions as may be necessary to ensure that (i) the Company assumes all Liabilities under the Company Financing
Arrangements and (ii) Parent and the members of the Parent Group shall have no obligation or liability thereunder as of the Separation
Date.

 

Section 5.05.Guarantees.
Parent and the Company shall each use commercially reasonable efforts to, and shall cause the members of their respective Groups
to use commercially reasonable efforts to, effective as of the Separation Date, terminate or cause a member of the Lithium Group
to be substituted in all respects for a member of the Parent Group with respect to, and for the members of the Parent Group, as
applicable, to be otherwise removed or released from, all obligations of any member of the Lithium Group under each guarantee,
indemnity, surety bond, letter of credit or letter of comfort (each, a “Guarantee”), given or obtained by any
member of the Parent Group for the benefit of any member of the Lithium Group or the Lithium Business (including any Guarantee
of any Environmental Liability), other than the Guarantees listed on Schedule ‎5.05.
Subject to any applicable terms of Schedule ‎5.05, if Parent and the Company have
been unable to effect any such substitution, removal, release and termination with respect to any such Guarantee as of the Separation
Date, then, following the Separation Date, (a) the parties shall cooperate to effect such substitution, removal, release and termination
as soon as reasonably practicable after the Separation Date, (b) the Company and the members of the Lithium Group shall, from and
after the Separation Date, indemnify against, hold harmless and promptly reimburse the members of the Parent Group for any payments
made by members of the Parent Group and for any and all Liabilities of the members of the Parent Group arising out of, or in performing,
in whole or in part, any performance obligation in accordance with the underlying obligation under any such Guarantee (including,
for the avoidance of doubt, any Guarantee set forth on Schedule ‎5.05) (except
to the extent the performance obligation under any such Guarantee shall

 

    
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have been triggered
solely by an act or failure to act of the applicable guarantor (rather than the underlying obligor)), and (c) without the prior
written consent of an officer of Parent who is not also an officer of the Company or any member of the Lithium Group, no member
of the Lithium Group may renew, extend the term of, increase any obligations under, or transfer to a third Person, any Liability
for which any member of the Parent Group is or might be liable pursuant to an applicable Guarantee (including, for the avoidance
of doubt, any Guarantee set forth on Schedule ‎5.05) unless such Guarantee, and
all applicable obligations of the members of the Parent Group with respect thereto, are thereupon terminated pursuant to documentation
reasonably acceptable to Parent; provided that the foregoing clause (c) shall not apply in the event the members of the
Lithium Group obtain a letter of credit from a financial institution reasonably acceptable to Parent and for the benefit of Parent
with respect to such Liabilities of the Parent Group in respect of such Guarantee.

 

Section 5.06.Bank
Accounts; Cash Balances. (a) Parent and the Company shall, and shall cause the members of their respective Group to, use commercially
reasonable efforts such that, on or prior to the Separation Date, the Parent Group and the Lithium Group maintain separate bank
accounts and separate cash management processes.

 

(b)       To
the extent not completed prior to the Separation Date, Parent and the Company each agrees to take, or cause the members of their
respective Groups to take, all actions necessary to amend all Contracts governing each bank and brokerage account owned by the
Company or any other member of the Lithium Group (collectively, the “Company Accounts”) so that such Company
Accounts, if linked (whether by automatic withdrawal, automatic deposit or any other authorization to transfer funds from or to,
hereinafter “linked”) to any bank or brokerage account owned by Parent or any other member of the Parent Group
(collectively, the “Parent Accounts”) are de-linked from the Parent Accounts. It is intended that, subject to
the terms of the Transition Services Agreement, as applicable, Parent and the Company will maintain separate bank accounts and
separate cash management processes following the Separation Date.

 

(c)       With
respect to any outstanding checks issued by Parent, the Company, or any of their respective Subsidiaries prior to the Separation
Date, such outstanding checks shall be honored following the Separation Date by the Person or Group owning the account on which
the check is drawn.

 

(d)       As
between Parent and the Company (and the members of their respective Groups), all payments made and reimbursements received after
the Separation Date by either party (or member of its Group) that relate to a Business, Asset or Liability of the other party (or
member of its Group), shall be held by such party in trust for the use and benefit of the party entitled thereto and, promptly
upon receipt by such party of any such payment or reimbursement, such party shall pay over, or shall cause the applicable member
of its Group to pay over, to the other party the amount of such payment or reimbursement without right of set-off. The parties
hereto will reasonably cooperate to ensure that each party shall maintain, at all times prior to the clearance or settlement of
any outstanding check or similar instrument drawn against any applicable Company

 

    
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Account or Parent
Account, sufficient balances to cover all outstanding checks or similar instruments drawn against such Company Account or Parent
Account, as applicable. Notwithstanding the foregoing, neither Parent nor the Company (nor any member of their respective Groups)
shall act as collection agent for the other party, nor shall either party (or any member of its respective Group) act as surety
or endorser with respect to non-sufficient funds checks or funds to be returned, including in a bankruptcy or fraudulent conveyance
action.

 

Article
VI

Exchange of Information; Confidentiality

 

Section 6.01.Books
and Records. Prior to the Distribution:

 

(a)       Subject
to the terms of this ‎Section 6.01, Parent and the Company shall, and shall cause
the members of their respective Groups to, transition and transfer (i) to the Company all Company Books and Records in the possession
of Parent or any member of the Parent Group, and (ii) to Parent all Parent Books and Records in the possession of the Company or
any member of the Lithium Group. Without limiting any express delivery requirements under this ‎Section
6.01 or any other provision of this Agreement or any Ancillary Agreement, neither party shall be required to conduct any general
search or investigation of its files.

 

(b)       Each
party may retain copies of books and records delivered to the other, subject to holding in confidence in accordance with ‎Section
6.09 information contained in such books and records.

 

(c)       Each
party may in good faith refuse to furnish any books and records under this ‎Section
6.01 if it reasonably believes in good faith that doing so could materially adversely affect its ability to successfully assert
a claim of Privilege; provided, however, that the parties shall take all commercially reasonable measures to
permit the compliance with such obligations in a manner that avoids any such harm or consequence.

 

(d)       Neither
party shall be required to deliver to the other books and records or portions thereof which are subject to any Law or confidentiality
agreements which would by their terms prohibit such delivery; provided, however, that if requested by the other party,
such party shall use commercially reasonable efforts to seek a waiver of or other relief from such confidentiality restriction.

 

Section 6.02.Exchange
of Information; Archives. (a) Except in the case of any Action involving or relating to any conflict or dispute between any
member of the Parent Group, on the one hand, and any member of the Lithium Group, on the other hand, and subject to ‎Section
6.02(c), each of Parent and the Company, on behalf of its respective Group, agrees to provide, or cause to be provided, to the
other Group, at any time prior to the Distribution, as soon as reasonably practicable after written request therefor, access to
the employees or other service providers of the other Group and any Information in the possession or under the control of such
respective Group that can be retrieved without unreasonable disruption to its Business, in each case which the

 

    
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requesting
party reasonably needs (i) to comply with reporting, disclosure, filing, record retention or other requirements imposed on the
requesting party (including under applicable securities or tax Laws) by a Governmental Authority having jurisdiction over the
requesting party, (ii) for use in any other judicial, regulatory, administrative, tax or other proceeding or in order to satisfy
audit, accounting, regulatory, litigation, environmental, tax or other similar requirements, in each case other than claims or
allegations that one party to this Agreement or any member of its Group has against the other party or any member of its Group,
or (iii) subject to the foregoing clause ‎(ii), to comply with its obligations
under this Agreement.

 

(b)       Except
in the case of any Action involving or relating to any conflict or dispute between any member of the Parent Group, on the one hand,
and any member of the Lithium Group, on the other hand, and subject to ‎Section
6.02(c), after the Separation Date and at any time prior to the Distribution, each of the Parent Group, on the one hand, and the
Lithium Group, on the other hand, shall provide to such other Group access during regular business hours (as in effect from time
to time) to Information that relates to the Business of such Group that is located in archives retained or maintained by such other
Group (or, if such Information does not exclusively relate to a party’s Business, to the portions of such Information that
so exclusively relate), subject to appropriate restrictions for proprietary, privileged or confidential information and to the
requirements of an applicable state and/or federal regulation such as a Code of Conduct or Standard of Conduct, to the personnel,
properties and information of such party and its Subsidiaries, and only insofar as such access is reasonably required by the other
party for legitimate business reasons, and only for the duration such access is required, and relates to such other party or the
conduct of the business prior to the Separation Date. The Company or Parent, as applicable, may obtain copies (but not originals)
at their own expense of such Information for bona fide business purposes. The requesting party shall pay the applicable fee or
rate per hour for archives research services (subject to increase from time to time to reflect rates then in effect) for the providing
party generally.

 

(c)       In
the event any party reasonably determines that any such provision of Information could be commercially detrimental, violate any
Law or Contract, or waive or jeopardize any Privilege, such party shall not be required to provide access to or furnish such Information
to the other party; provided, however, that the parties shall take all commercially reasonable measures to permit
the compliance with such obligations in a manner that avoids any such harm or consequence.

 

Section 6.03.Ownership
of Information. Any Information owned by one Group that is provided to a requesting party pursuant to ‎Section
6.02 shall be deemed to remain the property of the providing party. Unless expressly set forth in this Agreement, nothing contained
in this Agreement shall be construed as granting or conferring any right, title or interest (whether by license or otherwise) in,
to or under any such Information.

 

Section 6.04.Compensation
for Providing Information. The party requesting access to Information agrees to reimburse the other party for the reasonable
internal or external costs, if any, of providing such access and the costs incurred in creating,

 

    
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gathering and copying
such Information, to the extent that such costs are incurred for the benefit of the requesting party.

 

Section 6.05.Record
Retention. To facilitate the possible exchange of Information pursuant to this ‎Article
VI and other provisions of this Agreement after the Separation Date, the parties agree to use their commercially reasonable efforts
to retain all Information in their respective possession or control on the Separation Date in accordance with the record retention
policies of Parent as in effect from time to time or such other policies as may be reasonably adopted by the appropriate party
after the Separation Date. For the avoidance of doubt, such policies shall be deemed to apply to any Information in a party’s
possession or control on the Separation Date relating to the other party or members of its Group.

 

Section 6.06.Limitation
of Liability. Except as otherwise provided in this ‎Article VI, no party shall
have any liability to any other party in the event that any Information exchanged or provided pursuant to this Agreement is found
to be inaccurate or the requested Information is not provided, in the absence of willful misconduct by the party requested to provide
such Information. No party shall have any liability to any other party if any Information is destroyed after commercially reasonable
efforts by such party to comply with the provisions of ‎Section 6.05.

 

Section 6.07.Other
Agreements Providing for Exchange of Information. The rights and obligations granted under this ‎Article
VI are subject to any specific limitations, qualifications or additional provisions on the sharing, exchange, retention, rights
to use, or confidential treatment of Information set forth in any Ancillary Agreement.

 

Section 6.08.Production
of Witnesses; Records; Cooperation. (a) After the Separation Date, except in the case of any Action among the parties to this
Agreement involving or relating to any conflict or dispute between any member of the Parent Group, on the one hand, and any member
of the Lithium Group, on the other hand, each party hereto will use its commercially reasonable efforts to make available to each
other party, upon written request, the then-current directors, officers, employees, other personnel and agents of the Person in
its respective Group as witnesses and any books, records or other documents within its control or which it otherwise has the ability
to make available, to the extent that any such Person (giving consideration to business demands of such directors, officers, employees,
other personnel and agents) or books, records or other documents may reasonably be required in connection with any Action in which
indemnification is or may reasonably be expected to be sought in which the requesting party may from time to time be involved.
The requesting party shall bear all costs and expenses in connection therewith.

 

(b)       If
an Indemnifying Party or Indemnitee chooses to defend or seeks to compromise or settle any Third-Party Claim, the other party shall
make available to such Indemnifying Party or Indemnitee, as applicable, upon written request then-current directors, officers,
employees, other personnel and agents of the Persons in its respective Group as witnesses and any Information within its control
or possession, to the extent that any such Person (giving consideration to business demands of such directors,

 

    
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officers, employees,
other personnel and agents) or books, records or other documents may reasonably be required in connection with such defense, settlement
or compromise, or such prosecution, evaluation or pursuit, as the case may be, and shall otherwise reasonably cooperate in such
defense, settlement or compromise, or such prosecution, evaluation or pursuit, as the case may be.

 

(c)       Without
limiting the foregoing, the parties shall cooperate and consult to the extent reasonably necessary with respect to any Actions
in which indemnification is or may reasonably be expected to be sought.

 

(d)       The
obligations of the parties to provide witnesses pursuant to this ‎Section 6.08
is intended to be interpreted in a manner so as to facilitate cooperation and shall include the obligation to provide as witnesses
employees and other officers without regard to whether the witness or the employer of the witness could assert a possible business
conflict (subject to the exception set forth in the first sentence of ‎Section
6.08(a)).

 

(e)       In
connection with any matter contemplated by this ‎Section 6.08, the parties will
enter into a mutually acceptable joint defense agreement so as to maintain to the extent practicable any applicable Privilege of
any member of any respective Group.

 

Section 6.09.Confidentiality.
(a) Subject to ‎Section 6.10, each of Parent and the Company (each, a “Receiving
Party”), on behalf of itself and each Person in its respective Group, agree to hold, and to cause its respective directors,
officers, employees, agents, accountants, counsel and other advisors and representatives to hold in strict confidence, with at
least the same degree of care that applies to the confidential and proprietary information of Parent pursuant to its practices
and policies in effect as of the Separation Date, all Information with respect to Parent, solely concerning the Lithium Business
(for which the Company shall be the “Disclosing Party”) and with respect to the Company, concerning the Parent
Business (for which Parent shall be the “Disclosing Party”) that is accessible to it, in its possession (including
Information in its possession prior to the Separation Date) or furnished by the Disclosing Party or any Person in its respective
Group, or accessible to, in the possession of, or furnished to the Company’s respective directors, officers, employees, agents,
accountants, counsel and other advisors and representatives at any time pursuant to this Agreement or otherwise, except, in each
case, to the extent that such Information (i) is or becomes part of the public domain through no breach of this Agreement by the
Receiving Party or any member of its Group, its respective directors, officers, employees, agents, accountants, counsel and other
advisors and representatives, (ii) was independently developed following the Separation Date by employees or agents of the Receiving
Party or any Person in its respective Group, its respective directors, officers, employees, agents, accountants, counsel and other
advisors and representatives who have not accessed or otherwise received the applicable Information; provided that such
independent development can be demonstrated by competent, contemporaneous written records of the Receiving Party or any Person
in its respective Group, or (iii) becomes available to the Receiving Party or any Person in its respective Group following the Separation
Date on a non-confidential

 

    
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basis from a third
party who is not bound directly or indirectly by a duty of confidentiality to the Disclosing Party.

 

(b)       Each
party acknowledges that it and the other members of its Group may have in their possession confidential or proprietary Information
of third parties that was received under confidentiality or non-disclosure agreements with such third party prior to the Separation
Date. Such party will hold, and will cause the other members of its Group and their respective representatives to hold, in strict
confidence the confidential and proprietary information of third parties to which they or any other member of their respective
Groups has access, in accordance with the terms of any agreements entered into prior to the Separation Date between one or more
members of such party’s Group (whether acting through, on behalf of, or connection with, the separated businesses) and such
third parties.

 

(c)       Upon
the written request of a party, the other party shall promptly destroy any copies of such confidential or proprietary Information
(including any extracts therefrom) specifically identified by the requesting party to be destroyed. Upon the written request of
such requesting party, the other party shall cause one of its duly authorized officers to certify in writing to such requesting
party that the requirements of the preceding sentence have been satisfied in full.

 

(d)       Notwithstanding
anything to the contrary in this ‎Article VI, (i) to the extent that an Ancillary
Agreement or other Contract pursuant to which a party hereto or a Person in its respective Group is bound or its confidential Information
is subject provides that certain Information shall be maintained confidential on a basis that is more protective of such Information
or for a longer period of time than provided for herein, then the applicable provisions contained in such Ancillary Agreement or
other Contract shall control with respect thereto and (ii) a party and the Persons in its respective Group shall have no right to
use any Information of the Disclosing Party unless otherwise provided for in this Agreement, an Ancillary Agreement or a Contract
between the parties or a member of their respective Groups.

 

(e)       Notwithstanding
the foregoing, no provision of this Agreement or any Ancillary Agreement, including this ‎Section
6.09, shall be interpreted or construed to in any manner limit or restrict the ability of Parent to disclose any Information concerning
the Company or the members of the Lithium Group or the Lithium Business, including Information in Parent’s possession or
which Parent is entitled to receive or have access to pursuant to the terms of this Agreement, to any third party in connection
with (i) any potential transaction between Parent and such third party with respect to Parent’s equity ownership of the Company
(whether structured as a merger, sale or transfer of equity securities, sale of assets or otherwise) or (ii) a potential transaction
with respect to Parent and such third-party (whether structured as a merger, sale or transfer of equity securities, sale of assets
or otherwise) (any such transaction described in (i) or (ii), a “Parent Transaction”), or to use such Information
described herein in connection with any Parent Transaction, in each case subject to a customary confidentiality agreement between
Parent and such third party in respect of such Parent Transaction.

 

    
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Section 6.10.Protective
Arrangements. In the event that the Receiving Party or any Person in its Group either determines on the advice of its counsel
that it is required to disclose any Information pursuant to applicable Law (including the rules and regulations of the SEC or any
national securities exchange) or receives any request or demand from any Governmental Authority to disclose or provide Information
of the Disclosing Party (or any Person in the Disclosing Party’s Group) that is subject to the confidentiality provisions
hereof, such party shall notify the other party prior to disclosing or providing such Information and shall cooperate at the expense
of such other party in seeking any reasonable protective arrangements (including by seeking confidential treatment of such Information)
requested by such other party. Subject to the foregoing, the Person that received such a request or determined that it is required
to disclose Information may thereafter disclose or provide Information to the extent required by such Law (as so advised by counsel)
or requested or required by such Governmental Authority; provided, however, that such Person provides the other party,
to the extent legally permissible, upon request with a copy of the Information so disclosed.

 

Section 6.11.Preservation
of Legal Privileges. (a) Parent and the Company recognize that the members of their respective groups possess and will possess
information and advice that has been previously developed but is legally protected from disclosure under legal privileges, such
as the attorney-client privilege or work product exemption and other concepts of legal protection (“Privilege”).
Each party recognizes that they shall be jointly entitled to the Privilege with respect to such privileged information and that
each shall be entitled to maintain, preserve and assert for its own benefit all such information and advice, but both parties shall
ensure that such information is maintained so as to protect the Privileges with respect to the other party’s interest. To
that end, neither party will knowingly waive or compromise any Privilege associated with such information and advice without the
prior written consent of the other party. In the event that privileged information is required to be disclosed to any arbitrator
or mediator in connection with a dispute between the parties, such disclosure shall not be deemed a waiver of Privilege with respect
to such information, and any party receiving it in connection with a proceeding shall be informed of its nature and shall be required
to safeguard and protect it.

 

(b)       The
rights and obligations created by this ‎Section 6.11 shall apply to all information
relating to the Lithium Business as to which, but for the Separation, either party would have been entitled to assert or did assert
the protection of a Privilege, including (i) any and all information generated prior to the Separation Date but which, after the
Separation, is in the possession of either party and (ii) all information generated, received or arising after the Separation Date
that refers to or relates to information described in the preceding clause ‎(i).

 

(c)       Upon
receipt by either party of any subpoena, discovery or other request that may call for the production or disclosure of information
that is the subject of a Privilege, or if a party obtains knowledge that any current or former employee of a party has received
any subpoena, discovery or other request that may call for the production or disclosure of such information, such party shall provide
the other party a reasonable opportunity to review the information and to assert any rights it may have under this

 

    
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‎Section
6.11 or otherwise to prevent the production or disclosure of such information. Absent receipt of written consent from the other
party to the production or disclosure of information that may be covered by a Privilege, each party agrees that it will not produce
or disclose any information that may be covered by a Privilege unless a court of competent jurisdiction has entered a final, nonappealable
order finding that the information is not entitled to protection under any applicable Privilege.

 

(d)       Parent’s
transfer of Company Books and Records and other Information to the Company, Parent’s agreement to permit the Company to obtain
Information existing prior to the Separation Date, the Company’s transfer of Parent Books and Records and other Information
and the Company’s agreement to permit Parent to obtain Information existing prior to the Separation Date are made in reliance
on Parent’s and the Company’s respective agreements, as set forth in ‎Section
6.09, ‎Section 6.10 and this ‎Section
6.11, to maintain the confidentiality of such Information and to take the steps provided herein for the preservation of all Privileges
that may belong to or be asserted by Parent or the Company, as the case may be. The access to Information being granted pursuant
to ‎Section 6.02 hereof, the agreement to provide witnesses and individuals pursuant
to ‎Section 6.08 hereof and the disclosure to Parent and the Company of Privileged
Information relating to the Lithium Business or Parent Business pursuant to this Agreement in connection with the Separation shall
not be asserted by Parent or the Company to constitute, or otherwise deemed, a waiver of any Privilege that has been or may be
asserted under this ‎Section 6.11 or otherwise. Nothing in this Agreement shall
operate to reduce, minimize or condition the rights granted to Parent and the Company in, or the obligations imposed upon the parties
by, this ‎Section 6.11.

 

(e)       All
communications between members of the Parent Group, on the one hand, and Davis Polk & Wardwell LLP or any other internal or
external legal counsel currently representing the Lithium Group, on the other hand, related to the Transactions shall be deemed
to be attorney-client confidences and Privileges that belong solely to the members of the Parent Group.

 

Section 6.12.Tax
Records. Notwithstanding anything in this ‎Article VI to the contrary, the
Tax Matters Agreement shall govern the retention of Tax related records and the exchange of Tax related information.

 

Article
VII

Insurance Matters

 

Section 7.01.Insurance
Prior to the Distribution Time. Except as may otherwise be expressly provided in this ‎Article
VII, the Company does hereby agree, for itself and on behalf of each member of the Lithium Group, that the Parent Group shall not
have any Liability whatsoever to the Lithium Group to the extent such Liability is related to, arising out of or resulting from
the Policies, insurance contracts and claim administration contracts and practices related to the foregoing of the Parent Group
in effect at any time prior to the Trigger Time, including as a result of the level, scope or any of the terms and conditions of
any such Policies, insurance contracts, claim administration contracts and practices, and any other administration and/or adjustment

 

    
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activity with respect
thereto, undertaken by Parent or any member of the Parent Group prior to the Trigger Time, the creditworthiness of any insurance
carrier, the adequacy or timeliness of any notice, or lack thereof, to any insurance carrier, bank trustee for any insurer, scheme
administrator for any insurer, or claims administrator with respect to any actual claim or potential claim or otherwise.

 

Section 7.02.Ownership
of Existing Policies and Programs.  Parent or the applicable member of the Parent Group will continue to own all Policies,
insurance contracts and claim administration contracts of any kind of any member of the Parent Group and the Lithium Group which
were or are in effect at any time at or prior to the Trigger Time (other than the Post-Separation Insurance Arrangements), together
with all rights, benefits and privileges under any of the foregoing (collectively, the “Parent Policies”), provided
that Parent Policies shall not include Policies, insurance contracts and claim administration contracts exclusively related to
the Lithium Business and which are set forth on Schedule 7.02. Subject to the provisions of this Agreement, including the rights
of the members of the Lithium Group under ‎Section 7.04, (a) the members of the
Parent Group shall retain all of their respective rights, benefits and privileges, if any, under the Parent Policies and (b) coverage
of the Lithium Group under the Parent Policies shall cease as of the Trigger Time with respect to all Liabilities to the extent
incurred or suffered by the Lithium Group in connection with, relating to, arising out of or due to, directly or indirectly, any
act, error, omission, event or occurrence at or after the Trigger Time. Nothing contained herein shall be construed to be an attempted
assignment of or a change to any part of the ownership of the Parent Policies or shall be construed to waive any right or remedy
of any member of the Parent Group in respect thereof. No provision of this Agreement is intended to relieve any insurer of any
Liability under any Policy.

 

Section 7.03.Acquisition
and Maintenance of Post-Separation Insurance. Commencing on and as of the Trigger Time, the Company shall be responsible for
establishing and maintaining a separate insurance program consisting of the types of Policies and coverages that the Company considers
appropriate to carry on behalf of the Lithium Group (the “Post-Separation Insurance Arrangements”). Each member
of the Lithium Group, as appropriate, shall be responsible for all administrative and financial matters relating to the Post-Separation
Insurance Arrangements and claims relating to any period at or after the Trigger Time involving any member of the Lithium Group.

 

Section 7.04.Rights
Under Shared Policies. At and after the Trigger Time, the Company and the members of the Lithium Group will have the right,
but not the obligation, to assert claims for any Liabilities with respect to the Lithium Business, to the extent assumed by the
Company or any member of the Lithium Group pursuant to this Agreement, under Parent Policies that cover any member of the Lithium
Group and/or any or all of the Lithium Business within the definition of the named insured, additional named insured, additional
insured or insured (excluding, for the avoidance of doubt, any group health and welfare insurance policies) with third-party insurers
(excluding any self-insured, captive insurance or similar program) that are “occurrence based” excess liability Policies
(collectively, the “Shared Policies”) arising out of insured occurrences occurring from the date coverage thereunder
first commenced until the Trigger Time to the extent that the terms and conditions of any such Shared Policies and agreements

 

    
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relating thereto so
allow (all such claims pursuant to Shared Policies in accordance with this ‎Section
7.04, “Covered Claims”); provided that:

 

(a)       the
Parent Group may, at any time, without liability or obligation to the Lithium Group, amend, commute, terminate, buy-out, release,
sell back, extinguish liability under or otherwise modify any Shared Policies (and such claims shall be subject to any such amendments,
commutations, terminations, buy-outs, releases, sale back arrangements, extinguishments and modifications);

 

(b)       the
Company will promptly notify Parent of any Covered Claim and consult with Parent (and Parent will promptly respond to the Company’s
request to consult) regarding such Covered Claim, and Parent shall use commercially reasonable efforts to assert and prosecute
such Covered Claim in accordance with the terms of ‎Section 7.05, to the extent
that the terms and conditions of any such Shared Policy and agreements relating thereto so allow, and shall provide the Company
with regular updates on the status of such Covered Claim; provided that no member of the Parent Group will bear any liability
for the failure of an insurer to pay any claim under any Shared Policy;

 

(c)       subject
to Sections ‎7.04(d) and ‎7.04(e),
any proceeds received by Parent or the members of the Parent Group from any third-party insurer that relate to any Covered Claim
will be promptly paid to the Company by Parent or the applicable member of the Parent Group; provided, however, that
any such recovery and payment will be subject to (x) the amount of any applicable deductibles, retentions or matching deductible
provisions, and, with respect to any such deductibles, retentions or matching deductible provisions which require a payment by
a member of the Parent Group in respect thereof, the Company will make such payment on behalf of Parent or the applicable member
of the Parent Group, and (y) any claims handling expenses, unreimbursed allocated loss adjustment or defense expenses and any amounts
related to, arising out of or resulting from any residual Liability arising from such Covered Claim;

 

(d)       in
the event that a Covered Claim relates to the same occurrence for which Parent is seeking coverage under any Shared Policy (a “Related
Claim” and each other Covered Claim, an “Unrelated Claim”), any proceeds received by Parent or the
members of the Parent Group from any third-party insurer that relate to such Related Claim will be allocated, subject to ‎Section
7.04(e) and existing sublimits and aggregate limits of such Shared Policy, pro rata based on the share of the loss incurred
by each of Parent and the Company (or the members of their respective Groups);

 

(e)       any
Covered Claims will be subject to exhaustion of the Shared Policies, including existing sublimits and aggregate limits, and to
the extent any such limits preclude payment in full of Parent and the Company (and the members of each of their respective Groups),
the insurance proceeds available under such Shared Policy will be allocated between Parent and the Company as follows:

 

(i)       in
the case of Unrelated Claims, on a FIFO Basis; and

 

    
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(ii)       in
the case of Related Claims, pro rata based on available insurance proceeds pursuant to such Shared Policy as if the coverage
for such Related Claims was infinite;

 

(f)       in
no event (except as provided in ‎Section 7.04(d)) will any member of the Parent
Group have any Liability whatsoever to any member of the Lithium Group if (x) any Shared Policy is terminated or otherwise ceases
to be in effect for any reason, is unavailable or inadequate to cover any Liability of any member of the Lithium Group for any
reason whatsoever or is not renewed or extended beyond the current expiration date, or (y) any insurer fails to pay any claim under
any Shared Policy; and

 

(g)       any
amounts unpaid by the Company in accordance with the terms of this ‎Article VII
shall be subject to the terms of ‎Section 8.02.

 

Section 7.05.Claims
Administration. In connection with making any Covered Claim (including any Related Claim or Unrelated Claim), without any prejudice
or limitation to Parent seeking insurance under the Shared Policies for its own claims (including in respect of any Covered Claim),
Parent will control the administration of all Covered Claims (other than such functions of claims administration that are performed
by any insurer pursuant to an applicable Shared Policy at the time such claims are made) and shall administer such Covered Claims
in a manner that is consistent in all material respects, including with respect to the timing of assertion and pursuit of coverage,
with the claims administration of Parent in respect of its own claims, and the Company will (x) cooperate and assist Parent with
respect to such Covered Claim and (y) not take any action that would compromise or impair Parent’s ability to prosecute such
Covered Claim; provided that, if there is an actual or potential conflict of interest in such pursuit, prosecution and/or
defense of any Related Claim, which, in the reasonable opinion of either party, would otherwise prevent the conduct of such claims
administration by Parent, the parties will cooperate to prosecute and/or defend such coverage dispute with respect to, and to pursue
coverage under, such Shared Policy pursuant to appropriate arrangements (which arrangements may require each party to retain separate
counsel) for the administration of such Related Claim as may be agreed upon by the parties and permitted by such Shared Policy.
Nothing in this ‎Article VII will be construed to limit or otherwise alter in any
way the indemnity obligations of the parties, including those created by this Agreement, by operation of law or otherwise.

 

Section 7.06.Non-Waiver
of Rights to Coverage. An insurance carrier that would otherwise be obligated to pay any claim shall not be relieved of the
responsibility with respect thereto, or, solely by virtue of the provisions of this ‎Article
VII, have any subrogation rights with respect thereto, it being expressly understood and agreed that no insurance carrier or any
third party shall be entitled to a benefit (i.e., a benefit such Person would not be entitled to receive had the Separation not
occurred or in the absence of the provisions of this ‎Article VII) by virtue of
the provisions hereof.

 

    
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Article
VIII

Mutual Releases; Indemnification

 

Section 8.01.Mutual
Release of Pre-Closing Claims. (a) Except as provided in ‎Section 8.01(c)
and ‎Section 8.03, effective as of the Separation Date, the Company does hereby,
for itself and for each member of the Lithium Group as of the Separation Date and their respective successors and assigns and all
Persons who at any time prior to the Separation Date have been directors, officers, agents or employees of any member of the Lithium
Group (in each case, in their respective capacities as such), release and forever discharge Parent and each member of the Parent
Group, and all Persons who at any time prior to the Separation Date have been stockholders, directors, officers, managers, members,
agents or employees of any Person in the Parent Group (in each case, in their respective capacities as such), and their respective
heirs, executors, administrators, successors and assigns, from any and all Liabilities whatsoever, whether at law or in equity
(including any rights of contribution or recovery), whether arising under any Contract, by operation of Law or otherwise, existing
or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any
conditions existing or alleged to have existed in each case on or before the Separation Date, including in connection with the
Transactions and all other activities to implement the Transactions and any of the other transactions contemplated hereunder, and
under any of the Ancillary Agreements and pursuant to the Plan of Reorganization.

 

(b)       Except
as provided in ‎Section 8.01(c) and ‎Section
8.02, effective as of the Separation Date, Parent does hereby, for itself and for each member of the Parent Group as of the Separation
Date and their respective successors and assigns and all Persons who at any time prior to the Separation Date, have been directors,
officers, agents or employees of any member of the Parent Group (in each case, in their respective capacities as such), remise,
release and forever discharge the Company and each member of the Lithium Group as of the Separation Date, and all Persons who at
any time prior to the Separation Date have been stockholders, directors, officers, managers, members, agents or employees of any
Person in the Lithium Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators,
successors and assigns, from any and all Liabilities whatsoever, whether at law or in equity (including any rights of contribution
or recovery), whether arising under any Contract, by operation of Law or otherwise, including for fraud, existing or arising from
any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing
or alleged to have existed in each case on or before the Separation Date, including in connection with the Transactions and all
other activities to implement the Transactions and any of the other transactions contemplated hereunder, under any of the Ancillary
Agreements and pursuant to the Plan of Reorganization.

 

(c)       Nothing
contained in ‎Section 8.01(a) or ‎(b)
shall (x) impair any right of any Person to enforce this Agreement, any Ancillary Agreement or any Contracts that are specified
in ‎Section 5.03(b) or the applicable schedules thereto not to terminate as of
the Separation Date, in each case in accordance with its terms or (y) release any Person from:

 

    
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(i)       any
Liability provided in or resulting from any Contract among any Persons in the Parent Group or the Lithium Group that is specified
in ‎Section 5.03(b) or the applicable schedules thereto as not to terminate
as of the Separation Date, or any other Liability specified in such ‎Section
5.03(b) as not to terminate as of the Separation Date;

 

(ii)       any
Liability assumed or retained by, or transferred, assigned or allocated to, the Group of which such Person is a member in accordance
with, or any other Liability of any Person in any Group under, this Agreement or any Ancillary Agreement, including (A) with respect
to the Company, any Lithium Liability, and (B) with respect to Parent, any Parent Liability;

 

(iii)       any
Liability provided in or resulting from any Contract or understanding that is entered into after the Separation Date between a
member of the Parent Group, on the one hand, and a member of the Lithium Group, on the other hand;

 

(iv)       any
Liability that the parties may have with respect to claims for indemnification, recovery or contribution brought pursuant to this
Agreement or any Ancillary Agreement, which Liability shall be governed by the provisions of this ‎Article
VIII or, if applicable, the appropriate provisions of the Ancillary Agreements; or

 

(v)       any
Liability the release of which would result in the release of any Person other than a Person released pursuant to this ‎Section
8.01, in which case solely to the extent the release would result in the release of such other Person.

 

In addition, nothing
contained in ‎Section 8.01(a) shall release Parent from indemnifying
any director, officer or employee of the Company who was a director, officer or employee of Parent or any of its Affiliates on
or prior to the Separation Date, to the extent such director, officer or employee is or becomes a named defendant in any Action
with respect to which he or she was entitled to such indemnification pursuant to obligations existing prior to the Separation Date,
it being understood that if the underlying obligation giving rise to such Action is a Lithium Liability, the Company shall indemnify
Parent for such Liability (including Parent’s costs to indemnify the director, officer or employee) in accordance with the
provisions set forth in this ‎Article VIII.

 

(d)       The
Company shall not, and shall not permit any Person in the Lithium Group to, make any claim or demand, or commence any Action asserting
any claim or demand, including any claim of contribution, recovery or any indemnification, against Parent or any Person in the
Parent Group, or any other Person released pursuant to ‎Section 8.01(a), with respect
to any Liabilities released pursuant to ‎Section 8.01(a). Parent shall not, and
shall not permit any Person in the Parent Group to, make any claim or demand, or commence any Action asserting any claim or demand,
including any claim of contribution, recovery or any indemnification against the Company or any Person in the Lithium Group, or
any other Person released pursuant to ‎Section 8.01(b), with respect to any Liabilities
released pursuant to ‎Section 8.01(b). If any Person associated with

 

    
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either Parent or the
Company (including any of their respective directors, officers, agents or employees) initiates an Action with respect to claims
released by this ‎Section 8.01, the party with which such Person is associated
shall indemnify the other party against such Action in accordance with the provisions set forth in this ‎Article
VIII.

 

(e)       It
is the intent of each of Parent and the Company, by virtue of the provisions of this ‎Section
8.01, to provide for a full and complete release and discharge of all Liabilities existing or arising from all acts and events
occurring or failing to occur or alleged to have occurred or to have failed to occur and all conditions existing or alleged to
have existed in each case on or before the Separation Date, between or among the Company or any member of the Lithium Group, on
the one hand, and Parent or any Person in the Parent Group, on the other hand (including any contractual agreements or arrangements
existing or alleged to exist between or among any such Persons on or before the Separation Date), except as expressly set forth
in ‎Section 8.01(c), ‎Section 8.02
or ‎Section 8.03, as applicable. At any time, at the request of any other party,
each party shall cause each member of its respective Group and, to the extent practicable, each other Person to execute and deliver
releases reflecting the provisions hereof.

 

Section 8.02.Indemnification
by the Company. Except as provided in ‎Section 8.06, the Company shall indemnify,
defend and hold harmless Parent and each member of the Parent Group and each of their Affiliates and Parent’s, each member
of the Parent Group’s and their respective Affiliates’ directors, officers, employees and agents, and each of the heirs,
executors, successors and assigns of any of the foregoing (collectively, the “Parent Indemnitees”), from and
against any and all Losses of the Parent Indemnitees relating to, arising out of or resulting from any of the following items (without
duplication and including any such Losses arising by way of setoff, counterclaim or defense or enforcement of any Lien):

 

(a)       all
Lithium Liabilities, including the failure of the Company or any member of the Lithium Group or any other Person to pay, perform
or otherwise promptly discharge any Lithium Liability in accordance with its terms;

 

(b)       the
Lithium Business;

 

(c)       any
breach by the Company or any member of the Lithium Group of this Agreement or any of the Ancillary Agreements;

 

(d)       any
breach by the Company of any of the representations and warranties made by the Company on behalf of itself and the members of the
Lithium Group in this Agreement or any Ancillary Agreement;

 

(e)       any
use by the Company or any of its permitted sublicensees of any Licensed IP; and

 

(f)       any
untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, with respect to all information

 

    
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contained in any Disclosure Document with
respect to the IPO other than any such statement or omission in the Disclosure Document furnished by Parent solely in respect of
Parent expressly for use in such Disclosure Document.

 

Notwithstanding anything
to the contrary herein, in no event will any Parent Indemnitee have the right to seek indemnification from the Company or any member
of the Lithium Group with respect to any claim or demand against any Person in the Parent Group for the satisfaction of the Parent
Liabilities.

 

Section 8.03.Indemnification
by Parent. Except as provided in ‎Section 8.06, Parent shall indemnify, defend
and hold harmless the Company, each member of the Lithium Group and each of their Affiliates and the Company’s, each member
of the Lithium Group’s and their respective Affiliates’ respective directors, officers, employees and agents, and each
of the heirs, executors, successors and assigns of any of the foregoing (collectively, the “Company Indemnitees”),
from and against any and all Losses of the Company Indemnitees relating to, arising out of or resulting from any of the following
items (without duplication and including any Losses arising by way of setoff, counterclaim or defense or enforcement of any Lien):

 

(a)       all
Parent Liabilities, including the failure of Parent or any member of the Parent Group or any other Person to pay, perform or otherwise
promptly discharge any Parent Liability in accordance with its terms;

 

(b)       the
Parent Business;

 

(c)       any
breach by Parent or any member of the Parent Group of this Agreement or any of the Ancillary Agreements;

 

(d)       any
breach by Parent of any of the representations and warranties made by Parent on behalf of itself and the members of the Parent
Group in this Agreement or any Ancillary Agreement; and

 

(e)       any
untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, with respect to all information contained in any
Disclosure Document with respect to the IPO, the Distribution or otherwise, in each case solely to the extent furnished by Parent
solely in respect of Parent and expressly for use in such Disclosure Document and which information is set forth on Schedule 8.03(e).

 

Notwithstanding anything
to the contrary herein, in no event will any Company Indemnitee have the right to seek indemnification from the Parent or any member
of the Parent Group with respect to any claim or demand against any Person in the Lithium Group for the satisfaction of the Lithium
Liabilities.

 

Section 8.04.Third-Party
Claims. (a) If an Indemnitee shall receive notice or otherwise learn of the assertion by a Person (including any Governmental
Authority) who is not a Person in the Parent Group or the Lithium Group of any claim or of the

 

    
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commencement by any
such Person of any Action with respect to which an Indemnifying Party may be obligated to provide indemnification to such Indemnitee
pursuant to ‎Section 8.02 or ‎Section
8.03, or any other Section of this Agreement (collectively, a “Third-Party Claim”), such Indemnitee shall give
such Indemnifying Party written notice thereof as promptly as practicable (and in any event within forty-five (45) days) after
becoming aware of such Third-Party Claim. Any such notice shall describe the Third-Party Claim in reasonable detail. Notwithstanding
the foregoing, the failure of any Indemnitee or other Person to give notice as provided in this ‎Section
8.04(a) shall not relieve the related Indemnifying Party of its obligations under this ‎Article
VIII, except to the extent, and only to the extent, that such Indemnifying Party is materially prejudiced by such failure to give
notice.

 

(b)       An
Indemnifying Party may elect (but shall not be required) to defend, at such Indemnifying Party’s own expense and by such
Indemnifying Party’s own counsel (which counsel shall be reasonably satisfactory to the Indemnitee), any Third-Party Claim;
provided that the Indemnifying Party shall not be entitled to defend and shall pay the reasonable fees and expenses of one
separate counsel for all Indemnitees if the claim for indemnification relates to or arises in connection with any criminal action,
indictment or allegation. Within forty-five (45) days after the receipt of notice from an Indemnitee in accordance with ‎Section
8.04(a) (or sooner, if the nature of such Third-Party Claim so requires), the Indemnifying Party shall notify the Indemnitee of
its election whether the Indemnifying Party will assume responsibility for defending such Third-Party Claim, which election shall
specify any reservations or exceptions to its defense. After notice from an Indemnifying Party to an Indemnitee of its election
to assume the defense of a Third-Party Claim, such Indemnitee shall have the right to employ separate counsel and to participate
in (but not control) the defense, compromise, or settlement thereof, but the fees and expenses of such counsel shall be the expense
of such Indemnitee; provided, however, in the event that (1) the Indemnifying Party has elected to assume the defense
of the Third-Party Claim but has specified, and continues to assert, any reservations or exceptions in such notice or (2) the Third-Party
Claim involves injunctive or equitable relief, then, in any such case, the reasonable fees and expenses of one separate counsel
for all Indemnitees shall be borne by the Indemnifying Party.

 

(c)       If
an Indemnifying Party elects not to assume responsibility for defending a Third-Party Claim, or fails to notify an Indemnitee of
its election as provided in ‎Section 8.04(b), such Indemnitee may defend such Third-Party
Claim at the cost and expense of the Indemnifying Party. Any legal fees and expenses incurred by the Indemnitee in connection with
defending such claim shall be paid by the Indemnifying Party at the actual rates charged by counsel.

 

(d)       Unless
the Indemnifying Party has failed to assume the defense of the Third-Party Claim in accordance with the terms of this Agreement,
no Indemnitee may settle or compromise any Third-Party Claim without the consent of the Indemnifying Party. If an Indemnifying
Party has failed to assume the defense of the Third-Party Claim within the time period specified in clause (b) above, it shall
not be a defense to any obligation to pay any amount in respect of such Third-Party Claim that the Indemnifying Party was not consulted
in the defense thereof, that such Indemnifying Party’s views or

 

    
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opinions as to the
conduct of such defense were not accepted or adopted, that such Indemnifying Party does not approve of the quality or manner of
the defense thereof or that such Third-Party Claim was incurred by reason of a settlement rather than by a judgment or other determination
of liability.

 

(e)       In
the case of a Third-Party Claim, no Indemnifying Party shall consent to entry of any judgment or enter into any settlement of the
Third-Party Claim without the consent of the Indemnitee if the effect thereof is (i) to permit any injunction, declaratory judgment,
other order or other non-monetary relief to be entered, directly or indirectly, against any Indemnitee or (ii) to ascribe any fault
on any Indemnitee in connection with such defense.

 

(f)       Notwithstanding
the foregoing, the Indemnifying Party shall not, without the prior written consent of the Indemnitee, settle or compromise any
Third-Party Claim or consent to the entry of any judgment which does not include as an unconditional term thereof the delivery
by the claimant or plaintiff to the Indemnitee of a written release from all Liability in respect of such Third-Party Claim.

 

Section 8.05.Survival
of Indemnification Obligations. The indemnity and contribution agreements contained in this ‎Article
VIII shall remain operative and in full force and effect indefinitely, regardless of (i) any investigation made by or on behalf
of any Indemnitee and (ii) the knowledge by the Indemnitee of Liabilities for which it might be entitled to indemnification or contribution
hereunder. The rights and obligations of each of Parent and the Company and their respective Indemnitees under this ‎Article
VIII shall survive the merger or consolidation of any party, the sale or other transfer by any party of any Assets or businesses
or the assignment by it of any Liabilities, or the change of form or change of control of any party.

 

Section 8.06.Limitation
of Liability. (a) The amount which any party (an “Indemnifying Party”) is required to pay to any Person
entitled to indemnification hereunder (an “Indemnitee”) will be reduced by any amounts actually recovered from
any Person, including any Insurance Proceeds actually recovered by or on behalf of the Indemnitee, in respect of the related Loss;
provided that nothing contained in this Agreement or any Ancillary Agreement shall obligate any Indemnitee to seek, pursue,
collect or otherwise make any claim under any Policy (including any Shared Policy) other than in accordance with the terms of ‎Article
VII. If an Indemnitee receives a payment (an “Indemnity Payment”) required by this Agreement from an Indemnifying
Party in respect of any Loss and subsequently actually recovers any amount from any Person, including Insurance Proceeds, in respect
of such related Loss, then the Indemnitee will pay to the Indemnifying Party an amount equal to the excess of the Indemnity Payment
received over the amount of the Indemnity Payment that would have been due if the Insurance Proceeds had been received, realized
or recovered before the Indemnity Payment was made.

 

(b)       An
insurer who would otherwise be obligated to pay any claim shall not be relieved of the responsibility with respect thereto or,
solely by virtue of the indemnification provisions hereof, have any subrogation rights with respect thereto, it

 

    
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being expressly understood
and agreed that no insurer or any other third party shall be entitled to a “wind-fall” (i.e., a benefit such insurer
or other third party would not be entitled to receive in the absence of the indemnification provisions) by virtue of the indemnification
provisions hereof.

 

(c)       Any
Indemnity Payment made by the Company shall be increased as necessary so that after making all payments in respect to Taxes imposed
on or attributable to such Indemnity Payment, each Parent Indemnitee receives an amount equal to the sum it would have received
had no such Taxes been imposed. Any Indemnity Payment made by Parent shall be increased as necessary so that after making all payments
in respect of Taxes imposed on or attributable to such Indemnity Payment, each Company Indemnitee receives an amount equal to the
amount it would have received had no such Taxes been imposed.

 

(d)       If
an indemnification claim is covered by the indemnification provisions of an Ancillary Agreement, the claim shall be made under
the Ancillary Agreement to the extent applicable and the provisions thereof shall govern such claim. In no event shall any party
be entitled to double recovery from the indemnification provisions of this Agreement and any Ancillary Agreement.

 

(e)       NOTWITHSTANDING
ANYTHING IN THIS AGREEMENT OR ANY ANCILLARY AGREEMENT TO THE CONTRARY, IN NO EVENT WILL EITHER PARTY OR ANY OF THE MEMBERS OF ITS
GROUP BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL, COLLATERAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OR LOST PROFITS OR LOST BUSINESS
OPPORTUNITIES SUFFERED BY AN INDEMNIFIED PARTY, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, IN CONNECTION WITH ANY DAMAGES ARISING
HEREUNDER OR THEREUNDER; PROVIDED, HOWEVER, THAT TO THE EXTENT AN INDEMNIFIED PARTY IS REQUIRED TO PAY ANY SPECIAL,
INDIRECT, INCIDENTAL, COLLATERAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OR LOST PROFITS OR LOST BUSINESS OPPORTUNITIES TO A PERSON
WHO IS NOT A MEMBER OF EITHER GROUP IN CONNECTION WITH A THIRD PARTY CLAIM, SUCH DAMAGES WILL CONSTITUTE DIRECT DAMAGES AND NOT
BE SUBJECT TO THE LIMITATION SET FORTH IN THIS SECTION ‎8.06(e).

 

Section 8.07.Additional
Matters. (a) Any claim on account of a Loss which does not result from a Third-Party Claim shall be asserted by written notice
given by the Indemnitee to the related Indemnifying Party. Such Indemnifying Party shall have a period of thirty (30) days after
the receipt of such notice within which to respond thereto. If such Indemnifying Party does not respond within such 30-day period,
such Indemnifying Party shall be deemed to have refused to accept responsibility to make payment. If such Indemnifying Party does
not respond within such 30-day period or rejects such claim in whole or in part, such Indemnitee shall be free to pursue such remedies
as may be available to such Indemnitee as contemplated by this Agreement.

 

    
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(b)       In
the event of payment by or on behalf of any Indemnifying Party to any Indemnitee in connection with any Third-Party Claim, such
Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnitee as to any events or circumstances in
respect of which such Indemnitee may have any right, defense or claim relating to such Third-Party Claim against any claimant or
plaintiff asserting such Third -Party Claim or against any other Person. Such Indemnitee shall cooperate with such Indemnifying
Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any subrogated right, defense
or claim.

 

(c)       In
the event of an Action in which the Indemnifying Party is not a named defendant, if either the Indemnitee or Indemnifying Party
shall so request, the parties shall endeavor to substitute the Indemnifying Party for the named defendant or otherwise hold the
Indemnifying Party as party thereto, if at all practicable. If such substitution or addition cannot be achieved for any reason
or is not requested, the named defendant shall allow the Indemnifying Party to manage the Action as set forth in this Section,
and the Indemnifying Party shall fully indemnify the named defendant against all costs of defending the Action (including court
costs, sanctions imposed by a court, attorneys’ fees, experts fees and all other external expenses), the costs of any judgment
or settlement, and the cost of any interest or penalties relating to any judgment or settlement with respect to such Third-Party
Claim.

 

Section 8.08.Remedies
Cumulative. The remedies provided in this ‎Article VIII shall be cumulative
and, subject to the provisions of ‎Article VIII, shall not preclude assertion
by any Indemnitee of any other rights or the seeking of any and all other remedies against any Indemnifying Party.

 

Section 8.09.Existing
Litigation. The Existing Lithium Litigation Matters constitute pre-existing Third-Party Claims, which were initiated prior
to the Separation Date and for which proper notice has been given, and the Company hereby expressly assumes control of such Existing
Lithium Litigation Matters pursuant to ‎Section 8.04(b) as the Indemnifying Party.
The parties further agree that the Existing Lithium Litigation Matters are and shall remain and be treated as Third-Party Claims
after the Separation Date. Notwithstanding anything herein to the contrary, (a) the Company agrees to indemnify each Parent Indemnitee
for the Existing Lithium Litigation Matters pursuant to the terms of indemnification set forth in ‎Article
VIII for any and all Losses incurred or suffered by any Parent Indemnified Party whether such Losses arise or accrue prior to,
on or following the Separation Date, (b) the Company shall consult with Parent on case management and strategy for such Existing
Lithium Litigation Matters and will consider in good faith Parent’s input in respect thereof, (c) Parent shall be permitted
to participate in such Existing Lithium Litigation Matters and to retain separate counsel, in each case at Parent’s sole
cost and expense and (d) the Company shall not settle or otherwise resolve any such Existing Lithium Litigation Matter without
Parent’s prior written consent, which shall not be unreasonably withheld or delayed, unless such settlement or resolution
(i) contains no admission of any wrongdoing or culpability on behalf of the Company or Parent or any member of their respective
Groups, (ii) contains a full release of both Parent and the Company from all Liability in respect thereof and (iii) would not, in
Parent’s reasonable discretion, be reasonably likely to either materially prejudice Parent 

 

    
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or
any member of its Group in respect of any other ongoing, pending or threatened Action or result in or cause any increase in the
cost of any insurance coverage maintained by the Parent Group in respect of such matters. Each of Parent and the Company agrees
that the outside legal counsel currently retained in connection with the Existing Lithium Litigation Matters may continue to represent
the interests of both Parent and the Company, subject to ‎Section 8.04(b).

 

Article
IX

Miscellaneous

 

Section 9.01.Termination.
(a) This Agreement may be terminated:

 

(i)       at
any time by the mutual consent of Parent and the Company;

 

(ii)       at
any time prior to the Separation Date by Parent in its sole and absolute discretion and without the consent of the Company or any
other Person; and

 

(iii)       solely
with respect to the obligations of the parties pursuant to ‎Article IV (including
the obligation to pursue or effect the Distribution), by Parent, in its sole and absolute discretion and without the consent of
the Company or any other Person, at any time prior to the Distribution.

 

(b)       In
the event of any termination of this Agreement pursuant to ‎Section 9.01(a)(i)
or ‎(a)(ii), no party to this Agreement (or any of its directors, officers, members
or managers) shall have any Liability or further obligation to any other party under this Agreement, except for any breach that
occurs prior to such termination. In the event of any termination of this Agreement on or after the Separation Date, only the provisions
of ‎Article IV will terminate and the other provisions of this Agreement and each
Ancillary Agreement shall remain in full force and effect.

 

Section 9.02.Expenses.
Parent and the Company shall each bear the costs and expenses incurred or paid in connection with the Separation, the IPO, the
Distribution and any other related transaction, as applicable, set forth below their respective names on Schedule 9.02. All other
third-party fees, costs and expenses paid or incurred in connection with the foregoing (except as specifically allocated pursuant
to the terms of this Agreement or any Ancillary Agreement) will be paid by the party incurring such fees or expenses, whether or
not the Separation Date or a Distribution occurs, or as otherwise agreed by the parties in writing.

 

Section 9.03.Dispute
Resolution. In the event of any dispute or disagreement between any member of the Parent Group, on one hand, and any member
of the Lithium Group, on the other hand, as to the interpretation of any provision of the Agreement or any Ancillary Agreement
or the performance of any obligations hereunder or thereunder (a “Dispute”), the Dispute, upon written request
of Parent or the Company, as applicable, shall first be referred to senior managers of the parties for resolution. Following any
written request delivered pursuant to the foregoing, such senior managers of the parties

 

    
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shall promptly meet
in a good-faith effort to resolve the Dispute. If such senior managers are not able to resolve the Dispute within sixty (60) days
after such initial meeting, the Dispute shall be further referred to an independent member of the Parent Board, on the one hand,
and the Company Board, on the other hand, and in either case who is not also a member of the board of directors of the other party
(the “Independent Directors”). Following the referral of such Dispute in accordance with the foregoing, the
Independent Directors shall promptly meet in a good-faith effort to resolve the Dispute. If the Independent Directors are unable
to resolve the Dispute within sixty (60) days after such initial meeting, each of Parent and the Company shall be free to exercise
all rights and remedies available under law or equity with respect to such Dispute.

 

Section 9.04.Governing
Law; Exclusive Forum. (a) This Agreement shall be governed by and construed and interpreted in accordance with the Laws of
the State of Delaware, without regard to the conflict of laws principles thereof that would result in the application of any Law
other than the Laws of the State of Delaware.

 

(b)       With
respect to any Action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement
or the Transactions, each party to this Agreement irrevocably (i) consents and submits to the exclusive jurisdiction of the Court
of Chancery of the State of Delaware, New Castle County, or, if that court does not have jurisdiction, a federal court sitting
in Wilmington, Delaware, so long as one of such courts shall have subject matter jurisdiction over such Action; (ii) waives any
objection which such party may have at any time to the laying of venue of any Action brought in any such court, waives any claim
that such Action has been brought in an inconvenient forum and further waives the right to object, with respect to such Action,
that such court does not have jurisdiction over such party; and (iii) consents to the service of process at the address set forth
for notices in ‎Section 9.11 herein; provided, however, that such
manner of service of process shall not preclude the service of process in any other manner permitted under applicable Law.

 

Section 9.05.Waiver
of Jury Trial. SUBJECT TO SECTIONS ‎9.04(b) AND ‎9.06
HEREIN, EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY WITH RESPECT TO ANY COURT PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF AND PERMITTED UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR THE TRANSACTIONS. EACH OF THE PARTIES HEREBY (A) 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 LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY
THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION ‎9.05.

 

Section 9.06.Specific
Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions
of this Agreement,

 

    
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the party or parties
who are or are to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of
its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights
and remedies shall be cumulative.

 

Section 9.07.Counterparts;
Entire Agreement; Conflicting Agreements. (a) This Agreement may be executed in one or more counterparts, all of which shall
be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other party. Execution of this Agreement or any other documents pursuant to this Agreement by
facsimile or other electronic copy of a signature shall be deemed to be, and shall have the same effect as, execution by an original
signature.

 

(b)       This
Agreement, the Ancillary Agreements, the exhibits, the schedules and the appendices hereto and thereto contain the entire agreement
between the parties with respect to the subject matter hereof, supersede all previous agreements, negotiations, discussions, writings,
understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings
between the parties with respect to such subject matter other than those set forth or referred to herein or therein.

 

(c)       In
the event of any inconsistency between this Agreement and any Schedule hereto, the Schedule shall prevail. Subject to ‎Section
8.06(d), in the event and to the extent that there shall be a conflict between the provisions of this Agreement and the provisions
of any Ancillary Agreement, the Ancillary Agreement shall control with respect to the subject matter thereof, and this Agreement
shall control with respect to all other matters; provided that in respect of any Local Separation Agreement, this Agreement
shall control with respect to all matters, except in respect of the provisions set forth on Schedule 2.02(d). Without limiting
the foregoing, except as explicitly provided in this Agreement, this Agreement shall not govern Tax matters (including any administrative,
procedural and related matters thereto) which shall be exclusively governed by the Tax Matters Agreement and the Employee Matters
Agreement and to the extent of any inconsistency between this Agreement and either of the Tax Matters Agreement or Employee Matters
Agreement, the terms of the Tax Matters Agreement or Employee Matters Agreement, as the case may be, shall govern. If a Subsidiary
of Parent and a Subsidiary of the Company are parties to a Local Separation Agreement entered into prior to the Separation Date,
then any transfer, assumption or payment (other than payments for products purchased, services provided or royalties accrued after
the Separation Date) between such entities pursuant to this Agreement or any Ancillary Agreement that is not otherwise transferred,
assumed or assigned pursuant to an agreement between such entities shall be treated as occurring between such entities pursuant
to such Local Separation Agreement on the date of such Local Separation Agreement.

 

(d)       Parent
represents on behalf of itself and each member of the Parent Group, and the Company represents on behalf of itself and each member
of the Lithium Group, as follows:

 

    
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(i)       each
such Person has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order
to execute, deliver and perform each of this Agreement and each Ancillary Agreement to which it is a party and to consummate the
transactions contemplated hereby and thereby; and

 

(ii)       this
Agreement and each Ancillary Agreement to which it is a party has been (or, in the case of any Ancillary Agreement, will be on
or prior to the Separation Date) duly executed and delivered by it and constitutes, or will constitute, a valid and binding agreement
of it enforceable in accordance with the terms thereof.

 

Section 9.08.No
Construction Against Drafter. The parties acknowledge that this Agreement and all the terms and conditions contained herein
have been fully reviewed and negotiated by the parties. Having acknowledged the foregoing, the parties agree that any principle
of construction or rule of law that provides that, in the event of any inconsistency or ambiguity, an agreement shall be construed
against the drafter of the agreement shall have no application to the terms and conditions of this Agreement.

 

Section 9.09.Assignability. This
Agreement (including the License) shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns; provided, however, that no party hereto may assign its respective rights or delegate its respective
obligations under this Agreement (including the License) without the express prior written consent of the other party or parties
hereto. Notwithstanding the foregoing, either party may assign this Agreement without consent in connection with, and nothing in
this ‎Section 9.09 shall be deemed to apply to, (a) a merger transaction in which
such party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such party’s
assets, or (b) the sale of all or substantially all of such party’s assets; provided, however, that the
assignee expressly assumes in writing all of the obligations of the assigning party under this Agreement, and the assigning party
provides written notice and evidence of such assignment and assumption to the non-assigning party. No assignment permitted by this
‎Section 9.09 shall release the assigning party from liability for the full performance
of its obligations under this Agreement.

 

Section 9.10.Third-Party
Beneficiaries. Except for the indemnification rights under this Agreement of any Parent Indemnitee or Company Indemnitee in
their respective capacities as such, xxii) the provisions of this Agreement are solely for the benefit of the parties and are not
intended to confer upon any Person (including employees of the parties hereto) except the parties any rights or remedies hereunder,
and xxiii) there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person (including
employees of the parties hereto) with any remedy, claim, liability, reimbursement, claim of action or other right in excess of
those existing without reference to this Agreement.

 

    
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Section 9.11.Notices.
All notices and other communications to be given to any party under this Agreement shall be sufficiently given for all purposes
hereunder if in writing and delivered by hand, courier or overnight delivery service, or five (5) days after being mailed by certified
or registered mail, return receipt requested, with appropriate postage prepaid or electronically mailed (with a response confirming
receipt) and shall be directed to the address set forth below (or at such other address or e-mail address as such party shall designate
by like notice):

 

If to Parent,
to:

 

FMC Corporation

FMC Tower

2929 Walnut Street

Philadelphia, PA 19104

Attention: Executive Vice President and General Counsel

 

Email: General.Counsel@fmc.com

 

If to the Company to:

 

Livent Corporation

FMC Tower

2929 Walnut Street

Philadelphia, PA 19104

Attention: Executive Vice President and General Counsel

 

Email: LiventGeneral.Counsel@livent.com

 

Section 9.12.Severability.
If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent
jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or the application of such provision to Persons
or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable shall remain in full
force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination, the parties shall
negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of the
parties to the fullest extent possible.

 

Section 9.13.Headings.
The article, section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement.

 

Section 9.14.Survival
of Covenants. The covenants contained in this Agreement, indemnification obligations and liability for the breach of any obligations
contained herein, shall survive the Separation Date and the consummation of the Transactions contemplated by this Agreement and
shall remain in full force and effect indefinitely.

 

    
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Section 9.15.Waivers
of Default. Waiver by any party of any default by the other party of any provision of this Agreement shall not be deemed a
waiver by the waiving party of any subsequent or other default, nor shall it prejudice the rights of the other party.

 

Section 9.16.Amendments.
No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by any party, unless such waiver, amendment,
supplement or modification is in writing and signed by the authorized representative of the party against whom it is sought to
enforce such waiver, amendment, supplement or modification.

 

Section 9.17.Interpretation.
Words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other
genders as the context requires. The terms “hereof,” “herein” and “herewith” and words of similar
import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including all of the schedules, exhibits
and appendices hereto) and not to any particular provision of this Agreement. Article, Section, Exhibit, Schedule and Appendix
references are to the Articles, Sections, Exhibits, Schedules and Appendices to this Agreement unless otherwise specified. The
word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,”
unless otherwise specified.

 

    
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IN WITNESS WHEREOF,
the parties have caused this Separation and Distribution Agreement to be executed by their duly authorized representatives.

 

	FMC CORPORATION
	 	 
	By:	/s/ Pierre Brondeau
	 	Name:	Pierre Brondeau
	 	Title:	Chief Executive Officer

	 

	LIVENT CORPORATION
	 	 
	By:	/s/ Paul Graves
	 	Name:	Paul Graves
	 	Title:	Chief Executive Officer and President

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