Document:

Exhibit 4.76

 

REGISTRATION RIGHTS AGREEMENT

 

PETROBRAS GLOBAL FINANCE B.V.

A Wholly Owned Subsidiary of

Petróleo Brasileiro S.A. –
Petrobras

 

September 18, 2019

 

Citigroup Global Markets Inc.

388 Greenwich Street

New York, NY 10013

United States of America

 

Credit Agricole Securities (USA) Inc.

1301 Avenue of the Americas, 17th Floor

New York, NY 10019

United States of America

 

HSBC Securities (USA) Inc.

452 Fifth Avenue

New York, NY 10018

United States of America

 

Mizuho Securities USA LLC

320 Park Avenue, 12th Floor

New York, NY 10022

United States of America

 

Morgan Stanley & Co. LLC

1585 Broadway

New York, NY 10036

United States of America

 

Santander Investment Securities Inc.

45 East 53rd Street

New York, NY 10022

United States of America

Ladies and Gentlemen:

 

Petrobras Global
Finance B.V., incorporated under the laws of The Netherlands as a private company with limited liability (the
 “Issuer”) proposes to issue and sell to Citigroup Global Markets Inc., Credit Agricole Securities (USA)
Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Santander Investment Securities
Inc. as the initial purchasers (each an “Initial Purchaser” and, collectively, the “Initial
Purchasers”) upon the terms set forth in the Purchase Agreement (as defined herein) its 5.093% Global Notes due
2030 (the “New Notes”) which are jointly and severally guaranteed by Petróleo Brasileiro S.A.
 – Petrobras (the “Guarantor”), a sociedade de economia mista organized and existing under the
laws of the Federative Republic of Brazil (“Brazil”) (such transaction, the
 “Offering”).

 

     

     

    

 

Concurrently with the Offering, the Issuer
offered to exchange any and all of its outstanding 4.375% Global Notes due May 2023, 6.250% Global Notes due March 2024, 5.299%
Global Notes due January 2025, 8.750% Global Notes due May 2026, 7.375% Global Notes due January 2027, 5.299% Global Notes due
January 2028 and 5.750% Global Notes due February 2029 for its 5.093% Global Notes due 2030 (the “Exchange Offers”)
upon the terms set forth in the Dealer Manager Agreement (as defined herein) by and among the Issuer, the Guarantor and Citigroup
Global Markets Inc., Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley
 & Co. LLC and Santander Investment Securities Inc. as the dealer managers (each a “Dealer Manager” and,
collectively, the “Dealer Managers”).

 

The New Notes will be issued under an indenture
(the “Indenture”), dated as of September 18, 2019, by and among the Issuer, the Guarantor, The Bank of New York
Mellon, as trustee (the “Trustee”) and The Bank of New York (Luxembourg) S.A., as Luxembourg paying agent (the
 “Luxembourg Paying Agent”).

 

As an inducement to
the Dealer Managers to enter into the Dealer Manager Agreement and in satisfaction of certain conditions to the obligations of
the Dealer Managers thereunder, the Issuer agrees with the Dealer Managers for the benefit of holders (as defined herein) from
time to time of the Registrable Securities (as defined herein) as follows:

 

1.      
Certain Definitions. For purposes of this Registration Rights Agreement, the following terms shall have the following respective
meanings:

 

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

 

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

 

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

 

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

 

“Additional
Interest” shall have the meaning assigned thereto in Section 2(c) hereof.

 

“Advice”
shall have the meaning assigned thereto in Section 3(h) hereof.

 

“Agreement”
shall mean this Registration Rights Agreement.

 

“Authorized
Agent” shall have the meaning assigned thereto in Section 9(j) hereof.

 

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

 

    2

     

    

 

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

 

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

 

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

 

“Dealer Manager
Agreement” shall mean the Dealer Manager Agreement, dated as of September 9, 2019, among the Dealer Managers, the Issuer
and the Guarantor relating to the Exchange Offers.

 

“Effective
Time” in the case of (i) an A/B Exchange Registration, shall mean the time and date as of which the Commission declares
the A/B Exchange Offer Registration Statement effective or as of which the A/B Exchange Offer Registration Statement otherwise
becomes effective and (ii) a Shelf Registration, shall mean the time and date as of which the Commission declares the Shelf
Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective.

 

“Electing
Holder” shall mean any holder of Registrable Securities who has returned a completed and signed Notice and Questionnaire
to the Issuer in accordance with Section 3(d)(ii) hereof.

 

“Event Date”
shall have the meaning assigned thereto in Section 2(c) hereof.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, or any successor thereto, as the same shall be amended from time
to time.

 

“Exchange
Offers” shall have the meaning assigned thereto in the second paragraph hereof.

 

“Guaranty”
shall have the meaning assigned thereto in the definition of “Securities” in this Section 1.

 

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

 

“holder”
shall mean any person who beneficially owns Registrable Securities from time to time (including any successors or assigns).

 

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

 

“Notice and
Questionnaire” shall mean a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in
the form of Exhibit A hereto.

 

“person”
shall mean a corporation, association, partnership, organization, business, individual, government or political subdivision thereof
or governmental agency.

 

    3

     

    

 

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

 

“Registration
Default” shall have the meaning assigned thereto in Section 2(c) hereof.

 

“Registration
Expenses” shall have the meaning assigned thereto in Section 4 hereof.

 

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

 

“Restricted
Holder” shall mean (i) a holder that is an affiliate of the Issuer within the meaning of Rule 405 that has
not agreed that it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable
in connection with the resale of the A/B Exchange Securities, (ii) a holder who acquires A/B Exchange Securities outside the
ordinary course of such holder’s business or (iii) a holder who is engaged in, or intends to engage in, or has arrangements
or understandings with any person to participate in, the A/B Exchange Offers for the purpose of distributing A/B Exchange Securities.

 

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

 

“Securities”
shall mean the New Notes (CUSIP Nos.: 71647N BF5 and N6945A AL1) to be issued in connection with the Exchange Offers pursuant to
the Indenture. Each Security is entitled to the benefit of the guaranties provided for in the Guaranty for the New Notes, dated
as of September 18, 2019, entered into by and among the Guarantor and the Trustee, and, unless the context otherwise requires,
any reference herein to “Securities,” “A/B Exchange Securities” or “Registrable Securities”
shall include a reference to the Guaranty.

 

“Securities
Act” shall mean the Securities Act of 1933, or any successor thereto, as the same shall be amended from time to time.

 

“Settlement
Date” shall mean the date on which the Registrable Securities are last issued.

 

“Shelf Registration”
shall have the meaning assigned thereto in Section 2(b) hereof.

 

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“Shelf Registration
Statement” shall have the meaning assigned thereto in Section 2(b) hereof.

 

“Trust Indenture
Act” shall mean the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations and forms promulgated
thereunder, all as the same shall be amended from time to time.

 

“Trustee”
shall have the meaning assigned thereto in the third paragraph hereof.

 

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

 

2.      
Registration Under the Securities Act.

 

(a)          
Except as set forth in Section 2(b) below, the Issuer agrees to use its commercially reasonable efforts to file or cause
to be filed under the Securities Act, as soon as practicable, but no later than on or before July 31, 2020, a registration
statement relating to offers to exchange (such registration statement, the “A/B Exchange Offer Registration
Statement”, and such offers, the “A/B Exchange Offers”) any and all of the Registrable
Securities for a like aggregate principal amount of debt securities issued by the Issuer and guaranteed by the Guarantor,
which debt securities and guaranties will be substantially identical to the Securities and the Guaranty, respectively (and
are entitled to the benefits of a trust indenture which is substantially identical to the Indenture or is the Indenture and
which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective
registration statement under the Securities Act, and do not contain provisions for the additional interest contemplated in
Section 2(c) below (such new debt securities hereinafter called, collectively, the “A/B Exchange
Securities”). The Issuer agrees to use its commercially reasonable efforts to cause the A/B Exchange Offer
Registration Statement to become effective by the Commission under the Securities Act as soon as practicable, but no later
than August 31, 2020. The A/B Exchange Offers will be registered under the Securities Act on the appropriate form and will
comply with all applicable rules and regulations under the Exchange Act. The Issuer further agrees to use its commercially
reasonable efforts to commence the A/B Exchange Offers promptly after such declaration of effectiveness, and in any case
issue, on or before September 30, 2020, A/B Exchange Securities in exchange for all Registrable Securities that have been
properly tendered and not withdrawn on or prior to the expiration of the A/B Exchange Offers. Each holder of Registrable
Securities who wishes to exchange such Registrable Securities for A/B Exchange Securities in, and in accordance with the
terms of, the A/B Exchange Offers will be required to make certain customary representations in connection therewith,
including representations that such holder is not a Restricted Holder. Upon the effectiveness of the A/B Exchange Offer
Registration Statement, the Issuer shall promptly commence the A/B Exchange Offers, it being the objective of such A/B
Exchange Offers that each holder (other than a Restricted Holder) electing to participate in the A/B Exchange Offers will
receive A/B Exchange Securities that are, upon receipt, transferable by each such holder without restriction under the
Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial
majority of the states of the United States of America. The A/B Exchange Offers shall be deemed to have been completed upon
the earlier to occur of (i) the Issuer having exchanged the A/B Exchange Securities for all outstanding Registrable
Securities pursuant to the A/B Exchange Offers and (ii) the Issuer having exchanged, pursuant to the A/B Exchange
Offers, A/B Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the
expiration of the A/B Exchange Offers, which shall be on a date that is at least 30 days following the commencement of
the A/B Exchange Offers. The Issuer agrees (x) to include in the A/B Exchange Offer Registration Statement a prospectus for
use in any resales by any holder of A/B Exchange Securities that is a broker-dealer and (y) to keep such A/B Exchange Offer
Registration Statement effective for a period (the “Resale Period”) beginning when A/B Exchange Securities
are first issued in the A/B Exchange Offers and ending upon the earlier of the expiration of the 180th day after the A/B
Exchange Offers have been completed or such time as such broker-dealers no longer own any Registrable Securities. With
respect to such A/B Exchange Offer Registration Statement, such holders shall have the benefit of the rights of
indemnification and contribution set forth in Sections 6(a), (c), (d) and (e) hereof.

 

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(b)         
If (i) on or prior to the time the A/B Exchange Offers are completed, existing Commission interpretations are changed such
that the debt securities or the related guaranties received by holders other than Restricted Holders in the A/B Exchange Offers
for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the
Securities Act, (ii) the A/B Exchange Offers have not been completed on or before September 30, 2020 or (iii) any holder
notifies the Issuer prior to 20 days after the consummation of the A/B Exchange Offers that (A) based on the advice of counsel,
due to a change in law or Commission policy it may not resell the A/B Exchange Securities acquired by it in the A/B Exchange Offers
to the public without delivering a prospectus and the prospectus contained in the A/B Exchange Offer Registration Statement is
not appropriate or available for such resales by such holder or (B) it is a purchaser and owns Registrable Securities acquired
directly from the Issuer or an affiliate of the Issuer or (C) on or prior to the consummation of the A/B Exchange Offers existing
laws, regulations and/or applicable Commission interpretations have been changed such that the holders of at least a majority in
aggregate principal amount of the Registrable Securities would not be able to resell the A/B Exchange Securities acquired by them
in, and in accordance with the terms of, the A/B Exchange Offers to the public without restriction under the Securities Act and
without restriction under applicable blue sky or state securities laws, the Issuer shall, in lieu of (or, in the case of clause (iii),
in addition to) conducting the A/B Exchange Offers contemplated by Section 2(a), use its commercially reasonable efforts to
file or cause to be filed or amend or supplement an existing “shelf” registration statement under the Securities Act
providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities,
pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration”
and such registration statement, the “Shelf Registration Statement”) no later than September 30, 2020 or 30
days after such obligation to file arises; provided, however, that the Issuer shall not be required to file a Shelf Registration
Statement or amend or supplement an existing Shelf Registration Statement during any statutory or self-imposed blackout period.

 

    6

     

    

 

The Issuer agrees
to use its commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared
effective on or prior to 60 days after such filing was required to be made hereunder and (y) to keep such Shelf
Registration Statement continuously effective for a period of one year (or, if shorter, the period after which Rule
144(d) generally becomes available to non-affiliates of the Issuer) from the effective date of the Shelf Registration
Statement (subject to extension pursuant to Sections 2(d) and 3(h)); provided, however, that the Issuer shall not
be obligated to keep the Shelf Registration Statement effective during any statutory or self-imposed blackout period; provided
further, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf
Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such
holder is an Electing Holder. The Issuer further agrees to supplement or make amendments to the Shelf Registration Statement,
as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuer for
such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and
the Issuer agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly after its being used
or promptly following its filing with the Commission.

 

(c)          
If (i) the A/B Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not filed on or
before July 31, 2020, (ii) the A/B Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof)
is not declared effective by the Commission on or before August 31, 2020, (iii) the A/B Exchange Offers are not completed
on or before September 30, 2020, (iv) a Shelf Registration Statement, or an amendment or supplement thereof, required to be
filed is not filed on or before the date specified above for such filing, (v) a Shelf Registration Statement, or an amendment
or supplement thereof, otherwise required to be filed is not declared effective on or before the date specified above for effectiveness
thereof or (vi) a Shelf Registration Statement, or an amendment or supplement thereof, is declared effective but thereafter,
subject to certain exceptions, ceases to be effective or usable (whether due to a stop order or otherwise) in connection with resales
of Registrable Securities during the period specified in Section 2(b) above (each such event referred to in clauses (i) through
(vi) above, a “Registration Default”), then, in the case of a Registration Default referred to in clause (i),
(ii) or (iii) above, the interest rate on all Registrable Securities or, in the case of a Registration Default referred
to in clause (iv), (v) or (vi) above, the interest rate on the Registrable Securities to which such Registration
Default relates, will increase by 0.25% per annum with respect to each 90-day period that passes until all such Registration Defaults
have been cured, up to a maximum amount of 1.00% per annum (“Additional Interest”); provided, however,
that such Additional Interest will cease to accrue at the later of (i) the date on which the Securities become freely transferable
pursuant to Rule 144 and (ii) the date on which the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) is modified
to permit the inclusion of freely transferable securities that have not been registered under the Securities Act. Upon the cure
of any such Registration Default, the interest rate borne by the Registrable Securities shall be reduced thereafter by the full
amount of any such increase or increases that resulted from such Registration Default.

 

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

 

    7

     

    

 

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

 

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

 

(e)          
The Issuer shall take all actions necessary or advisable to cause the Guaranty to be registered under the registration statement
contemplated in Section 2(a) or 2(b) hereof, as applicable.

 

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

 

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3.      
Registration Procedures.

 

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

 

(a)          
At or before the Effective Time of the A/B Exchange Offers or the Shelf Registration, as the case may be, the Issuer shall cause
the Indenture to be qualified under the Trust Indenture Act.

 

(b)          
In the event that such qualification would require the appointment of a new trustee under the Indenture, the Issuer shall appoint
a new trustee thereunder pursuant to the applicable provisions of the Indenture.

 

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

 

(i)            
prepare and file with the Commission, as soon as practicable but no later than July 31, 2020, an A/B Exchange Offer Registration
Statement on any form which may be utilized by the Issuer and which shall permit the A/B Exchange Offers and use its commercially
reasonable efforts to cause such A/B Exchange Offer Registration Statement to become effective as soon as practicable thereafter,
but no later than August 31, 2020;

 

(ii)           
prepare and file with the Commission such amendments and supplements to such A/B Exchange Offer Registration Statement and the
prospectus included therein as may be necessary to effect and maintain the effectiveness of such A/B Exchange Offer Registration
Statement for the periods and purposes contemplated in Section 2(a) hereof and as may be required by the applicable rules
and regulations of the Commission and the instructions applicable to the form of such A/B Exchange Offer Registration Statement,
and promptly provide each broker-dealer holding A/B Exchange Securities that has identified itself to the Issuer as such with such
number of copies of the prospectus included therein (as then amended or supplemented), in conformity in all material respects with
the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder,
as such broker-dealer reasonably may request prior to the expiration of the Resale Period, for use in connection with resales of
A/B Exchange Securities;

 

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

 

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(iv)         
in the event that the Issuer would be required, pursuant to Section 3(c)(iii)(F) above, to notify each broker-dealer holding
A/B Exchange Securities that has identified itself to the Issuer as such, without delay prepare and furnish to each such holder
a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of such A/B
Exchange Securities during the Resale Period, such prospectus shall conform in all material respects to the applicable requirements
of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and shall not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;

 

(v)          
use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such A/B Exchange Offer Registration
Statement or any post-effective amendment thereto at the earliest practicable date;

 

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

 

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

 

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(d)          
In connection with the Issuer’s obligations with respect to the Shelf Registration, if applicable, the Issuer shall, as soon
as practicable (or as otherwise specified):

 

(i)            
prepare and file with the Commission, as soon as practicable but in any case within the time periods specified in Section 2(b),
a Shelf Registration Statement or an amendment or supplement to an existing Shelf Registration Statement, on any form which may
be utilized by the Issuer and which shall register all of the Registrable Securities for resale by the Electing Holders in accordance
with such method or methods of disposition as may be specified by such Electing Holders and use its commercially reasonable efforts
to cause such Shelf Registration Statement, or such amended or supplemented Shelf Registration Statement, to become effective as
soon as practicable but in any case within the time periods specified in Section 2(b);

 

(ii)           
not less than 15 calendar days prior to the Effective Time of the Shelf Registration Statement or an amendment or supplement
to an existing Shelf Registration Statement, mail the Notice and Questionnaire to the holders of Registrable Securities; no holder
shall be entitled to be named as a selling securityholder in the Shelf Registration Statement, and no holder shall be entitled
to use the prospectus forming a part thereof for resales of Registrable Securities at any time, unless such holder has returned
a completed and signed Notice and Questionnaire to the Issuer by the deadline for response set forth therein (each such holder
and “Electing Holder”); provided, however, that holders of Registrable Securities shall have at
least 15 calendar days from the date on which the Notice and Questionnaire is first mailed to such holders to return a completed
and signed Notice and Questionnaire to the Issuer;

 

(iii)          
prepare and file with the Commission such amendments and supplements to such Shelf Registration Statement and the prospectus included
therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified
in Section 2(b) hereof and as may be required by the applicable rules and regulations of the Commission and the instructions
applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement
or amendment simultaneously with or promptly after its being used or filed with the Commission;

 

(iv)          
before filing any Shelf Registration Statement or prospectus and each amendment or supplement thereto, provide (A) the
Electing Holders, (B) the managing underwriters (which term, for purposes of this Agreement, shall include a person
deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof,
(C) counsel for any such managing underwriter or agent and (D) not more than one counsel for all Electing Holders or
managing underwriters, the opportunity to participate in the preparation of such Shelf Registration Statement, each
prospectus included therein filed with the Commission and each amendment or supplement thereto;

 

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

 

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

 

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(vii)         
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such Registration
Statement or any amendment or supplement thereto at the earliest practicable date;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(xvi)        
comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon
as practicable but, in any event, not later than 24 months after the effective date of such Shelf Registration Statement,
an earnings statement of the Issuer and its subsidiaries complying with Section 11(a) of the Securities Act (including, at
the option of the Issuer, Rule 158 thereunder) (it being understood that the Issuer may satisfy its obligations under this
clause through the filing of its annual report on Form 20-F after such effective date).

 

(e)          
In the event that the Issuer would be required, pursuant to Section 3(d)(vi)(F) above, to notify the Electing Holders and
the managing underwriters, if any, thereof, the Issuer shall without delay prepare and furnish to each of the Electing Holders
and to each such underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter
delivered to purchasers of Registrable Securities, such prospectus shall conform in all material respects to the applicable requirements
of the Securities Act and the rules and regulations of the Commission thereunder and shall not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice from the Issuer pursuant
to Section 3(d)(vi)(F) above, such Electing Holder shall forthwith discontinue the disposition of Registrable Securities pursuant
to the Shelf Registration Statement applicable to such Registrable Securities until such Electing Holder shall have received copies
of such amended or supplemented prospectus, and if so directed by the Issuer, such Electing Holder shall deliver to the Issuer
(at the Issuer’s expense) all copies, other than permanent file copies, then in such Electing Holder’s possession of
the prospectus covering such Registrable Securities at the time of receipt of such notice.

 

(f)           
In the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder in its Notice
Questionnaire, the Issuer may require such Electing Holder to furnish to the Issuer such additional information regarding such
Electing Holder and such Electing Holder’s intended method of distribution of Registrable Securities as the Issuer may, after
consulting with counsel, determine is required in order to comply with the Securities Act. Each such Electing Holder agrees to
notify the Issuer as promptly as practicable of any inaccuracy or change in information previously furnished by such Electing Holder
to the Issuer or of the occurrence of any event in either case as a result of which any prospectus relating to such Shelf Registration
contains or would contain an untrue statement of a material fact regarding such Electing Holder or such Electing Holder’s
intended method of disposition of such Registrable Securities or omits to state any material fact regarding such Electing Holder
or such Electing Holder’s intended method of disposition of such Registrable Securities required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly to furnish to
the Issuer any additional information required to correct and update any previously furnished information or required so that such
prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable Securities, an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing.

 

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(g)         
Until the expiration of one year after the Settlement Date, the Issuer will not, and will not permit any of the Issuer’s
direct and indirect subsidiaries or the Guarantor to, resell any of the Securities that have been reacquired by any of them except
pursuant to an effective registration statement under the Securities Act or in accordance with Regulation S.

 

(h)         
In the case of a Shelf Registration Statement or the notification of the Issuer by broker-dealers seeking to sell A/B Exchange
Securities and required to deliver prospectuses that will be utilizing the prospectus contained in the A/B Exchange Offer Registration
Statement, each holder agrees that, upon receipt of any notice from the Issuer of (i) the happening of any event of the kind
described in any of clauses (B) – (F) of Section 3(d)(vi) or (ii) the exercise of the Issuer’s right,
under clause (ii) of the second paragraph of Section 2(d), to postpone the effectiveness, supplementing or amending of
any such Registration Statement, such holder will forthwith discontinue disposition of Securities pursuant to the applicable Registration
Statement until such holder receives the copies of the supplemented or amended prospectus contemplated by Section 3(c)(iv)
or Section 3(e) or until such holder is advised in writing (the “Advice”) by the Issuer that the use of
the applicable prospectus may be resumed, and, if so directed by the Issuer, such holder will deliver to the Issuer (at the Issuer’s
expense) all copies in such holder’s possession, other than permanent file copies, of the prospectus covering such Securities
current at the time of receipt of such notice. If the Issuer shall give any such notice to suspend the disposition of any Securities
pursuant to a Registration Statement, the Issuer shall use its commercially reasonable efforts to file a supplement or an amendment
to the Registration Statement and, in the case of an amendment, have such amendment declared effective as soon as practicable and
shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the
number of days in the period from and including the date of the giving of such notice to and including the date when the Issuer
shall have made available to the holders (i) copies of the supplemented or amended prospectus necessary to resume such dispositions
or (ii) the Advice.

 

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4.      
Registration Expenses.

 

The Issuer and
the Guarantor agree to pay all costs and expenses relating to the their performance of or compliance with this Registration
Rights Agreement, including, without limitation, (a) the fees and expenses of the Issuer’s and the
Guarantor’s accountants and counsel (including Brazilian, Dutch and United States counsel); (b) all Commission and
any FINRA registration, filing and review fees and other expenses in connection with the registration of the Securities with
the Commission in connection with such registration, filing and review; (c) all expenses relating to the preparation,
printing, production, distribution and reproduction of each registration statement required to be filed hereunder, each
prospectus included therein or prepared for distribution pursuant hereto, each amendment or supplement to the foregoing
(including the cost of preparing such registration statement, prospectus, amendment or supplement for filing with the
Commission in electronic format), the expenses of preparing the Securities for delivery and the expenses of printing or
producing any underwriting agreements, agreements among underwriters, selling agreements and blue sky or legal investment
memoranda and all other documents in connection with the offering, sale or delivery of Securities to be disposed of
(including certificates representing the Securities); (d) all fees and expenses in connection with the qualification of
the Securities for offering and sale under the state securities and blue sky laws referred to in Section 3(d)(x) hereof
and determination of their eligibility for investment under the laws of such jurisdictions as any managing underwriters or
the Electing Holders may designate, including any fees and disbursements of counsel for the Electing Holders or underwriters
in connection with such qualification; (e) fees and expenses of the Trustee under the Indenture, any agent of the
Trustee and any counsel for the Trustee and of any collateral agent or custodian; (f) fees, expenses and disbursements
of any other persons, including special experts, retained by the Issuer in connection with such registration; (g) reasonable
and documented fees and disbursements and expenses of any “qualified independent underwriter” engaged
pursuant to Section 3(d)(xv) hereof; (h) any fees charged by securities rating services for rating the Securities;
and (i) all other reasonable and documented costs and expenses incident to the performance by the Issuer and the Guarantor of
their obligations hereunder and under any of the various transaction documents entered into in connection with this
Registration Rights Agreement (collectively, the “Registration Expenses”); it being understood and agreed
that all amounts payable hereunder shall be paid in U.S. dollars and free and clear of, and without any deduction or
withholding for or on account of, any current or future taxes, levies, imposts, duties, charges or other deductions or
withholdings levied in any jurisdiction from or through which payment is made, unless such deduction or withholding is
required by applicable law, in which event the Issuer and the Guarantor will pay additional amounts so that the persons
entitled to such payments will receive the amount that such persons would otherwise have received but for such deduction or
withholding. To the extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable
Securities therefor or underwriter thereof, the Issuer and the Guarantor shall reimburse such person for the full amount of
the Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor. Notwithstanding the
foregoing, the holders of the Registrable Securities being registered shall pay all agency fees and commissions and
underwriting discounts and commissions attributable to the sale of such Registrable Securities and the fees and disbursements
of any counsel or other advisors or experts retained by such holders (severally or jointly), other than the counsel and
experts specifically referred to above.

 

5.      
Representations and Warranties.

 

The Issuer represents
and warrants to, and agrees with, the Initial Purchasers, the Dealer Managers and each of the holders from time to time of Registrable
Securities that:

 

(a)          
The compliance by the Issuer with the provisions of this Agreement, and the consummation of the transactions herein contemplated
will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any material
agreement or material instrument to which the Issuer or the Guarantor is a party or by which the Issuer or the Guarantor is bound
or to which any of the property or assets of the Issuer or the Guarantor is subject, nor will such action result in any violation
of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Issuer
or the Guarantor or any of its or their respective properties;

 

(b)          
This Agreement has been duly authorized, executed and delivered by the Issuer.

 

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6.      
Indemnification.

 

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

 

(b)          Indemnification
by the Holders and Underwriters. The Issuer may require, as a condition to including any Registrable Securities in any
registration statement filed pursuant to Section 2(b) hereof and to entering into any underwriting agreement with
respect thereto, that the Issuer shall have received an undertaking reasonably satisfactory to it from the Electing Holder of
such Registrable Securities and from each underwriter named in any such underwriting agreement, severally and not jointly, to
(i) indemnify and hold harmless the Issuer and all other holders of Registrable Securities, against any losses, claims,
damages or liabilities to which the Issuer or such other holders of Registrable Securities may become subject, under the
Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such registration
statement, or any preliminary, final or summary prospectus contained therein or furnished by the Issuer to any such Electing
Holder or underwriter, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that
such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity
with written information furnished to the Issuer by such Electing Holder or underwriter expressly for use therein, and
(ii) reimburse the Issuer for any reasonable and duly documented legal or other expenses incurred by the Issuer in
connection with investigating or defending any such action or claim as such expenses are incurred; provided, however,
that no such Electing Holder shall be required to undertake liability to any person under this Section 6(b) for any
amounts in excess of the dollar amount of the proceeds to be received by such Electing Holder from the sale of such Electing
Holder’s Registrable Securities pursuant to such registration.

 

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(c)          Notices
of Claims, Etc. Promptly after receipt by an indemnified party under Section 6(a) or Section 6(b) above of
written notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against
an indemnifying party pursuant to the indemnification provisions of or contemplated by this Section 6, notify such indemnifying
party in writing of the commencement of such action; but the failure to so notify the indemnifying party (i) will not relieve it
from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure
results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve
the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph
(a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party's choice at the indemnifying
party's expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying
party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or
parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party.
Notwithstanding the indemnifying party's election to appoint counsel to represent the indemnified party in an action, the indemnified
party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable
fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified
party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such
action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded
that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those
available to the indemnifying party, (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after notice of the institution of such action or (iv) the indemnifying
party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying
party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless
(x) such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising
out of such claim, investigation, action or proceeding and (ii) does not include a statement as to or an admission of fault, culpability
or any failure to act, by or on behalf of the indemnified party, and (y) the indemnifying party confirms in writing its indemnification
obligations hereunder with respect to such settlement, compromise or judgment.

 

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

 

(e)        
The obligations of the Issuer under this Section 6 shall be in addition to any liability which the Issuer may otherwise have
and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder and underwriter and
each person, if any, who controls any holder, agent or underwriter within the meaning of the Securities Act, and the obligations
of the holders and any agents or underwriters contemplated by this Section 6 shall be in addition to any liability which the
respective holder, agent or underwriter may otherwise have and shall extend, upon the same terms and conditions, to each officer
and director of the Issuer (including any person who, with his consent, is named in any registration statement as about to become
a director of the Issuer) and to each person, if any, who controls the Issuer within the meaning of the Securities Act.

 

    21

     

    

 

7.      
Underwritten Offerings.

 

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

 

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

 

8.      
Rule 144.

 

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

 

9.      
Miscellaneous.

 

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

 

(b)         
Notices. All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall
be deemed to have been duly given when delivered by hand, if delivered personally or by courier, as follows: If to the Issuer,
to it at Weena 762, 3014 DA Rotterdam, The Netherlands, Attn: Alexandre Quintão, and if to a holder, to the address of such
holder set forth in the security register or other records of the Issuer, or to such other address as the Issuer or any such holder
may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective
only upon receipt.

 

    22

     

    

 

(c)          Parties
in Interest. All the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and
shall be enforceable by the parties hereto and the holders from time to time of the Registrable Securities and the respective
successors and assigns of the parties hereto and such holders. In the event that any transferee of any holder of Registrable
Securities shall acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or
otherwise, such transferee shall, without any further writing or action of any kind, be deemed a beneficiary hereof for all
purposes, and such Registrable Securities shall be held subject to all of the terms of this Agreement; and by taking and
holding such Registrable Securities such transferee shall be entitled to receive the benefits of, and be conclusively deemed
to have agreed to be bound by, all of the applicable terms and provisions of this Agreement. If the Issuer shall so request,
any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable Securities subject to all
of the applicable terms hereof.

 

(d)         
Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth in this
Agreement or made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as to the
results thereof) made by or on behalf of any holder of Registrable Securities, the Issuer, any director, officer or partner of
such holder or the Issuer, any agent or underwriter or any director, officer or partner thereof, or any controlling person of any
of the foregoing, and shall survive the transfer and registration of Registrable Securities by such holder and the consummation
of an Exchange Offer.

 

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

 

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

 

(g)         
Entire Agreement; Amendments. This Agreement and the other writings referred to herein (including the Indenture and the
form of Securities) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with
respect to its subject matter. This Agreement supersedes all prior agreements and understandings between the parties with respect
to its subject matter. This Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively) only by a written instrument duly executed by the Issuer
and the Trustee acting on behalf of a majority in aggregate principal amount of Registrable Securities then outstanding; provided,
however, that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser or Dealer
Manager hereunder in their capacity as such, the Issuer shall obtain the written consent of each such Initial Purchaser or Dealer
Manager with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective. Each
holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any amendment or waiver effected pursuant
to this Section 9(g), whether or not any notice, writing or marking indicating such amendment or waiver appears on such Registrable
Securities or is delivered to such holder.

 

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

 

    23

     

    

 

(i)         
Waiver of Immunity. This Agreement and any other documents delivered pursuant hereto or thereto, and any actions taken hereunder
or thereunder, constitute commercial acts by each of the Issuer and the Guarantor. Each of the Issuer and the Guarantor irrevocably
and unconditionally and to the fullest extent permitted by law, waives, and agrees not to plead or claim, any immunity from jurisdiction
of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution,
execution or otherwise) for itself or any of its property, assets or revenues wherever located with respect to its obligations,
liabilities or any other matter under or arising out of or in connection with this Agreement or any document delivered pursuant
hereto, in each case for the benefit of each assigns, it being intended that the foregoing waiver and agreement will be effective,
irrevocable and not subject to withdrawal in any and all jurisdiction, and, without limiting the generality of the foregoing, agrees
that the waivers set forth in this Section 9(i) shall have the fullest scope permitted under the United States Foreign Sovereign
Immunities Act of 1976 and are intended to be irrevocable for the purposes of such act.

 

(j)          
Jurisdiction. Each of the Issuer, the Guarantor, the Initial Purchasers and the Dealer Managers agrees that any suit,
action or proceeding against them, arising out of or based upon this Registration Rights Agreement or the transactions contemplated
hereby, may be instituted in any state or federal court in the Borough of Manhattan, City of New York, New York, or in the competent
courts of their own corporate domiciles with respect to actions brought against any of them as a defendant, and waive any objection
which they may now or hereafter have to the laying of venue of any such proceeding and any right to which any of them may be entitled
on account of places of residence or domicile, and irrevocably submit to the jurisdiction of such courts in any suit, action or
proceeding. The Issuer and the Guarantor have appointed Petrobras America Inc., with offices located at 10350 Richmond Ave., Suite
1400, Houston, TX 77042 as its authorized agent (the “Authorized Agent”) upon whom process may be served in
any suit, action or proceeding arising out of or based upon this Registration Rights Agreement or the transactions contemplated
herein which may be instituted in any state or federal court in the City of New York, New York, by any Initial Purchaser or Dealer
Manager, the directors, officers, employees and agents of any Initial Purchaser or Dealer Manager, or by any person who controls
any Initial Purchaser or Dealer Manager, and expressly accepts the jurisdiction of any such court in respect of any such suit,
action or proceeding. The Issuer and the Guarantor hereby jointly and severally represent and warrant that the Authorized Agent
has accepted such appointments and has agreed to act as said agent for service of process, and the Issuer and the Guarantor agree
to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in
full force and effect as aforesaid. Subject to applicable law, service of process upon the Authorized Agent shall be deemed, in
every respect, effective service of process upon each of the Issuer and the Guarantor.

 

(k)          Currency.
Each reference in this Agreement to U.S. dollars is of the essence. To the fullest extent permitted by law, the obligation of
the Issuer or the Guarantor in respect of any amount due under this Agreement will, notwithstanding any payment in any other
currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount in U.S. dollars that
the party entitled to receive such payment may, in accordance with its normal procedures, purchase with the sum paid in such
other currency (after any premium and costs of exchange) on the business day immediately following the day on which such
party receives such payment. If the amount in U.S. dollars that may be so purchased for any reason falls short of the amount
originally due, the Issuer and the Guarantor will pay such additional amounts, in U.S. dollars as may be necessary to
compensate for the shortfall. Any obligation of the Issuer or the Guarantor not discharged by such payment will, to the
fullest extent permitted by applicable law, be due as a separate and independent obligation and, until discharged as provided
herein, will continue in full force and effect.

 

[Remainder
of page intentionally left blank]

 

    24

     

    

 

If the foregoing is in accordance with your
understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this Registration Rights
Agreement and your acceptance shall represent a binding agreement among the Issuer, the Guarantor, the Initial Purchasers and the
Dealer Managers.

 

	Very
    truly yours,	 
	 	 
	PETROBRAS
    GLOBAL FINANCE B.V.	 
	 	 
	 	 
	By: 	   /s/ Larry Carris Cardoso	 
	 	Name: Larry Carris Cardoso	 
	 	Title: Attorney in Fact	 
	 	 
	 	 
	PETRÓLEO
    BRASILEIRO S.A. - PETROBRAS	 
	 	 
	 	 
	By:	    /s/ Bianca Nasser Patrocinio	 
	 	Name: Bianca Nasser Patrocinio	 
	 	Title: Executive Manager of Corporate Finance &
Treasury	 
	 	 
	WITNESSES	 
	 	 
	   /s/
    Renan Feuchard Pinto	 
	Name:
    Renan Feuchard Pinto	 
	 	 
	   /s/
    Adriana Fernandes de Brito 	 
	Name:
    Adriana Fernandes de Brito	 

 

[Signature Page – Registration Rights Agreement]

 

     

     

    

 

Accepted as of the date first set forth
above:

 

CITIGROUP GLOBAL MARKETS INC.

 

	By:	  /s/
                                         Adam D. Bordner	 
	 	Name:
                                         Adam D. Bordner	 
	 	Title:
                                         Director	 

 

[Signature Page – Registration Rights Agreement]

 

     

     

    

 

Accepted
as of the date first set forth above:

 

CREDIT
AGRICOLE SECURITIES (USA) INC.

 

	By:	  /s/
                                         Gordon S. Kingsley, Jr.	 
	 	Name:
                                         Gordon S. Kingsley, Jr.	 
	 	Title:
                                         Managing Director	 

 

[Signature Page – Registration Rights Agreement]

 

     

     

    

 

Accepted
as of the date first set forth above:

 

HSBC
SECURITIES (USA) INC.

 

	By:	  /s/
                                         Diane Kenna	 
	 	Name:
                                         Diane Kenna	 
	 	Title:
                                         Managing Director	 

 

[Signature Page – Registration Rights Agreement]

 

     

     

    

 

Accepted
as of the date first set forth above:

 

MIZUHO
SECURITIES USA LLC

 

	By:	  /s/
                                         Mark A. Tuttle	 
	 	Name:
                                         Mark A. Tuttle	 
	 	Title:
                                         Managing Director	 

 

[Signature Page – Registration Rights Agreement]

 

     

     

    

 

Accepted
as of the date first set forth above:

 

MORGAN
STANLEY & CO. LLC

 

	By:	  /s/
                                         Adnan Riaz	 
	 	Name:
                                         Adnan Riaz	 
	 	Title:
                                         Executive Director	 

 

[Signature Page – Registration Rights Agreement]

 

     

     

    

 

Accepted
as of the date first set forth above:

 

SANTANDER
INVESTMENT SECURITIES INC.

 

	By:	  /s/
                                         Richard N. Zobkiw, Jr.	 
	 	Name:
                                         Richard N. Zobkiw, Jr.	 
	 	Title:
                                         Executive Director	 

 

 

	By:	  /s/
                                         Hugo Tran	 
	 	Name:
                                         Hugo Tran	 
	 	Title:
                                         Vice President	 

 

[Signature Page – Registration Rights Agreement]

 

     

     

    

 

Exhibit A

 

Petrobras Global Finance B.V.

 

INSTRUCTION TO DTC PARTICIPANTS

 

(Date of Mailing)

 

URGENT - IMMEDIATE ATTENTION REQUESTED

 

DEADLINE FOR RESPONSE: [DATE]
*

 

The Depository Trust Company (“DTC”)
has identified you as a DTC Participant through which beneficial interests in the 5.093% Global Notes due 2030 (CUSIP Nos.: 71647N
BF5 and N6945A AL1) (the “Securities”) of Petrobras Global Finance B.V. (the “Issuer”) are
held.

 

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

 

It is important that beneficial owners
of the Securities receive a copy of the enclosed materials as soon as possible as their rights to have the Securities included
in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline For Response]. Please
forward a copy of the enclosed documents to each beneficial owner that holds interests in the Securities through you. If you require
more copies of the enclosed materials or have any questions pertaining to this matter, please contact:

 

Investor Relations Department

Petróleo Brasileiro S.A.-Petrobras

Avenida República do Chile, 65 — 13th Floor

20031-912 — Rio de Janeiro — RJ, Brazil

Attn: Larry Carris Cardoso, Loans and Financing Administration General Manager

Telephone: +55 (21) 3224-1510/3224-9947

Fax: +55 (21) 3224-1401

E-mail: petroinvest@petrobras.com.br

 

 

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

 

     

     

    

 

Petrobras Global Finance B.V.

 

Notice of Registration Statement

and

Selling Securityholder Questionnaire

 

(Date)

 

Reference is hereby made
to the Registration Rights Agreement dated September 18, 2019 (the “Registration Rights Agreement”) among Petrobras
Global Finance B.V. (the “Issuer”), Petróleo Brasileiro S.A. – Petrobras (the “Guarantor”),
the Initial Purchasers and the Dealer Managers named therein. Pursuant to the Registration Rights Agreement, the Issuer intends
to file with the United States Securities and Exchange Commission (the “Commission”) a registration statement
on Form [__] (the “Shelf Registration Statement”) for the registration and resale under Rule 415
of the Securities Act of 1933, as amended (the “Securities Act”), of the Issuer’s 5.093% Global Notes
due 2030 (CUSIP Nos.: 71647N BF5 and N6945A AL1) (the “Securities”). A copy of the Registration Rights Agreement
is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration
Rights Agreement.

 

Each beneficial owner of Registrable Securities
is entitled to have the Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In order
to have Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling
Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Issuer’s
counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable
Securities who do not complete, execute and return this Notice and Questionnaire by such date (i) will not be named as selling
securityholders in the Shelf Registration Statement and (ii) may not use the prospectus forming a part thereof for resales
of Registrable Securities.

 

Certain legal consequences arise from being
named as a selling securityholder in the Shelf Registration Statement and related prospectus. Accordingly, holders and beneficial
owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named
or not being named as a selling securityholder in the Shelf Registration Statement and related prospectus.

 

     

     

    

 

ELECTION

 

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

 

Upon any sale of Registrable Securities
pursuant to the Shelf Registration Statement, the Selling Securityholder will be required to deliver to the Issuer and the Trustee
the Notice of Transfer set forth in Appendix A to the Prospectus and as Exhibit B to the Registration Rights Agreement.

 

The Selling Securityholder hereby provides
the following information to the Issuer and represents and warrants that such information is accurate and complete:

 

     

     

    

 

QUESTIONNAIRE

 

(1)              
(a)             Full Legal Name of Selling Securityholder:

 

________________________

 

(b)                              
Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable Securities Listed in Item (3) below:

 

________________________

 

(c)                               
Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Registrable Securities Listed
in Item (3) below are Held:

 

________________________

 

(2)                               
Address for Notices to Selling Securityholder:

 

	 		 
	 	 	 
	 	 	 
	 	 	 
	Telephone:		 
	Fax:		 
	Contact Person:		 

 

(3)                               
Beneficial Ownership of Securities:

 

Except as set forth below in this Item
(3), the undersigned does not beneficially own any Securities.

 

(a)                               
Principal amount of Registrable Securities beneficially owned: ____________

CUSIP No(s). of such Registrable Securities: ____________________________

 

(b)                              
Principal amount of Securities other than Registrable Securities beneficially owned: ______________________________________

CUSIP No(s). of such other Securities: _________________________________

 

(c)                             
Principal amount of Registrable Securities that the undersigned wishes to be included in the Shelf Registration Statement: _________________________

CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration Statement: ____________________________________________

 

(4)              
Beneficial Ownership of Other Securities of the Issuer and Guarantor:

 

Except as set forth below in this Item (4),
the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of the Issuer or the
Guarantor other than the Securities listed above in Item (3). 

 

	State any exceptions here:	 

 

     

     

    

 

(5)              
Relationships with the Issuer and Guarantor:

 

Except as set forth below, neither
the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more)
has held any position or office or has had any other material relationship with the Issuer or the Guarantor (or their respective
predecessors or affiliates) during the past three years.

 

	State any exceptions here:	 

 

(6)              
Plan of Distribution:

 

Except as set forth below, the
undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as follows
(if at all): Such Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder or,
alternatively, through underwriters, broker-dealers or agents. Such Registrable Securities may be sold in one
or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined
at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block
transactions) (i) on any national securities exchange or quotation service on which the Registered Securities may be listed
or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than
on such exchanges or services or in the over-the-counter market or (iv) through the writing of options. In connection with
sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into hedging transactions with broker-dealers,
which may in turn engage in short sales of the Registrable Securities in the course of hedging the positions they assume. The
Selling Securityholder may also sell Registrable Securities short and deliver Registrable Securities to close out such short positions,
or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.

 

	State any exceptions here:	 

 

By signing below, the Selling Securityholder
acknowledges that it understands its obligation to comply, and agrees that it will comply, with the provisions of the Exchange
Act and the rules and regulations thereunder, particularly Regulation M.

 

In the event that the Selling Securityholder
transfers all or any portion of the Registrable Securities listed in Item (3) above after the date on which such information
is provided to the Issuer, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights
and obligations under this Notice and Questionnaire and the Registration Rights Agreement.

 

By signing below, the Selling Securityholder
consents to the disclosure of the information contained herein in its answers to Items (1) through (6) above and the inclusion
of such information in the Shelf Registration Statement and related prospectus. The Selling Securityholder understands that such
information will be relied upon by the Issuer in connection with the preparation of the Shelf Registration Statement and related
prospectus.

 

     

     

    

 

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

 

To the Issuer:

 

[Investor Relations Department

Petróleo Brasileiro S.A.-Petrobras

Avenida República do Chile, 65 — 13th Floor

20031-912 — Rio de Janeiro — RJ, Brazil

Attn: Larry Carris Cardoso, Finance Department, General Manager of Corporate Finance

Telephone: +55 (21) 3224-1510/3224-9947

Fax: +55 (21) 3224-1401

E-mail: petroinvest@petrobras.com.br]

 

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

 

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

 

Dated: ______________

 

______________________________________________________________

Selling Securityholder

(Print/type full legal name of beneficial owner of Registrable Securities)

 

By: __________________________________________________________

Name:

Title:

 

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

 

_________________________

_________________________

_________________________

_________________________

_________________________

 

     

     

    

 

Exhibit B

 

NOTICE OF TRANSFER PURSUANT TO REGISTRATION
STATEMENT

 

The Bank of New York Mellon, as Trustee

240 Greenwich Street, Floor 7 East

New York, New York 10286

Attention: Global Finance Americas

 

		Re:	Petrobras Global Finance B.V. (the “Issuer”)

5.093% Global Notes due 2030 (CUSIP
Nos.: 71647N BF5 and N6945A AL1)

 

Ladies and Gentlemen:

 

Please be advised that _________________
has transferred U.S.$_________________ aggregate principal amount of the above referenced Securities pursuant to an effective Registration
Statement on Form [_____] (File No. 333- ______) filed by the Issuer and the guarantor named therein.

 

We hereby certify that the prospectus delivery
requirements, if any, of the U.S. Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner
of the Securities is named as a “Selling Holder” in the Prospectus dated [date] or in supplements thereto, and
that the aggregate principal amount of the Securities transferred are the Securities listed in such prospectus opposite such owner's
name.

 

Dated:

 

	 	 	Very truly yours,
	 	 	 
	 	 	 
	 	 	(Name)
	 	 	 
		By:	
	 	 	(Authorized Signature)Exhibit 10.1

 

 

CONSENT TO THIRD AMENDED AND RESTATED
CREDIT AGREEMENT

 

This CONSENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT (this “Consent”) is dated as of July 3, 2020 and is executed by and
among CALUMET SPECIALTY PRODUCTS PARTNERS, L.P., a Delaware limited partnership (“MLP Parent”), the Subsidiaries
of MLP Parent listed as “Borrowers” on the signature pages hereto (together with MLP Parent, collectively, “Borrowers”
and each individually a “Borrower”), the Lenders party hereto and BANK OF AMERICA, N.A., a national banking
association, as agent for the Lenders (“Agent”).

 

R E C
I T A L S:

 

A.  Borrowers,
Guarantors (if any), Lenders and Agent are parties to that certain Third Amended and Restated Credit Agreement dated as of February
23, 2018 (as amended by that certain First Amendment to Third Amended and Restated Credit Agreement dated as of September 4, 2019
and as further amended or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used
in this Consent not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement).

 

B. MLP
Parent, Calumet Finance Corp., a Delaware corporation (and together with MLP Parent, the “Issuers”), certain
subsidiary guarantors party thereto from time to time and Wilmington Trust, National Association, as trustee, are parties to that
certain Indenture dated as of November 26, 2013, pursuant to which the Issuers issued and sold $350.0 million aggregate principal
amount of 7.625% unsecured senior notes due 2022 (the “2022 Unsecured Notes”).

 

C. Borrowers
and Guarantors (if any) have requested that Agent and the Required Lenders consent to the Issuers’ proposed exchange of up
to $200.0 million in aggregate principal amount of senior secured notes due July 2024 (the “2024 Secured Notes”),
on a par for par basis, for the 2022 Unsecured Notes, pursuant to an indenture (the “2024 Secured Notes Indenture”)
to be entered into by and among the Issuers, certain subsidiary guarantors party thereto and Wilmington Trust, National Association,
as trustee (collectively, the “Notes Exchange”).

 

D. In
connection with the Notes Exchange, MLP Parent shall designate the 2024 Secured Notes as Parity Lien Debt (as defined in the “Collateral
Trust Agreement” (as such term is defined in the Hedge Intercreditor Agreement, the “Collateral Trust Agreement”))
and shall be secured by Liens on the Hedge Agreement Collateral, subject to the terms of the Hedge Intercreditor Agreement and
the Collateral Trust Agreement.

 

E. The
Lenders party hereto and Agent desire to consent to the Notes Exchange, on the terms and conditions contained in this Consent.

 

NOW, THEREFORE,
in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:

 

1. Consent.
The Lenders party hereto and Agent hereby consent to the Note Exchange, in consideration of which it is hereby agreed as follows:

 

		(a)	The 2024 Secured Notes shall be deemed to be Refinancing Indebtedness permitted by Section 9.2.3(b)
of the Credit Agreement and shall be designated by MLP Parent as “Parity Lien Debt” (as defined in the Collateral Trust
Agreement) upon the issuance thereof;

 

     

     

    

 

		(b)	The Liens on the Hedge Agreement Collateral securing the 2024 Secured Notes shall be deemed to
be Liens permitted by Section 9.2.1 of the Credit Agreement and the Hedge Intercreditor Agreement shall remain in effect at all
times during the existence of such Liens;

 

		(c)	Agent shall be permitted to include in the calculation of Availability Reserve the amount of any
principal payments due, at the time of determination, within sixty (60) days pursuant to the terms of the 2024 Secured Notes Indenture
or under any Refinancing Indebtedness thereof;

 

		(d)	A “Change of Control” under, and as defined or used in, the 2024 Secured Notes Indenture
shall constitute a Change of Control;

 

		(e)	(i) Agent, Issuing Bank and Lenders shall not be required to fund any Loans, arrange for issuance
of any Letters of Credit or grant any other accommodation under the Credit Agreement to or for the benefit of Borrowers, unless
each Obligor represents and warrants to Agent and Lenders that on the date of, and upon giving effect to, such funding, issuance
or grant: (A) the execution, delivery and performance by each Obligor of each Credit Document to which such Person is party and
the performance of its obligations thereunder (including, without limitation, the Borrowing of Loans, the request for issuance
of Letters of Credit and the grant of Liens on the Collateral as security for the Obligations) do not and will not violate or result
in any default or an event of default under or any breach or contravention of, or result in or require the creation of any Lien
(other than the Liens created by the Credit Agreement or the other Credit Documents) under, or require any payment to be made under
the 2024 Secured Notes, the 2024 Secured Notes Indenture, the other “Note Documents” (as such term defined in the 2024
Secured Notes Indenture, the “2024 Secured Notes Documents”), the “Fixed Asset Collateral Documents”
(as such term is defined in the Hedge Intercreditor Agreement) and the Collateral Trust Agreement (collectively, the “Senior
Secured Notes Agreements”) to which such Obligor is a party; and (B) in addition to and without limiting the generality
of the foregoing, each Obligor represents and warrants to Agent and Lenders that, in connection with each request for the funding
of a Loan or the issuance of a Letter of Credit, such Loan or Letter of Credit (as applicable) is permitted as an incurrence of
additional Indebtedness under each of the Senior Secured Notes Agreements thereunder; and (ii) each Notice of Borrowing (or deemed
request, except as otherwise expressly stated in the Credit Agreement) by Borrowers, other than a Notice of Borrowing requesting
only a conversion of Loans to Loans of another Type or a continuation of LIBOR Loans, for funding of a Loan, issuance of a Letter
of Credit or grant of an accommodation shall constitute a representation by Borrowers that the foregoing is satisfied on the date
of such request and on the date of such funding, issuance or grant.

 

		(f)	Each Obligor shall, and shall cause each of its Restricted Subsidiaries (i) to deliver to Agent,
in form and detail reasonably satisfactory to Agent, (A) promptly after the furnishing thereof, copies of any financial information,
proxy materials, statement, report or other information furnished to any holder of debt securities of any Obligor or any Restricted
Subsidiary thereof pursuant to the terms of the 2024 Secured Notes Indenture and not otherwise required to be furnished to Lenders
pursuant to Section 9.1.1 or Section 9.1.2 of the Credit Agreement and (B) at all times during which MLP Parent or any other Obligor
is party to the 2024 Secured Notes Indenture and Availability is less than 35% of the Aggregate Borrowing Base then in effect,
promptly, and in any event within 15 days following the end of each month, a certificate signed on behalf of Consolidated Parties
by a Senior Officer of Borrower Agent or its general partner which certifies (which certification shall constitute a representation
and warranty for purposes of the Credit Agreement) that at least 10% of the aggregate amount of secured Indebtedness then permitted
to be incurred by MLP Parent and/or any other Obligor party thereto under the 2024 Secured Notes Indenture then remains available
to be incurred and (ii) promptly notify Agent and each Lender in writing of the occurrence of any default or event of default under
the 2024 Secured Notes Indenture;

 

     2

     

    

 

		(g)	Each Obligor shall not, and shall cause each of its Restricted Subsidiaries not to, if on any date
a Default or Event of Default has occurred and is continuing or would be directly or indirectly caused as a result thereof, or
if the Prepayment Conditions are not satisfied at such date, make (or give any notice with respect thereto of) any voluntary, optional
or other non-scheduled payment, prepayment (including any excess cash flow sweeps of Borrowed Money), redemption, acquisition for
value (including, without limitation, by way of depositing money or securities with the trustee with respect thereto before due
for the purpose of paying when due), refund, refinance or exchange of any 2024 Secured Notes, but excluding (i) any refinancing
thereof permitted under Section 9.2.3 of the Credit Agreement, and (ii) any payment or prepayment made with respect to Indebtedness
arising under any of the Senior Secured Notes Agreements upon the occurrence of a contingency such as, for example and not by way
of limitation, an event of default, the destruction of assets or a change of control if (and only if) the applicable Senior Secured
Notes Agreement requires such prepayment; and

 

		(h)	Each of the following shall be an Event of Default under the Credit Agreement, if the same shall
occur for any reason whatsoever, whether voluntary or involuntary, by operation of law or otherwise: (i) any Obligor fails to perform
or observe any term, covenant or agreement contained in Section 1(a), Section 1(b), Section 1(d) or Section 1(g) hereof; (ii) any
Obligor fails to perform or observe any other covenant or agreement (not specified in the immediately preceding clause (i) above)
contained herein on its part to be performed or observed and such failure continues for 30 days after a Senior Officer of such
Obligor or the general partner of such Obligor has knowledge thereof or receives written notice thereof from Agent, whichever is
sooner; (iii) there occurs an event of default as such term is used or defined in the 2024 Secured Notes Indenture.

 

2. Effectiveness;
Conditions Precedent. This Consent shall only be effective upon the satisfaction on or before August 30, 2020 of each of
the following conditions precedent (the date of satisfaction, the “Effective Date”):

 

(a) Agent
shall have received each of the following documents or instruments in form and substance reasonably acceptable to Agent executed
counterparts of this Consent executed by all Borrowers, all Guarantors (if any), Agent and the Required Lenders;

 

(b) The
2024 Secured Notes Indenture shall have been executed and delivered by all parties thereto, and an amount not to exceed $200,000,000
aggregate principal amount of the 2024 Secured Notes shall have been issued pursuant thereto, and exchanged for, an equal principal
amount of 2022 Unsecured Notes;

 

     3

     

    

 

(c) MLP
Parent shall have designated the 2024 Secured Notes as Parity Lien Debt in accordance with the terms of the Collateral Trust Agreement
and the Parity Lien Documents (as defined in the Collateral Trust Agreement);

 

(d) Agent
shall have received a true, correct and complete copy of the 2024 Secured Notes Indenture, the 2024 Secured Notes and any other
2024 Secured Notes Documents;

 

(e) The
representations and warranties in Section 3(a) and Section 3(b) shall be true and correct as of the Effective Date
and Agent shall have received a certificate or certificates executed by a Senior Officer of each Borrower or MLP General Partner
as of the Effective Date, in form and substance satisfactory to Agent, stating that such conditions and the conditions in the immediately
preceding clause (c) are satisfied;

 

(f) Agent
shall be reasonably satisfied that the Notes Exchange will not result in the inclusion of any Collateral as Hedge Agreement Collateral;

 

(g) Borrowers
shall have paid to Agent, for the benefit of each Lender (including Bank of America) that consents to this Consent, a consent fee
(the “Consent Fee”) in an aggregate amount equal to 0.0875% of the Commitments of each such Lender outstanding
on the Effective Date, which Consent Fee Borrowers agree shall be deemed fully earned and payable on the Effective Date;

 

(h) Borrowers
shall have paid all reasonable out-of-pocket costs and expenses of Agent (including the reasonable fees and expenses of counsel
for Agent) to the extent that the Borrower has received an invoice therefor at least two Business Days prior to the Effective Date
(without prejudice to any post-closing settlement of such fees, costs and expenses to the extent not so invoiced); and

 

(i) Agent
shall have received such documentation and other information as has been reasonably requested by Agent in connection with this
Consent and the transactions contemplated hereby.

 

Without limiting the
generality of the provisions of Section 11.3 of the Credit Agreement, for purposes of determining compliance with the conditions
specified in this Section 2, each Lender that has signed this Consent shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender unless Agent shall have received notice from such Lender prior to the Effective Date specifying its
objection thereto.

 

3. Representations
and Warranties. In order to induce Agent and Lenders to enter into this Consent, each of the Obligors represents and warrants
to Agent and Lenders as follows:

 

(a) all
representations and warranties relating to such Obligor contained in the Credit Agreement or any other Credit Document are true
and correct as of the date hereof as if made again on and as of the date hereof (except to the extent that such representations
and warranties were expressly limited to another specific date, in which case they are true and correct as of such specific date);

 

(b) both
immediately prior and immediately after giving effect to this Consent, no Default or Event of Default exists;

 

(c) such
Obligor has all requisite corporate or other organizational power and authority (as applicable) to execute and deliver this Consent;

 

     4

     

    

 

(d) the
execution, delivery and performance of this Consent and the consummation of the transactions contemplated hereby have been duly
authorized by all necessary corporate or other organizational action, do not require the approval, consent, exemption, authorization
or other action by, or notice to or filing with, any Governmental Authority or any other Person in order to be effective and enforceable,
and do not and will not violate or result in any breach or contravention of any Senior Notes Indenture or other material Contractual
Obligation, including the Senior Secured Notes Agreements, to which such Obligor is a party or subject, any Organization Document
of such Obligor or any Applicable Law;

 

(e) this
Consent has been duly executed and delivered on behalf of each Borrower party hereto; and

 

(f) this
Consent constitutes a legal, valid and binding obligation of each Borrower party hereto, enforceable against it in accordance with
its terms except as enforceability may be limited by applicable Insolvency Proceeding and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

 

4. Reaffirmation.
By its execution hereof, each Obligor expressly (a) consents hereto, (b) confirms and agrees that, notwithstanding the effectiveness
of this Consent, each Credit Document to which it is a party is, and the obligations of such Obligor contained in the Credit Agreement,
if any, or in any other Credit Documents to which it is a party (in each case, as amended and modified by this Consent), are and
shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, (c) affirms that each of
the Liens and security interests granted by such Obligor in or pursuant to the Credit Documents are valid and subsisting and (d)
agrees that this Consent shall in no manner impair or otherwise adversely affect any of the Liens and security interests granted
in or pursuant to the Credit Documents.

 

5. Entire
Agreement. This Consent, the Credit Agreement, and the other Credit Documents (collectively, the “Relevant Documents”),
set forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes
any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation
or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied
on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly
stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party
to any other party in relation to the subject matter hereof or thereof. None of the terms or conditions of this Consent may be
changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 13.1 of the
Credit Agreement.

 

6. Full
Force and Effect of Credit Agreement. This Consent is a Credit Document. Except as expressly consented hereto, all terms
and provisions of the Credit Agreement and all other Credit Documents remain in full force and effect and nothing contained in
this Consent shall in any way impair the validity or enforceability of the Credit Agreement or the Credit Documents, or alter,
waive, annul, vary, affect, or impair any provisions, conditions, or covenants contained therein or any rights, powers, or remedies
granted therein.

 

7. Consent
Fee. The Borrowers agree that the Consent Fee shall not be refundable under any circumstances, shall be paid in immediately
available funds and shall not be subject to reduction by way of set-off or counterclaim.

 

     5

     

    

 

8. Counterparts.
This Consent may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Delivery of a signature page of this Consent
by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of such agreement. Any
electronic signature, contract formation on an electronic platform and electronic record-keeping shall have the same legal effect,
validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent
permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act.

 

9. Governing
Law; Jurisdiction; Waiver of Jury Trial. THIS CONSENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER
IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS CONSENT AND THE TRANSACTIONS CONTEMPLATED HEREBY
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Sections 13.13, 13.14 and
13.15 of the Credit Agreement are hereby incorporated herein by this reference.

 

10. Severability.
If any provision of this Consent is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Consent and the other Credit Documents shall not be affected or impaired thereby and (b) the
parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with legal, valid
and enforceable provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

11. References.
All references to the “Credit Agreement” in the Credit Documents shall mean the Credit Agreement giving effect to this
Consent.

 

12. Successors
and Assigns. This Consent shall be binding upon and inure to the benefit of Obligors, Agent and Secured Parties and their
respective successors and assigns, except that (a) no Obligor shall have the right to assign its rights or delegate its obligations
under any Credit Documents, and (b) any assignment by a Lender must be made in compliance with Section 12.3 of the Credit
Agreement.

 

[Signature pages follow.]

 

     6

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Consent to be made, executed and delivered by their duly authorized officers as of the day
and year first above written.

 

	 	
        BORROWERS:

	 	 
	 	CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
	 	 
	 	By:  	Calumet GP, LLC, its general partner
	 	 	 
	 	 	By:	 /s/ H. Keith Jennings
	 	 	Name:	 H. Keith Jennings
	 	 	Title: 	Executive Vice President & 

Chief Financial Officer

 

	 	CALUMET OPERATING, LLC
	 	 
	 	By:	Calumet Specialty Products Partners, L.P., its sole
member
	 	 	 
	 		By: 	Calumet GP, LLC, its general partner
	 	 	 
	 	 	 	By:	/s/ H. Keith Jennings
	 	 	 	Name: 	H. Keith Jennings
	 	 	 	Title:	Executive Vice President & 

Chief Financial Officer

 

	 	CALUMET FINANCE CORP.
	 	 
	 	By: 	/s/ H. Keith Jennings
	 	Name:  	H. Keith Jennings
	 	Title: 	Executive Vice President & 

Chief Financial Officer

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 1

     

    

 

	 	CALUMET INTERNATIONAL, INC.
	 	 
	 	By: 	/s/ H. Keith Jennings
	 	Name:	H. Keith Jennings
	 	Title:	Executive Vice President & 

Chief Financial Officer

 

	 	KURLIN COMPANY, LLC
	 	 
	 	By: Calumet International, Inc., its sole member
	 	 
	 	 	By: 	/s/ H. Keith Jennings
	 	 	Name:  	H. Keith Jennings
	 	 	Title:	Executive Vice President & 

Chief Financial Officer

 

	 	CALUMET BRANDED PRODUCTS, LLC
	 	 
	 	By: Calumet Operating, LLC, its sole member
	 	 
	 	 	By: 	Calumet Specialty Products Partners, L.P., its sole member
	 	 
	 	 	 	By: 	Calumet GP, LLC, its general partner
	 	 
	 	 	 	 	By: 	/s/ H. Keith Jennings
	 	 	 	 	Name: 	 H. Keith Jennings
	 	 	 	 	Title:	Executive Vice President & 

Chief Financial Officer

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 2

     

    

 

	 	BEL-RAY COMPANY, LLC
	 	 
	 	By: Calumet Branded Products, LLC, its sole member
	 	 
	 	 	By: 	Calumet Operating, LLC, its sole member
	 	 
	 	 	 	By:	 Calumet Specialty Products Partners, L.P., its sole member
	 	 
	 	 	 	 	By:	Calumet GP, LLC, its general partner
	 	 
	 	 	 	 	 	By: 	/s/ H. Keith Jennings
	 	 	 	 	 	Name:	H. Keith Jennings
	 	 	 	 	 	Title:  	Executive Vice President & 

Chief Financial Officer

 

	 	CALUMET REFINING, LLC
	 	 
	 	By: Calumet Operating, LLC, its sole member
	 	 
	 	 	By: 	Calumet Specialty Products Partners, L.P., its sole member
	 	 
	 	 	 	By:	Calumet GP, LLC, its general partner
	 	 
	 	 	 	 	By:	/s/ H. Keith Jennings
	 	 	 	 	Name:	H. Keith Jennings
	 	 	 	 	Title:  	Executive Vice President & 

Chief Financial Officer

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 3

     

    

 

	 	CALUMET PRINCETON REFINING, LLC
	 	CALUMET COTTON VALLEY REFINING, LLC
	 	CALUMET SHREVEPORT REFINING, LLC
	 	CALUMET SAN ANTONIO REFINING, LLC
	 	CALUMET MONTANA REFINING, LLC
	 	CALUMET MISSOURI, LLC
	 	CALUMET KARNS CITY REFINING, LLC
	 	CALUMET DICKINSON REFINING, LLC
	 	 
	 	By: Calumet Refining, LLC, their sole member
	 	 
	 	 	By: 	Calumet Operating, LLC, its sole member
	 	 
	 	 	 	By: 	Calumet Specialty Products Partners, L.P., its sole member
	 	 
	 	 	 		By: 	Calumet GP, LLC, its general partner
	 	 
	 	 	 	 	 	By: 	/s/ H. Keith Jennings
	 	 	 	 	 	Name:	H. Keith Jennings
	 	 	 	 	 	Title: 	Executive Vice President & 

Chief Financial Officer

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 4

     

    

 

	AGENT AND LENDERS:	BANK OF AMERICA, N.A.,
	 	as Agent, a Lender and an Issuing Bank
	 	 
	 	By: 	/s/ Hance VanBeber
	 	Name:  	Hance VanBeber
	 	Title: 	Sr. Vice President

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 5

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	By: 	/s/ Thomas A. Martin
	 	Name: 	Thomas A. Martin
	 	Title: 	Vice President

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 6

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,
	 	as a Lender
	 	 
	 	By: 	/s/ Helen D. Davis
	 	Name:  	Helen D. Davis
	 	Title:  	Authorized Officer

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 7

     

    

 

	 	REGIONS BANK,
	 	as a Lender
	 	 
	 	By: 	/s/ Stephen J. McGreevy
	 	Name: 	Stephen J. McGreevy
	 	Title: 	Managing Director

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 8

     

    

 

	 	BMO HARRIS BANK, N.A.,
	 	as a Lender
	 	 
	 	By: 	/s/ Kara Goodwin
	 	Name:	 Kara Goodwin
	 	Title: 	Managing Director

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 9

     

    

 

	 	BARCLAYS BANK PLC,
	 	as a Lender
	 	 
	 	By: 	/s/ Arvind Admal
	 	Name: 	Arvind Admal
	 	Title:	  Vice President

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 10

     

    

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	By:	 /s/ Michael Strobel
	 	Name: 	Michael Strobel
	 	Title: 	Vice President
	 	 	 
	 	By:	 /s/ Philip Tancorra
	 	Name: 	Philip Tancorra
	 	Title: 	Vice President

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 11

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	By: 	/s/ Lisa Freeman
	 	Name:	 Lisa Freeman
	 	Title: 	Senior Vice President

 

    FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT – Signature Page 12

     

    

 

	 	BBVA USA f/k/a COMPASS BANK
	 	as a Lender
	 	 
	 	By: 	/s/ Lindsey Swope
	 	Name: 	Lindsey Swope
	 	Title:  	Vice President

 

 

FIRST AMENDMENT TO THIRD AMENDED AND RESTATED
CREDIT AGREEMENT – Signature Page 13

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