Document:

Exhibit 10.1

 

EXECUTION VERSION

 

PURCHASE AGREEMENT

 

United States Steel Corporation

 

$300,000,000 5.00% Senior Convertible Notes
due 2026

 

October 16, 2019

 

Goldman Sachs & Co. LLC

Barclays Capital Inc.

 

As Representatives of the

several Initial Purchasers listed

in Schedule 1 hereto

 

 

c/o Goldman Sachs & Co.
LLC

200 West Street

New York, New York 10282

 

c/o Barclays Capital Inc.

1155 Long Island Avenue

Edgewood, NY 11717

 

Ladies and Gentlemen:

 

United States Steel
Corporation, a Delaware corporation (the “Company”), proposes to issue and sell to the several initial purchasers listed
in Schedule 1 hereto (the “Initial Purchasers”), for whom Goldman Sachs & Co. LLC and Barclays Capital Inc. are
acting as representatives (the “Representatives”), $300,000,000 aggregate principal amount of its 5.00% Senior Convertible
Notes due 2026 (the “Underwritten Securities”) and, at the option of the Initial Purchasers, up to an additional $50,000,000
principal amount of 5.00% Senior Convertible Notes due 2026 (the “Option Securities”). The Underwritten Securities
and the Option Securities are herein referred to as the “Securities”. The Securities will be convertible into shares
(the “Underlying Securities”) of common stock, par value $1.00 per share, of the Company (the “Common Stock”).
The Securities will be issued pursuant to an indenture to be dated as of October 21, 2019 (the “Indenture”) between
the Company and The Bank of New York Mellon, as trustee (the “Trustee”). All references in this Agreement to the Underlying
Securities issuable upon the conversion of the Securities assume conversion at the maximum conversion rate provided in the Indenture
and that the Company elects to settle any and all conversion of the Securities solely in shares of Common Stock.

 

     

     

    

 

The Company hereby
confirms its agreement with the several Initial Purchasers concerning the purchase and sale of the Securities, as follows:

 

1.                 
Offering Memorandum and Transaction Information. The Securities will be sold to the Initial Purchasers without being
registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom.
The Company has prepared a preliminary offering memorandum dated October 16, 2019 (the “Preliminary Offering Memorandum”)
and will prepare an offering memorandum dated the date hereof (the “Offering Memorandum”) setting forth information
concerning the Company and the Securities. Copies of the Preliminary Offering Memorandum have been, and copies of the Offering
Memorandum will be, delivered by the Company to the Initial Purchasers pursuant to the terms of this purchase agreement (this “Agreement”).
The Company hereby confirms that it has authorized the use of the Preliminary Offering Memorandum, the other Time of Sale Information
(as defined below) and the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers
in the manner contemplated by this Agreement. References herein to the Preliminary Offering Memorandum, the Time of Sale Information
and the Offering Memorandum shall be deemed to refer to and include any document incorporated by reference therein and any reference
to “amend,” “amendment” or “supplement” with respect to the Preliminary Offering Memorandum
or the Offering Memorandum shall be deemed to refer to and include any documents filed after such date and incorporated by reference
therein.

 

At or prior to 5:00
p.m. on October 16, 2019, the time when the first sale of the Securities was made (the “Time of Sale”), the Company
had prepared the following information (collectively, the “Time of Sale Information”): the Preliminary Offering Memorandum,
as supplemented and amended by the written communications listed on Annex A hereto.

 

2.                 
Purchase of the Securities by the Initial Purchasers. (a) The Company agrees to issue and sell the Securities to
the several Initial Purchasers as provided in this Agreement, and each Initial Purchaser, on the basis of the representations,
warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to
purchase from the Company the respective principal amount of the Securities set forth opposite such Initial Purchaser’s name
in Schedule 1 hereto at a price equal to 97.25% of the principal amount thereof plus accrued interest, if any, from October 21,
2019, to the Closing Date (as such term is hereinafter defined). The Company will not be obligated to deliver any of the Securities
except upon payment for all the Securities to be purchased as provided herein.

 

In addition, in
reliance upon the representations, warranties and agreements herein contained and subject to the terms and conditions herein
set forth, the Company hereby grants an option to the several Initial Purchasers to purchase, severally and not jointly, the
Option Securities at a price equal to 97.25% of the principal amount thereof plus accrued interest, if any, from October 21,
2019, to the date of payment and delivery for such Option Securities. The option granted hereby will expire 30 days after the
date of the Offering Memorandum and may be exercised in whole or in part from time to time upon written notice (each, an
 “Option Exercise Notice”) from the Representatives setting forth the number of Option Securities as to which the
several Initial Purchasers are then exercising the option and the time and date of payment and delivery for such Option
Securities. The number of Option Securities to be purchased by each Initial Purchaser shall be the same percentage of the
total number of the Option Securities to be purchased by the several Initial Purchasers as such Initial Purchaser is
purchasing of the Underwritten Securities. Any Additional Closing Date (as such term is hereinafter defined) shall be
determined by the Representatives, but shall not be later than five full business days after the date of the Option Exercise
Notice unless otherwise agreed in writing by the parties hereto, nor in any event prior to the Closing Date. Any Option
Exercise Notice shall be given at least two business days prior to the date and time of delivery specified therein.

 

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(a)              
The Company understands that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in
the Time of Sale Information. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:

 

(i)             
it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (“Rule 144A”)
and an accredited investor within the meaning of Rule 501(a) of Regulation D under the Securities Act (“Regulation D”);

 

(ii)            
it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities in
any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and

 

(iii)           
it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as
part of the initial offering except to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A and
in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is
aware that such sale is being made in reliance on Rule 144A.

 

(b)              
Each Initial Purchaser acknowledges and agrees that the Company and, for purposes of the “no registration” opinions
to be delivered to the Initial Purchasers pursuant to Sections 6(g) and 6(h), counsel for the Company and counsel for the Initial
Purchasers, respectively, may rely upon the accuracy of the representations and warranties of the Initial Purchasers, and compliance
by the Initial Purchasers with their agreements, contained in paragraph (a) above and each Initial Purchaser hereby consents to
such reliance.

 

(c)              
The Company acknowledges and agrees that the Initial Purchasers may offer and sell Securities to or through any affiliate
of an Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser.

 

(d)              
Payment for and delivery of the Securities will be made at the offices of Simpson Thacher & Bartlett LLP at 10:00 a.m.,
New York City time, on October 21, 2019, or at such other time or place on the same or such other date, not later than the fifth
business day thereafter, as the Representatives and the Company may agree upon in writing or, in the case of the Option Securities,
on the date and at the time and place specified in the Option Exercise Notice. The time and date of such payment and delivery of
the Underwritten Securities is referred to herein as the “Closing Date”, and the time and date of such payment and
delivery for the Option Securities, if other than the Closing Date, is herein referred to as the “Additional Closing Date”.

 

(e)              
Payment for the Securities shall be made by wire transfer in immediately available funds to the account(s) specified by
the Company to the Representatives against delivery to the nominee of The Depository Trust Company, for the account of the Initial
Purchasers, of one or more global notes representing the Securities (the “Global Notes”), with any transfer taxes payable
in connection with the sale of the Securities duly paid by the Company. The Global Notes will be in form and substance reasonably
satisfactory to the Representatives.

 

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(f)               
The Company acknowledges and agrees that the Initial Purchasers are acting solely in the capacity of an arm’s length
contractual counterparty to the Company with respect to the offering of the Securities contemplated hereby (including in connection
with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any
other person with respect to such offering. Additionally, no such Initial Purchaser is advising the Company or any other person
as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with its own
advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions
contemplated hereby, and such Initial Purchasers shall have no responsibility or liability to the Company with respect thereto.
Any review by such Initial Purchasers of the Company, the transactions contemplated thereby or other matters relating to such transactions
will be performed solely for the benefit of the Initial Purchasers and shall not be on behalf of the Company.

 

3.                 
Representations and Warranties of the Company. The Company represents and warrants to each Initial Purchaser that:

 

(a)              
Preliminary Offering Memorandum. The Preliminary Offering Memorandum, as of its date, did not contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided that the Company makes no representation and warranty
with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser
furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use in any Preliminary
Offering Memorandum, it being understood and agreed that the only such information furnished by any Initial Purchaser consists
of the information described as such in Section 7(b) hereof.

 

(b)              
Time of Sale Information. The Time of Sale Information, at the Time of Sale, did not, and at the Closing Date and
as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided that the Company makes no representation and warranty with respect to any statements or omissions
made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing
by such Initial Purchaser through the Representatives expressly for use in such Time of Sale Information, it being understood and
agreed that the only such information furnished by any Initial Purchaser consists of the information described in Section 7(b)
hereof. No statement of material fact included in the Offering Memorandum that is required to be included in the Time of Sale Information
has been omitted from the Time of Sale Information and no statement of material fact included in the Time of Sale Information that
is required to be included in the Offering Memorandum has been omitted therefrom.

 

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(c)               Additional
Written Communications. The Company (including its agents and representatives, other than the Initial Purchasers in their
capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use,
authorize, approve or refer to any “written communication” (as defined in Rule 405 under the Securities Act) that
constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Company or its
agents and representatives (other than a communication referred to in clauses (i), (ii) and (iii) of this
Section 3(c)), an “Issuer Written Communication”) other than (i) the Preliminary Offering Memorandum, (ii)
the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of
Annex B hereto, which constitute part of the Time of Sale Information and (iv) each electronic road show and any other
written communications approved in writing in advance by the Representatives. Each such Issuer Written Communication does not
conflict with the information contained in the Time of Sale Information, and when taken together with the Time of Sale
Information (at the Time of Sale) accompanying, or delivered prior to delivery of, or filed prior to the first use of such
Issuer Written Communication, did not, and at the Closing Date and as of the Additional Closing Date, as the case may be,
will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided that the
Company makes no representation or warranty with respect to any statements or omissions made in each such Issuer Written
Communication in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company
in writing by such Initial Purchaser through the Representatives expressly for use in any Issuer Written Communication, it
being understood and agreed that the only such information furnished by any Initial Purchaser consists of information
described in Section 7(b) hereof.

 

(d)              
Offering Memorandum. As of the date of the Offering Memorandum and as of the Closing Date and as of the Additional
Closing Date, as the case may be, the Offering Memorandum does not and will not contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided that the Company makes no representation and warranty with respect to any statements
or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company
in writing by such Initial Purchaser through the Representatives expressly for use in the Offering Memorandum, it being understood
and agreed that the only such information furnished by any Initial Purchaser consists of the information described as such in Section 7(b)
hereof.

 

(e)              
Incorporated Documents. The documents incorporated by reference in the Offering Memorandum or the Time of Sale Information,
when filed with the Commission, conformed or will conform, as the case may be, in all material respects with the requirements of
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (collectively, the
 “Exchange Act”) and did not and will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(f)                Company
Organization and Good Standing. The Company has been duly incorporated and is an existing corporation in good standing
under the laws of the State of Delaware, with power and authority (corporate and other) to own its properties and conduct its
business as described in the Time of Sale Information and the Offering Memorandum; and the Company is duly qualified to do
business as a foreign corporation in good standing in all other jurisdictions in which its ownership or lease of property or
the conduct of its business requires such qualification, except where the failure to so qualify would not reasonably be
expected to have a material adverse effect upon the financial condition, business, properties or results of operations of the
Company and its subsidiaries, taken as a whole, or on the performance by the Company of its obligations under this Agreement
and the Securities (a “Material Adverse Effect”).

 

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(g)              
Subsidiary Organization and Good Standing. Each subsidiary of the Company listed on Annex C (each, a “Designated
Subsidiary”) has been duly incorporated or otherwise organized and is an existing corporation, limited liability company
or other business entity in good standing (if such designation exists in the jurisdiction of organization or formation of such
entity) under the laws of the jurisdiction of its incorporation or organization, with power and authority (corporate, limited liability
company and other) to own its properties and conduct its business as described in the Time of Sale Information and the Offering
Memorandum; and each Designated Subsidiary of the Company is duly qualified to do business as a foreign corporation or other business
entity in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires
such qualification, except where the failure to so qualify would not reasonably be expected to have a Material Adverse Effect;
all of the issued and outstanding capital stock or other equity securities of each Designated Subsidiary of the Company have been
duly authorized and are validly issued, fully paid and nonassessable (except, in the case of any foreign subsidiary, for directors’
qualifying shares); and the shares of capital stock or other equity securities of each Designated Subsidiary owned by the Company,
directly or through subsidiaries, are owned free from any lien, charge, encumbrance, defect, security interest, restriction on
voting or transfer or any other claim of any third party (collectively, “Liens”), except such Liens that would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. As of June 30, 2019, there are no significant
subsidiaries of the Company that are not listed on Annex C hereto. The subsidiaries of the Company not listed on Annex C hereto,
in the aggregate, represented no more than 15% of the (i) net sales of the Company and its subsidiaries for the twelve months ended
June 30, 2019 and (ii) total assets of the Company and its subsidiaries as of June 30, 2019.

 

(h)              
Capitalization. All outstanding shares of capital stock of the Company have been duly authorized and are validly
issued, fully paid and non-assessable and are not subject to any pre-emptive or similar rights. The Company had an authorized capitalization
as of June 30, 2019, as set forth in the Time of Sale Information and the Offering Memorandum under the heading “Capitalization.”
Except as described in or expressly contemplated by the Time of Sale Information and the Offering Memorandum, there are no outstanding
rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or instruments convertible into or
exchangeable for, any shares of capital stock or other equity interest in the Company or any of its subsidiaries, or any contract,
commitment, agreement, understanding or arrangement of any kind relating to the issuance of any capital stock of the Company or
any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the capital stock
of the Company conforms in all material respects to the description thereof contained in the Time of Sale Information and the Offering
Memorandum.

 

(i)                
No Broker’s Fees. Except as disclosed in the Time of Sale Information and the Offering Memorandum, there are
no contracts, agreements or understandings between the Company and any person that would give rise to a valid claim against the
Company or any Initial Purchaser for a brokerage commission, finder’s fee or other like payment in connection with this offering.

 

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(j)                
No Consents Required. No consent, approval, authorization, or order of, or filing with, any governmental agency or
body or any court is required for the consummation of the transactions contemplated by this Agreement, the Securities and the Indenture
(collectively, the “Transaction Documents”) in connection with the issuance and sale of the Securities (including the
issuance of the Underlying Securities upon the conversion thereof) or the consummation by the Company of the transactions contemplated
hereby, except such as may be required under state securities laws in connection with the purchase and distribution of the Securities
by the Initial Purchasers, and except for such consents, approvals, authorizations, orders or filings the failure of which to obtain
or make would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(k)              
No Conflicts. The execution, delivery and performance by the Company of the Transaction Documents, the issuance and
sale of the Securities (including the issuance of the Underlying Securities upon the conversion thereof) and compliance by the
Company with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents, will not result
in a breach or violation of any of the terms and provisions of, or constitute a default under, (i) any statute, any rule, regulation
or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or any Designated
Subsidiary of the Company or any of their properties, (ii) any agreement or instrument to which the Company or any such Designated
Subsidiary is a party or by which the Company or any such Designated Subsidiary is bound or to which any of the properties of the
Company or any such Designated Subsidiary is subject or (iii) the charter, by-laws or other organizational document of the Company
or any such Designated Subsidiary.

 

(l)                
Due Authorization. The Company has full right, power and authority to execute and deliver the Transaction Documents
and to perform its obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization,
execution and delivery of each of the Transaction Documents and the consummation of the transactions contemplated thereby has been
duly and validly taken.

 

(m)            
The Indenture.  The Indenture has been duly authorized by the Company and, when duly executed and delivered in accordance
with its terms by each of the parties thereto, will constitute, a valid and legally binding agreement of the Company enforceable
against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency
or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability
(collectively, the “Enforceability Exceptions”).

 

(n)              
The Securities. The Securities have been duly authorized by the Company and, when duly executed, authenticated, issued
and delivered in accordance with the Indenture and paid for as provided herein, will be duly and validly issued and outstanding
and will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their
terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.

 

(o)              
Purchase Agreement. This Agreement has been duly authorized, executed and delivered by the Company.

 

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(p)              
No Violation or Default. Neither the Company nor any of the Designated Subsidiaries is (i) in violation of its respective
charter or by-laws or other organizational documents, (ii) in default in the performance of any obligation, agreement, covenant
or condition contained in any indenture, loan agreement, mortgage, lease or other agreement or instrument that is material to the
Company and its subsidiaries, taken as a whole, to which the Company or any Designated Subsidiaries is a party or by which the
Company or any Designated Subsidiaries or their respective property is bound, or (iii) in violation of any law or statute or any
judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except for such defaults
and violations in the case of these clauses (ii) and (iii) that would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(q)              
Title to Real and Personal Property. Except as disclosed in the Time of Sale Information and the Offering Memorandum,
the Company and the Designated Subsidiaries have good and indefeasible title to all real and other properties and other assets
owned by them that are material to the business of the Company and its subsidiaries, in each case free from liens, encumbrances,
claims, security interests, defects and imperfections of title, except such liens, encumbrances, claims, defects and imperfections
of title that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and except
as disclosed in the Time of Sale Information and the Offering Memorandum, the Company and its subsidiaries hold their respective
leased real or personal property under valid and enforceable leases free from any liens, encumbrances, claims, security interests,
restrictions, defects and imperfections of title or exceptions that would materially interfere with the business of the Company
and its subsidiaries, taken as a whole. The Company and its subsidiaries own or lease all properties and assets necessary to conduct
their business as described in the Time of Sale Information and the Offering Memorandum.

 

(r)               
Licenses and Permits. The Company and the Designated Subsidiaries possess adequate licenses, certificates, authorities
or permits issued by the appropriate governmental agencies or bodies currently required to conduct their business as described
in the Time of Sale Information and the Offering Memorandum and have not received any notice of proceedings relating to the revocation
or adverse modification of any such license, certificate, authority or permit, except for any failure to possess or any notice
of proceedings that, if determined adversely to the Company or any Designated Subsidiary, would, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

(s)               
Descriptions of the Transaction Documents. The Transaction Documents conform in all material respects to the descriptions
thereof contained in the Time of Sale Information and the Offering Memorandum.

 

(t)                
No Labor Disputes. Except as disclosed in the Time of Sale Information and the Offering Memorandum, no labor
dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent that
would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

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(u)               Title
to Intellectual Property. Except as would not reasonably be expected to have a Material Adverse Effect, (i) the Company
and the Designated Subsidiaries own, possess, have the right to use or can acquire on reasonable terms adequate
patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations,
domain names and other source indicators, copyrights and copyrightable works, know-how, trade secrets, systems, procedures,
proprietary or confidential information and all other intellectual property, industrial property and proprietary rights
(collectively, “Intellectual Property”) to conduct their respective businesses; (ii) the Company and the
Designated Subsidiaries’ conduct of their respective businesses does not infringe, misappropriate or otherwise violate
any Intellectual Property of any person; (iii) the Company and the Designated Subsidiaries have not received any written
notice of any claim relating to Intellectual Property; and (iv) to the knowledge of the Company, the Intellectual Property of
the Company and the Designated Subsidiaries is not being infringed, misappropriated or otherwise violated by any person.

 

(v)              
Compliance With Environmental Laws. Except as disclosed in the Time of Sale Information and the Offering Memorandum,
neither the Company nor any of its subsidiaries is in violation of any statute, any rule, regulation, decision or order of any
governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances
or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively,
 “environmental laws”), owns or operates any real property contaminated with any hazardous or toxic substance that is
subject to any environmental laws, is liable for any off-site disposal or contamination pursuant to any environmental laws, or
is subject to any pending claim relating to any environmental laws, which violation, contamination, liability or claim would reasonably
be expected, individually or in the aggregate, to have a Material Adverse Effect; and the Company is not aware of any pending investigation
which would reasonably be expected to lead to such a claim.

 

(w)            
Legal Proceedings. Except as described in the Time of Sale Information and the Offering Memorandum, there are no
legal, governmental or regulatory actions, claims, suits, arbitrations or proceedings (“Actions”) pending to which
the Company or any of its subsidiaries is a party or to which any property, right or asset of the Company or any of its subsidiaries
is the subject that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and neither
any such Actions nor any legal, governmental or regulatory investigations to which the Company or any of its subsidiaries is a
party or to which any property, right or asset of the Company or any of its subsidiaries is the subject that could, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect, are, to the knowledge of the Company, threatened
by any governmental or regulatory authority or by others.

 

(x)               Financial
Statements of the Company. The financial statements of the Company and the related notes thereto included or incorporated
by reference in the Time of Sale Information and the Offering Memorandum present fairly in all material respects the
consolidated financial position of the Company and its consolidated subsidiaries as of the dates shown and their results
of operations and cash flows for the periods shown, and, except as otherwise disclosed in the Time of Sale Information and
the Offering Memorandum, such financial statements have been prepared in conformity with generally accepted accounting
principles in the United States applied on a consistent basis throughout the periods covered thereby, and the supporting
schedules included in the Time of Sale Information and the Offering Memorandum present fairly the information required to be
stated therein; and the other financial information of the Company included in the Time of Sale Information and the Offering
Memorandum has been derived from the accounting records of the Company and its subsidiaries and presents fairly in all
material respects the information shown thereby.

 

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(y)              
Taxes. The Company and its Designated Subsidiaries have timely filed all material federal, state, local and foreign
tax returns that have been required to be filed and have paid all material taxes indicated by said returns and all assessments
related to material taxes received by any of them to the extent that such material taxes have become due and are not being contested
in good faith in appropriate proceedings. All material tax liabilities have been adequately provided for in the financial statements
of the Company.

 

(z)              
No Material Adverse Change. Since the date of the most recent financial statements of the Company included in the
Time of Sale Information and the Offering Memorandum, (i) there has not been any material change in the capital stock or long term
debt of the Company or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid
or made by the Company on any class of capital stock (other than any regular quarterly dividend), or any material adverse change,
or any development involving a prospective material adverse change, in or affecting the business, properties, rights, assets, management,
financial position, results of operations or prospects of the Company and its subsidiaries taken as a whole; (ii) neither the Company
nor any of its subsidiaries has entered into any transaction or agreement that is material to the Company and its subsidiaries
taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries
taken as a whole; and (iii) neither the Company nor any of its subsidiaries has sustained any material loss or interference with
its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance
or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, except in each case
of (i), (ii) and (iii) of this Section 3(z) as otherwise disclosed in the Time of Sale Information and the Offering Memorandum.

 

(aa)           
Reporting Requirements. The Company is subject to the reporting requirements of either Section 13 or Section 15(d)
of the Exchange Act and files reports with the Commission on the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system.

 

(bb)          
Independent Accountants. PricewaterhouseCoopers LLP, who has certified certain financial statements of the Company
and its subsidiaries, are independent public accountants with respect to the Company and its subsidiaries within the applicable
rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required
by the Securities Act.

 

(cc)           
No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Company or any of
its subsidiaries, on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of its
subsidiaries, on the other, that would be required by the Securities Act to be described in a registration statement to be filed
with the Commission and that is not so described in the each of Time of Sale Information and the Offering Memorandum.

 

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(dd)          
Compliance With ERISA. (1) Each employee benefit plan (including, without limitation, any “multiemployer plan”
within the meaning of Section 4001(a)(3) of ERISA), within the meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), that is maintained, administered or contributed to by the Company or any
of its affiliates for employees or former employees of the Company and its affiliates has been maintained in compliance in all
material respects with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but
not limited to ERISA and the Internal Revenue Code of 1986, as amended (the “Code”); (2) no prohibited transaction,
within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any such plan excluding
transactions effected pursuant to a statutory or administrative exemption and transactions that have been corrected in accordance
with Internal Revenue Service and Department of Labor guidance; (3) no failure to meet the minimum funding standards under Section 412
of the Code or Section 302 of ERISA has occurred with respect to any such plan which is subject to Section 412 of the
Code or Section 302 of ERISA and no application has been made for a waiver or modification of the minimum funding standard
(including any required installment payments) under Section 412 of the Code or Section 302 of ERISA with respect to
any such plan; (4) except as otherwise disclosed in the Time of Sale Information and the Offering Memorandum, the fair market
value of the assets of each such plan, other than a Multiemployer Plan (excluding for these purposes accrued but unpaid contributions)
exceeds the present value of all benefits accrued under such plan based on actuarial assumptions and methods that are compliant
with the requirements of Code Section 430(h) and regulations thereunder; (5) neither the Company nor any of its ERISA Affiliates
has completely or partially withdrawn from any Multiemployer Plan (within the meaning of Section 4203 or Section 4205 of ERISA)
and, none of the Company or its ERISA Affiliates reasonably expects to incur any material liability with respect to the complete
or partial withdrawal from one or more Multiemployer Plans and (6) and neither the Company nor any of its affiliates has incurred,
or reasonably expects to incur, any liability under Title IV of ERISA in respect of any such plan (including any Multiemployer
Plan), other than liability for the payment of required PBGC insurance premiums under Section 4007 of ERISA; provided,
however that for purposes of clauses (1) – (3), such representations shall be made to the knowledge of the Company.

 

As used herein, “ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Company or any of its subsidiaries, is treated
as a single employer under Section 414(b) or (c) of the Internal Revenue Code or is under common control with the Company or any
of its subsidiaries under Section 4001 of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Internal
Revenue Code, is treated as a single employer under Section 414 of the Internal Revenue Code.

 

(ee)           
Disclosure Controls. The Company and its subsidiaries maintain an effective system of “disclosure controls
and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to
be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure
that such information is accumulated and communicated to the Company’s management as appropriate to allow timely decisions
regarding required disclosure. As of the date of the Time of Sale Information and the Offering Memorandum, the Company and its
subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule
13a-15 of the Exchange Act.

 

    11

     

    

 

(ff)             
Accounting Controls. The Company and its subsidiaries maintain systems of “internal control over financial
reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have
been designed by, or under the supervision of their respective principal executive and principal financial officers, or persons
performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles in the United States,
including, but not limited to internal accounting controls sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally accepted accounting principles in the United States
and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific
authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences. There are no “material weaknesses” in the Company’s
internal controls over financial reporting.

 

(gg)          
Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or to the Company’s knowledge,
any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with the applicable
provisions of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection therewith, including
Section 402 related to loans and Sections 302 and 906 related to certifications.

 

(hh)          
No Unlawful Payments. Except as specifically disclosed in the Company’s public filings as of the date of this
Agreement, neither the Company nor any of its subsidiaries, nor any director, officer or employee of the Company or any of its
subsidiaries nor, to the knowledge of the Company, any agent or affiliate acting on behalf of the Company or any of its subsidiaries,
each in their capacity as such, has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful
expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct
or indirect unlawful payment or unlawful benefit to any foreign or domestic government official or employee, including of any government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of
any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation
of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any other applicable anti-bribery or anti-corruption
law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including,
without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company
and its subsidiaries have instituted, maintain and enforce policies and procedures designed to promote and ensure compliance with
all applicable anti-bribery and anti-corruption laws.

 

(ii)              Compliance
with Money Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times
in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and
Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where
the Company or any of its subsidiaries conducts business, the rules and regulations thereunder and any related or
similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the
 “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money
Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

    12

     

    

 

(jj)             
Compliance with Sanctions Laws. Neither the Company nor any of its subsidiaries, directors, officers or, to the knowledge
of the Company, employees, agents or affiliates or any other person associated with or acting on behalf of the Company or any of
its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government (including,
without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S.
Department of State and including, without limitation, the designation as a “specially designated national” or “blocked
person”), the United Nations Security Council (“UNSC”), the European Union or other relevant sanctions authority
(collectively, “Sanctions”), nor is the Company or any of its subsidiaries, organized or resident in a country or territory
that is the subject or target of Sanctions (as of the date hereof, Cuba, Iran, North Korea, Syria and Crimea (each, a “Sanctioned
Country”)); and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder,
or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity
(i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the
subject or target of Sanctions, to the extent such activities or business would be prohibited by applicable Sanctions, (ii) to
fund or facilitate any activities of or business in any Sanctioned Country, to the extent such activities or business would be
prohibited by applicable Sanctions, or (iii) in any other manner that will result in a violation by any person (including any person
participating in the transaction, whether as underwriter, initial purchaser, advisor, investor or otherwise) of Sanctions. For
the past five years, the Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any unlawful
dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of
Sanctions or with any Sanctioned Country.

 

(kk)           
No Stabilization. The Company has not taken, directly or indirectly, any action designed to or that could reasonably
be expected to cause or result in any stabilization or manipulation of the price of the Securities.

 

(ll)             
Investment Company Act. The Company is not and, after giving effect to the offering and sale of the Securities and
the application of the proceeds thereof, as described in the Time of Sale Information and the Offering Memorandum, will not be
an “investment company” as defined in the Investment Company Act of 1940.

 

(mm)        
Statistical and Market Data. Nothing has come to the attention of the Company that has caused the Company to believe
that the statistical and market-related data included or incorporated by reference in the Time of Sale Information and the Offering
Memorandum is not based on or derived from sources that are reliable and accurate in all material respects.

 

(nn)          
Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act) included or incorporated by reference in the Time of Sale Information or the Offering
Memorandum has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

 

    13

     

    

 

(oo)          
Stock Options. With respect to the stock options (the “Stock Options”) granted pursuant to the stock-based
compensation plans of the Company and its subsidiaries (the “Company Stock Plans”), (i) each Stock Option intended
to qualify as an “incentive stock option” under Section 422 of the Code so qualifies, (ii) each grant of a Stock Option
was duly authorized no later than the date on which the grant of such Stock Option was by its terms to be effective (the “Grant
Date”) by all necessary corporate action, including, as applicable, approval by the board of directors of the Company (or
a duly constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes or
written consents, and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto,
(iii) each such grant was made in accordance with the terms of the Company Stock Plans, the Exchange Act and all other applicable
laws and regulatory rules or requirements, including the rules of the New York Stock Exchange and any other exchange on which
Company securities are traded and (iv) each such grant was properly accounted for in accordance with GAAP in the financial statements
(including the related notes) of the Company and disclosed in the Company’s filings with the Commission in accordance with
the Exchange Act and all other applicable laws. The Company has not knowingly granted, and there is no and has been no policy
or practice of the Company of granting, Stock Options prior to, or otherwise coordinating the grant of Stock Options with, the
release or other public announcement of material information regarding the Company or its subsidiaries or their results of operations
or prospects.

 

(pp)          
Underlying Securities. Upon issuance and delivery of the Securities in accordance with this Agreement and the Indenture,
the Securities will be convertible at the option of the holder thereof into shares of Common Stock in accordance with the terms
of the Securities and the Indenture. The Underlying Securities issuable upon conversion of the Securities have been duly authorized
and reserved for issuance, and when issued upon such conversion of the Securities in accordance with the terms of the Securities,
will be duly and validly issued, fully paid and non-assessable, and will conform in all material respects to the description thereof
contained in the Time of Sale Information and the Offering Memorandum; and the issuance of the Underlying Securities will not be
subject to any preemptive or similar rights.

 

(qq)          
eXtensible Business Reporting Language. The interactive data in eXtensible Business Reporting Language included or
incorporated by reference in the Time of Sale Information and the Offering Memorandum fairly presents the information called for
in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

 

(rr)              Cybersecurity;
Data Protection. The Company and its subsidiaries’ information technology assets and equipment, computers, systems,
networks, hardware, software, websites, applications, and databases (collectively, “IT Systems”) are adequate
for, and operate and perform in all material respects as required in connection with the operation of the business of the
Company and its subsidiaries as currently conducted. The Company and its subsidiaries have implemented and maintained
commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential
information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all
personal, personally identifiable, sensitive, confidential or regulated data (“Personal Data”)) used in
connection with their businesses, and, to the knowledge of the Company, there have been no breaches, violations, outages or
unauthorized uses of or accesses to same, except for those would not reasonably be expected to have a Material Adverse
Effect. The Company and its subsidiaries are presently in material compliance with all applicable laws or statutes and all
judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority and contractual
obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and
Personal Data from unauthorized use, access, misappropriation or modification.

 

    14

     

    

 

(ss)            
Rule 144A Eligibility. On the Closing Date, the Securities will not be of the same class as securities listed on
a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation
system; and each of the Time of Sale Information, as of the Time of Sale, and the Offering Memorandum, as of its date, contains
or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided
to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act.

 

(tt)             
No Integration. Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly
or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined
in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration
of the Securities under the Securities Act.

 

(uu)          
No General Solicitation. None of the Company or any of its affiliates or any other person acting on its or their
behalf (other than the Initial Purchasers, as to which no representation is made) has solicited offers for, or offered or sold,
the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation
D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act.

 

(vv)          
Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Initial Purchasers
contained in Section 2(b) and their compliance with their agreements set forth therein, it is not necessary, in connection
with the issuance and sale of the Securities to the Initial Purchasers and the offer, resale and delivery of the Securities by
the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum,
to register the Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act.

 

4.                 
Further Agreements of the Company. The Company covenants and agrees with each Initial Purchaser that:

 

(a)              
Delivery of Copies. The Company will deliver to the Initial Purchasers as many copies of the Preliminary Offering
Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including all amendments
and supplements thereto) as the Representatives may reasonably request.

 

(b)               Offering
Memorandum, Amendments or Supplements. Before finalizing the Offering Memorandum or making or distributing any amendment
or supplement to any of the Time of Sale Information or the Offering Memorandum or filing with the Commission any document
that will be incorporated by reference therein, the Company will furnish to the Representatives and counsel for the
Initial Purchasers a copy of the proposed Offering Memorandum or such amendment or supplement or document to be incorporated
by reference therein for review, and will not distribute any such proposed Offering Memorandum, amendment or supplement or
file any such document with the Commission to which the Representatives reasonably objects

 

    15

     

    

 

(c)              
Additional Written Communications. Before making, preparing, using, authorizing, approving or referring to any Issuer
Written Communication, the Company will furnish to the Representatives and counsel for the Initial Purchasers a copy of such written
communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to which
the Representatives reasonably objects.

 

(d)              
Notice to the Representatives. The Company will advise the Representatives promptly, and confirm such advice in writing,
(i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time
of Sale Information, any Issuer Written Communication or the Offering Memorandum or the initiation or, to the knowledge of the
Company, threatening of any proceeding for that purpose; (ii) of the occurrence or, to the knowledge of the Company, development
of any event at any time prior to the completion of the initial offering of the Securities as a result of which any of the Time
of Sale Information, any Issuer Written Communication or the Offering Memorandum as then amended or supplemented would include
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances existing when such Time of Sale Information, Issuer Written Communication or the Offering Memorandum
is delivered to a purchaser, not misleading; and (iii) of the receipt by the Company of any notice with respect to any suspension
of the qualification of the Securities for offer and sale in any jurisdiction or the initiation, or to the knowledge of the Company,
threatening of any proceeding for such purpose; and the Company will use its commercially reasonable efforts to prevent the issuance
of any such order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication the
Offering Memorandum or suspending any such qualification of the Securities and, if any such order is issued, will obtain as soon
as possible the withdrawal thereof.

 

(e)               Ongoing
Compliance of the Offering Memorandum and Time of Sale Information. (1) If at any time prior to the completion of the
initial offering of the Securities (i) any event or, to the knowledge of the Company, development shall occur or
condition shall exist as a result of which the Offering Memorandum as then amended or supplemented would include any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the
light of the circumstances existing when the Offering Memorandum is delivered to a purchaser, not misleading or (ii) it is
necessary to amend or supplement the Offering Memorandum to comply with applicable law, the Company will immediately notify
the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers
such amendments or supplements to the Offering Memorandum (or any document to be filed with the Commission and incorporated
by reference therein) as may be necessary so that the statements in the Offering Memorandum as so amended or supplemented (or
including such document to be incorporated by reference therein) will not, in the light of the circumstances existing when
the Offering Memorandum is delivered to a purchaser, be misleading or so that the Offering Memorandum will comply with
applicable law and (2) if at any time prior to the Closing Date (i) any event or, to the knowledge of the Company,
development shall occur or condition shall exist as a result of which any of the Time of Sale Information as then amended or
supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii) it is
necessary to amend or supplement any of the Time of Sale Information to comply with applicable law, the Company will promptly
notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial
Purchasers such amendments or supplements to any of the Time of Sale Information (or any document to be filed with the
Commission and incorporated by reference therein) as may be necessary so that the statements in any of the Time of Sale
Information as so amended or supplemented will not, in light of the circumstances under which they were made, be
misleading.

 

    16

     

    

 

(f)               
Blue Sky Compliance. The Company will qualify the Securities for offer and sale under the securities or Blue Sky
laws of such U.S. jurisdictions as the Representatives shall reasonably request and will continue such qualifications in effect
so long as required for offering and resale of the Securities; provided that the Company shall not be required to (i) qualify
as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be
required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to
taxation in any such jurisdiction if it is not otherwise so subject.

 

(g)              
Clear Market. For a period of 90 days after the date of the offering of the Securities, the Company will not (i)
offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
or submit to, or file with, the Commission a registration statement under the Securities Act relating to, any shares of Common
Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or publicly disclose the intention to
undertake any of the foregoing or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic
consequences of ownership of the Common Stock or any such other securities, whether any such transaction described in clause (i)
or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, without the prior written
consent of the Representatives, other than (A) the Securities to be sold hereunder and the Underlying Securities issuable upon
conversion of the Securities, (B) the grant of options, awards of restricted stock and restricted stock units, performance awards
or the issuance of shares of Common Stock to employees or directors by the Company in the ordinary course of business or pursuant
to any of the Company’s employee plans existing on the date of this Agreement, including, but not limited to, the Company’s
employee stock option plan, the Company’s dividend reinvestment and stock purchase plan and the Company’s 401(k) plans
and (C) the issuance by the Company of shares of Common Stock upon the exercise of options granted under the Company’s employee
plans.

 

(h)             
Underlying Securities. The Company will reserve and keep available at all times, free of pre-emptive rights, shares
of Common Stock for the purpose of enabling the Company to satisfy all obligations to issue the Underlying Securities upon conversion
of the Securities.

 

(i)               
Exchange Listing. The Company will use all reasonable efforts to cause the Underlying Securities to be listed and
maintain such listing on the New York Stock Exchange.

 

    17

     

    

 

(j)                
Use of Proceeds. The Company will apply the net proceeds from the sale of the Securities as described in the Time
of Sale Information and the Offering Memorandum under the heading “Use of proceeds.”

 

(k)              
No Stabilization. The Company will not take, directly or indirectly, any action designed to or that could reasonably
be expected to cause or result in any stabilization or manipulation of the price of the Securities.

 

(l)                
Supplying Information. While the Securities remain outstanding and are “restricted securities” within
the meaning of Rule 144(a)(3) under the Securities Act, the Company will, during any period in which the Company is not subject
to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities, prospective purchasers
of the Securities designated by such holders and securities analysts, in each case upon request, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

(m)            
DTC. The Company will assist the Initial Purchasers in arranging for the Securities to be eligible for clearance
and settlement through DTC.

 

(n)              
No Resales by the Company. During the period from the Closing Date until one year after the Closing Date or the Additional
Closing Date, as the case may be, the Company will not, and will not permit any of its affiliates (as defined in Rule 144 under
the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by
the Company or any of its affiliates and resold in a transaction registered under the Securities Act.

 

(o)              
No Integration. Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) will, directly
or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined
in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration
of the Securities under the Securities Act.

 

(p)              
No General Solicitation. None of the Company or any of its affiliates or any other person acting on its or their
behalf (other than the Initial Purchasers, as to which no covenant is given) will solicit offers for, or offer or sell, the Securities
by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any
manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act.

 

5.                 
Certain Agreements of the Initial Purchasers. Each Initial Purchaser hereby represents and agrees that it has not
and will not use, authorize use of, refer to, or participate in the planning for use of, any written communication that constitutes
an offer to sell or the solicitation of an offer to buy the Securities other than (i) the Preliminary Offering Memorandum and
the Offering Memorandum, (ii) a written communication that contains no “issuer information” (as defined in Rule 433(h)(2)
under the Securities Act) that was not included (including through incorporation by reference) in the Time of Sale Information
or the Offering Memorandum, (iii) any written communication listed on Annex A or prepared pursuant to Section 4(c) above
(including any electronic road show), (iv) any written communication prepared by such Initial Purchaser and approved by the Company
in advance in writing or (v) any written communication relating to or that contains the terms of the Securities and/or other information
that was included (including through incorporation by reference) in the Time of Sale Information or the Offering Memorandum.

 

    18

     

    

 

6.                 
Conditions of Initial Purchasers’ Obligations. The obligation of each Initial Purchaser to purchase the Underwritten
Securities on the Closing Date or the Option Securities on the Additional Closing Date, as the case may be, as provided herein
is subject to the performance by the Company of its covenants and other obligations hereunder and to the following additional conditions:

 

(a)              
DTC. The Securities shall be eligible for clearance and settlement through the DTC.

 

(b)              
Representations and Warranties. The representations and warranties of the Company contained herein shall be true
and correct on the date hereof and on and as of the Closing Date or the Additional Closing Date, as the case may be; and the statements
of the Company and its officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and
as of the Closing Date or the Additional Closing Date, as the case may be.

 

(c)              
No Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement,
(i) no downgrading shall have occurred in the rating accorded any securities issued or guaranteed by the Company or any of its
subsidiaries by any “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62)
under the Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review, or
has changed its outlook with respect to, its rating of any securities issued or guaranteed by the Company or any of its subsidiaries
(other than an announcement with positive implications of a possible upgrading).

 

(d)              
No Material Adverse Change. Subsequent to the execution and delivery of this Agreement, no event or condition of
a type described in Section 3(z) hereof shall have occurred or shall exist, which event or condition is not described in the
Time of Sale Information (excluding any amendment or supplement thereto) and the Offering Memorandum (excluding any amendment or
supplement thereto) and the effect of which in the judgment of the Representatives makes it impracticable or inadvisable to proceed
with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of
Sale Information and the Offering Memorandum.

 

(e)               Officer’s
Certificate. The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the
case may be, a certificate of an executive officer of the Company (acting solely in such capacity on behalf of the Company
and not in such executive officer’s personal capacity) who has specific knowledge of the Company’s financial
matters and is reasonably satisfactory to the Representatives (i) confirming that such officer has carefully reviewed the
Time of Sale Information and the Offering Memorandum and, to the knowledge of such officer, the representations set forth in
Sections 3(b) and 3(d) hereof are true and correct; (ii) confirming that the other representations and warranties of the
Company in this Agreement are true and correct and that the Company has complied with all agreements and satisfied all
conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date or the Additional Closing Date,
as the case may be; and (iii) to the effect set forth in paragraphs (b), (c) and (d) of this Section 6.

 

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(f)               
Comfort Letters for the Company. On the date of this Agreement and on the Closing Date or the Additional Closing
Date, as the case may be, PricewaterhouseCoopers LLP shall have furnished to the Representatives, at the request of the Company,
letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance reasonably
satisfactory to the Representatives, containing statements and information of the type customarily included in accountants’
 “comfort letters” to initial purchasers with respect to the Company’s financial statements and certain financial
information contained or incorporated by reference in the Time of Sale Information and the Offering Memorandum; provided
that the letter delivered on the Closing Date or the Additional Closing Date, as the case may be, shall use a “cut-off”
date no more than three business days prior to the Closing Date or such Additional Closing Date, as the case may be.

 

(g)              
CFO Certificates. On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the case
may be, the Company shall have furnished to the Representatives certificates, dated the respective dates of delivery thereof and
addressed to the Initial Purchasers, of its chief financial officer with respect to certain financial data contained or incorporated
by reference in the Time of Sale Information and the Offering Memorandum, providing “management comfort” with respect
to such information, in form and substance reasonably satisfactory to the Representatives.

 

(h)              
Opinion of Counsel for the Company. Opinion and Negative Assurance Statement of Outside Counsel for the Company.
Milbank LLP, counsel for the Company, shall have furnished to the Representatives, at the request of the Company, an opinion and
negative assurance statement, dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Initial
Purchasers, in form and substance reasonably satisfactory to the Representatives, to the effect set forth in Annex D hereto.

 

(i)                
Opinion and Negative Assurance Statement of Counsel for the Initial Purchasers. The Representatives shall have received
on and as of the Closing Date or the Additional Closing Date, as the case may be, an opinion and negative assurance statement of
Simpson Thacher & Bartlett LLP, counsel for the Initial Purchasers, addressed to the Initial Purchasers, with respect to such
matters as the Representatives may reasonably request, and such counsel shall have received such documents and information as they
may reasonably request to enable them to pass upon such matters.

 

(j)                
No Legal Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall
have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the
Closing Date or the Additional Closing Date, as the case may be, prevent the issuance or sale of the Securities; and no injunction
or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date or the Additional Closing
Date, as the case may be, prevent the issuance or sale of the Securities.

 

(k)               Good
Standing. The Representatives shall have received on and as of the Closing Date or the Additional Closing
Date, satisfactory evidence of the good standing of the Company and its Designated Subsidiaries, other than the Designated
Subsidiaries organized and existing outside the United States, in their respective jurisdictions of organization and their
good standing in such other jurisdictions as the Representatives may reasonably request, in each case in writing or any
standard form of telecommunication from the appropriate governmental authorities of such jurisdictions.

 

    20

     

    

 

(l)                
Exchange Listing. The Underlying Securities shall have been approved for listing on the New York Stock Exchange,
subject to official notice of issuance.

 

(m)            
Lock-up Agreements. The “lock-up” agreements, each substantially in the form of Exhibit A hereto, between
the Representatives and the officers and directors of the Company listed on Schedule 2 hereto relating to sales and certain other
dispositions of shares of Stock or certain other securities, delivered to the Representatives on or before the date hereof, shall
be in full force and effect on the Closing Date or Additional Closing Date, as the case may be.

 

(n)              
Additional Documents. On or prior to the Closing Date or the Additional Closing Date, as the case may be, the Company
shall have furnished to the Representatives such further certificates and documents as the Representatives may reasonably request.

 

(o)              
Supplemental Indenture Relating to Securities. The Representatives shall have received an executed copy of the Supplemental
Indenture.

 

All opinions, letters, certificates and
evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if
they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers.

 

7.                 
Indemnification and Contribution.

 

(a)              
Indemnification of the Initial Purchasers. The Company agrees to indemnify and hold harmless each Initial Purchaser,
its affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities
(including, without limitation, reasonable, documented legal fees and other reasonable, documented expenses incurred in connection
with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise
out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering
Memorandum, any of the other Time of Sale Information, any Issuer Written Communication, any road show as defined in Rule 433(h)
under the Securities Act (a “road show”) or the Offering Memorandum (or any amendment or supplement thereto) or any
omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities
arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon
and in conformity with any information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser
through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished
by any Initial Purchaser consists of the information described as such in subsection (b) of this Section 7.

 

    21

     

    

 

 

 

(b)              
Indemnification of the Company. Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless
the Company, its directors, its officers and each person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) of
this Section 7, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon,
any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information
relating to such Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly
for use in the Preliminary Offering Memorandum, any of the other Time of Sale Information (including any of the other Time of Sale
Information that has subsequently been amended), any Issuer Written Communication, any road show or the Offering Memorandum (or
any amendment or supplement thereto), it being understood and agreed that the only such information furnished by any Initial Purchaser
consists of the following: the statements concerning the Initial Purchasers contained in (i) the paragraph under the subsection
 “Commissions and discounts” under the heading “Plan of Distribution” in the Offering Memorandum and (ii)
the last paragraph under the subsection “No Sales of Similar Securities” under the heading “Plan of Distribution”
in the Offering Memorandum.

 

(c)              
Notice and Procedures. If any suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to
either paragraph (a) or (b) of this Section 7, such person (the “Indemnified Person”) shall promptly notify the
person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that
the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under this Section 7
except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such
failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have to an Indemnified Person otherwise than under this Section 7. If any such proceeding shall be
brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying
Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the written consent of the
Indemnified Person, be counsel to the Indemnifying Person, such consent not to be unreasonably withheld, conditioned or delayed)
to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 7 that the Indemnifying
Person may designate in such proceeding and shall pay the reasonable, documented fees and expenses of such counsel related to
such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but
the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and
the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable
time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded
that there are or are likely to be legal defenses available to it that are different from or in addition to those available to
the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying
Person and the Indemnified Person and the Indemnified Person shall have reasonably concluded that representation of both parties
by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed
that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable
for the reasonable, documented fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for any Initial
Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing
by Goldman Sachs & Co. LLC and Barclays Capital Inc. and any such separate firm for the Company, its directors and officers
and any control persons of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be liable
for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final
judgment for the plaintiff by a court of competent jurisdiction, the Indemnifying Person agrees to indemnify each Indemnified
Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence,
if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for reasonable,
documented fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement
of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt
by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in
accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of
the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person
is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement
(x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified
Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as
to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

 

    22 

     

    

 

(d)              
Contribution. If the indemnification provided for in paragraph (a) or (b) of this Section 7 is unavailable to
an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying
Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or
payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate
to reflect the relative benefits received by the Company on the one hand and the Initial Purchasers on the other from the offering
of the Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company
on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company
on the one hand and the Initial Purchasers on the other shall be deemed to be in the same respective proportions as the net proceeds
(before deducting expenses) received by the Company from the sale of the Securities and the total discounts and commissions received
by the Initial Purchasers in connection therewith, in each case as set forth in the table on the cover of the Offering Memorandum,
bear to the aggregate offering price of the Securities. The relative fault of the Company on the one hand and the Initial Purchasers
on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Initial
Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.

 

(e)              
Limitation on Liability. The Company and the Initial Purchasers agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Initial Purchasers
were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in paragraph (d) of this Section 7. The amount paid or payable by an Indemnified Person as a result
of the losses, claims, damages and liabilities referred to in paragraph (d) of this Section 7 shall be deemed to include,
subject to the foregoing limitations, any reasonable, documented legal or other expenses reasonably incurred by such Indemnified
Person in connection with any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall an
Initial Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions received
by such Initial Purchaser with respect to the offering of the Securities exceeds the amount of any damages that such Initial Purchaser
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 Initial Purchasers’ obligations to contribute
pursuant to this Section 7 are several in proportion to their respective purchase obligations hereunder and not joint.

 

    23 

     

    

 

(f)               
Non-Exclusive Remedies. The remedies provided for in this Section 7 are not exclusive and shall not limit any
rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.

 

8.                 
Effectiveness of this Agreement. This Agreement shall become effective as of the date first written above.

 

9.                 
Termination. This Agreement may be terminated in the absolute discretion of the Representatives, by notice to the
Company, if after the execution and delivery of this Agreement and on or prior to the Closing Date or, in the case of the Option
Securities, prior to the Additional Closing Date (i) trading generally shall have been suspended or materially limited on or by
any of the New York Stock Exchange, the NASDAQ Stock Market or the over-the-counter market; (ii) trading of any securities issued
or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium
on commercial banking activities shall have been declared by federal or New York State authorities or a material disruption in
commercial banking or securities settlement or clearance services in the United States shall have occurred; or (iv) there shall
have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within
or outside the United States, that, in the judgment of the Representatives, is material and adverse and makes it impracticable
or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by
this Agreement, the Time of Sale Information and the Offering Memorandum.

 

10.              Defaulting
Initial Purchaser. (a) If, on the Closing Date or the Additional Closing Date, as the case may be, any Initial Purchaser
defaults on its obligation to purchase the Securities that it has agreed to purchase hereunder, the non-defaulting Initial
Purchasers may in their discretion arrange for the purchase of such Securities by other persons satisfactory to the
Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the
non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Company shall be entitled to a
further period of 36 hours within which to procure other persons reasonably satisfactory to the non-defaulting Initial
Purchasers to purchase such Securities on such terms. If other persons become obligated or agree to purchase the Securities
of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Company may postpone the Closing
Date, or the Additional Closing Date, as the case may be, for up to five full business days in order to effect any changes
that in the opinion of counsel for the Company or counsel for the Initial Purchasers may be necessary in the Offering
Memorandum or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to
the Time of Sale Information or the Offering Memorandum that effects any such changes. As used in this Agreement, the term
 “Initial Purchaser” includes, for all purposes of this Agreement unless the context otherwise requires, any
person not listed in Schedule 1 hereto that, pursuant to this Section 10, purchases Securities that a defaulting Initial
Purchaser agreed but failed to purchase.

 

    24 

     

    

 

(b)              
If, after giving effect to any arrangements for the purchase of the Underwritten Securities or the Option Securities, as
the case may be, of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Company
as provided in paragraph (a) of this Section 10, the aggregate principal amount of such Underwritten Securities or such Option
Securities, as the case may be, that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all
the Underwritten Securities or the Option Securities, as the case may be, then the Company shall have the right to require each
non-defaulting Initial Purchaser to purchase the principal amount of Underwritten Securities or the Option Securities, as the case
may be, that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser’s pro rata share (based on the
principal amount of Underwritten Securities or Optional Securities, as the case may be, that such Initial Purchaser agreed to purchase
hereunder) of the Underwritten Securities or Optional Securities, as the case may be, of such defaulting Initial Purchaser or Initial
Purchasers for which such arrangements have not been made.

 

(c)              
If, after giving effect to any arrangements for the purchase of the Underwritten Securities or the Option Securities, as
the case may be, of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Company
as provided in paragraph (a) of this Section 10, the aggregate principal amount of such Underwritten Securities or such Option
Securities, as the case may be, that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Underwritten
Securities or the Option Securities, as the case may be, or if the Company shall not exercise the right described in paragraph
(b) of this Section 10, then this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers.
Any termination of this Agreement pursuant to this Section 10 shall be without liability on the part of the Company, except
that the Company will continue to be liable for the payment of expenses as set forth in Section 10 hereof and except that
the provisions of Section 7 hereof shall not terminate and shall remain in effect.

 

(d)              
Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Company or any
non-defaulting Initial Purchaser for damages caused by its default.

 

11.             
Payment of Expenses. (a) Whether or not the transactions contemplated by this Agreement are consummated or
this Agreement is terminated, the Company will pay or cause to be paid all costs and expenses incident to the performance of its
obligations hereunder, including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation
and delivery of the Securities and any taxes payable in that connection; (ii) the costs incident to the preparation and printing
of the Preliminary Offering Memorandum, other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum
(including all exhibits, amendments and supplements thereto in connection therewith) and the distribution thereof; (iii) the costs
of reproducing and distributing each of the Transaction Documents; (iv) the documented, reasonable fees and expenses of the Company’s
counsel and independent accountants; (v) the fees and expenses incurred in connection with the registration or qualification and
determination of eligibility for investment of the Securities under the laws of such U.S. jurisdictions as the Representatives
may designate and the preparation, printing and distribution of a Blue Sky Memorandum (including the related fees and expenses
of counsel for the Initial Purchasers); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and
expenses of the Trustee and any paying agent (including related fees and expenses of any counsel to such parties); (viii) all
expenses and application fees incurred in connection with any filing with, and clearance of the offering by, the Financial Industry
Regulatory Authority; (ix) all expenses incurred by the Company in connection with any “road show” presentation to
potential investors and (x) all expenses and application fees related to the listing of Underlying Securities on the New York
Stock Exchange.

 

    25 

     

    

 

(b)              
If (i) this Agreement is terminated pursuant to Section 9, (ii) the Company for any reason fails to tender the Securities
for delivery to the Initial Purchasers or (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted
under this Agreement, other than due to a termination pursuant to Section 10, the Company agrees to reimburse the Initial
Purchasers for all reasonable, documented out-of-pocket costs and expenses (including the fees and expenses of their counsel) incurred
by the Initial Purchasers in connection with this Agreement and the offering contemplated hereby.

 

12.             
Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and the officers and directors and any controlling persons referred to herein, and the affiliates
of each Initial Purchaser referred to in Section 7 hereof. Nothing in this Agreement is intended or shall be construed to
give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained
herein. No purchaser of Securities from any Initial Purchaser shall be deemed to be a successor merely by reason of such purchase.

 

13.             
Survival. The respective indemnities, rights of contribution, representations, warranties and agreements of the Company
and the Initial Purchasers contained in this Agreement or made by or on behalf of the Company or the Initial Purchasers pursuant
to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and
shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf
of the Company or the Initial Purchasers.

 

14.             
Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate”
has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than
a day on which banks are permitted or required to be closed in New York City; (c) the term “subsidiary” has the meaning
set forth in Rule 405 under the Securities Act; and (d) the term “significant subsidiary” has the meaning set forth
in Rule 1-02 of Regulation S-X under the Exchange Act.

 

15.             
Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective
clients, including the Company, which information may include the name and address of their respective clients, as well as other
information that will allow the Initial Purchasers to properly identify their respective clients.

 

    26 

     

    

 

16.             
Miscellaneous. (a) Authority of the Representatives. Any action by the Representatives or Initial Purchasers
hereunder may be taken by Goldman Sachs & Co. LLC and Barclays Capital Inc. on behalf of the Initial Purchasers, and any such
action taken by Goldman Sachs & Co. LLC and Barclays Capital Inc. shall be binding upon the Initial Purchasers.

 

(b)              
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly
given upon receipt at the addresses set forth in the following sentence. Notices to the Initial Purchasers shall be given to the
Representatives at: (i) c/o Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Registration Department
and (ii) c/o Barclays Capital Inc., Broadridge Financial Solutions, 155 Long Island Avenue, Edgewood, NY 11717. Notices to the
Company shall be given to it at 600 Grant Street, Room 1500 and Room 6100, Pittsburgh, PA 15219-2800 (fax: 412-433-2811) (e-mail:
mwfurry@uss.com), Attention: Mark Furry, Associate General Counsel - Corporate, and Arne Jahn, Treasurer & Chief Risk Officer.

 

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

 

(d)              
Submission to Jurisdiction. Each party hereto hereby submits to the exclusive jurisdiction of the U.S. federal and
New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby. Each party hereto waives any objection which it may now or hereafter
have to the laying of venue of any such suit or proceeding in such courts. Each party hereto agrees that final judgment in any
such suit, action or proceeding brought in such court shall be conclusive and binding upon it and may be enforced in any court
to the jurisdiction of which it is subject by a suit upon such judgment.

 

(e)              
Waiver of Jury Trial. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding
arising out of or relating to this Agreement.

 

(f)               
Counterparts. This Agreement may be signed in counterparts (which may include counterparts delivered by any standard
form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument.

 

(g)              
Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to
any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.

 

(h)              
Headings. The headings herein are included for convenience of reference only and are not intended to be part of,
or to affect the meaning or interpretation of, this Agreement.

 

    27 

     

    

 

(i)                
Xtract Research LLC. The Company hereby agrees that the Initial Purchasers may provide copies of the Preliminary
Offering Memorandum and the Final Offering Memorandum relating to the offering of the Securities and any other agreements or documents
relating thereto, including, without limitation, trust indentures, to Xtract Research LLC (“Xtract”) following the
completion of the offering for inclusion in an online research service sponsored by Xtract, access to which is restricted to “qualified
institutional buyers” as defined in Rule 144A under the Securities Act.

 

(j)                
Recognition of the U.S. Special Resolution Regimes. (A) In the event that any Initial Purchaser that is a Covered
Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Initial Purchaser of this
Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by
the laws of the United States or a state of the United States.

 

(B)             
In the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against
such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the
U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

 

As used in this Section 16(j):

 

“BHC Act Affiliate”
has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. §
1841(k).

 

“Covered Entity”
means any of the following:

 

(i)             
a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(ii)            
a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii)           
a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Default Right” has the
meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.

 

“U.S. Special Resolution Regime”
means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

    28 

     

    

 

If the foregoing is in accordance with your
understanding, please indicate your acceptance of this Agreement by signing in the space provided below.

 

	 	Very truly yours,
	 	 
	 	UNITED STATES STEEL CORPORATION
	 	 
	 	 
	 	By:	/s/ Arne S. Jahn
	 	 	Name: Arne S. Jahn
	 	 	Title: Treasurer & Chief Risk Officer

 

	Confirmed and accepted as of the
 date set forth on the first page hereof	 
	 	 
	Goldman Sachs & Co. LLC	 
	 	 
	 	 
	By	/s/ Matt Leavitt	 
	 	 	 
	 	Authorized Signatory	 
	 	 
	Barclays Capital Inc.	 
	 	 
	By	/s/ Paul Robinson	 
	 	 	 
	 	Authorized Signatory	 
	 	 
	 	 
	For themselves and on behalf of the	 
	several Initial Purchasers listed	 
	in Schedule 1 hereto.	 

 

[Signature page to Underwriting Agreement]

 

    

     

    

 

Schedule 1

 

	Initial Purchaser	 	Principal

 Amount of 
 Securities	 
	Goldman Sachs & Co. LLC	 	$	60,000,000	 
	Barclays Capital Inc.	 	$	45,000,000	 
	J.P. Morgan Securities LLC	 	$	27,750,000	 
	Credit Suisse Securities (USA) LLC	 	$	27,000,000	 
	Wells Fargo Securities, LLC	 	$	22,500,000	 
	BofA Securities Inc.	 	$	22,500,000	 
	Citigroup Global Markets Inc.	 	$	21,750,000	 
	Morgan Stanley & Co. LLC	 	$	19,500,000	 
	BMO Capital Markets Corp.	 	$	11,250,000	 
	ING Financial Markets LLC	 	$	11,250,000	 
	SunTrust Robinson Humphrey, Inc.	 	$	11,250,000	 
	Citizens Capital Markets, Inc.	 	$	8,250,000	 
	PNC Capital Markets LLC	 	$	6,000,000	 
	The Huntington Investment Company	 	$	6,000,000	 
	 	 	 	 	 
	Total	 	$	300,000,000	 

 

    Sch. 1 - 1

     

    

 

Schedule 2

 

Lock-Up Agreement Schedule

 

		1.	David B. Burritt-Director, President & Chief Executive Officer

 

		2.	Patricia Diaz Dennis-Director

 

		3.	Dan O. Dinges-Director

 

		4.	John J. Engel-Director

 

		5.	John V. Faraci-Director

 

		6.	Murry S. Gerber-Director

 

		7.	Stephen J. Girsky-Director

 

		8.	Paul A. Mascarenas-Director

 

		9.	Michael H. McGarry-Director

 

		10.	Eugene B. Sperling-Director

 

		11.	David S. Sutherland-Director

 

		12.	Patricia A. Tracey-Director

 

		13.	Kevin P. Bradley-Executive Vice President & Chief Financial Officer

 

		14.	Christine S. Breves-Senior Vice President – Manufacturing Support & Chief Supply Chain Officer

 

		15.	James E. Bruno-Senior Vice President – European Solutions & President of U. S. Steel Kosice

 

		16.	Scott D. Buckiso-Senior Vice President – Automotive Solutions

 

		17.	Kimberly D. Fast-Acting Controller

 

		18.	Richard L. Fruehauf-Senior Vice President – Strategic Planning & Corporate Development

 

		19.	Duane D. Holloway-Senior Vice President, General Counsel, Chief Ethics & Compliance Officer and Corporate Secretary

 

		20.	Douglas R. Matthews-Senior Vice President – Industrial, Service Center and Mining Solutions, Head of Tubular

 

		21.	A. Barry Melnkovic-Senior Vice President & Chief Human Resource Officer

 

		22.	Arne Jahn, Treasurer and Chief Risk Officer

 

    Sch. 2 - 1

     

    

 

Annex A

 

Time of Sale Information 

 

	·	Pricing Term Sheet, dated October 16, 2019, relating to the Securities and attached as Annex B hereto.

 

    Annex A - 1

     

    

 

Annex C

 

Designated Subsidiaries of the Company

 

	Entity	 	Jurisdiction of Organization
	U.S. Steel Tubular Products, Inc.	 	Delaware
	 	 	 
	USS Portfolio Delaware, Inc.	 	Delaware
	 	 	 
	U. S. Steel Košice, s.r.o	 	Slovak Republic
	 	 	 
	U.S. Steel Oilwell Services, LLC	 	Delaware
	U. S. Steel Seamless Tubular Operations, LLC	 	Texas
	United States Steel International, Inc.	 	New Jersey
	USS Galvanizing, Inc.	 	Delaware
	Grant Assurance Corporation	 	Vermont
	U.S. Steel Holdings, Inc.	 	Delaware

 

    Annex C - 1

     

    

 

Exhibit A

 

Form of Lock-Up Agreement

 

CONVERTIBLE NOTES LOCK-UP AGREEMENT

 

October 15, 2019

 

GOLDMAN SACHS & CO. LLC

BARCLAYS CAPITAL INC.

 

As Representatives of

the several Initial Purchasers listed

in Schedule 1 to the Purchase

Agreement referred to below

 

c/o Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

 

c/o Barclays Capital Inc.

1155 Long Island Avenue

Edgewood, NY 11717

 

Re:United States Steel Corporation –
Convertible Notes Offering

 

Ladies and Gentlemen:

 

The undersigned understands
that you, as Representatives of the several Initial Purchasers, propose to enter into a Purchase Agreement (the “Purchase
Agreement”) with United States Steel Corporation, a Delaware corporation (the “Company”), providing for the offering
(the “Convertible Notes Offering”) by the several Initial Purchasers listed in Schedule 1 to the Purchase Agreement
(the “Initial Purchasers”), of convertible notes of the Company (the “Securities”). Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Purchase Agreement.

 

     

    3

    

 

In consideration of
the Initial Purchasers’ agreement to purchase and make the Convertible Notes Offering of the Securities, and for other good
and valuable consideration receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written
consent of Goldman Sachs & Co. LLC and Barclays Capital Inc. on behalf of the Initial Purchasers, the undersigned will not,
during the period ending 90 days after the date of the Offering Memorandum relating to the Convertible Notes Offering, (1) offer,
pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly,
any shares of Common Stock, par value $1.00 per share of the Company (the “Common Stock”), or any securities convertible
into or exercisable or exchangeable for Common Stock (including without limitation, Common Stock which may be deemed to be beneficially
owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and securities
which may be issued upon exercise of a stock option or warrant) or (2) enter into any swap or other agreement that transfers,
in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described
in clause (1) or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise or (3)
make any demand for or exercise any right with respect to the registration of any shares of Common Stock or any security convertible
into or exercisable or exchangeable for Common Stock, in each case other than (A) transfers of shares of Common Stock (or stock
options exercisable for shares of Common Stock) as a bona fide gift or gifts (including, for the avoidance of doubt, charitable
donations or gifts) or for estate planning purposes and (B)  sales of shares of Common Stock for purposes of settling taxes
owed in respect of (i) the exercise of stock options that expire during the 90-day period referred to above, (ii) the vesting
of restricted stock, restricted stock units or shares under performance awards during such period and (iii) awards of restricted
stock, restricted stock units or shares under performance awards made during such period; provided that in the case of
any transfer or distribution pursuant to clause (A), each donee or distributee shall execute and deliver to the Representatives
a lock-up letter in the form of this paragraph; and provided, further, that in the case of any sale, transfer or
distribution pursuant to clauses (A) and (B), no filing by any party (donor, donee, transferor or transferee) under the Securities
Exchange Act of 1934, as amended, or other public announcement shall be required or shall be made voluntarily in connection with
such transfer or distribution (other than (x) a filing on a Form 5 made after the expiration of the 90-day period referred to
above or (y) a filing on a Form 4 solely in respect of a transaction for a purpose referred to in clause (B) above, provided such
Form 4 specifies that such transaction occurred for such purpose).

 

In furtherance of the
foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the securities described herein,
are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of
this Letter Agreement.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this Letter Agreement. All authority herein
conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs
or personal representatives of the undersigned.

 

The undersigned understands
that, if the Purchase Agreement does not become effective by December 31, 2019, or if the Purchase Agreement (other than the provisions
thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Securities to be sold
thereunder, the undersigned shall be released from, all obligations under this Letter Agreement. The undersigned understands that
the Initial Purchasers are entering into the Purchase Agreement and proceeding with the Convertible Notes Offering in reliance
upon this Letter Agreement.

 

     

    4

    

 

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

 

	 	Very truly yours,
	 	 
	 	[NAME OF STOCKHOLDER]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.1

 

WARRANT REDEMPTION AND CANCELLATION AGREEMENT

 

THIS WARRANT REDEMPTION
AND CANCELLATION AGREEMENT (the “Agreement”) is made and entered into as of October [__], 2019, by and between
____________________________, (the “Warrant Holder”) and Avalon GloboCare Corp., a Delaware corporation (the
“Company”).

 

RECITALS

 

WHEREAS, the Warrant
Holder is the owner of a Stock Purchase Warrant issued by the Company, dated as of April 29, 2019 (the “Warrant”),
to acquire [ ] shares of the Company’s Common Stock (the “Common Stock”), which Warrant was issued pursuant
to the terms of a Securities Purchase Agreement, dated April 25, 2019 (the “Purchase Agreement);

 

WHEREAS, the Company
and the Holder have agreed that the Warrant shall be redeemed and cancelled upon the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

1. (a) Initial Redemption
and Reduction of the Warrant. On or before October 25, 2019 (the “First Closing Date”, which First Closing
Date shall occur on the Trading Day following the date written notice shall be given to the Warrant Holder that such closing will
occur, such date on which notice is given (which shall be on or before October 24, 2019, the “First Notice Closing Date”),
the Company shall pay to the Warrant Holder [ ] Dollars ($[ ]) by wire transfer of immediately available funds (the “Initial
Redemption Price”) to an account designated in writing by the Warrant Holder in consideration of the redemption and cancellation
of 50% of the Warrant, or [ ] shares. On or prior to the First Notice Closing Date, the Warrant Holder shall have the right to
exercise all or some of the Warrant by delivery of a Notice of Exercise to the Company, and if the Warrant has been exercised prior
to the First Closing Date, then the portion of the Warrants redeemed shall be reduced such that the number of shares remaining
subject to the purchase of the Warrant on and after the First Closing Date shall be [ ] shares (or less if the exercise is for
more than [ ] shares), and the Initial Redemption Price shall be equal to $0.8166 multiplied by the excess of (i) the number of
shares of Common Stock issuable upon exercise of the Warrant after taking into account all such exercises prior to the First Closing
Date, over (ii) [ ]; provided however, that if any exercise of the Warrant prior to the First Closing Date are for [ ] shares or
more, there shall be no redemption on the First Closing Date. Upon receipt of payment in full of the Initial Redemption Price,
if any, the Warrant shall be redeemed, cancelled and terminated as to the number of shares of Common Stock redeemed thereby, and
the Warrant Holder’s rights under the Warrant shall be reduced by the proportion of the Warrant that has been redeemed, so
that the Warrant will remain exercisable for only [ ] shares of Common Stock.

 

(b) Final Redemption
and Cancellation of the Warrant. On or before November 8, 2019 (the “Second Closing Date”, which Second
Closing Date shall occur on the Trading Day following the date written notice shall be given to the Warrant Holder that such closing
will occur, such date on which notice is given, (which shall be on or before November 7, 2019, the “Second Notice Closing
Date”), the Company shall pay to the Warrant Holder [ ] Dollars ($[ ]) by wire transfer of immediately available funds
(the “Final Redemption Price”) to an account designated in writing by the Warrant Holder in consideration of
the redemption and cancellation of the then remaining 50% of the Warrant, or [ ] shares. On or prior to the Second Notice Closing
Date, the Warrant Holder shall have the right to exercise all or some of the Warrant remaining outstanding after the portion exercised
before or redeemed on the First Closing Date, by delivery of a Notice of Exercise to the Company, in which case (or if the Warrant
was exercised for more than [ ] shares prior to the Second Closing Date), the Final Redemption Price and the number of Warrants
redeemed on the Second Closing Date shall be reduced to be a redemption of the entire remaining Warrant, and at a Final Redemption
Price equal to $0.8166 multiplied by the number of shares of Common Stock issuable upon exercise of the entire remaining Warrant.
Upon receipt of payment in full of the Final Redemption Price, the Warrant shall be redeemed, cancelled and terminated in full,
and the Warrant Holder shall have no rights under the Warrant and no equity interest in the Company whatsoever by virtue of any
warrants (other than to receive shares pursuant to a validly tendered Notice of Exercise given on or before the Second Notice Closing
Date). Within three (3) business days of the Second Notice Closing Date, the Warrant Holder shall deliver to the Company the original
Warrant in proper form for transfer for cancellation of the Warrant by the Company.

 

     

     

    

 

(c) The Warrant Holder
shall have the right to terminate this Agreement if the Warrant Holder has not received the Initial Redemption Price on or prior
to November 1, 2019. Additionally, to the extent that the Warrant Holder has not received the Final Redemption Price on or prior
to November 14, 2019, then the Warrant Holder shall have the right to terminate the Company’s rights under Section 1(b) hereof.

 

2. Warrant Holder
Representations. The Warrant Holder hereby represents and warrants that (a) it is duly organized and validly existing and in
good standing under the laws of the jurisdiction of its organization, (b) it has the requisite power and authority to enter into
this Agreement and perform its obligations hereunder; (c) this Agreement has been duly authorized, executed and delivered by it
and constitutes a valid and binding obligation of the Warrant Holder, enforceable in accordance with its terms; (d) it is not subject
to or obligated under any provision of its charter or bylaws which would be breached or violated by the execution, delivery and
performance by the Warrant Holder of this Agreement and the consummation of the transactions contemplated hereby; (e) the Warrant
Holder is the registered owner of the Warrant and possesses good title thereto, free and clear of all liens, charges and encumbrances;
(f) the Warrant Holder has been furnished with all the information it deems necessary or desirable to evaluate the merits and risks
of redeeming the Warrants as provided herein, and has been given the opportunity to ask questions of and receive answers from the
representatives of the Company with respect to this Agreement and the transactions contemplated hereby; and (g) the Warrant Holder
is financially sophisticated and able to evaluate the risks and merits of this transaction.

 

3. Company Representations.
The Company hereby represents and warrants that (a) it is duly organized and validly existing and in good standing under the laws
of the jurisdiction of its organization, (b) it has the requisite power and authority to enter into this Agreement and perform
its obligations hereunder; (c) this Agreement has been duly authorized, executed and delivered by the Company and constitutes a
valid and binding obligation of the Company, enforceable in accordance with its terms; (d) it is not subject to or obligated under
any provision of its charter or bylaws which would be breached or violated by the execution, delivery and performance by the Company
of this Agreement and the consummation of the transactions contemplated hereby; (e) it has not agreed to pay for the redemption
of any other Warrants issued under the Purchase Agreement at a price greater than $0.8166 multiplied by the number of shares of
Common Stock issuable upon exercise of such other Warrant; and (f) the Company is not currently contemplating entering into any
transaction that would constitute a Fundamental Transaction as defined in the Warrant.

 

    -2-

     

    

 

Nonetheless,
if (i) the Company were to consummate a Fundamental Transaction on a date prior to the date that is 90 days after the date hereof,
(ii) the Warrant Holder on such date still holds any unexercised Warrants, or would have held unexercised Warrants but for a redemption
pursuant to Section 1 above (and not as a result of an exercise), and (iii) the Warrant Holder would have been entitled
to receive the Black-Scholes Value of the unexercised portion of its Warrants pursuant to the last sentence of paragraph 4(g) of
the Warrant if it then holds or would have held unexercised Warrants at such date, then the Company shall be obligated to pay to
the Warrant Holder, as additional consideration for the redemption and cancellation of the Warrants in full, a sum equal to the
difference of (a) the Black-Scholes Value of the unexercised portion of the Warrant (computed as if no redemptions had occurred)
minus (b) all amounts previously paid to the Warrant Holder pursuant to the terms of this Agreement; and provided however that
the timing and form of any such payment shall be governed by the last sentence of paragraph 4(g) of the Warrant.

 

4. Governing Law.
This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving
effect to its principles of conflicts of laws thereof.

 

5. Further Assurances.
The Warrant Holder shall, upon the request of the Company, execute and deliver such documents and take such action reasonably deemed
by the Company to be necessary to effectuate the purposes and objectives of this Agreement, at the sole cost and expense of the
Company.

 

6. Assignments.
This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns, but will not be assignable or delegable by any party hereto without the prior written consent of the other party.

 

7. Jurisdiction of
Courts. Any proceeding initiated over any dispute arising out of or relating to this Agreement or any of the transactions contemplated
hereby shall be initiated in any federal or state court located within the State of Delaware and the parties hereto further agree
that venue for all such matters shall lie exclusively in those courts. The parties hereto hereby irrevocably waive, to the fullest
extent permitted by applicable law, any objection that they may now or hereafter have, including any claim of forum non conveniens,
to venue in the courts located in the State of Delaware. The parties hereto agree that a judgment in any such dispute may be enforced
in other jurisdictions by proceedings on the judgment or in any other manner provided by law.

 

    -3-

     

    

 

8. WAIVER OF JURY
TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES AND COVENANTS THAT IT SHALL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR
OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, ACTION, CLAIM, CAUSE OF ACTION, SUIT (IN CONTRACT,
TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER OF SUCH
AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING.

 

9. Entire Agreement;
Amendment. This Agreement contains all of the terms, conditions and representations and warranties agreed upon by the parties
hereto relating to the subject matter of this Agreement and supersedes all prior and contemporaneous agreements, negotiations,
correspondence, undertakings and communications of the parties hereto, oral or written, respecting such subject matter. No amendment
or modification of, or relating to, this Agreement will be effective except by an agreement in writing duly executed by the parties
hereto.

 

10. Counterparts;
Deliveries. This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original but all
of which together shall constitute one and the same instrument. This Agreement and any amendments hereto, to the extent signed
and delivered by means of a facsimile machine or other electronic transmission (including .pdf files), shall be treated in all
manner and respects and for all purposes as an original agreement or instrument and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. No party hereto shall raise the use of a facsimile
machine or other electronic transmission to deliver a signature or the fact that any signature or agreement or instrument was transmitted
or communicated through the use of a facsimile machine or other electronic transmission as a defense to the formation or enforceability
of a contract and each such party hereto forever waives any such defense.

 

11. Third Parties.
Nothing in this Agreement, express or implied, is intended to confer on any person or entity other than the parties hereto or their
respective successors and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

12. SEC Filing.
On or before 5:30 p.m., New York time, on the first (1st) trading day following the date hereof, the Company shall issue a press
release and file a Current Report on Form 8-K describing all the material terms of the transactions contemplated by this Agreement
in the form required by the Exchange Act and attaching the form of this Agreement (including all attachments, the “8-K
Filing”). After the issuance of the 8-K Filing, the Company shall have disclosed all material, non-public information
(if any) delivered to the Warrant Holder by the Company, or any of their respective officers, directors, employees or agents in
connection with the transactions contemplated by this Agreement. In addition, effective upon the filing of the 8-K Filing, the
Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement with respect to the
transactions contemplated by this Agreement or as otherwise disclosed in the 8-K Filing, whether written or oral, between the Company,
any of its subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and any
of the Warrant Holder or any of their affiliates, on the other hand, shall terminate. Neither the Company, its subsidiaries nor
the Warrant Holder shall issue any other press releases or any other public statements with respect to the transactions contemplated
hereby; provided, however, the Company shall be entitled, without the prior approval of the Warrant
Holder, to make a press release or other public disclosure with respect to such transactions (i) in substantial conformity with
the 8-K Filing and contemporaneously therewith or (ii) as is required by applicable law and regulations. Without the prior written
consent of the Warrant Holder (which may be granted or withheld in the Warrant Holder’s sole discretion), except as required
by applicable law, the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of
the Warrant Holder in any filing, announcement, release or otherwise.

 

    -4-

     

    

 

13. Most Favored
Nation. The Company hereby represents and warrants as of the date hereof and covenants and agrees from and after the date
hereof that if the terms offered to any person (including, without limitation, any security (as amended, exchanged, modified or
waived from time to time) issued to any person in connection with the Purchase Agreement (each, an “Other Security”
and such other person, an “Other Holder”) with respect to any consent, release, amendment, exchange, settlement
or waiver relating to any Other Security or the terms, conditions and transactions contemplated hereby or thereby (each an “Other
Agreement”, and such securities, assets and/or rights, as applicable, issued in connection therewith, collectively, the
“Other Exchange Securities”), is or will be more favorable to such person than those of the Warrant Holder and
this Agreement, as determined by the Warrant Holder in its reasonable discretion. If, and whenever on or after the date hereof,
the Company enters into an Other Agreement, then (i) the Company shall provide notice thereof to the Warrant Holder immediately
following the occurrence thereof and (ii) the terms and conditions of this Agreement shall be, without any further action by the
Warrant Holder or the Company, automatically amended and modified in an economically and legally equivalent manner such that the
Warrant Holder shall receive the benefit of the more favorable terms and/or conditions (as the case may be) set forth in such Other
Agreement, provided that upon written notice to the Company at any time the Warrant Holder may elect not to accept the benefit
of any such amended or modified term or condition, in which event the term or condition contained in this Agreement shall apply
to the Warrant Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification
never occurred with respect to the Warrant Holder. The provisions of this Section 13 shall apply similarly and equally to each
Other Agreement.

 

14. Independent
Nature of Warrant Holder’s Obligations and Rights. The obligations of the Warrant Holder under this Agreement are
several and not joint with the obligations of any Other Holder, and the Warrant Holder shall not be responsible in any way for
the performance of the obligations of any Other Holder under any Other Agreement. Nothing contained herein or in any Other Agreement,
and no action taken by the Warrant Holder pursuant hereto, shall be deemed to constitute the Warrant Holder and Other Holders as
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Warrant Holder and
Other Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by this Agreement or any Other Agreement and the Company acknowledges that, to the best of its knowledge, the Warrant Holder and
the Other Holders are not acting in concert or as a group with respect to such obligations or the transactions contemplated by
this Agreement or any Other Agreement. The Company and the Warrant Holder confirm that the Warrant Holder has independently participated
in the negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The Warrant Holder
shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this
Agreement, and it shall not be necessary for any Other Holder to be joined as an additional party in any proceeding for such purpose.

 

    -5-

     

    

 

IN WITNESS WHEREOF, the parties have executed this
Agreement as of the date first written above.

 

	 	THE COMPANY:
	 	 	 
	 	AVALON GLOBOCARE CORP.
	 	 	 
	 	By:	              
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	WARRANT HOLDER:
	 	 	 
	 	              
	 	 	 
	 	By:	              
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

 

-6-

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