Document:

NEITHER THE WARRANTS REPRESENTED BY
THIS WARRANT CERTIFICATE NOR THE SHARES OF COMMON STOCK OR ANY OTHER SECURITIES ISSUABLE UPON EXERCISE OF SUCH WARRANTS HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH WARRANTS HAVE BEEN ACQUIRED, AND ANY SHARES OF COMMON STOCK OR ANY
OTHER SECURITIES ISSUABLE UPON EXERCISE OF SUCH WARRANTS ARE REQUIRED TO BE ACQUIRED, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW
TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT FOR SUCH WARRANTS AND/OR SUCH SHARES OR OTHER SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE
STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF SUCH WARRANTS AND SUCH SHARES OR OTHER SECURITIES
TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT AND SUCH STATE SECURITIES LAWS.

 

VOID AFTER 5:00 P.M. ON JUNE 30, 2017

 

COMPLIANCE SYSTEMS CORPORATION

COMMON STOCK PURCHASE WARRANT CERTIFICATE

 

1,050,000 Common Stock Purchase Warrants

 

	 	Huntington, New York
	Warrant Certificate Number: 2012C-041	As of July 1,  2012

 

THIS IS TO CERTIFY
THAT, for value received, Nascap Corp. (the “Warrantholder”), is the registered owner of the number of common
stock purchase warrants (each, a “Warrant”) of Compliance Systems Corporation, a Nevada corporation (the “Company”),
set forth above, each Warrant entitling the owner thereof to purchase from the Company, at a purchase price of $0.001 per Warrant
(the “Purchase Price”), as adjusted from time to time in accordance with section 3 of this Warrant Certificate, at
any time on or after the Commencement Date (as defined in paragraph 1(b) below) and terminating at 5:00 p.m., Huntington, New York
time, on June 30, 2017 (the “Expiration Time”), one duly authorized, validly issued, fully paid and non-assessable
share (each, a “Warrant Share”) of the common stock, par value $0.001 per share (the “Common Stock”), of
the Company, subject to the terms and conditions contained herein. The number of Warrants evidenced by this Warrant Certificate
(and the number and kind of securities which may be purchased upon exercise of the Warrants), and the Purchase Price per Warrant
Share, each as set forth above, are as of the date hereof. As provided herein, the Purchase Price and the number of shares of Common
Stock or other securities which may be purchased upon the exercise of the Warrants evidenced by this Warrant Certificate are, upon
the happening of certain events, subject to modification and adjustment.

 

This Warrant Certificate,
together with any warrant certificate(s) issued in replacement or substitution hereof (as provided for herein) evidencing all or
part of the Warrants evidenced hereby, are sometimes collectively referred to herein as the “Warrant Certificates.”

 

The rights of the registered
holder of this Warrant Certificate shall be subject to the following further terms and conditions:

 

1.           Exercise
of Warrants.

 

(a)          The
Warrants may be exercised, in whole or in part, at any time and from time to time, during the period commencing on the Commencement
Date and terminating at the Expiration Time by surrendering this Warrant Certificate, with the Exercise Form provided for herein
duly completed and executed by the Warrantholder or by the Warrantholder’s duly authorized attorney-in-fact, at the principal
office of the Company, presently located at 780 New York Avenue - Suite A, Huntington, New York 11743, or at such other office
or agency in the United States as the Company may designate by notice in writing to the Warrantholder (in either event, the “Company
Offices”), accompanied by payment in full, either in the form of cash, bank cashier’s check or certified check payable
to the order of the Company, of the Purchase Price payable in respect of the Warrants being exercised.

 

    	 

    	 

    

 

(b)          For
purposes of this Warrant Certificate, the term “Commencement Date” shall mean July 1, 2012.

 

(c)          Notwithstanding
anything to the contrary contained in paragraph 1(a), payment of the applicable Purchase Price may be made by means of a “cashless
exercise” through the surrender of the number of Warrants and receipt of the number of shares of Common Stock (in each case,
as adjusted to reflect the provisions of section 3), determined based upon the following formula:

 

X =       Y(A-B)

         
A

	where:	X =	the number of shares of Common Stock to be issued to Warrantholder upon exercise pursuant to this paragraph 1(c);
	 	Y =	the number of shares of Common Stock issuable upon exercise of the Warrants so surrender, without giving effect to this paragraph 1(c);
	 	A =	the per share Current Market Price (as such term is defined in paragraph 3(e)) on the date of delivery to the Company at the Company Offices of this Warrant Certificate and completed Exercise Form; and
	 	B =	the Purchase Price in effect on the date of delivery to the Company at the Company Offices of this Warrant Certificate and completed Exercise Form.

 

(d)          On
the day immediately following the date of a valid exercise of any Warrants, the Warrantholder exercising such Warrant(s) shall
be deemed to have become the holder of record for all purposes of the Warrant Shares to which such valid exercise relates.

 

(e)          As
soon as practicable, but not in excess of five days, after the valid exercise of all or part of the Warrants evidenced by this
Warrant Certificate, the Company, at the Company’s expense (including the payment by Company of any applicable issuance and
similar taxes), will cause to be issued in the name of and delivered to the Warrantholder, or such other party identified in the
purchase form, certificates evidencing the number of duly authorized, validly issued, fully paid and non-assessable Warrant Shares
to which the Warrantholder, or such other party identified in the Exercise Form, shall be entitled upon such exercise, as adjusted
to reflect the effects, if any, of the anti-dilution provisions of section 3 of this Warrant Certificate, such certificates to
be in such reasonable denominations as Holder shall request when delivering the duly completed Exercise Form.

 

(f) 
        No certificates for fractional Warrant Shares shall be issued upon the
exercise of any of the Warrants but, in lieu thereof, the Company shall, upon exercise of all the Warrants, round up any
fractional Warrant Shares to the nearest whole share of Common Stock.

 

(g)          If
fewer than all of the Warrants are exercised, the Company shall, upon each exercise prior to the Expiration Time, execute and deliver
to the Warrantholder a new Warrant Certificate (dated as of the date hereof) evidencing the balance of the Warrants that remain
exercisable.

 

2.           Issuance
of Common Stock; Reservation of Warrant Shares. The Company covenants and agrees that:

 

(a)          All
Warrant Shares which may be issued upon the exercise of all or part of the Warrants will, upon issuance in accordance with the
terms hereof, be validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect to the issue
thereof;

(b)          At
all times prior to the Expiration Time, the Company shall keep reserved for issuance a sufficient number of authorized shares of
Common Stock to permit the exercise in full of the Warrants evidenced by this Warrant Certificate; and

(c)          If
any shares of Common Stock to be reserved for the purpose of the issuance of Warrant Shares upon the exercise of Warrants require
registration with, or approval of, any governmental authority under any federal or state law before such shares may be validly
issued or delivered upon exercise, then the Company will promptly use its best efforts to effect such registration or obtain such
approval, as the case may be.

 

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3.           Adjustments
of Purchase Price, Number and Character of Warrant Shares, Number of Warrants. The Purchase Price and the number and kind of
securities purchasable upon the exercise of each Warrant shall be subject to adjustment from time to time upon the happening of
the events enumerated in this section 3.

 

(a)          Stock
Dividends, Subdivisions and Combinations. In case the Company shall at any time on or before the Expiration Time:

(i)          pay
a dividend in shares of Common Stock or make a distribution in shares of Common Stock or such other stock to holders of all its
outstanding shares of Common Stock;

(ii)         subdivide,
reclassify or recapitalize the outstanding shares of Common Stock into a greater number of shares;

(iii)        combine,
reclassify or recapitalize the outstanding shares of Common Stock into a smaller number of shares of Common Stock; or

(iv)        issue
by reclassification of shares of Common Stock into any other securities of the Company (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing corporation);

then the number and kind of Warrant Shares
purchasable upon exercise of each Warrant outstanding immediately prior thereto shall be adjusted so that the Warrantholder shall
be entitled to receive the kind and number of shares of Common Stock or other securities of the Company which the Warrantholder
would have owned or have been entitled to receive after the happening of any of the events described above had such Warrant been
exercised in full immediately prior to the earlier of the happening of such event or any record date in respect thereto. In the
event of any adjustment of the number of Warrant Shares purchasable upon the exercise of each then outstanding Warrant pursuant
to this paragraph 3(a), the Purchase Price shall be adjusted to be the amount resulting from dividing the number of shares of Common
Stock (including fractional shares of Common Stock) covered by such Warrant immediately after such adjustment into the total amount
payable upon exercise of such Warrant in full immediately prior to such adjustment. An adjustment made pursuant to this paragraph
3(a) shall become effective immediately after the effective date of such event retroactive to the record date for any such event.
Such adjustment shall be made successively whenever any event listed in clauses (i) through (iv) of this paragraph 3(a) shall occur.

 

(b)          Extraordinary
Dividends. In case the Company shall, at any time on or before the Expiration Time, fix a record date for the issuance of rights,
options, or warrants to all holders of outstanding shares of Common Stock, entitling such holders (for a period expiring within
45 days after such record date) to subscribe for or purchase shares of Common Stock (or securities exchangeable for or convertible
into shares of Common Stock) at a price per share of Common Stock (or having an exchange or conversion price per share of Common
Stock, with respect to a security exchangeable for or convertible into shares of Common Stock) which is lower than the Purchase
Price on such record date, then the Purchase Price shall be adjusted so that the Purchase Price, as so adjusted, shall equal the
price determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, of which (i)
the numerator shall be the number of shares of Common Stock outstanding on such record date plus the number of shares of
Common Stock which the aggregate offering price of the total number of shares of Common Stock so to be offered (or the aggregate
initial exchange or conversion price of the exchangeable or convertible securities so to be offered) would purchase at the Purchase
Price and (ii) the denominator shall be the number of shares of Common Stock outstanding on such record date plus the number
of additional shares of Common Stock to be offered for subscription or purchase (or into which the exchangeable or convertible
securities so to be offered are initially exchangeable or convertible). Such adjustment shall become effective at the close of
business on such record date; provided, however, to the extent that shares of Common Stock (or securities exchangeable
for or convertible into shares of Common Stock) are not delivered after the expiration of such rights, options, or warrants, the
Purchase Price shall be readjusted (but only with respect to Warrants exercised after such expiration) to the Purchase Price which
would then be in effect had the adjustments made upon the issuance of such rights, options, or warrants been made upon the basis
of delivery of only the number of shares of Common Stock (or securities exchangeable for or convertible into shares of Common Stock)
actually issued. In case any subscription price may be paid in a consideration part or all of which shall be in a form other than
cash, the value of such consideration shall be as determined in good faith by the Board of Directors of the Company and shall be
described in a statement mailed to the Warrantholder. Shares of Common Stock owned by or held for the account of the Company shall
not be deemed outstanding for the purpose of any such computation.

 

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(c)          Extraordinary
Distributions. In case the Company shall, at any time on or before the Expiration Time, distribute to all holders of shares
of Common Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the
surviving corporation) evidences of the Company’s indebtedness or assets (excluding cash dividends and distributions payable
out of consolidated net income or earned surplus in accordance with Nevada law and dividends or distributions payable in shares
of stock described in paragraph 3(a) of this Warrant Certificate) or rights, options, or warrants or exchangeable or convertible
securities containing the right to subscribe for or purchase shares of Common Stock (or securities exchangeable for or convertible
into shares of Common Stock), then the Purchase Price shall be adjusted by multiplying the Purchase Price in effect immediately
prior to the record date for such distribution by a fraction, of which (i) the numerator shall be the Purchase Price as in effect
on such record date, less the fair market value (as determined in good faith by the Board of Directors of the Company) of
the portion of the evidences of indebtedness or assets so to be distributed or of such rights, options or warrants applicable to
one share of Common Stock and (ii) the denominator shall be the Purchase Price as in effect on such record date. Such adjustment
shall be made whenever any such distribution is made, and shall become effective on the date of distribution retroactive to the
record date for such transaction.

 

(d)          Capital
Reorganizations and Other Reclassifications. In case of any capital reorganization of the Company, or of any reclassification
of the shares of Common Stock (other than a reclassification, subdivision or combination of shares of Common Stock referred to
in paragraph 3(a) of this Warrant Certificate), or in case of the consolidation of the Company with, or the merger of the Company
with, or merger of the Company into, any other corporation (other than a reclassification of the shares of Common Stock referred
to in paragraph 3(a) of this Warrant Certificate or a consolidation or merger which does not result in any reclassification or
change of the outstanding shares of Common Stock) or of the sale of the properties and assets of the Company as, or substantially
as, an entirety to any other corporation or entity occurring on or before the Expiration Time, each Warrant shall, after such capital
reorganization, reclassification of shares of Common Stock, consolidation, merger, or sale, be exercisable, upon the terms and
conditions specified in this Warrant Certificate, for the kind, amount and number of shares or other securities, assets, or cash
to which a holder of the number of shares of Common Stock purchasable (at the time of such capital reorganization, reclassification
of shares of Common Stock, consolidation, merger or sale) upon exercise of such Warrant would have been entitled to receive upon
such capital reorganization, reclassification of shares of Common Stock, consolidation, merger, or sale; and in any such case,
if necessary, the provisions set forth in this section 3 with respect to the rights and interests thereafter of the Warrantholder
shall be appropriately adjusted so as to be applicable, as nearly equivalent as possible, to any shares or other securities, assets,
or cash thereafter deliverable on the exercise of the Warrants. The Company shall not effect any such consolidation, merger, or
sale, unless prior to or simultaneously with the consummation thereof the successor corporation or entity (if other than the Company)
resulting from such consolidation or merger or the corporation or entity purchasing such assets or other appropriate corporation
or entity shall assume, by written instrument, the obligation to deliver to the Warrantholder such shares, securities, assets,
or cash as, in accordance with the foregoing provisions, such holders may be entitled to purchase and the other obligations hereunder.
The subdivision or combination of shares of Common Stock at any time outstanding into a greater or lesser number of shares shall
not be deemed to be a reclassification of the shares of Common Stock for purposes of this paragraph 3(d).

 

(e)          Minimum
Adjustment. Except as hereinafter provided, no adjustment of the Purchase Price hereunder shall be made if such adjustment
results in a change of the Purchase Price then in effect of less than one cent ($.001) per share. Any adjustment of less than one-tenth
of one cent ($.001) per share of any Purchase Price shall be carried forward and shall be made at the time of and together with
any subsequent adjustment which, together with adjustment or adjustments so carried forward, amounts to one-tenth of one cent ($.001)
per share or more. However, upon exercise of this Warrant Certificate, the Company shall make all necessary adjustments (to the
nearest one-tenth of a cent) not theretofore made to the Purchase Price up to and including the effective date upon which this
Warrant Certificate is exercised.

 

(f)          Notice
of Adjustments. Whenever the Purchase Price shall be adjusted pursuant to this section 3, the Company shall promptly deliver
a certificate signed by the President or a Vice President and by the Chief Financial Officer, Treasurer or an Assistant Treasurer
or the Secretary or an Assistant Secretary of the Company, setting forth, in reasonable detail, the event requiring the adjustment,
the amount of the adjustment, the method by which such adjustment was calculated (including a description of the basis on which
the Board of Directors of the Company made any determination hereunder), by first class mail postage prepaid to the Warrantholder.

 

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(g)          Adjustments
to Other Securities. In the event that at any time, as a result of an adjustment made pursuant to this section 3, the Warrantholder
shall become entitled to purchase any shares or securities of the Company other than the shares of Common Stock, thereafter the
number of such other shares or securities so purchasable upon exercise of each Warrant and the purchase price for such shares or
securities shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as possible to the provisions
with respect to the shares of Common Stock contained in paragraphs 3(a), 3(b), 3(c) and 3(d) of this Warrant Certificate.

 

(h)          Deferral
of Issuance of Additional Shares in Certain Circumstances. In any case in which paragraph 3(b) of this Warrant Certificate
shall require that an adjustment in the Purchase Price be made effective as of a record date for a specified event, the Company
may elect to defer until the occurrence of such event issuing to the holder of a Warrant exercised after such record date the shares
of Common Stock, if any, issuable upon such exercise over and above the Warrant Shares, if any, issuable upon such exercise on
the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company shall deliver
as soon as practicable to such holder a due bill or other appropriate instrument provided by the Company evidencing such holder’s
right to receive such additional shares of Common Stock upon the occurrence of the event requiring such adjustment.

 

4.           Definition
of Common Stock. The Common Stock issuable upon exercise of the Warrants shall be the Common Stock as constituted on the Commencement
Date, except as otherwise provided in section 3 of this Warrant Certificate.

 

5.           Replacement
of Warrant Certificates. If this Warrant Certificate shall be lost, stolen, mutilated or destroyed, the Company shall, on such
terms as to indemnity or otherwise as the Company may in the Company’s discretion reasonably impose, issue a new certificate
of like tenor or date representing in the aggregate the right to subscribe for and purchase the number of shares of Common Stock
which may be subscribed for and purchased hereunder. Any such new certificate shall constitute an original contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant Certificate shall be at any time enforceable
by anyone.

 

6.           Registration.
This Warrant Certificate, as well as all other warrant certificates representing Warrants shall be numbered and shall be registered
in a register (the “Warrant Register”) maintained at the Company Offices as they are issued. The Warrant Register shall
list the name, address and Social Security or other federal taxpayer identifying number, if any, of all Warrantholders. The Company
shall be entitled to treat the Warrantholder as set forth in the Warrant Register as the owner in fact of the Warrants as set forth
therein for all purposes and shall not be bound to recognize any equitable or other claim to or interest in such Warrants on the
part of any other person, and shall not be liable for any registration of transfer of Warrants that are registered or to be registered
in the name of a fiduciary or the nominee of a fiduciary unless made with the actual knowledge that a fiduciary or nominee is committing
a breach of trust in requesting such registration of transfer, or with such knowledge of such facts that its participation therein
amounts to bad faith.         

 

7.           Transfer.

 

(a)          NEITHER
THE WARRANTS REPRESENTED BY THIS WARRANT CERTIFICATE NOR THE SHARES OF COMMON STOCK OR ANY OTHER SECURITIES ISSUABLE UPON EXERCISE
OF SUCH WARRANTS HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH WARRANTS HAVE BEEN ACQUIRED, AND ANY SHARES
OF COMMON STOCK OR ANY OTHER SECURITIES ISSUABLE UPON EXERCISE OF SUCH WARRANTS ARE REQUIRED TO BE ACQUIRED, FOR INVESTMENT PURPOSES
AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH WARRANTS AND/OR SUCH SHARES OR OTHER SECURITIES UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF SUCH WARRANTS AND SUCH
SHARES OR OTHER SECURITIES TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT AND SUCH STATE SECURITIES LAWS.

 

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(b)          In
the event of a transfer of any Warrants in accordance with this section 7, the Company shall, upon the surrender of this Warrant
Certificate with the Assignment Form completed, dated and signed, execute and deliver to the transferee a new warrant certificate,
substantially in form to this Warrant Certificate, evidencing the number of Warrants so transferred to such transferee and naming
the transferee as the Warrantholder.

 

8.           Exchange
of Warrant Certificates. This Warrant Certificate may be exchanged for another certificate or certificates entitling the Warrantholder
thereof to purchase a like aggregate number of Warrant Shares as this Warrant Certificate entitles such Warrantholder to purchase.
A Warrantholder desiring to so exchange this Warrant Certificate shall make such request in writing delivered to the Company, and
shall surrender this Warrant Certificate therewith. Thereupon, the Company shall execute and deliver to the person entitled thereto
a new certificate or certificates, as the case may be, as so requested.

 

9.           Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given when delivered in person, against
written receipt therefor, or two days after being sent, by registered or certified mail, postage prepaid, return receipt requested,
and, if to the Warrantholder, at such address as is shown on the Warrant Register or as may otherwise may have been furnished to
the Company in writing in accordance with this section 9 by the Warrantholder and, if to the Company, at the Company Offices or
such other address as the Company shall give notice thereof to the Warrantholder in accordance with this section 9.

 

10.         Registration
Rights.

 

(a)          Defined
Terms. As used in this section 10, terms defined elsewhere herein shall have their assigned meanings and each of the following
terms shall have the following meanings (such definitions to be applicable to both the plural and singular of the terms defined):

(i)          Registerable
Securities. The term “Registerable Securities” shall mean any of the Warrant Shares or other securities issuable
upon exercise of any of the 1,050,000 Warrants originally issued to Nascap Corp. (the “Original Holder”) as
of July 1, 2011 and represented, in whole or part, by this Warrant Certificate. For the purposes of this section 10, securities
will cease to be Registerable Securities when:

(A)         a
registration statement under the Securities Act of 1933, as amended (the “Securities Act”), covering such Registerable
Securities has been declared effective and (1) such Registerable Securities have been disposed of pursuant to such effective registration
statement or (2) such registration statement has remained effective for 270 consecutive days, or

(B)         such
Registerable Securities are distributed to the public pursuant to the Securities Act or pursuant to an exemption from the registration
requirements of the Securities Act, including, without limitation, Rules 144 and 144A promulgated under the Securities Act and
the Company has delivered new certificates or other evidences of ownership for such securities which are not subject to any stop
transfer order or other restriction on transfer;

(ii)         Rightsholders.
The term “Rightsholders” shall include the Warrantholder, all successors and assigns of the Warrantholders and all
transferees of Registerable Securities (and/or Warrants exercisable for Warrant Shares) where such transfer affirmatively includes
the transfer and assignment of the rights of the transferor-Warrantholder under this Warrant Certificate with respect to the transferred
Registerable Securities and such transferee agrees in writing to assume all of the transferor-Warrantholder’s agreements,
obligations and liabilities under this section 10 with respect to the transferred Registerable Securities; and

(iii)        Interpretations
of Terms. The words “hereof,” “herein” and “hereunder” and words of similar import when
used in this section 10 shall refer to this section 10 as a whole and not to any particular provision of this section 10, and subsection,
paragraph, clause, schedule and exhibit references are to this section 10 unless otherwise specified.

 

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(b)          Piggy-Back
Registration.

(i)          Piggy-Back
Registration Rights. If, at any time on or prior to the first anniversary of the Expiration Time, the Company (or any successor
of the Company, by merger or otherwise) proposes to file a registration statement under the Securities Act with respect to an offering
by the Company or any other party of any class of equity security similar to any Registerable Securities (other than a registration
statement on Form S-4 or S-8 or any successor form or a registration statement filed solely in connection with an exchange offer,
a business combination transaction or an offering of securities solely to the existing shareholders or employees of the Company),
then the Company, on each such occasion, shall give written notice (each, a “Company Piggy-Back Notice”) of such proposed
filing to all of the Rightsholders owning Registerable Securities at least twenty days before the anticipated filing date of such
registration statement, and such Company Piggy-Back Notice also shall be required to offer to such Rightsholders the opportunity
to register such aggregate number of Registerable Securities as each such Rightsholder may request. Each such Rightsholder shall
have the right, exercisable for the fifteen days immediately following the giving of a Company Piggy-Back Notice, to request, by
written notice (each, a “Holder Notice”) to the Company, the inclusion of all or any portion of the Registerable Securities
of such Rightsholders in such registration statement. The Company shall use commercially best efforts to cause the managing underwriter(s)
of a proposed underwritten offering to permit the inclusion of the Registerable Securities which were the subject of all Holder
Notices in such underwritten offering on the same terms and conditions as any similar securities of the Company included therein.
Notwithstanding anything to the contrary contained in this subparagraph 10(b)(i), if the managing underwriter(s) of such underwritten
offering or any proposed underwritten offering delivers a written opinion to the Rightsholders of Registerable Securities which
were the subject of all Holder Notices that the total amount and kind of securities which they, the Company and any other person
intend to include in such offering is such as to materially and adversely affect the success of such offering, then the amount
of securities to be offered for the accounts of such Rightsholders and persons other than the Company shall be eliminated or reduced
pro rata (based on the amount of securities owned by such Rightsholders and other persons which carry registration rights) to the
extent necessary to reduce the total amount of securities to be included in such offering to the amount recommended by such managing
underwriter(s) in the managing underwriter’s written opinion.

(ii)         Number
of Piggy-Back Registrations; Expenses. The Rightsholders shall be entitled, in the aggregate, to two Piggy-Back Registrations.
Subject to the provisions of paragraph 10(d) of this Warrant Certificate, the Company will pay all Registration Expenses in connection
with any registration of Registerable Securities effected pursuant to this paragraph 10(b), but the Company shall not be responsible
for the payment of any underwriter’s discount, commission or selling concession in connection therewith.

(iii)        Withdrawal
or Suspension of Registration Statement. The Company shall have the absolute right, whether before or after the giving of a
Company Piggy-Back Notice or Holder Notice, to determine not to file a registration statement to which the Rightsholders shall
have the right to include their Registerable Securities therein pursuant to this paragraph 10(b), to withdraw such registration
statement or to delay or suspend pursuing the effectiveness of such registration statement. In the event of such a determination
after the giving of a Company Piggy-Back Notice, the Company shall give notice of such determination to all Rightsholders and,
thereupon, (A) in the case of a determination not to register or to withdraw such registration statement, the Company shall be
relieved of its obligation under this paragraph 10(b) to register any of the Registerable Securities in connection with such registration
and (B) in the case of a determination to delay the registration, the Company shall be permitted to delay or suspend the registration
of Registerable Securities pursuant to this paragraph 10(b) for the same period as the delay in the registration of such other
securities. No registration effected under this paragraph 10(b) shall relieve the Company of its obligation to effect any registration
upon demand otherwise granted to a Rightsholder under any other agreement with the Company.

 

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(c)          Registration
Procedures.

(i)          Obligations
of the Company. The Company will, in connection with any registration pursuant to paragraph 10(b) of this Warrant Certificate,
as expeditiously as possible:

(A)         prepare
and file with the Commission a registration statement under the Securities Act on any appropriate form chosen by the Company, in
the Company’s sole discretion, which shall be available for the sale of all Registerable Securities in accordance with the
intended method(s) of distribution thereof set forth in all applicable Holder Notices, and use the Company’s commercially
best efforts to cause such registration statement to become effective as soon thereafter as reasonably practicable but in no event
more than 100 days after receipt of such notices or requests; provided, that, at least five business days before filing
with the Commission of such registration statement, the Company shall furnish to each Rightsholder whose Registerable Securities
are included therein draft copies of such registration statement, including all exhibits thereto and documents incorporated by
reference therein, and, upon the reasonable request of any such Rightsholder, shall continue to provide drafts of such registration
statement until filed, and, after such filing, the Company shall, as diligently as practicable, provide to each such Rightsholders
such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration
statement (including each preliminary prospectus), all exhibits thereto and documents incorporated by reference therein and such
other documents as such Rightsholder may reasonably request in order to facilitate the disposition of the Registerable Securities
owned by such Rightsholder and included in such registration statement; provided, further, the Company shall modify
or amend the registration statement as it relates to such Rightsholder as reasonably requested by such Rightsholder on a timely
basis, and shall reasonably consider other changes to the registration statement (but not including any exhibit or document incorporated
therein by reference) reasonably requested by such Rightsholder on a timely basis, in light of the requirements of the Securities
Act and any other applicable laws and regulations; and provided, further, that the obligation of the Company to effect
such registration and/or cause such registration statement to become effective, may be postponed for (1) such period of time when
the financial statements of the Company required to be included in such registration statement are not available (due solely to
the fact that such financial statements have not been prepared in the regular course of business of the Company) or (2) any other
bona fide corporate purpose, but then only for a period not to exceed 60 calendar days;

(B)         prepare
and file with the Commission such amendments and post-effective amendments to a registration statement as may be necessary to keep
such registration statement effective for up to nine months; and cause the related prospectus to be supplemented by any required
prospectus supplement, and as so supplemented to be filed to the extent required pursuant to Rule 424 promulgated under the Securities
Act, during such nine-month period; and otherwise comply with the provisions of the Securities Act with respect to the disposition
of all Registerable Securities covered by such registration statement during the applicable period in accordance with the intended
method(s) of disposition of such Registerable Securities set forth in such registration statement, prospectus or supplement to
such prospectus;

(C)         notify
the Rightsholders whose Registerable Securities are included in such registration statement and the managing underwriter(s), if
any, of an underwritten offering of any of the Registerable Securities included in such registration statement, and confirm such
advice in writing, (1) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and, with respect
to a registration statement or any post-effective amendment, when the same has become effective, (2) of any request by the Commission
for amendments or supplements to a registration statement or related prospectus or for additional information, (3) of the issuance
by the Commission of any stop order suspending the effectiveness of a registration statement or the initiation of any proceedings
for that purpose, (4) if at any time the representations and warranties of the Company contemplated by subclause (J)(1) of subparagraph
10(c)(i) of this Warrant Certificate cease to be true and correct, (5) of the receipt by the Company of any notification with respect
to the suspension of the qualification of any of the Registerable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose and (6) of the happening of any event which makes any statement made in the registration
statement, the prospectus or any document incorporated therein by reference untrue or which requires the making of any changes
in the registration statement or prospectus so that such registration statement, prospectus or document incorporated by reference
will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading;

(D)        make
commercially best efforts to obtain the withdrawal of any order suspending the effectiveness of such registration statement at
the earliest possible moment and to prevent the entry of such an order;

(E)         use
commercially best efforts to register or qualify the Registerable Securities included in such registration statement under such
other securities or blue sky laws of such jurisdictions as any Rightsholder whose Registerable Securities are included in such
registration statement reasonably requests in writing and do any and all other acts and things which may be necessary or advisable
to enable such Rightsholder to consummate the disposition in such jurisdictions of such Registerable Securities; provided,
that the Company will not be required to (1) qualify generally to do business in any jurisdiction where it would not otherwise
be required to qualify but for this clause (E), (2) subject itself to taxation in any such jurisdiction or (3) take any action
which would subject it to general service of process in any such jurisdiction;

 

    	8

    	 

    

 

(F)         make
available for inspection by each Rightsholder whose Registerable Securities are included in such registration, any underwriter(s)
participating in any disposition pursuant to such registration statement, and any representative, agent or employee of or attorney
or accountant retained by any such Rightsholder or underwriter(s) (collectively, the “Inspectors”), all financial and
other records, pertinent corporate documents and properties of the Company (collectively, the “Records”) as shall be
reasonably necessary to enable them to exercise their due diligence responsibility (or establish a due diligence defense), and
cause the officers, directors and employees of the Company to supply all information reasonably requested by any of the Inspectors
in connection with such registration statement; provided, that records which the Company determines, in good faith, to be
confidential and which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors, unless (1) the release
of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction or (2) the disclosure of
such Records is required by any applicable law or regulation or any governmental regulatory body with jurisdiction over such Rightsholder
or underwriter; provided, further, that such Rightsholder or underwriter(s) agree that such Rightsholder or underwriter(s)
will, upon learning the disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and
allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of the Records deemed
confidential;

(G)        cooperate
with the Rightsholders whose Registerable Securities are included in such registration statement and the managing underwriter(s),
if any, to facilitate the timely preparation and delivery of certificates representing Registerable Securities to be sold thereunder,
not bearing any restrictive legends, and enable such Registerable Securities to be in such denominations and registered in such
names as such Rightsholder or any managing underwriter(s) may reasonably request at least two business days prior to any sale of
Registerable Securities;

(H)        comply
with all applicable rules and regulations of the Commission and promptly make generally available to its security holders an earnings
statement covering a period of twelve months commencing, (1) in an underwritten offering, at the end of any fiscal quarter in which
Registerable Securities are sold to underwriter(s), or (2) in a non-underwritten offering, with the first month of the Company’s
first fiscal quarter beginning after the effective date of such registration statement, which earnings statement in each case shall
satisfy the provisions of Section 10(a) of the Securities Act;

(I)          provide
a CUSIP number for all Registerable Securities not later than the effective date of the registration statement relating to the
first public offering of Registerable Securities of the Company pursuant hereto;

(J)         enter
into such customary agreements (including an underwriting agreement in customary form) and take all such other actions reasonably
requested by the Rightsholders holding a majority of the Registerable Securities included in such registration statement or the
managing underwriter(s) in order to expedite and facilitate the disposition of such Registerable Securities and in such connection,
whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration, (1)
make such representations and warranties, if any, to the holders of such Registerable Securities and any underwriter(s) with respect
to the registration statement, prospectus and documents incorporated by reference, if any, in form, substance and scope as are
customarily made by issuers to underwriter(s) in underwritten offerings and confirm the same if and when requested, (2) obtain
opinions of counsel to the Company and updates thereof addressed to each such Rightsholder and the underwriter(s), if any, with
respect to the registration statement, prospectus and documents incorporated by reference, if any, covering the matters customarily
covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Rightsholders
and underwriter(s), (3) obtain a “cold comfort” letter and updates thereof from the Company’s independent certified
public accountants addressed to such Rightsholders and to the underwriter(s), if any, which letters shall be in customary form
and cover matters of the type customarily covered in “cold comfort” letters by accountants in connection with underwritten
offerings, and (4) deliver such documents and certificates as may be reasonably requested by the Rightsholders holding a majority
of such Registerable Securities and managing underwriter(s), if any, to evidence compliance with any customary conditions contained
in the underwriting agreement or other agreement entered into by the Company; each such action required by this clause (J) shall
be done at each closing under such underwriting or similar agreement or as and to the extent required thereunder; and

 

    	9

    	 

    

 

(K)        if
requested by the holders of a majority of the Registerable Securities included in such registration statement, use its best efforts
to cause all Registerable Securities which are included in such registration statement to be listed, subject to notice of issuance,
by the date of the first sale of such Registerable Securities pursuant to such registration statement, on each securities exchange,
if any, on which securities similar to the Registered Securities are listed.

(ii)         Obligations
of Rightsholders. In connection with any registration of Registerable Securities of a Rightsholder pursuant to paragraph 10(b)
of this Warrant Certificate:

(A)        The
Company may require that each Rightsholder whose Registerable Securities are included in such registration statement furnish to
the Company such information regarding the distribution of such Registerable Securities and such Rightsholder as the Company may
from time to time reasonably request in writing;

(B)         Each
Rightsholder, upon receipt of any notice from the Company of the happening of any event of the kind described in subclauses (2),
(3), (5) and (6) of clause 10(c)(i)(C) of this Warrant Certificate, shall forthwith discontinue disposition of Registerable Securities
pursuant to the registration statement covering such Registerable Securities until such Rightsholder’s receipt of the copies
of the supplemented or amended prospectus contemplated by subclause (1) of said clause 10(c)(i)(C), or until such Rightsholder
is advised in writing (the “Advice”) by the Company that the use of the applicable prospectus may be resumed, and until
such Rightsholder has received copies of any additional or supplemental filings which are incorporated by reference in or to be
attached to or included with such prospectus, and, if so directed by the Company, such Rightsholder will deliver to the Company
(at the expense of the Company) all copies, other than permanent file copies then in the possession of such Rightsholder, of the
current prospectus covering such Registerable Securities at the time of receipt of such notice; the Company shall have the right
to demand that such Rightsholder or other holder verify its agreement to the provisions of this clause (B) in any Holder Notice
of the Rightsholder or in a separate document executed by the Rightsholder; and

(C)        Each
Rightsholder agrees that in an underwritten offering it will not, without the consent of the managing underwriter, dispose of or
offer any securities of the Company for the period of restrictions on the sale or disposal of securities of the Company imposed,
or consented to, by any principal shareholder of the Company.

 

(d)          Registration
Expenses. All expenses incident to the performance of or compliance with this Warrant Certificate by the Company, including,
without imitation, all registration and filing fees of the Commission, Financial Industry Regulatory Authority and other appropriate
agencies, whether public, quasi-public or private, fees and expenses of compliance with securities or blue sky laws (including
reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registerable Securities), rating
agency fees, printing expenses, messenger and delivery expenses, internal expenses (including, without limitation, all salaries
and expenses of its officers and employees performing legal or accounting duties), the fees and expenses incurred in connection
with the listing, if any, of the Registerable Securities on any securities exchange and fees and disbursements of counsel for the
Company and the Company’s independent certified public accountants (including the expenses of any special audit or “cold
comfort” letters required by or incidental to such performance), Securities Act or other liability insurance (if the Company
elects to obtain such insurance), the fees and expenses of any special experts retained by the Company in connection with such
registration and the fees and expenses of any other person retained by the Company (but not including any underwriting discounts
or commissions attributable to the sale of Registerable Securities or other out-of-pocket expenses of the Rightsholders, or the
agents who act on their behalf, unless reimbursement is specifically approved by the Company) will be borne by the Company. All
such expenses are herein referred to as “Registration Expenses.”

 

    	10

    	 

    

 

(e)          Indemnification:
Contribution.

(i)          Indemnification
by the Company. The Company agrees to indemnify and hold harmless, to the full extent permitted by law, each Rightsholder,
its officers and directors and each person who controls such Rightsholder (within the meaning of the Securities Act), if any, and
any agent thereof against all losses, claims, damages, liabilities and expenses incurred by such party pursuant to any actual or
threatened suit, action, proceeding or investigation (including reasonable attorney’s fees and expenses of investigation)
arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any registration statement,
prospectus or preliminary prospectus or any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which
they were made) not misleading, except insofar as the same arise out of or are based upon, any such untrue statement or omission
based upon information with respect to such Rightsholder furnished in writing to the Company by such Rightsholder expressly for
use therein.

(ii)         Indemnification
by Rightsholder. In connection with any registration statement in which a Rightsholder is participating, each such Rightsholder
will be required to furnish to the Company in writing such information with respect to such Rightsholder as the Company reasonably
requests for use in connection with any such registration statement or prospectus, and each Rightsholder agrees to the extent it
is such a holder of Registerable Securities included in such registration statement, and each other such holder of Registerable
Securities included in such Registration Statement will be required to agree, to indemnify, to the full extent permitted by law,
the Company, the directors and officers of the Company and each person who controls the Company (within the meaning of the Securities
Act) and any agent thereof, against any losses, claims, damages, liabilities and expenses (including reasonable attorney’s
fees and expenses of investigation incurred by such party pursuant to any actual or threatened suit, action, proceeding or investigation
arising out of or based upon any untrue or alleged untrue statement of a material fact or any omission or alleged omission of a
material fact necessary, to make the statements therein (in the case of a prospectus, in the light of the circumstances under which
they are made) not misleading, to the extent, but only to the extent, that such untrue statement or omission is based upon information
relating to such Rightsholder or other holder furnished in writing to the Company expressly for use therein.

(iii)        Conduct
of Indemnification Proceedings. Promptly after receipt by an indemnified party under this paragraph 10(e) of written notice
of the commencement of any action, proceeding, suit or investigation or threat thereof made in writing for which such indemnified
party may claim indemnification or contribution pursuant to this Warrant Certificate, such indemnified party shall notify in writing
the indemnifying party of such commencement or threat; but the omission so to notify the indemnifying party shall not relieve the
indemnifying party from any liability which the indemnifying party may have to any indemnified party (A) hereunder, unless the
indemnifying party is actually prejudiced thereby, or (B) otherwise than under this paragraph 10(e). In case any such action, suit
or proceeding shall be brought against any indemnified party, and the indemnified party shall notify the indemnifying party of
the commencement thereof, the indemnifying party shall be entitled to participate therein and the indemnifying party shall assume
the defense thereof, with counsel reasonably satisfactory to the indemnified party, and the obligation to pay all expenses relating
thereto. The indemnified party shall have the right to employ separate counsel in any such action, suit or proceeding and to participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (A)
the indemnifying party has agreed to pay such fees and expenses, (B) the indemnifying party shall have failed to assume the defense
of such action, suit or proceeding or to employ counsel reasonably satisfactory to the indemnified party therein or to pay all
expenses relating thereto or (C) the named parties to any such action or proceeding (including any impleaded parties) include both
the indemnified party and the indemnifying party and the indemnified party shall have been advised by counsel that there may be
one or more legal defenses available to the indemnified party which are different from or additional to those available to the
indemnifying party and which may result in a conflict between the indemnifying party and such indemnified party (in which case,
if the indemnified party notifies the indemnifying party in writing that the indemnified party elects to employ separate counsel
at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such action
or proceeding on behalf of the indemnified party; it being understood, however, that the indemnifying party shall not, in connection
with any one such action, suit or proceeding or separate but substantially similar or related actions, suits or proceedings in
the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more
than one separate firm of attorneys at any time for the indemnified party, which firm shall be designated in writing by the indemnified
party).

 

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(iv)        Contribution.

(A)        If
the indemnification provided for in this paragraph 10(e) from the indemnifying party is unavailable to an indemnified party hereunder
in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages, liabilities or expenses (A) in such proportion as is appropriate to reflect the relative benefits received
by the indemnifying party on the one hand and the indemnified party on the other or (B) if the allocation provided by clause (A)
above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits received
by the indemnifying party on the one hand and the indemnified party on the other but also the relative fault of the indemnifying
party and indemnified party, as well as any other relevant equitable considerations. The relative fault of such indemnifying party
and the indemnified parties shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made
by, or relates to information supplied by, such indemnifying party or indemnified parties, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a
result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitation
set forth in subparagraph 10(e)(v) of this Warrant Certificate, any legal or other fees or expenses reasonably incurred by such
party in connection with any investigation or proceeding.

(B)         The
parties hereto agree that it would not be just and equitable if contribution pursuant to this subparagraph 10(e)(iv) were determined
by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred
to in clauses (A) and (B) of the immediately preceding paragraph. No person guilty of fraudulent misrepresentation (within the
meaning of Section 10(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.

(v)         Limitation.
Anything to the contrary contained in this paragraph 10(e) or in paragraph 10(f) of this Warrant Certificate notwithstanding, no
holder of Registerable Securities shall be liable for indemnification and contribution payments aggregating an amount in excess
of the maximum dollar amount of the net proceeds received by such holder in connection with any sale of Registerable Securities
as contemplated herein.

 

(f)          Participation
in Underwritten Registration. No Rightsholder may participate in any underwritten registration hereunder unless such Rightsholder
(i) agrees to sell such holder’s securities on the basis provided in any underwriting arrangements approved by the persons
entitled hereunder to approve such arrangements and to comply with Regulation M under the Exchange Act and (ii) completes and executes
all questionnaires, appropriate and limited powers of attorney, escrow agreements, indemnities, underwriting agreements and other
documents reasonably required under the terms of such underwriting arrangement; provided, that all such documents shall
be consistent with the provisions of paragraph 10(e) of this Warrant Certificate.

 

11.         Miscellaneous.
This Warrant Certificate and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge or termination is sought. This Warrant Certificate
is deemed to have been delivered in the State of New York and shall be construed and enforced in accordance with and governed by
the laws of such State. The headings in this Warrant Certificate are for purposes of reference only, and shall not limit or otherwise
affect any of the terms hereof.

 

12.         Expiration.
Unless as hereinafter provided, the right to exercise the Warrants shall expire at the Expiration Time.

 

13.         No
Rights as Shareholder; Notice to Warrantholder.

 

(a)          Nothing
contained in this Warrant Certificate shall be constructed as conferring upon the Warrantholder the right to vote or to receive
distributions or to consent to or receive notice as a shareholder in respect of any meeting of shareholders for the election of
directors of the Company or any other matter, or any other rights whatsoever as shareholder of the Company.

 

    	12

    	 

    

 

(b)          The
Company shall give notice to the Warrantholder by postage-paid, certified mail, return receipt requested, if, at any time prior
to the Expiration Time, any of the following events shall occur:

(i)          the
Company shall authorize the payment of any distributions upon Common Stock payable in any securities or authorize the making of
any distribution (other than a cash distribution subject to the second parenthetical set forth in section 3(c) of this Warrant
Certificate) to all holders of Common Stock;

(ii)         the
Company shall authorize the issuance to all holders of Common Stock of any additional shares of Common Stock or of rights, options
or warrants to subscribe for or purchase Common Stock or of any other subscription rights, options or warrants;

(iii)        a
dissolution, liquidation or winding up of the Company (including, without limitation, a consolidation, merger, or sale or conveyance
of the property of the Company as an entirety or substantially as an entirety); or

(iv)        a
capital reorganization or reclassification of the Common Stock (other than a subdivision or combination of the outstanding Common
Stock) or any consolidation or merger of the Company with or into another corporation (excluding any consolidation or merger in
which the Company is the continuing company and that does not result in any reclassification of, or change to, the Common Stock
then outstanding) or in the case of any sale or conveyance to another corporation of the property of the Company as an entirety
or substantially as an entirety.

 

Such giving of notice
shall be given (x) at least twenty business days (a day other than a Saturday, Sunday or other day on which banks in the State
of New York are authorized by law to remain closed) prior to the date fixed as a record date or effective date or the date of closing
of the Company’s transfer books for the determination of the holders entitled to such distribution or subscription rights,
or for the determination of the holders entitled to vote on such proposed merger, consolidation, sale, conveyance, dissolution,
liquidation, winding up or conversion to corporate or other form. Such notice shall specify such record date or the date of closing
the transfer books, as the case may be. In addition, the Company shall provide to Warrantholder, at the same time such notice is
provided, such information relating to such distribution or subscriptions rights, or proposed merger, consolidation, sale, conveyance,
dissolution, liquidation, winding up or conversion to corporate or other form as may be reasonably necessary for Warrantholder
to make an informed decision whether to exercise Warrantholder’s rights as evidenced by this Warrant Certificate.

 

14.         Severability.
If any term or other provision of this Warrant Certificate is invalid, illegal or incapable of being enforced by any law or public
policy, all other terms and provisions of this Warrant Certificate shall nevertheless remain in full force and effect so long as
the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either
the Company or Warrantholder. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the Company and Warrantholder shall negotiate in good faith to modify this Warrant Certificate so as to effect the original
intent of the Company and the Original Holder in connection with the issuance of the Warrants, to the greatest extent possible.
Any provision of this Warrant Certificate held invalid or unenforceable only in part, degree or in certain jurisdictions will remain
in full force and effect to the extent not held invalid or unenforceable.

 

IN WITNESS WHEREOF,
Compliance Systems Corporation has caused this Warrant Certificate to be executed by its officer thereunto duly authorized.

 

	Dated:  As of July 1, 2012	Compliance Systems Corporation

 

	 	By:	 
	 	 	Barry M. Brookstein
	 	 	Chief Financial Officer

 

    	13

    	 

    

 

EXERCISE FORM

 

TO:        Compliance Systems Corporation

 

The undersigned hereby irrevocably elects to exercise its warrant
exercise rights evidenced by this Warrant Certificate to the extent of purchasing _______________ shares of the common stock, par
value $0.001 per share, of Compliance Systems Corporation and hereby makes payment of the aggregate Purchase Price therefor as
follows:

 

CHOOSE AND COMPLETE ONE:

 

		 ̈	Tendering, contemporaneous with the delivery of this Warrant Certificate, the amount of $_____________ in the form of (a) cash
or (b) bank cashier’s or certified check payable to the order of “Compliance Systems Corporation”

 

		 ̈	Surrendering _________ Warrants evidenced by this Warrant Certificate in accordance with paragraph 1(c) of this Warrant Certificate.

 

INSTRUCTIONS FOR REGISTRATION OF STOCK

(Please type or print in block letters)

 

	Name:	 	 
	 	 	 
	Taxpayer Identification Number:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Signature:	 	 
	 	 	(Signature must conform in all respects to the name of the Warrantholder
	 	 	as set forth on the face of this Warrant Certificate.)
	 	 	 
	Date:	 	 

 

    	14

    	 

    

 

ASSIGNMENT FORM

(Please type or print in block letters)

 

FOR VALUE RECEIVED,
________________________________________________________

 

hereby sells, assigns and transfers unto:

 

	Name:	 	 	 
	Taxpayer	 	 	 
	Identification	 	 	 
	Number:	 	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

this Warrant Certificate and the Warrants
represented by this Warrant Certificate to the extent of ________________ Warrants and does hereby irrevocably constitute and appoint
___________________________ Attorney-in-Fact, to transfer the same on the books of the Company with full power of substitution
in the premises.

 

	Dated:	 	 	 
	 	 	 	 
	Signature:	 	 	 
	 	 	(Signature must conform in all respects to the name of the	 
	 	 	Warrantholder as set forth on the face of this Warrant Certificate.)	 

 

    	15Exhibit 10.1 

 

LOAN AGREEMENT

 

between

 

INDIANA FINANCE AUTHORITY

 

and

 

UNITED STATES STEEL CORPORATION

 

$29,000,000

Indiana Finance Authority

Environmental Improvement Revenue Bonds,
Series 2012

(United States Steel Corporation Project)

 

Dated as of August 1, 2012

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS	2
	 	 
	Section 1.01.	Use of Defined Terms	2
	Section 1.02.	Definitions	2
	Section 1.03.	Interpretation	3
	Section 1.04.	Captions and Headings	4
	 	 	 
	Article II REPRESENTATIONS	4
	 	 
	Section 2.01.	Representations and Covenants of Issuer	4
	Section 2.02.	Representations and Covenants of Company	4
	 	 	 
	Article III COMPLETION OF PROJECT FACILITIES;
    ISSUANCE OF BONDS	5
	 	 
	Section 3.01.	Completion of Project Facilities	5
	Section 3.02.	Issuance of Bonds; Application of Proceeds	5
	Section 3.03.	Use of Proceeds	6
	Section 3.04.	Investment of Fund Moneys	6
	Section 3.05.	Issuer’s Fees	7
	 	 	 
	Article IV LOAN BY ISSUER; REPAYMENT OF LOAN
    INCLUDING ADDITIONAL PAYMENTS	7
	 	 
	Section 4.01.	Loan of Proceeds; Installment Payments	7
	Section 4.02.	Additional Payments	7
	Section 4.03.	Deposit of Moneys in Bond Fund; Moneys for Purchase and Redemption	8
	Section 4.04.	Obligations Unconditional	8
	Section 4.05.	Assignment by Company	8
	Section 4.06.	Assignment by Issuer	9
	 	 	 
	Article V ADDITIONAL AGREEMENTS AND COVENANTS	9
	 	 
	Section 5.01.	Lease, Sale or Grant of Use by Company	9
	Section 5.02.	Indemnification of Issuer and Trustee	9
	Section 5.03.	Company Not to Adversely Affect Exclusion From Gross Income of Interest on Bonds	11
	Section 5.04.	Company to Maintain its Existence; Mergers or Consolidations	11
	Section 5.05.	Reports and Audits	11
	Section 5.06.	Insurance	12

 

    	i

    	 

    

 

	Article VI OPTIONS; PREPAYMENT OF LOAN	12
	 	 
	Section 6.01.	Options to Terminate	12
	Section 6.02.	Optional Redemption and Option to Prepay Upon Extraordinary Optional Redemption Under Indenture	12
	Section 6.03.	Actions by Issuer	12
	Section 6.04.	Release on Exercise of Option to Prepay Loan	12
	 	 	 
	Article VII EVENTS OF DEFAULT AND REMEDIES	13
	 	 
	Section 7.01.	Events of Default	13
	Section 7.02.	Remedies on Default	13
	Section 7.03.	No Remedy Exclusive	14
	Section 7.04.	Agreement to Pay Fees and Expenses	14
	Section 7.05.	No Waiver	14
	Section 7.06.	Notice of Default	15
	 	 	 
	Article VIII MISCELLANEOUS	15
	 	 
	Section 8.01.	Term of Agreement	15
	Section 8.02.	Amounts Remaining in Funds	15
	Section 8.03.	Notices	15
	Section 8.04.	Extent of Covenants of Issuer; No Personal Liability	15
	Section 8.05.	Binding Effect	16
	Section 8.06.	Amendments and Supplements	16
	Section 8.07.	Execution Counterparts	16
	Section 8.08.	Severability	16
	Section 8.09.	Governing Law	16
	Section 8.10.	Further Assurances and Corrective Instruments	16
	Section 8.11.	Issuer and Company Representatives	16
	Section 8.12.	Immunity of Incorporators, Stockholders, Officers and Directors	16
	Section 8.13.	Section Headings	17

 

    	ii

    	 

    

  

LOAN AGREEMENT

 

THIS LOAN AGREEMENT
(this “Agreement”), made and entered into as of August 1, 2012, by and between the INDIANA FINANCE AUTHORITY
(the “Issuer”), a body politic and corporate of the State of Indiana (the “State”), exercising essential
public functions, duly organized and validly existing under and by virtue of the laws of the State, including specifically Indiana
Code Title 4, Article 4, Chapters 10.9 and 11, as amended from time to time (the “Act”), and UNITED STATES STEEL
CORPORATION, a corporation duly organized and existing under and pursuant to the laws of the State of Delaware, and duly qualified
to own property and transact business in the State (the “Company”), under the following circumstances summarized in
the following recitals (capitalized terms not defined in the recitals being used therein as defined in Article I):

 

WITNESSETH:

 

WHEREAS, the General
Assembly of the State has enacted Indiana Code Title 4, Article 4, Chapters 10.9 and 11, declaring it to be the public policy of
the State to prevent environmental pollution, including solid waste, through the Issuer’s issuance of its revenue bonds to
finance or refinance pollution control facilities (as defined in the Act); and

 

WHEREAS, in order to
provide the funds to finance the Project, the Issuer has duly authorized the issuance and sale of its Environmental Improvement
Revenue Bonds, Series 2012 (United States Steel Corporation Project), in the aggregate principal amount not to exceed $29,000,000
(the “Bonds”), under the Trust Indenture (the “Indenture”) dated as of August 1, 2012, between the
Issuer and The Bank of New York Mellon Trust Company, N.A., as trustee, for the purposes described therein, and has determined
to enter into this Agreement and secure the Bonds by the pledge and assignment of Installment Payments to be made hereunder; and

 

WHEREAS, the Company
has also agreed under this Agreement to pay, or cause to be paid, when due certain expenses and other costs incurred by the Issuer
and the Trustee in connection with this Agreement and the issuance of the Bonds; and

 

WHEREAS, the Bonds
are special and limited obligations of the Issuer, payable solely from the Pledged Receipts, and neither the principal of the Bonds,
nor the interest accruing thereon, shall ever constitute a general indebtedness of the Issuer or an indebtedness of the State or
any political subdivision or instrumentality thereof, within the meaning of any constitutional or statutory provision whatsoever,
or shall ever constitute or give rise to a pecuniary liability of the State or any political subdivision or instrumentality thereof,
nor will the Bonds be, or be deemed to be, an obligation of the State or any political subdivision or instrumentality thereof;
and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Bonds, when executed and delivered by the Issuer, the legal,
valid and binding special and limited obligations of the Issuer in accordance with the terms thereof;

 

    	 

    	 

    

 

NOW, THEREFORE, for
and in consideration of the premises, the respective representations and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the parties hereto, recognizing that under
the Act this Agreement shall not in any way obligate the State or any agency or political subdivision thereof, including, without
limitation, the Issuer, to raise any money by taxation or use other public moneys for any purpose in relation to the Project or
Project Facilities and that neither the State nor any agency or political subdivision thereof, including, without limitation, the
Issuer, shall pay or promise to pay any debt or meet any financial obligation to any Person at any time in relation to the Project
or the Project Facilities, except from moneys received or to be received under the provisions of this Agreement or derived from
the exercise of the rights of the Issuer hereunder, agree as follows:

 

Article
I

 

DEFINITIONS

 

Section 1.01.     Use
of Defined Terms. In addition to the words and terms defined elsewhere in this Agreement, or by reference to another document,
the words and terms set forth in Section 1.02 shall have the meanings set forth therein unless the content or use clearly indicates
another meaning or intent. In addition, all capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Indenture.

 

Section
1.02.     Definitions. The following terms shall have the following
meanings:

 

“Additional
Payments” means payments due hereunder in addition to the Installment Payments.

 

“Agreement”
means this Loan Agreement as amended or supplemented from time to time.

 

“Bonds”
means the Issuer’s $29,000,000 Environmental Improvement Revenue Bonds, Series 2012 (United States Steel Corporation Project).

 

“Completion
Certificate” means a certificate in substantially the form attached hereto as Exhibit C.

 

“Event of
Default” means any of the events described as an Event of Default in Section 7.01.

 

“Indenture”
has the meaning set forth in the recitals to this Agreement.

 

“Issuer”
has the meaning set forth in the first paragraph of this Agreement.

 

“Loan”
means the loan of Bond proceeds from the Issuer to the Company as provided in Section 4.01.

 

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“Notice Address”
means:

 

		(a)	As to the Issuer:

 

Indiana Finance Authority

One North Capitol Avenue, Suite 900

Indianapolis, IN 46204

Attention: Public Finance Director of the State of Indiana

Facsimile: (317) 232-6786

 

		(b)	As to the Company:

 

United States Steel Corporation

600 Grant Street, Room 1311

Pittsburgh, PA 15219-4776

Attention: Assistant Treasurer-Finance and Risk Management

Facsimile No.: (412) 433-4765

 

		(c)	As to the Trustee:

 

The Bank of New York Mellon Trust Company, N.A.

525 William Penn Place, 38th Floor

Pittsburgh, Pennsylvania 15259

Attention: Corporate Trust Administration

Facsimile No.: (412) 236-9820

 

or such additional or different address,
notice of which is given under Section 8.03.

 

“Person”
or words importing persons mean any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof.

 

“Project”
means the acquisition, construction, installation and equipping of the Project Facilities.

 

“Project Facilities”
means the pollution control facilities financed from the proceeds of the Bonds, as such facilities are described in Exhibit
A hereto.

 

“Tax Regulatory
Agreement” means the Tax Regulatory Agreement and No Arbitrage Certificate in respect of the Bonds and dated as of the
date of delivery of the Bonds, and any permitted amendments or supplements thereto.

 

All other terms used
in this Agreement that are defined in the Indenture have the same meanings assigned them in the Indenture unless the context clearly
requires otherwise.

 

Section
1.03.     Interpretation. Unless the context clearly indicates
otherwise, the capitalized terms defined in this Article I and in the Indenture, for all purposes of this Agreement and all agreements
supplemental hereto, have the meanings hereby ascribed to them. Such terms, together with all other provisions of this Agreement,
shall be read and understood in a manner consistent with the provisions of the Act. Words or phrases importing the masculine gender
shall be read and understood to include the feminine and neuter genders, and those importing number shall include singular or plural,
both as appropriate to the context.

 

    	3

    	 

    

 

Any reference herein
to the Issuer, to its board or to any designated officer includes entities or officials succeeding to their respective functions,
duties or responsibilities pursuant to or by operation of law or lawfully performing their functions.

 

Any reference to a
section, provision or chapter of the laws of the State or to any statute of the United States of America includes that section,
provision or chapter or statute as amended, modified, revised, supplemented or superseded from time to time; provided, that no
such amendment, modification or similar change shall apply solely by reason of this provision, if it constitutes in any way an
impairment of the rights or obligations of the Issuer, the Bondholders, the Trustee or the Company under this Agreement.

 

Section
1.04.     Captions and Headings. The captions and headings in
this Agreement are solely for convenience of reference and in no way define, limit or describe the scope or intent of any articles,
sections, subsections, paragraphs, subparagraphs or clauses hereof.

 

Article
II

 

REPRESENTATIONS

 

Section
2.01.     Representations and Covenants of Issuer. The Issuer
represents that (a) it is duly organized and validly existing under the Constitution and laws of the State, including the Act;
(b) it has duly accomplished all conditions necessary to be accomplished by it prior to the issuance and delivery of the Bonds
and the execution and delivery of this Agreement, the Indenture and the Tax Regulatory Agreement; (c) it is not in violation of
or in conflict with any provisions of the laws of the State which would impair its ability to carry out its obligations contained
in this Agreement, the Indenture or the Tax Regulatory Agreement; (d) it is empowered to enter into the transactions contemplated
by this Agreement, the Indenture and the Tax Regulatory Agreement; (e) it has duly authorized the execution, delivery and performance
of this Agreement, the Indenture and the Tax Regulatory Agreement; (f) to the best of its knowledge and belief, based upon the
application submitted by the Company, and other representations made, information presented and testimony given by the Company,
without independent verification by the Issuer, the Bonds will further the public purposes of the Act and of the Issuer; and (g)
it will do all things in its power in order to maintain its existence or assure the assumption of its obligations under this Agreement,
the Indenture and the Tax Regulatory Agreement by any successor public body.

 

Section
2.02.     Representations and Covenants of Company. The Company
represents and covenants that:

 

(a)      It
is a corporation duly organized and existing under and pursuant to the laws of the State of Delaware. The Company is qualified
to do business in the State.

 

    	4

    	 

    

 

(b)      It
has full power and authority to execute, deliver and perform its obligations under this Agreement and the Tax Regulatory Agreement
and to enter into and carry out the transactions contemplated by those documents; such execution, delivery and performance does
not, and will not, violate any provision of law applicable to the Company or the Company’s articles of incorporation, code
of regulations, bylaws or other corporate charter or similar instrument each as may be amended, and does not, and will not, conflict
with or result in a default under any agreement or instrument to which the Company is a party or by which it is bound; this Agreement
and the Tax Regulatory Agreement have, by proper action, been duly authorized, executed and delivered by the Company and all steps
necessary have been taken to constitute this Agreement and the Tax Regulatory Agreement valid and binding obligations of the Company.

 

(c)      Each
of the Project Facilities will, at the time it is placed in service, be a “pollution control facility” (within the
meaning of the Act) for preventing or remediating environmental pollution, and will, at the time it is placed in service, be used
for the collection, storage, treatment, utilization, processing or final disposal of “solid waste” (within the meaning
of the Code).

 

(d)      At
the time of issuance of the Bonds and at all times subsequent thereto, the Company has complied with and will comply with all applicable
requirements of the Code necessary to ensure that the interest on the Bonds is and will remain excludable from gross income for
federal income tax purposes.

 

(e)      Each
one and all of the representations and warranties of the Company contained in the Tax Regulatory Agreement, as executed and delivered
simultaneously with this Agreement, are true and correct.

 

(f)      The
Company will comply with the applicable requirements of Rule 15c2-12 as promulgated by the
Securities and Exchange Commission and recognizes that the Issuer is not an “obligated person” within the meaning of
said Rule.

 

Article
III

 

COMPLETION OF PROJECT FACILITIES;

ISSUANCE OF BONDS

 

Section
3.01.     Completion of Project Facilities. The Company represents
that the Project Facilities will be completed and that the proceeds of the Bonds, including any investment thereof, will be expended
in accordance with the provisions of all bond authorizations, security and tax regulatory agreements and certificates executed
in respect of the Bonds and in respect of the installation, operation and use of the Project Facilities. Upon completion of the
Project Facilities, the Company shall deliver to the Trustee a Completion Certificate.

 

Section
3.02.     Issuance of Bonds; Application of Proceeds. To provide
funds to make the Loan for the purpose of financing the Project, upon satisfaction of the conditions set forth herein and in the
Bond Resolution, the Issuer will issue, sell and deliver the Bonds. The Bonds will be issued in accordance with and pursuant to
the Indenture in the aggregate principal amount, will bear interest at the rate or rates, will mature and will be subject to redemption
as set forth therein. The Company hereby approves the terms and conditions of the Indenture and the Bonds, and the terms and conditions
under which the Bonds will be issued, sold and delivered.

 

    	5

    	 

    

 

Section
3.03.     Use of Proceeds. The proceeds from the sale of the
Bonds shall be loaned to the Company and paid over to the Trustee for the benefit of the Company and deposited in the Project Fund
and used to finance the Project. Each disbursement request shall be on the form attached hereto as Exhibit B, executed by
an Authorized Company Representative. Subject to the provisions below, disbursements from the Project Fund shall be made only to
reimburse or pay the Company, or any person designated by the Company, for the following:

 

(a)      Costs
incurred directly or indirectly for or in connection with the acquisition, construction, installation or equipment of the Project
Facilities, including costs incurred in respect of the Project for preliminary planning and studies; architectural, legal, engineering,
surveying, accounting, consulting, supervisory and other services; labor, services and materials; and recording of documents and
title work;

 

(b)      Subject
to the limitations set forth in the Act, financial, legal, accounting, printing and engraving fees, charges and expenses, and all
other such fees, charges and expenses incurred in connection with the authorization, sale, issuance and delivery of the Bonds;
or

 

(c)      Any
other costs, expenses, fees and charges properly chargeable to the cost of the acquisition, construction, installation or equipping
of the Project Facilities and that comply with the Company’s representations and warranties in Section 2.02 of this Agreement.

 

Section
3.04.     Investment of Fund Moneys. At the written direction
of the Authorized Company Representative, any moneys held in the Project Fund, the Bond Fund and the Rebate Fund shall be invested
or reinvested by the Trustee in Eligible Investments. Each of the Issuer and the Company hereby covenants that it will restrict
any investment and reinvestment and the use of the proceeds of the Bonds in such manner and to such extent, if any, as may be necessary
so that the Bonds will not constitute arbitrage bonds under Section 148 of the Code.

 

The Company shall provide
the Issuer with a certificate of an appropriate officer, employee or agent of or consultant to the Company for inclusion in the
transcript of proceedings for the Bonds, setting forth the reasonable expectations of the Company on the date of delivery of and
payment for the Bonds regarding the amount and use of the proceeds of the Bonds and the facts, estimates and circumstances on which
those expectations are based.

 

The Company agrees
that at no time shall any funds constituting gross proceeds of the Bonds be used in any manner to cause or result in a prohibited
payment under applicable regulations pertaining to, or in any other fashion as would constitute failure of compliance with, Section
148 of the Code.

 

If there is any amount
required to be paid to the United States pursuant to Section 148(f) of the Code or Section 5.03 of the Indenture, the Company shall
pay such amount to the Trustee for deposit to the Rebate Fund created under Section 5.03 of the Indenture, who will submit the
payment to the United States.

 

    	6

    	 

    

 

Section
3.05.     Issuer’s Fees. The Company will pay the Issuer’s
closing fee in the amount of $30,000 and the legal fee in the amount of $5,000 on the date of issuance of the Bonds. The Company
will also pay any other administrative expenses incurred in connection with the financing of the Project, and any such additional
fees and expenses (including reasonable attorney’s fees) incurred by the Issuer or the Trustee in connection with inquiring
into, or enforcing, the performance of the Company’s obligations hereunder, within 30 days of receipt of a statement from
the Issuer requesting payment of such amount.

 

Article
IV

 

LOAN BY ISSUER; REPAYMENT OF LOAN

INCLUDING ADDITIONAL PAYMENTS

 

Section
4.01.     Loan of Proceeds; Installment Payments. The Issuer
agrees, upon the terms and conditions contained in this Agreement, to lend to the Company the proceeds received by the Issuer from
the sale of the Bonds. Such proceeds shall be disbursed to or on behalf of the Company as provided in Section 3.03.

 

On each date on which
any payment of principal of or interest on the Bonds shall become due (whether at maturity, or upon redemption or acceleration
or otherwise), the Company will pay or cause to be paid to the Trustee, in immediately available funds, an amount which, together
with other moneys held by the Trustee under the Indenture and available therefor, will enable the Trustee to make such payment
in full in a timely manner (“Installment Payments”).

 

In furtherance of the
foregoing, so long as any Bonds are outstanding, the Company will pay or cause to be paid all amounts required to prevent any deficiency
or default in any payment with respect to the Bonds, including any deficiency caused by an act or failure to act by the Trustee,
the Company, the Issuer or any other Person.

 

The Issuer assigns
all amounts payable under this Section by the Company to the Trustee pursuant to the Indenture for the benefit of the Bondholders.
The Company assents to such assignment. Accordingly, the Company will pay directly to the Trustee at its designated office all
payments payable by the Company pursuant to this Section.

 

Section
4.02.     Additional Payments. The Company will also pay the
following upon demand after receipt of a bill therefor:

 

(a)      The
reasonable and documented out-of-pocket fees and expenses, including reasonable attorneys’ fees, of the Issuer incurred in
connection with this Agreement, the Indenture, the Tax Regulatory Agreement and the Bonds, and the making of any amendment or supplement
thereto, including, but not limited to: (i) those described in Section 3.05 (which includes, among other fees and expenses, the
fees and expenses associated with the initial drafting, execution and delivery of this Agreement, the Indenture, the Tax Regulatory
Agreement and the Bonds), (ii) those described in Section 7.04 and (iii) any other payments or indemnification required under Section
5.02; and

 

    	7

    	 

    

 

(b)      The
fees and expenses of the Trustee under the Indenture, including reasonable attorneys’ fees of the Trustee for any services
rendered by it under the Indenture, including those described in Section 7.04, and any other payments or indemnification required
under Section 5.02, such fees, expenses and payments to be paid directly to the Trustee for its own account as and when such fees
and expenses become due and payable.

 

The Company further
agrees to pay all reasonable and documented out-of-pocket costs and expenses (including reasonable attorney’s fees and expenses)
of the Issuer incurred after the initial issuance of the Bonds in the preparation of any responses, reproduction of any documentation
or participation in any inquiries, investigations or audits from any Person solely or primarily in connection with the Bonds, including,
without limitation, the Internal Revenue Service, the Securities Exchange Commission or other governmental agency.

 

Section
4.03.     Deposit of Moneys in Bond Fund; Moneys for Purchase and
Redemption. The Company may at any time deposit moneys in the Bond Fund, without premium or penalty, to be held by the Trustee
for application to Installment Payments not yet due and payable, and the Issuer agrees that the Trustee shall accept such deposits
when tendered by the Company. Such deposits shall be credited against the Installment Payments, or any portion thereof, in the
order of their due dates. In addition, the Company may at any time deliver moneys to the Trustee in addition to such deposits with
written instructions to the Trustee to use such moneys for the purpose of making open market purchases of Bonds. Such deposits
or such delivery of moneys for Bond purchases shall not in any way alter or suspend the obligations of the Company under this Agreement
during the term hereof as provided in Section 8.01.

 

In addition, the Company
may deliver moneys to the Trustee for use for optional redemption of Bonds pursuant to Sections 6.01 and 6.02 and shall deliver
moneys to the Trustee for mandatory redemption of Bonds as required by Section 4.02(b)(ii) of the Indenture.

 

Section
4.04.     Obligations Unconditional. The obligations of the
Company to make payments required by Sections 4.01, 4.02 and 4.03 and to perform its other agreements contained herein shall be
absolute and unconditional, and the Company shall make such payments without abatement, diminution or deduction regardless of any
cause or circumstances whatsoever.

 

Section
4.05.     Assignment by Company. Rights granted to the Company
under this Agreement may be assigned in whole or in part by the Company without the necessity of obtaining the consent of the Issuer
or the Trustee, subject, however, to each of the following conditions:

 

(a)      unless
waived by the Issuer or the Trustee, the Company shall notify the Issuer and the Trustee in writing of the
identity of any assignee at least 30 days prior to the effective date of such assignment;

 

(b)      no
assignment shall relieve the Company from primary liability hereunder for its obligations hereunder, and the Company shall continue
to remain primarily liable for the payment of the Installment Payments and Additional Payments and for performance and observance
of the agreements on its part herein provided to be performed and observed by it;

 

    	8

    	 

    

 

(c)      any
assignment from the Company must retain for the Company such rights and interests as will permit it to perform its obligations
under this Agreement;

 

(d)      the
Company shall, within 30 days after execution thereof, furnish or cause to be furnished to the Issuer and the Trustee a true and
complete copy of each such assignment; and

 

(e)      any
assignment from the Company shall not materially impair fulfillment of the purposes to be accomplished by operation of the Project
Facilities as a project, the financing of which is permitted under the Act.

 

Section
4.06.     Assignment by Issuer. The Issuer will assign its rights
under and interest to this Agreement (except for the Unassigned Issuer’s Rights) to the Trustee pursuant to the Indenture
as security for the payment of the Bonds. Otherwise, the Issuer will not sell, assign or otherwise dispose of its rights under
or interest in this Agreement nor create or permit to exist any lien, encumbrance or security interest thereon.

 

Article
V

ADDITIONAL AGREEMENTS AND COVENANTS

 

Section
5.01.     Lease, Sale or Grant of Use by Company. Subject to
the provisions of Section 5.03, the Company may lease, sell or grant the right to occupy and use the Project Facilities, in whole
or in part, to others, provided that:

 

(a)      no
such grant, sale or lease shall relieve the Company from its obligations under this Agreement;

 

(b)      the
Company shall retain such rights and interests as will permit it to comply with its obligations under this Agreement;

 

(c)      no
such grant, sale or lease shall impair the purposes of the Act; and

 

(d)      the
Company shall receive an Opinion of Nationally Recognized Bond Counsel that such grant, sale or lease does not have an
adverse affect upon the tax-exempt status of the Bonds.

 

Section
5.02.     Indemnification of Issuer and Trustee. The Company
will indemnify and hold the Issuer and Trustee, their members, officers, officials and employees, and the State of Indiana, including
its members, officers and employees, free and harmless from any loss, claim, damage, tax, penalty, liability, disbursement, litigation
expenses, attorneys’ fees and expenses or court costs arising out of, or in any way relating to, the execution or performance
of the Indenture, this Agreement, the Bond Purchase Agreement (the “Bond Purchase Agreement”) among the Underwriter,
the Issuer and the Company or any other documents in connection therewith, or any other cause whatsoever pertaining to the Project
Facilities (including without limitation any loss, claim, damage, tax penalty, liability, disbursement, litigation expenses, attorneys’
fees and expenses or court costs asserted or arising under any federal, state or local statute, law, ordinance, code, rule, regulation,
order or decree regulating or relating to or imposing liability or standards of conduct concerning any hazardous, toxic or dangerous
waste, substance or material), or the Bonds, including the issuance or sale of the Bonds, or failure to issue or sell the Bonds,
actions taken under the Bonds, the Indenture, this Agreement, the Bond Purchase Agreement or any other documents in connection
therewith or any other cause whatsoever pertaining to the Project Facilities, except in any case as a result of the gross negligence
or willful misconduct of the Issuer or Trustee.

 

    	9

    	 

    

 

The Company may, at
its cost and in its name or in the name of the Issuer, prosecute or take any other action involving third persons which the Company
deems necessary in order to ensure or protect the Company’s rights under this Agreement; in such event, the Issuer will reasonably
cooperate with the Company, but at the sole expense of the Company.

 

The Company agrees
to indemnify the Trustee and the Issuer for and to hold each of them harmless against all liabilities, claims, court costs and
reasonable and documented out-of-pocket expenses (including reasonable and documented fees and expenses of counsel necessary in
defending against the same) incurred without gross negligence or willful misconduct on the part of the Trustee or the Issuer, as
applicable, on account of any action taken or omitted to be taken by the Trustee or the Issuer, as applicable, in accordance with
the terms of this Agreement, the Bonds or the Indenture or any action taken at the request of or with the consent of the Company,
including the costs and expenses of the Trustee and the Issuer in defending itself against any such claim, action or proceeding
brought in connection wit the exercise or performance of any of its powers or duties under this Agreement, the Bonds or the Indenture.

 

In case any actions
or proceedings are brought against the Issuer or the Trustee in respect of which indemnity may be sought hereunder, the party seeking
indemnity shall promptly (but in any event within 15 days of receipt of service) give notice of that action or proceeding to the
Company enclosing copies of all papers served, and the Company upon receipt of that notice shall have the obligation and the right
to assume the defense of the action or proceeding; provided, that failure of a party to give that notice shall not relieve the
Company from any of its obligations under this Section unless that failure materially prejudices the defense of the action or proceeding
by the Company. At its own expense, an indemnified party may employ separate counsel and participate in the defense. The Company
shall not be liable for any settlement made without its written consent.

 

Notwithstanding anything
contained herein to the contrary, the Company shall not be obligated to indemnify or hold harmless the Issuer or the Trustee, or
their respective members, officers, officials or employees, for their gross negligence or willful misconduct.

 

The foregoing indemnification
is intended to and shall include the indemnification of all affected officials, directors, trustees, officers and employees of
the Issuer and the Trustee, respectively. That indemnification is intended to and shall be enforceable by the Issuer and the Trustee,
respectively, to the full extent permitted by law, and the foregoing indemnification shall survive beyond the termination or discharge
of the Indenture or payment of the Bonds.

 

    	10

    	 

    

 

Section
5.03.     Company Not to Adversely Affect Exclusion From Gross Income
of Interest on Bonds. The Company hereby represents that it has taken and caused to be taken, and covenants that it will take
and cause to be taken, all actions that may be required of it, alone or in conjunction with the Issuer, for the interest on the
Bonds to be and to remain excludable from gross income for federal income tax purposes, and represents that it has not taken or
permitted to be taken on its behalf, and covenants that it will not take or permit to be taken on its behalf, any action that would
adversely affect such excludability under the provisions of the Code.

 

The Company also covenants
that it will restrict the investment and reinvestment and the use of the proceeds of the Bonds in such manner and to such extent,
if any, as may be necessary so that the Bonds will not constitute arbitrage bonds under Section 148 of the Code.

 

The Company hereby
covenants that on or before the ninetieth day following the date any of the Project Facilities are no longer being operated as
qualifying exempt facilities under the Code (unless such facilities have simply ceased to be operated), or such later date as provided
in the Indenture, the Company shall cause a related amount of Bonds to be redeemed pursuant to the Mandatory Redemption provision
of the Bonds.

 

Section
5.04.     Company to Maintain its Existence; Mergers or Consolidations.
The Company covenants that it will not merge or consolidate with any other legal entity or sell or convey all or substantially
all of its assets to any other legal entity, except that the Company may merge or consolidate with, or sell or convey all or substantially
all of its assets to any other legal entity, provided that (a) the Company shall be the continuing legal entity or the successor
legal entity (if other than the Company) shall be a legal entity organized and existing under the laws of the United States of
America or a state thereof, qualified to do business in the State, and such legal entity shall expressly assume the due and punctual
payment of the Installment Payments hereunder in order to ensure timely and proper payment of the principal of and interest on
all the Bonds, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions
of this Agreement to be performed by the Company and (b) the Company or such successor legal entity, as the case may be, shall
not, immediately after such merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant
or condition and no event which with the lapse of time, the giving of notice or both would constitute an Event of Default under
Section 7.01 shall have occurred and be continuing.

 

In case any such consolidation,
merger, sale or conveyance and upon the assumption by the successor legal entity of the obligations under this Agreement and on
the Bonds in accordance with the foregoing, such successor legal entity shall succeed to and be substituted for the Company, with
the same effect as if it had been named herein as a party hereto, and the Company shall thereupon be relieved of any further obligations
or liabilities hereunder and upon the Bonds and the Company as the predecessor legal entity may thereupon or at any time thereafter
be dissolved, wound-up or liquidated.

 

Section
5.05.     Reports and Audits. The Company shall, as soon as
practicable but in no event later than six months after the end of each of its fiscal years, file with the Trustee and the Issuer,
audited financial statements of the Company prepared as of the end of such fiscal year; provided that the Company may satisfy this
requirement by its filing of such information with the Securities and Exchange Commission (www.sec.gov) and the Municipal Securities
Rulemaking Board (www.emma.msrb.org) in accordance with their respective filing requirements.

 

    	11

    	 

    

 

Section
5.06.     Insurance. The Company shall maintain, or cause to
be maintained, insurance covering such risks and in such amounts as is customarily carried by similar industries as the Company,
and which insurance may be, in whole or in part, self-insurance.

 

Article
VI

 

OPTIONS; PREPAYMENT OF LOAN

 

Section
6.01.     Options to Terminate. The Company shall have, and
is hereby granted, an option to prepay and terminate the Loan, upon satisfaction of the following conditions at any time prior
to full payment of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Indenture):
(a) in accordance with Article IX of the Indenture, by paying to the Trustee an amount which, when added to the amount on deposit
in the funds established under the Indenture and available therefor, will be sufficient to pay, retire and, pursuant to the Indenture,
redeem all the outstanding Bonds in accordance with the provisions of the Indenture (including, without limiting the generality
of the foregoing, principal of and interest to maturity or the earliest applicable redemption date, as the case may be, and expenses
of redemption and the Trustee’s fees and expenses due hereunder or under the Indenture), and in case of redemption making
arrangements satisfactory to the Trustee for the giving of the required notice of redemption, (b) by giving the Issuer notice in
writing of such termination and (c) by making full payment of Additional Payments due under Section 4.02; thereafter such termination
shall forthwith become effective.

 

Any prepayment pursuant
to this Section 6.01 shall either comply with the provisions of Article IX of the Indenture or result in redemption of the Bonds
within 90 days of the date of prepayment. Nothing contained in this Section 6.01 shall prevent the payment of part of any of the
Bonds pursuant to Article IV or Section 9.02 of the Indenture.

 

Section
6.02.     Optional Redemption and Option to Prepay Upon Extraordinary
Optional Redemption Under Indenture. On or after August 1, 2022, the Company has the option to prepay the Loan, in whole
or in part, and thereby cause the redemption of the Bonds on the terms and conditions set forth in Section 4.02(a) of the Indenture.
The Company shall also have the option, upon the occurrence of certain extraordinary circumstances described therein, to prepay
the Loan in whole or in part upon the terms and conditions set forth in Section 4.02(b)(i) of the Indenture.

 

Section
6.03.     Actions by Issuer. At the request and direction of
the Company or the Trustee, the Issuer shall take all steps required of it under the applicable provisions of the Indenture or
the Bonds to effect the redemption of all or a portion of the Bonds pursuant to this Article VI; provided that, in such event,
the Company shall reimburse the Issuer for its reasonable expenses, including attorneys’ fees, incurred in complying with
such request.

 

Section
6.04.     Release on Exercise of Option to Prepay Loan. Upon
the payment of all amounts due hereunder pursuant to any option to prepay the Loan granted in this Agreement, the Issuer shall,
upon receipt of the prepayment, deliver to the Company, if necessary, a release from the Trustee of the lien of the Indenture.

 

    	12

    	 

    

 

Article
VII

 

EVENTS OF DEFAULT AND REMEDIES

 

Section
7.01.     Events of Default. Each of the following shall be
an Event of Default:

 

(a)      The
Company shall fail to pay the amounts required to be paid under Section 4.01 or 4.02 on the date specified therein;

 

(b)      Failure
by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than
as referred to in Section 7.01(a), (other than certain representations, warranties and covenants regarding various matters relating
to the tax status of the Bonds) for a period of 60 days after written notice specifying such failure and requesting that it be
remedied shall have been given to the Company by the Issuer or the Trustee, unless the Issuer and the Trustee shall agree in writing
to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected
within the applicable period, it shall not constitute an Event of Default if corrective action is instituted by the Company within
the applicable period and is being diligently pursued until the default is corrected;

 

(c)      The
dissolution or liquidation of the Company or the voluntary initiation by the Company of any proceeding under any federal or state
law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or
the initiation against the Company of any such proceeding which shall remain undismissed for 60 days, or failure by the Company
to promptly have discharged any execution, garnishment or attachment of such consequence as would materially impair the ability
of the Company to carry on its operations, or assignment by the Company for the benefit of creditors, or the entry by the Company
into an agreement of composition with creditors or the failure generally by the Company to pay its debts as they become due; or

 

(d)      The
occurrence of an Event of Default as defined in the Indenture.

 

Any declaration of
default under subparagraph (c) and the exercise of remedies upon any such declaration will be subject to any applicable limitations
of federal bankruptcy law affecting or precluding that declaration or exercise during the pendency of or immediately following
any bankruptcy, liquidation or reorganization proceedings.

 

Section
7.02.     Remedies on Default. Whenever an Event of Default
shall have happened and be existing, any one or more of the following remedial steps may be taken:

 

(a)      if
acceleration of the principal amount of the Bonds has been declared pursuant to Section 7.03 of the Indenture, the Issuer or the
Trustee shall declare all Installment Payments to be immediately due and payable, whereupon the same shall become immediately due
and payable; or

 

    	13

    	 

    

 

(b)      the
Issuer or the Trustee may pursue all remedies now or hereafter existing at law or in equity to collect all amounts then due
and thereafter to become due under this Agreement or to enforce the performance and observance of any other obligation or
agreement of the Company under those instruments.

 

Notwithstanding the
foregoing, the Trustee shall not be obligated to take any step that in its reasonable opinion will or might cause it to expend
time or money or otherwise incur liability unless and until a satisfactory indemnity bond has been furnished to the Trustee at
no cost or expense to it. Any amounts collected pursuant to action taken under this Section (except for amounts payable directly
to the Issuer or the Trustee pursuant to Section 4.02, 5.02 or 7.04) shall be paid into the Bond Fund and applied in accordance
with the provisions of the Indenture or, if the Outstanding Bonds have been paid and discharged in accordance with the provisions
of the Indenture, shall be paid as provided in Section 9.01 of the Indenture for transfers of remaining amounts in the Bond Fund.

 

The provisions of this
Section are subject to the further limitation that the rescission by the Trustee of its declaration that all of the Bonds are immediately
due and payable also shall constitute an annulment of any corresponding declaration made pursuant to paragraph (a) of this Section
and a waiver and rescission of the consequences of that declaration and of the Event of Default with respect to which that declaration
has been made, provided that no such waiver or rescission shall extend to or affect any subsequent or other default or impair any
right consequent thereon.

 

Section
7.03.     No Remedy Exclusive. No remedy conferred upon or reserved
to the Issuer or the Trustee by this Agreement is intended to be exclusive of any other available remedy or remedies, but each
and every remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement, now or hereafter
existing at law, in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair
that right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time
and as often as may be deemed expedient. In order to entitle the Issuer or the Trustee to exercise any remedy reserved to it in
this Article, it shall not be necessary to give any notice, other than any notice required by law or for which express provision
is made herein.

 

Section
7.04.     Agreement to Pay Fees and Expenses. If an Event of
Default should occur and the Issuer or the Trustee should incur expenses, including attorneys’ fees, in connection with the
enforcement of this Agreement or the collection of sums due thereunder, the Company shall reimburse the Issuer and the Trustee,
as applicable, for the reasonable expenses so incurred upon demand.

 

Section
7.05.     No Waiver. No failure by the Issuer or the Trustee
to insist upon the performance by the Company of any provision hereof shall constitute a waiver of their right to performance and
no express waiver shall be deemed to apply to any other existing or subsequent right to remedy the failure by the Company to observe
or comply with any provision hereof.

 

    	14

    	 

    

 

Section
7.06.     Notice of Default. The Company shall notify the Trustee
immediately and in writing if it becomes aware of the occurrence of any Event of Default hereunder or of any fact, condition or
event which, with the giving of notice or passage of time or both, would become an Event of Default.

 

Article
VIII

 

MISCELLANEOUS

 

Section
8.01.     Term of Agreement. This Agreement shall be and remain
in full force and effect from the date of issuance of the Bonds until such time as all of the Bonds shall have been fully paid
(or provision made for such payment) pursuant to the Indenture and all other sums payable by the Company under this Agreement shall
have been paid, except for obligations of the Company under Section 4.02, 5.02 and 7.04, which shall survive any termination of
this Agreement.

 

Notwithstanding any
termination of this Agreement, any payment of any or all of the Bonds or any discharge of the Indenture, if Bonds are redeemed
pursuant to the mandatory redemption upon determination of taxability, the Company shall pay all additional amounts required to
be paid under Section 4.02 of the Indenture at the time provided therein.

 

Section
8.02.     Amounts Remaining in Funds. Any amounts in the Bond
Fund remaining unclaimed by the Holders of Bonds (whether at stated maturity, by redemption or pursuant to any mandatory sinking
fund requirements or otherwise) shall be deemed to belong, and shall be paid, to the proper party pursuant to applicable escheat
laws. Further, any other amounts remaining in the Bond Fund, the Project Fund and any other special fund for accounts created under
this Agreement or the Indenture, after all of the outstanding Bonds shall be deemed to have been paid and discharged under the
provisions of the Indenture and all other amounts required to be paid under this Agreement and the Indenture have been paid, shall
be paid to the Company to the extent that those moneys are in excess of the amounts necessary to effect the payment and discharge
of the outstanding Bonds.

 

Section
8.03.     Notices. All notices, certificates, requests or other
communications hereunder shall be in writing and shall be deemed to be sufficiently given when received or upon refusal of delivery
at the applicable Notice Address. The Issuer, the Company or the Trustee may, by providing written notice to each other, designate
any further or different addresses to which subsequent notices, certificates, requests or other communications shall be sent.

 

Section
8.04.     Extent of Covenants of Issuer; No Personal Liability.
All covenants, obligations and agreements of the Issuer contained in this Agreement or the Indenture shall be effective to the
extent authorized and permitted by applicable law. No such covenant, obligation or agreement shall be deemed to be a covenant,
obligation or agreement of any present or future member, trustee, officer, agent or employee of the Issuer in other than his official
capacity, and no official executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or
accountability by reason of the issuance thereof or by reason of the covenants, obligations or agreements of the Issuer contained
in this Agreement or in the Indenture.

 

    	15

    	 

    

 

Section
8.05.     Binding Effect. This Agreement shall inure to the
benefit of and shall be binding in accordance with its terms upon the Issuer, the Company and their respective permitted successors
and assigns.

 

Section
8.06.     Amendments and Supplements. Except as otherwise expressly
provided in this Agreement or the Indenture, subsequent to the issuance of the Bonds and prior to all conditions provided for in
the Indenture for release of the Indenture having been met, this Agreement may not be effectively amended, changed, modified, altered
or terminated except in accordance with the provisions of Article XI of the Indenture, as applicable.

 

Section
8.07.     Execution Counterparts. This Agreement may be executed
in any number of counterparts, each of which shall be regarded as an original and all of which shall constitute but one and the
same instrument.

 

Section
8.08.     Severability. If any provision of this Agreement or
any covenant, obligation or agreement contained herein is determined by a court to be invalid or unenforceable, that determination
shall not affect any other provision, covenant, obligation or agreement, each of which shall be construed and enforced as if the
invalid or unenforceable portion were not contained herein. That invalidity or unenforceability shall not affect any valid and
enforceable application thereof, and each such provision, covenant, obligation or agreement shall be deemed to be effective, operative,
made, entered into or taken in the manner and to the full extent permitted by law.

 

Section
8.09.     Governing Law. This Agreement shall be deemed to be
a contract made under the laws of the State and for all purposes shall be governed by and construed in accordance with the laws
of the State.

 

Section
8.10.     Further Assurances and Corrective Instruments. The
Issuer and the Company agree that they will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged
and delivered, such supplements hereto and such further instruments as may reasonably be required for the further assurance, correction
or performance of the expressed intention of this Agreement.

 

Section
8.11.     Issuer and Company Representatives. Whenever under
the provisions of this Agreement the approval of the Issuer or the Company is required or the Issuer or the Company is required
to take some action at the request of the other, such approval or such request shall be given for the Issuer by a Designated Officer
and for the Company by an Authorized Company Representative. The Trustee shall be authorized to act on any such approval or request.

 

Section
8.12.     Immunity of Incorporators, Stockholders, Officers and
Directors. No recourse under or upon any obligation, covenant or agreement contained in this Agreement or in any agreement
supplemental hereto, or in the Bonds, or because of any indebtedness evidenced thereby, shall be had against any incorporator,
or against any stockholder, member, officer or director, as such, past, present or future, of the Company or of any predecessor
or, subject to Section 5.04, successor legal entity, either directly or through the Company or any predecessor or successor legal
entity, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Bonds by the Holders thereof
and as part of the consideration for the issuance of the Bonds.

 

    	16

    	 

    

 

Section
8.13.     Section Headings. The table of contents and headings
of the various articles and sections of this Agreement are for convenience of reference only and shall not modify, define or limit
any of the terms or provisions hereof. References to article and section numbers are references to articles and sections in this
Agreement unless otherwise indicated.

 

    	17

    	 

    

IN WITNESS WHEREOF,
the Issuer and the Company have caused this Agreement to be duly executed in their respective names, all as of the date hereinbefore
written.

 

	 	 	INDIANA FINANCE AUTHORITY
	 	 	 	 
	 	 	By:	/s/ Adam M. Horst
	 	 	 	Adam M. Horst, Chairman
	 	 	 	 
	 	 	 	 
	Attest:	 	 	 
	 	 	 	 
	/s/ Kendra York	 	 	 
	Kendra York, Public Finance Director	 	 	 
	of the State of Indiana	 	 	 
	 	 	 	 
	[SEAL]	 	 	 

 

[SIGNATURE PAGE TO U.S. STEEL 2012 LOAN
AGREEMENT]

 

    	18

    	 

    

 

	 	UNITED STATES STEEL CORPORATION
	 	 	 
	 	By:	/s/ John J. Quaid
	 	 	John J. Quaid, Vice President & Treasurer

 

[SIGNATURE PAGE TO U.S. STEEL 2012 LOAN
AGREEMENT]

 

    	19

    	 

    

 

EXHIBIT A

 

PROJECT FACILITIES

 

Solid waste disposal
facilities, including dustcatchers on two blast furnaces and dust control and emission systems on a carbon alloy synthesis facility,
located at the United States Steel Corporation Gary Works, One North Broadway, Gary, Indiana.

 

    	 

    	 

    

 

EXHIBIT B

 

FORM OF DISBURSEMENT REQUEST

 

Statement No. ____ Requesting Disbursement
of Funds from Project Fund

pursuant to Section 3.03 of Loan Agreement
between

Indiana Finance Authority and United States
Steel Corporation

 

Pursuant to Section
3.03 of the Loan Agreement, dated as of August 1, 2012 (the “Agreement”), between the Indiana Finance Authority
(the “Issuer”) and United States Steel Corporation (the “Company”), the undersigned Authorized Company
Representative hereby requests and authorizes The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”)
under the Trust Indenture, dated as of August 1, 2012 (the “Indenture”), by and between the Issuer and the Trustee,
to pay to the Company or to the person(s) listed on the Disbursement Schedule, if any, attached hereto out of the moneys deposited
in Project Fund (as established pursuant to the Indenture) the aggregate sum of $__________, to reimburse the Company in full,
or to pay such person(s) as indicated in any Disbursement Schedule, for the advances, payments and expenditures made by it in connection
with the Project. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

 

In connection with
the foregoing request and authorization, the undersigned hereby certifies that:

 

(a)      Each
item for which disbursement is requested hereunder is properly payable out of the Project Fund in accordance with the terms and
conditions of the Agreement and none of those items has formed the basis or any disbursement heretofore made from the Project Fund;

 

(b)      This
statement and all exhibits hereto, including the Disbursement Schedule, shall be conclusive evidence of the facts and statements
set forth herein and shall constitute full warrant, protection and authority to the Trustee for its actions taken pursuant hereto;
and

 

(c)      This
statement constitutes the approval of the Company of each disbursement hereby requested and authorized.

 

This _________ day
of ________________, 20__.

 

	 	 
	 	Authorized Company Representative

 

    	 

    	 

    

 

	Disbursement Schedule

 

	Payee	 	Amount	 	Purpose
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT C

 

FORM OF COMPLETION CERTIFICATE

 

Pursuant to Section
3.01 of the Loan Agreement, dated as of August 1, 2012 (the “Agreement”), between Indiana Finance Authority (the
“Issuer”) and United States Steel Corporation (the “Company”), the undersigned hereby certifies to the
Trustee (all capitalized terms used and not otherwise defined herein having the meaning set forth in the Agreement) the following:

 

		(a)	the Project was substantially completed on or about ____________, 20__;

 

		(b)	all other facilities necessary in connection with the Project have been acquired, constructed,
installed and equipped;

 

		(c)	$______________ shall be retained in the Project Fund for the payment of costs of the Project not
yet due or for liabilities which the Company is contesting or which otherwise should be retained, because _______________________
_______________________________ [explain the reasons such amounts are being contested or should be retained]; and

 

		(d)	other than the amounts referred to in (c) above, of the remaining balance in the Project Fund:

 

		(i)	$________________ is being used to acquire, construct, install or equip additional personal property
in connection with the Project Facilities; and/or

 

		(ii)	$________________ shall be paid into the Bond Fund to be applied to pay the interest component
of Bond Service Charges on the next Interest Payment Date (for which the Company shall receive a credit against its obligations
to make Installment Payments equal to the amount of moneys so transferred from the Project Fund).

 

Attached hereto is
such evidence and the Opinion of Nationally Recognized Bond Counsel as are required by the Indenture, if any.

 

This _________ day
of ________________, 20__.

 

	 	 
	 	Authorized Company Representative

 

    	 

    	 

    

 

ASSIGNMENT

 

KNOW ALL PERSONS BY
THESE PRESENTS that the INDIANA FINANCE AUTHORITY, a body politic and corporate of the State of Indiana (the “Issuer”),
for value received, hereby does assign, transfer and pledge unto THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee (the
“Trustee”) under the Trust Indenture, dated as of August 1, 2012 (the “Indenture”), between the Issuer
and the Trustee, and to the Trustee’s successors in the trust and its assigns, forever, all right, title and interest of
the Issuer in the Loan Agreement, dated as of August 1, 2012 (the “Agreement”), between the Issuer and UNITED
STATES STEEL CORPORATION (the “Company”), including, but not limited to, the Pledged Receipts (as defined in the Indenture)
(but not including the Unassigned Issuer’s Rights (as defined in the Indenture)), all as provided in the Indenture and in
the Agreement, and to have, hold and apply such income, payments, receipts, revenues and moneys in accordance with the Indenture;
and the Issuer directs that such funds shall be paid by the Company directly to the Trustee, according to the terms of the Indenture.

 

IN WITNESS WHEREOF,
the INDIANA FINANCE AUTHORITY has caused this Assignment to be duly executed in its name and on its behalf by its Chairman, and
its corporate seal to be affixed hereunto and attested by the Public Finance Director of the State of Indiana, all as of this 17th
day of August, 2012.

 

	 	INDIANA FINANCE AUTHORITY
	 	 	 
	 	By:	 
	 	 	Adam M. Horst, Chairman
	 	 	 
	 	 	 
	[SEAL]	 	 
	 	 	 
	Attest:	 	 
	 	 	 
	 	 	 
	Kendra York, Public Finance Director	 	 
	of the State of Indiana

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