Document:

Sale and Purchase Agreement

 Exhibit 10.1 
 TRANSLATION 
 Dated 15th October 2012 

China Metro-Rural Limited 
 (“Vendor”) 
 and 

Tieling North Asia Development Co., Ltd (“Tieling Company”) 

and 
 Run Xing
Investments Limited (“Company A”) and 
 Honour Noble Holdings Limited (“Company B”) 

(Company A and Company B collectively as “Purchasers”) 
 and 
 Mr. Su Shaobin 

and 
 Qiqihar
China Focus City Holdings (Group) Co. Ltd 
 (“Target Company B”) 

 
  

Agreement for Sale and Purchase of Shares and Equity Interests of 

China Focus City (H.K.) Holdings Limited and 
 Qiqihar China Focus City Holdings (Group) Co. Ltd 
  

 

 This Agreement is made on 15th October 2012 between: 
  

	(1)	China Metro-Rural Limited, a limited liability company incorporated in the British Virgin Islands, with registered office located at P.O. Box 957, Offshore
Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Vendor”); 

  

	(2)	Tieling North Asia Development Co., Ltd, a limited liability company incorporated in PRC, with registered office located at Northeast Logistics City Administrative
Building, Zuanshi Road, Fanhe Xinqu, Tieling City, Liaoning Province, PRC (“Tieling Company”); 

  

	(3)	Run Xing Investments Limited, a limited liability company incorporated in the British Virgin Islands, with registered office located at P.O. Box 957, Offshore
Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Company A”); 

  

	(4)	Honour Noble Holdings Limited, a limited liability company incorporated in the British Virgin Islands, with registered office located at P.O. Box 957, Offshore
Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Company B”); 

 (Company A and Company B
collectively as “Purchasers”); 
  

	(5)	Mr. SU Shaobin, holder of Hong Kong Identity Card number R522492(5) of 33/F, No.19, Celestial Heights, 80 Sheung Shing Street, Kowloon, Hong Kong (“Su
Shaobin”); and 

  

	(6)	Qiqihar China Focus City Holdings (Group) Co. Ltd, a limited liability company incorporated in PRC, with registered office located at 3/F, Environmental Protection
Building, Hecheng Road North, Qiqihar City, Heilongjiang Province, PRC (“Target Company B”). 

 Whereas: 

 

	(A)	Target Company A (as defined below), is a limited liability company incorporated in Hong Kong, with registered office located at Suite 2204, Sun Life Tower, The
Gateway, 15 Canton Road, Tsimshatusi, Kowloon, Hong Kong. On the date signing this Agreement, the authorized capital of Target Company A is HKD1,000,000.00, divided into 1,000,000 ordinary shares of HKD1.00 each. The issued and paid-up capital is 1
ordinary share. Details of Target Company A was listed on Appendix 1. After obtaining the approval of Willis Plus Limited, Target Company A will allot 99 ordinary shares and its issued shares are 100 ordinary shares. 

  
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	(B)	Target Company B (as defined below), is a limited liability company incorporated in PRC, with registered office located at 3/F, Environmental Protection Building,
Hecheng Road North, Qiqihar City, Heilongjiang Province, PRC. On the date signing this Agreement, the authorized capital of Target Company B is RMB200,000,000.00, which was fully paid, details of Target Company B was listed on Appendix 2.

  

	(C)	Vendor is the wholly-owned subsidiary of China Metro-Rural Holdings Limited (“CMR Holdings”). Vendor is the registered member and beneficial owner for the 1
issued and fully paid ordinary share of Target Company A. Vendor beneficially owns the equity interest of all issued and fully paid shares of Target Company A. 

 

	(D)	Vendor, through its wholly-owned subsidiary, Tieling Company who is the beneficial owner of the fully paid registered capital of Target Company B, beneficially owns the
equity interest of the issued and fully paid registered capital of Target Company B. 

  

	(E)	In accordance with the terms and conditions set out in this Agreement, Vendor agrees to sell and Purchasers agree to buy the Sale Shares (as defined below) and Sale
Equity (as defined below). 

 Now it is hereby agreed by the parties hereto as follows: 

 

	1.	Interpretation 

  

	1.01	In this Agreement and appendixes, the following terms and phrases have the following meanings unless the context otherwise requires. 

 

			
	“Agreement”	  	This Agreement;
		
	“business day”	  	A day on which banks in Hong Kong are generally open for business (not including Saturday and the day hosting Tropical Cyclone No.8 or above or Black Rainstorm Warning signal within
any times from 9:00am to 5:00pm);

  
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	“Target Company A”	  	China Focus City (H.K.) Holdings Limited, is a limited liability company incorporated in Hong Kong on 11 April 2011, with registered office located at Suite 2204, Sun Life
Tower, The Gateway, 15 Canton Road, Tsimshatusi, Kowloon, Hong Kong, details of which listed on Appendix 1;
		
	“Target Company B”	  	Qiqihar China Focus City Holdings (Group) Co. Ltd, a limited liability company incorporated in PRC on 11 August, 2011, with registered office located at 3/F, Environmental
Protection Building, Hecheng Road North, Qiqihar City, Heilongjiang Province, PRC, details of which listed on Appendix 2;
		
	“Completion”	  	Completion of sales and purchase of Sale Shares and Sale Equity set under Clause 5;
		
	“Completion Date”	  	Designated date under Clause 5.01;
		
	“Consideration”	  	the consideration for sales and purchase of Sale Shares and Sale Equity set under Clause 3;
		
	“Hong Kong dollar” or “HKD”	  	Hong Kong dollar, the lawful currency of Hong Kong;
		
	 “Hong Kong” or

“HK”
	  	the Hong Kong Special Administrative Region of the PRC;
		
	“PRC” or “China”	  	People’s Republic of China;
		
	 “RMB” or

“Renminbi”
	  	Renminbi, the lawful currency of China;
		
	“Sale Shares”	  	100 shares to be sold under Clause 2 which is 100% of the issued shares of Target Company A;
		
	“Sale Equity”	  	75% equity interest to be sold under Clause 2 which is 75% of the issued shares of Target Company B;

  
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	“subsidiary”	  	Has the meaning ascribed to it under section 2 of the Companies Ordinance (Chapter 32 of Hong Kong Laws);
		
	“Tieling Company”	  	Tieling North Asia Development Co., Ltd, a limited liability company incorporated in PRC;
		
	“Tax”	  	Means the tax affairs in any region all over the world or all the Rates, levy, fees collection, charges, import tax, expense, tax deduction or withdrawal collected, imposed,
gathered, deducted in advance or assessed in any properties or form by other authority currently or in the future, including any interest, additional tax, customs duty, penalty, tax demanded after removal of any preferential treatment or changes
repayable or claimed;
		
	“US Dollar”	  	Refer to the legal currency of the United States of America; and
		
	“Guarantee”	  	Refer to all the guarantees and statements set out in Clause 6 and Appendix 3. “Guarantee” shall be explained as such.

  

	1.02	In case of statutory provisions, it shall include revision, amendment or modification of applicability in accordance with other provisions (modification before or after
the date of this Agreement), including renewal of new provisions (modified or not). 

  

	1.03	The provisions and appendixes mentioned refer to that of this Agreement; sub-clauses mentioned refer to relevant clauses given (except otherwise specified herein). The
appendixes of this Agreement shall be deemed parts of this Agreement. 

  

	1.04	If more than one person need to make or sign warranties, statements, compensations, commitments, agreements or obligations, they shall do it jointly or severally.

  

	1.05	Headings are used for convenience, without influences on the explanations of this Agreement. 

 

	1.06	Documents created under the “approved provisions”, refer to the documents which are whose contents have been approved by all parties herein or their
authorized representatives and distinguished by duly signed by the parties or their representatives. 

  
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	2.	Sale of Sale Shares and Sale Equity 

  

	2.01	According to this Agreement, the Vendor shall sell the Sale Shares to the Purchasers. Except the charges of convertible bonds of Willis Plus Limited, the Sale Shares
have no any lien, mortgage, encumbrances, rights and interest under equity and interests of any third party, meanwhile, all rights attached to shares currently or in the future shall be transferred, including all dividends and allotment declared,
distributed or paid on or after the date of this Agreement. 

  

	2.02	According to this Agreement, the Vendor shall sell the Sale Equity to the Purchasers through Tieling Company. The Sale Equity has no any lien, mortgage, encumbrances,
rights and interest under equity and interests of any third party, meanwhile, all rights attached to shares currently or in the future shall be transferred, including all dividends and allotment declared, distributed or paid on or after the date of
this Agreement. 

  

	2.03	The Vendor shall sign additional sales agreements (“Domestic Agreements”) applicable for the sales of Sale Equity in China with the Purchasers or a third
party designated by the Purchasers through its wholly-owned subsidiaries or /and Tieling Company, the Domestic Agreements shall contain all provisions of Sale Equity to be sold in this Agreement. In the event that the Domestic Agreements fails to
contain relevant provisions of this Agreement due to the circumstances in China, the Vendor and the Purchasers shall continue to perform according to relevant provisions of this Agreement or additional agreement. 

 

	3.	Consideration 

  

	3.01	The consideration for the Sale Shares shall be HKD100.00, Company A and Company B buy 85% and 15% of the shares respectively, and pay to the Vendor in cash respectively
within 30 days as of the date of signing this Agreement. 

  

	3.02	The consideration for the Sale Equity shall be RMB150,000,000.00, but excluding RMB85,595,967.00 due in Clause 4.03(i). The sale of the Sale Equity shall be performed
or/ implemented according to the following 

 The Purchasers or a third party designated by the Purchasers and
Tieling Company will conclude a Domestic Agreement to treat how to pay RMB150,000,000.00 as the consideration of Sale Equity and pay according to the following: 

  
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	 	(i)	The Purchasers or the third party designated by the Purchasers shall pay RMB80,000,000.00 to Tieling Northeast Logistics City Co., Ltd for the current account of Target
Company B (the “Current Account”) within 30 days after signing this Agreement. The Current Account shall be the amount received temporarily by China Northeast Logistics City Co., Ltd, on behalf of Target Company B prior to the conclusion
of this Agreement, then the Purchasers or the third party designated by the Purchasers shall pay the Current Account of Target Company B directly on behalf of China Northeast Logistics City Co., Ltd according to the provisions above. However, if the
Purchasers or the third party designated by the Purchasers fails to pay the Current Account, Target Company B shall be entitled to claim against the Purchasers or the third party designated by the Purchasers, and the Vendor and China Northeast
Logistics City Co., Ltd will not pay nor be responsible for payment of the Current Account; and 

  

	 	(ii)	The remaining amount of RMB70,000,000.00 shall be paid to Tieling Company by the Purchasers or the third party designated by the Purchasers within 30 days after the
conclusion of this Agreement. 

 Within 30 days after completion of Clauses 3.02 (i) and 3.02 (ii), Tieling
Company will register the sale of Sale Equity in the name of the Purchasers or the third party designated by the Purchasers; Company A and Company B shall undertake relevant payment obligations according to the proportion of Sale Equity, and
Mr. Su Shaobin shall provide relevant guarantees. 
  

	4.	Conditions 

  

	4.01	The sale and purchase of Sale Shares and Sale Equity is conditional upon the compliance of following conditions before the time limit specified in Clause 4.03, without
any additional condition or limitation; in case of any condition or limitation, the Vendor and the Purchasers shall have the discretion in written form to consent to the conditions or limitation and should not prevent the compliance of the following
conditions. Meanwhile, the Vendor has obtained, achieved or completed all the official or unofficial or authority’s approval needed for the Completion including approval and authorization of Willis Plus Limited and other authorization, approval
and exemption documents relating to the conclusion, performance, validity and feasibility, which shall be are valid fully. 

  
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	4.02	Company A, Company B and Su Shaobin shall provide guarantees for the obligations and payment of all the considerations stated in Clauses 3.01 and 3.02 of this
Agreement. 

  

	4.03	Other conditions and guarantee documents: 

  

	 	(i)	All parties confirm that the arrears of Shenzhen Zhenchang Investment Industrial Co., Ltd and Botai Investment Group Co., Ltd shall be owned by the Vendor:

  

	 	(1)	 Due to the sales of housing land development right in 2012, Shenzhen Zhenchang Investment Industrial Co., Ltd (“Shenzhen Zhenchang”) and
Botai Investment Group Co., Ltd (“Botai”) shall pay RMB121,837,036.00 (the “fund”) to the Target Company B. Shenzhen Zhenchang and Botai shall pay the interest of the fund to the Target Company B by the annual interest rate of
12%, and the interest period shall start from
28th July 2012 to the date of payment of the fund,
but not later than 28th July 2013;

  

	 	(2)	 The fund totaling RMB85,595,967.00 which is an after-tax income of the Vendor in 2012 financial year (the “Arrears”) (the before-tax income
totals RMB121,837,036.00). Company A, Company B, Target Company B and Su Shaobin hereby agree that, if Target Company B collects the fund and relevant interests, they will be transferred to the domestic bank account designated and owned by the
Vendor before 28th July 2013, meanwhile, Target
Company B, Company A, Company B and Su Shaobin shall provide guarantee for the Arrears and overdue interest jointly and severally on 28th July 2013. 

  

	 	(ii)	All the parties confirm that Target Company A must pay HKD903,088.07 to the Vendor fully and pay it to CMR Holdings within one month after signing the Agreement, and
relevant logarithmic documents shall be signed by the parties. 

  

	 	(iii)	All the parties confirm that Target Company B must settle the current account to the Vendor and its subsidiaries and Tieling Company, including:

  

	 	(1)	RMB25,000,000.00 payable to China Northeast Logistics City Co., Ltd; 

  
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	 	(2)	RMB9,000,000.00 receivable from Shenzhen China Northeast Logistics City Co., Ltd; 

The net amount of RMB16,000,000.00 shall be paid to China Northeast Logistics City Co., Ltd by the Purchasers or the third party
designated by the Purchasers within one month after signing this Agreement and relevant logarithmic documents shall be signed by the parties. 
  

	 	(iv)	 The Purchasers shall sign a legally binding document prepared by the Vendor so as to guarantee and assure the rights and interests of Sale Equity
totaling RMB50,000,000.00 as registered capital (25% rights and interests after Completion of Target Company B) and the 21% return (the “guarantee return”) of the Vendor in Target Company B, the payment shall be made to the Vendor or the
third party designated by the Vendor on 15th October
each year, and the first payment time of the guarantee return shall be 15th October 2013. 

  

	 	(v)	Company A and Su Shaobin shall sign joint and several guarantee documents, if Company A intends to sell its Sale Equity in Target Company B, before which Company A
shall purchase 25% Sale Equity from the Vendor and pay off the guarantee returns in the current year or cumulatively unpaid. Additionally, Company A shall purchase 25% Sale Equity from the Vendor and pay off the guarantee returns in the current year
or cumulatively unpaid. Except Company A, the Vendor shall not sell the surplus Sale Equity covering 25% of that in Target Company B to any other third party. 

 

	 	(vi)	 Target Company B shall pay RMB50,000,000.00 to the bank account designated by Tieling Company before 14th October 2013, which shall be taken as the additional before-tax
guarantee return in the first year, meanwhile, Company A, Company B and Su Shaobin shall provide common and individual guarantees. 

  
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	 	  	 Date of payment and delivery
	  	 Consideration / condition
	  	References
	Sale Shares	  	Date of share transfer	  	HKD100.00	  	3.01
				
	Sale Equity	  	Within one month after signing agreement	  	 (1) RMB80,000,000.00 (offset/deduction of current account)
 (2) RMB70,000,000.00
	  	3.02
				
	Other conditions	  	On or before 28th July 2013	  	RMB85,595,967.00 plus interest (submission of guarantee documents, refer to Appendix 4)	  	4.03(i)
				
		  	Within one month after signing this Agreement	  	Payment of HKD903,088.07 to CMR Holdings	  	4.03(ii)
				
		  	Within one month after signing this Agreement	  	RMB16,000,000.00 paid to China Northeast Logistics City Co., Ltd	  	4.03(iii)
				
		  	15th October of each year	  	RMB10,500,000.00 (submission of guarantee documents, refer to Appendix 4)	  	4.03(iv)
				
		  	Repurchase of 25% Sale Equity in the future	  	RMB50,000,000.00 (submission of guarantee documents, refer to Appendix 4)	  	4.03(v)
				
		  	Within one year after signing this Agreement	  	RMB50,000,000.00	  	4.03(vi)

  

	5.	Completion 

  

	5.01	 The Completion will be take place on the Completion Date, namely within one month after compliance of all the conditions set out in Clause 4.01 of this
Agreement, it shall be carried out in the time and place as agreed (in any case, time is the essence) and in any event no later than 30th November 2012. 

  
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	5.02	Obligations of the Vendor 

During the Completion, the Vendor shall: 
  

	 	(a)	Deliver or arrange the following documents to the Purchasers: 

  

	 	(i)	Instruments of Transfer for the Sale Shares in the favor of the Purchasers, together with relevant shares certificates; and 

 

	 	(ii)	Any other duly signed relevant authorization or other documents for the transfer of the Sale Shares; 

 

	 	(b)	Arrange the appointment of authorized persons from the Purchasers to Target Company A and Target Company B as directors of Target Company A and Target Company B;

  

	 	(c)	Deliver to the Purchasers a letter of resignation of directors and other officers (if any) of Target Company A and Target Company B and confirm there are no outstanding
claims or other compensation against Target Company A and Target Company B; and 

  

	 	(d)	Minutes of approving the sale of the Sale Shares and Sale Equity respectively by the boards of directors of Target Company A and Target Company B;

  

	 	(e)	Provide the resolutions of general meeting to the Purchasers that the sold Sale Equity of Target Company B held by Tieling Company which agrees to transfer it to the
Purchasers or the third party designated; 

  

	 	(f)	Provide the Purchasers with domestic agreements about sold Sale Equity that Tieling Company is taken as the transferor and Purchasers or a third party as the
transferee; 

  

	 	(g)	The Vendor shall deliver the documents set out in Clause 4.01 to the Purchasers. 

 

	5.03	Obligations of Purchasers 

 The
Purchasers must deliver all documents given in Clauses 4.01 to 4.03 to the Purchasers in case of Completion. 

  
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	5.04	With the remedies (including but not limited the responsibilities the Vendor shall take if failing to fulfill obligations under this Agreement) of the Purchasers or the
Vendor not influenced, if any party fails to follow Clause 5 in any aspect on the date of Completion, the other party can: 

  

	 	(a)	delay the Completion within 28 days after the Completion (the sub-clause applies to the delayed Completion as well); or 

 

	 	(b)	make the Completion with applicable scope (without influence its rights herein); or 

 

	 	(c)	cancel this Agreement. 

  

	6.	Vendor’s Declaration, Guarantee and Warranty  

  

	6.01	According to Appendix 3, the Vendor declare, guarantee and warrant to the Purchasers that (this clause shall survive Completion), and agree that the signing of this
Agreement by the Purchasers is based on the statements, guarantee and commitment aforesaid, which can be taken as conditions for this Agreement by the Purchasers. 

 

	6.02	All statements, guarantee and commitment in paragraphs of Appendix 3 are separated and independent, except otherwise stated, it shall not be restricted due to the
references of clauses in other sections or contents of this Agreement or appendixes. 

  

	6.03	The Vendor shall not (except where necessary for the execution of this Agreement) make or allow to make any actions or omission, and ensure no such actions or omission
is committed before Completion so as to avoid that any such actions or omission would render the statement, guarantee or commitments made herein be taken as a violation, or inaccurate or misleading upon Completion. 

 

	6.04	Before the Completion, if any statement, guarantee or commitment is found to have uncertain contents or important contents are not fulfilled or any matters arising or
the Purchasers knows or gets informed of have inconsistency with the statements, guarantee or commitment or this Agreement, or the Vendor fails or cannot handle the affairs that it must do before or at the Completion, the Purchasers shall be
unnecessary to purchase the full shares or sell the stock ownership. Meanwhile, the Purchasers can send a notice to cancel this Agreement without responsibilities. The right of the Purchasers in this clause is attached to and will not influence any
other right of the Purchasers (including the right of the Purchasers to claim against the Vendor for loss or compensation due to such violence or failure of fulfillment), the failure to execute the right shall not be taken as or constitute an
abandonment of the right. 

  
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	7.	Purchaser’s Declaration, Guarantee and Warranty 

 The Purchasers declare, guarantee and warrant that Target Company B, Company A and Company B and Su Shaobin will sign all guarantee and security documents according to Clauses 4.01 to 4.03, at the request
of the Vendor, Target Company B, Company A, Company B and Su Shaobin will sign guarantee and security documents jointly and severally. The Purchasers states and acknowledges that the due diligence investigation on Target Company A and Target Company
B concerning the fidelity has been completed under the disposed data. 
  

	8.	Obtainment of Data 

  

	8.01	Form the signing date of this Agreement, the Vendor shall follow and cause other to follow the rational requirements of the Purchasers to arrange the Purchasers
and/authorized representatives to access to relevant books, ownership certificates, records and accounts of Target Company A and Target Company B, approve or cause others to approve the copies of the books, certificates, records and accounts.
Directors and employees of Target Company A and Target Company B agree that any data and interpretation aforesaid shall be provided within a rational time to the above persons as required. 

 

	8.02	The Purchasers commits to its self that except otherwise stated by laws and regulations, the Purchasers shall not disclose any confidential data relating to Target
Company A and Target Company B obtained according to this Agreement before the Completion to anyone except senior officer, employees or professional advisors. 

 

	8.03	If this Agreement becomes invalid, according to this Agreement, all data and documents relating to Target Company A and Target Company B given the Purchasers shall be
returned to the Vendor. The Vendor agrees that except relevant data have been known or are or to be disclosed to the public (not because of any violence of the Purchasers, its employees or advisor); and the Purchasers shall not use such data it
obtains to promote the business of its own or damage the benefits of Target Company A and Target Company B. 

  
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	9.	Matters After Completion 

  

	 	(a)	After Completion, CMR Holdings and its subsidiaries shall not participate in the daily management of Target Company B and not authorize any person as directors of
Target Company A and Target Company B to join the Board of Directors. 

  

	 	(b)	After Completion, CMR Holdings and its subsidiaries shall not participate in the future financing activities or provide any security, but help Target Company B to
finance through signing or issuing shareholder’s decisions and so on. 

  

	 	(c)	 After Completion, the Vendor, through its subsidiary Shenzhen China Northeast Logistics City Co., Ltd, will transfer the decoration and fixed assets,
and the lease contract (starting from 1st September
2012) of 27/F of Global Logistics Center at the value dated 31st August 2012 to the Purchasers, which will be guaranteed by Company A, Company B and Target Company B. 

 

	10.	Costs  

 All costs
and incidental expenses and fees arising in or relating to this Agreement, sale of Sale Shares shall be borne by the Purchasers and the Vendor in the proportion as agreed. If the Purchasers or the Vendor cancels this Agreement legally as agreed,
relevant costs and fees in drafting this Agreement shall be borne by the party which should take the responsibilities. 
  

	11.	Notices 

  

	11.01	When any notice is sent by a party to the other party in this Agreement, if it is mailed to the following addresses (or other addresses that the addressee sends to the
addresser with five days in advance) by special carrier or via prepaid registered letter or faxed or facsimiled to the following fax or facsimile numbers listed below, it will be considered to have reached the addressee efficiently.

  

			
	Purchasers:	  	Room 2204, 22/F, Sun Life Tower, The Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong. Fax: (852) 2111-1890
		
	Tieling Company:	  	Northeast City Administration Building, Zuanshi Road, Fanhe New District, Tieling City, Liaoning Province, China

  
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	Target Company A:	  	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands
		
	Target Company B:	  	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands
		
	Su Shaobin:	  	33/F, 19 Celestial Heights, No.80 Sheung Shing Street, Kowloon, Hong Kong
		
	Target Company B:	  	3/F, Environmental Protection Building, Hecheng Road (N), Qiqihar City, Heilongjiang Province, China

  

	11.02	Any notice that special carrier sends will be considered to have reached after delivery. Any notice which is sent by telex will be considered to have reached after
receiving relevant codes. As for the notice sent through prepaid registered letter, it will be considered to have reach 48 hours after mailing (ten days for overseas letters). In case of certificates for the arrivals, proper address, delivery or
mailing shall be shown for the notices (as the case may be). 

  

	12.	Disclaimer 

 If a
party disclaims its rights against any other provisions violated by the other party, it shall not be taken as a disclaimer to any coming violation or the violation of other provisions in this Agreement. The delay or deferral to any rights under this
Agreement by any party shall not be taken as a disclaimer. As long as the provisions in this Agreement are not fulfilled in Completion, they will still be valid completely. 

 

	13.	Confirmation 

 The
Vendor confirms hereto that Wongs (law firm) will be the attorney of the Vendor in this Agreement, in addition, the Purchasers are told clearly to find independent legal opinions and attorneys. 

 

	14.	General provisions 

  

	14.01	This Agreement will bind the estate, administrators or successors of each party, and be effective for the benefits of estate, administrators or successors of each
other, which shall not be transferrable. 

  
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	14.02	This Agreement (including any documents related) shall replace all agreements signed between the parties, and replace all intents, expression and understandings made
for the affairs determined in this Agreement before Completion. The parties state herein that any alteration must be done in written before effect. 

  

	14.03	Clauses in this Agreement constitute all agreements about the theme in this agreement between the parties, and replace previous communications (oral and written) which
are inconsistent with this agreement about the theme made between the parties. 

  

	14.04	All provisions including guarantee and commitment in this Agreement shall be continued effectively after Completion if they are not fulfilled in the Completion.

  

	14.05	Right of revocation of a party given in this Agreement shall be a right and remedy attached to this Agreement, which shall not influence all the other rights of the
other party. If the party fails to execute the right or does not do it, it shall not constitute the abandonment of other rights and remedies of the other party. 

 

	14.06	With the responsibilities of a party not influenced, the other party can exempt its responsibilities in this Agreement or compromises or give other graces to the party
aforesaid. 

  

	14.07	The Purchasers and the Vendor shall make and sign or ensure to make and sign further action, conducts, and proceedings, documents necessary to perform this Agreement,
and deliver the benefits which will be obtained by the parties concerned to the other party. 

  

	14.08	Copies of this Agreement which have been signed shall have the same legal effect. 

 

	14.09	If any clause of this Agreement is declared invalid, illegal or non-mandatory by any court, tribunal or local authorities with judicial jurisdiction, in accordance with
relevant laws and regulations, the clause can be deleted, which however, shall not affect the validity, legitimacy or enforcement of other clauses, and other clauses shall be executed continuously. 

 

	14.10	Any matter not mentioned in this Agreement shall be negotiated with full efforts between the Purchasers and the Vendor, if any additional agreement is signed, it shall
have the same legal effect as this Agreement. 

  
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	15.	Governing Laws and Jurisdiction 

  

	15.01	This Agreement will be governed and interpreted by laws and regulations in Hong Kong. All parties in this Agreement agree to follow the non-exclusive jurisdiction so as
to determine and enforce any claims arising in or due to this Agreement. 

  

	15.02	All parties in this Agreement enjoy or shall enjoy any immunity to themselves and their properties in any time when executing any office, juridical action or legal
proceedings (inside or outside Hong Kong) regarding to this Agreement or other relevant documents, whether the immunity is sovereign immunity or other immunities (including immunities of summons, distrainment of properties before court judgment or
in the (or assisting) execution of judgment. All parties in this Agreement shall abandon all immunities unconditionally to the max under the applicable laws and regulations. All parties in this Agreement shall accept any order (or interlocutory
order) obtained or any summons sent in juridical actions or proceedings, especially accept the order to send or execute any property of their own for any purpose in the juridical actions or proceedings. 

 

	15.03	Clause 15.01 shall not affect or restrict additional agreements about applicable laws and jurisdiction between the two parties. If new agreements are signed, the new
agreement shall prevail. 

  

	16.	Miscellaneous 

This Agreement has six counterparts in Chinese version, if there are any conflicts between Chinese versions and English versions, the
Chinese version shall prevail. 

  
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 This Agreement is signed on the date affixed on the first page in witness of execution. 

 

			
	China Metro-Rural Limited	  	)
	Authorized Representative:	  	)
	in the presence of:	  	)
		
	Tieling North Asia Development Co., Ltd.	  	)
	Authorized Representative:	  	)
	in the presence of:	  	)
		
	Run Xing Investments Limited	  	)
	Authorized Representative:	  	)
	in the presence of:	  	)
		
	Honour Noble Holdings Limited	  	)
	Authorized Representative:	  	)
	in the presence of:	  	)
		
	Su Shaobin:	  	)
	in the presence of:	  	)
		
	Qiqihar China Focus City Holdings (Group) Co., Ltd	  	)
	Authorized Representative:	  	)
	in the presence of:	  	)

  
 17 

 Appendix 1 

Details of China Focus City (HK) Holdings Limited 
  

					
	Name	  	:	  	CHINA FOCUS CITY (H.K.) HOLDINGS LIMITED
	Company No.	  	:	  	1586144
	Date of Incorporation	  	:	  	11th April 2011
	Place of Incorporation	  	:	  	Hong Kong
	Registered Office	  	:	  	Room 2204, 22/F, Sun Life Tower, The Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong
	Authorized Share Capital	  	:	  	HKD1,000,000.00 divided into 1,000,000 ordinary shares of HKD1.00 each
	Share Capital issued	  	:	  	HKD1.00 divided into 1 ordinary share of HKD1.00 each
	Directors	  	:	  	 Two Directors:
 HO MIN
SANG
 SU SHAOBIN

	Shareholders	  	:	  	 One Shareholder
 CHINA
METRO-RURAL LIMITED – hold 1 share

	Secretary	  	:	  	FAN PUI KWAN

  
 18 

 Appendix 2 

Details of Qiqihar China Focus City Holdings (Group) Co., Ltd 

 

					
	Name	  	:	  	Qiqihar China Focus City Holdings (Group) Co., Ltd
	Registration No	  	:	  	2302 0010 089536
	Date of Incorporation	  	:	  	2nd August 2011
	Place of Incorporation	  	:	  	China
	Address	  	:	  	3/F, Environmental Protection Building, Hecheng Road (N), Qiqihar City, Heilongjiang Province, China
	Registered Capital	  	:	  	RMB200,000,000.00
	Directors	  	:	  	 Four Directors
 HO MIN
SANG
 SU SHAOBIN
 Sio Kam
Seng
 XU ZHUQI

	Shareholders	  	:	  	 One shareholder
 TIELING NORTH
ASIA DEVELOPMENT CO., LTD

  
 19 

 Appendix 3 

Declaration Guarantee and Warranty of the Vendor 
 Preconditions 
  

	1.	Except otherwise stated herein, 

  

	 	(a)	Clause 1 relating to the Appendix applies to the meaning and interpretation of phrases and expressions used herein; and 

 

	 	(b)	If not specified in Clause 1 mentioned above, any phrase or expression, which is defined in the Inland Revenue Ordinances or Companies Ordinances, shall be
still interpreted by the Ordinances. 

 About Vendor 

 

	2.	The Vendor shall have the right to sign and fulfill this Agreement as party to this Agreement, and been approved by all companies, enterprises or organized for the
activities aforesaid and obtained documents for approval, authorization or exemption from governments, administrations or other authorities. 

  

	3.	Signing this Agreement shall constitute legal, effective and binding obligations to the Vendor, which can be fulfilled under relevant rules and provisions, and executed
in Hong Kong or by courts with relevant judicial jurisdiction (as the case may be). 

  

	4.	When the Vendor signs and fulfills this Agreement or executes the rights under this Agreement, (i) it shall have no conflicts against any law, rule or ordinance
that it should follow; (ii) it shall not have conflicts against any clauses of Articles of Association of the Vendor; (iii) it shall not have conflicts against any agreement or document where the Vendor is party concerned, or any agreement
or documents which have binding force to the Vendor or its properties. 

  

	5.	All official or non-official approval, authorization of the Vendor necessary for this Agreement and the authorization, approval and exemption relating to the signing,
fulfillment, validity and feasibility of this Agreement shall be obtained, achieved or released before the Completion date, including convertible bonds of Willis Plus Limited, which are effective completely to the shares of the Target Company A
after release of charges. 

  
 20 

	6.	The Vendor is the owner of the Sale Shares, which will not be affected by any lien, mortgage or encumbrances. Target Company A and /or Target Company B has not executed
any lien upon any share to be sold, or receive any payment request for any share to be sold. All Sale Shares have been subscribed fully. 

  

	7.	Without the prior and written consents of the Purchasers, the Vendor shall not dispose any right or benefit of/belonging to the Sale Shares after signing this Agreement
and before Completion, and not set any option or preference to the shares (or stock ownership) to be sold, or set any mortgage, pledge or other encumbrances to them. 

 

	8.	When signing this Agreement, if Target Company A and Target Company B have any guarantee, mortgage or other any third party including but not limited to the Vendor, its
subsidiaries, has set any rights and benefits (disclosed or not), after signing this Agreement till the Completion, the Vendor shall cause Target Company A and Target Company B to cancel the guarantee, mortgage or rights and benefits set by a third
party, except those unnecessary for cancellation in the opinion of the Purchasers. If the Vendor fails to cause Target Company A to cancel the guarantee, mortgage or rights and benefits set by a third party as scheduled, the Vendor shall bear all
direct losses of the Purchasers. 

 Corporate Affairs 

 

	9.	Target Company A and /or Target Company B has been established and validly subsisting, which is not taken over or liquidated, it has no action for application for
liquidation, no submittals for business termination of Target Company A and /or Target Company B, no any cause for submission of application, or application for business termination of Target Company A and /or Target Company B or authorizing agents
to take over Target Company A and /or Target Company B. 

  

	10.	Target Company A has no any subsidiary, and the subsidiaries of Target Company B have been disclosed to the Purchasers completely. 

 

	11.	The Sale Shares are complete shares of Target Company A, which has not reduced, returned or purchased any other shares. 

  
 21 

	12.	Currently, there are no any option or agreement not fulfilled, which request sales of any shares of Target Company A or rights authorized to anyone for shares, or
request any mortgage, pledge, lien or other guarantee or encumbrances 

  

	13.	Starting from the signing date of this Agreement, the Vendor shall not and ensure Target Company A and/or Target Company B will not issue or reissue any shares or shock
ownership to anyone, or authorize anyone for request for issuance. 

  

	14.	The copies of the Memorandum and Articles of Association of Target Company A and/or Target Company B have been submitted to the attorney of the Purchasers, all
documents and contents are correct and completed, and copies of all necessary decisions and agreements are attached as required. Target Company A and/or Target Company B shall abide by the Memorandum and Articles of Association, and all activities,
agreements, commitments or rights of Target Company A and/or Target Company B shall not go beyond its authorities or out of permit. 

  

	15.	Shareholders’ registers of Target Company A and/or Target Company B and other legal books shall carry the latest data, and make correct, full and real records of
all affairs necessary. 

 Lawsuits 
  

	16.	Target Company A and/or Target Company B has been not involved in any civil, criminal, arbitration proceedings or any legal proceedings or tribunal as plaintiff,
defendant or other positions, and has no any legal proceedings suspended or threatened to lodge. 

 Accurate Data Provided

  

	17.	(a)    All data in preconditions and appendixes of this Agreement are real and accurate. 

 

	 	(b)	The Vendor, senior staffs of Target Company A and/or Target Company B, special advisor of the Vendor, advisor of Target Company A and/or Target Company B shall provide
written data to the Purchasers and its special advisor, which are real and accurate when provided at the date stated in this Agreement. 

  

	 	(c)	If the Vendor finds any matters which violate any statement, guarantee or commitment stated in this Agreement, the Vendor shall inform the Purchasers quickly in written
form. 

  
 22 

	 	(d)	If any date mentioned in or of this Agreement is replaced by the date of real Completion mentioned in this Agreement, all guarantees and statements shall go as usual.

 General Provisions 
  

	18.	Signing of this Agreement, delivery and Completion completed as expected shall not cause, cancel or terminate any agreement that Target Company A and/or Target Company
B serves as a party concerned, any agreement, commitment, where Target Company A and/or Target Company B or its properties may be bound or affected, or the violence of any clause or conditions in any documents, and not lead to the violence of any
administrative or governmental laws, rules or regulations, or the violence of ordinance, writ, prohibitive injunction or codes from courts, administration or authorities of Target Company A and/or Target Company B. 

  
 23Exhibit 10.1

 Exhibit 10.1 
 THE USE OF THE FOLLOWING NOTATION IN THIS EXHIBIT INDICATES THAT A CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED
SEPARATELY WITH THE COMMISSION: [****] 
  

					
		  		  	 Barclays Bank PLC
 5 The North
Colonnade
 Canary Wharf, London E14 4BB

Facsimile:+44(20)77736461
 Telephone: +44
(20) 777 36810
  
 c/o Barclays Capital Inc.

as Agent for Barclays Bank PLC
 745 Seventh
Ave
 New York, NY 10019

  

			
	DATE:	  	August 26, 2012
		
	TO:	  	AOL Inc.
		
	Attention:	  	Arthur T. Minson
	Facsimile:	  	+1 703 466 9097
	Telephone:	  	+1 212 206 5004
	Email:	  	Arthur.Minson@teamaol.com
		
	FROM:	  	Barclays Capital Inc., acting as Agent for Barclays Bank PLC
	TELEPHONE:	  	+1 212 412 4000
		
	SUBJECT:	  	Share Repurchase Transaction

 The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and
conditions of the Transaction entered into between Barclays Bank PLC (“Barclays”), through its agent Barclays Capital Inc. (the “Agent”), and AOL Inc. (“Counterparty”) on the Trade Date specified
below (the “Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the Agreement specified below. Barclays Bank PLC is not a member of the Securities Investor Protection Corporation
(“SIPC”). Barclays is regulated by the Financial Services Authority. 
 The definitions and provisions contained in the 2002 ISDA
Equity Derivatives Definitions (the “Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the Equity
Definitions and this Confirmation, this Confirmation shall govern. For purposes of the Equity Definitions, the Transaction shall be deemed to be a Share Forward Transaction. 

 Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or
refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below.

 1. This Confirmation evidences a complete and binding agreement between Barclays and Counterparty as to the terms of the Transaction to which
this Confirmation relates. This Confirmation shall supplement, form a part of and be subject to an agreement in the form of the ISDA 1992 Master Agreement (Multicurrency – Cross Border) (the “Agreement”) as if Barclays and
Counterparty had executed an agreement in such form (without any Schedule and with such other elections set forth in this Confirmation) on the Trade Date. In the event of any inconsistency between provisions of the Agreement and this Confirmation,
this Confirmation will prevail for the purpose of the Transaction. The parties hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement. 

2. The terms of the particular Transaction to which this Confirmation relates are as follows: 

 

			
	General Terms:	  	
		
	Trade Date:	  	August 27, 2012
		
	Seller:	  	Barclays
		
	Buyer:	  	Counterparty
		
	Shares:	  	The Common Stock, $0.01 par value per share of Counterparty (Ticker symbol “AOL”).
		
	Prepayment:	  	Applicable
		
	Prepayment Amount:	  	As specified in Schedule A
		
	Prepayment Date:	  	Three Exchange Business Days following the Trade Date.
		
	Additional Payment:	  	Counterparty shall pay to Barclays an amount equal to the Additional Payment as specified in Schedule A on the Prepayment Date.
		
	Initial Shares:	  	As specified in Schedule A.
		
	Initial Share Delivery:	  	Barclays shall deliver a number of Shares equal to the Initial Shares to Counterparty on the Initial Share Delivery Date in accordance with Section 9.4 of the Equity Definitions,
with the Initial Share Delivery Date being deemed to be a “Settlement Date” for purpose of such Section 9.4.
		
	Initial Share Delivery Date:	  	Three Exchange Business Days following the Trade Date.
		
	Initial Hedge Period:	  	The period (the “Initial Hedge Period”) commencing on, and including, the Scheduled Trading Day immediately following the Trade Date and ending on, and including
the

  
 2 

			
		  	 Scheduled Trading Day on which Barclays completes the purchase of a number of Shares (the “Hedge Shares”) necessary to
establish its initial hedge position with respect to the Transaction (such date, the “Hedge Period End Date”); provided, that if, on any Scheduled Trading Day, the Hedging Price (calculated as if such Scheduled
Trading Day were the last day in the Initial Hedge Period) is equal to or greater than USD [****] on such Scheduled Trading Day and each of the nine immediately preceding Scheduled Trading Days during the Initial Hedge Period (a
“Hedging Price Termination”), the Transaction shall be terminated and Barclays shall promptly (but in no event later than the Scheduled Trading Day immediately following such 10th consecutive Scheduled Trading Day (the
“Hedging Price Termination Date”)) provide written notice to Counterparty of such Hedging Price Termination.
  

Upon a Hedging Price Termination (i) if the number of Hedge Shares purchased by Barclays during the period beginning on, and including, the first
Scheduled Trading Day of the Initial Hedge Period and ending on, and including, the Hedging Price Termination Date is greater than the Initial Shares, Barclays shall deliver to Counterparty on the third Exchange Business Day immediately
following the Hedging Price Termination Date the excess of such number of Hedge Shares over the Initial Shares and (ii) Barclays shall pay to Counterparty on the third Exchange Business Day immediately following, if clause (i) above
is applicable, the Hedging Price Termination Date, or otherwise, the last Scheduled Trading Day of the Termination Purchase Period an amount in USD (the “Refund Amount”) equal to (A) (1) the Prepayment Amount, plus (2) the
Additional Payment, minus (B) (1) the aggregate purchase price paid by Barclays in respect of the Hedge Shares purchased by Barclays during the period beginning on, and including, the first Scheduled Trading Day of the Initial Hedge
Period and ending on, and including, the Hedging Price Termination Date, plus (2) if, and only if, the number of Hedge Shares purchased by Barclays during the period beginning on, and including, the first Scheduled Trading Day of the
Initial Hedge Period and ending on, and including, the Hedging Price Termination Date is less than the number of Initial Shares, the product of (1) the excess of the Initial Shares over such number of Hedge Shares, multiplied by (2) the
volume weighted average price at which Barclays purchases Shares in connection with the Transaction during the Termination Purchase Period; provided, that in lieu of payment of an amount in USD equal

  
 3 

			
		  	 to the Refund Amount by Barclays to Counterparty, Counterparty shall have the right, in its sole discretion, to require Barclays to
satisfy its obligation to pay the Refund Amount to Counterparty by delivering Shares to Counterparty (in which case Section 5(o) shall apply as if the Refund Amount were a Payment Obligation owed by Barclays to Counterparty); provided
further, that if the Refund Amount is less than zero, Barclays shall not make any payment to Counterparty, and Section 5(o) shall apply as if the absolute value of the Refund Amount were a Payment Obligation owed by Counterparty to
Barclays.
  
 The “Termination Purchase Period”
means the number of consecutive Scheduled Trading Days immediately following the Hedging Price Termination Date, determined by Barclays in its commercially reasonable discretion, required to complete the purchase of the number of Shares equal
to the Initial Shares minus the number of Hedge Shares purchased by Barclays during the period beginning on, and including, the first Scheduled Trading Day of the Initial Hedge Period and ending on, and including, the Hedging Price
Termination Date.
  
 On the first Scheduled Trading Day immediately following
the Hedge Period End Date, Barclays shall provide written notice (the “Confirmation Pricing Supplement”) to Counterparty in substantially the form attached hereto as Exhibit A, of the Hedging Price, Adjusted Hedging Price, Discount,
Maximum Shares, Minimum Shares, Maximum Maturity Date, Minimum Maturity Date and first day of the Trading Period. Upon receipt of the Confirmation Pricing Supplement, Counterparty shall promptly execute and return the Confirmation Pricing Supplement
to Barclays; provided, that Counterparty’s failure to so execute and return the Confirmation Pricing Supplement shall not affect the binding nature of the Confirmation Pricing Supplement, and the terms set forth therein, if accurately
determined pursuant to the terms of this Confirmation (including Schedule A hereto), shall be binding on Counterparty to the same extent, and with the same force and effect, as if Counterparty had executed a written version of the Confirmation
Pricing Supplement. Upon the reasonable request of Counterparty from time to time, Barclays shall promptly provide Counterparty with notice of the Hedging Price (as defined below), calculated as if the date on which Counterparty makes such request
were the last Scheduled Trading Day during the Initial Hedge Period.

  
 4 

			
		  	Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules
and regulations thereunder, in respect of the provisions set forth in the four immediately preceding paragraphs.
		
	Hedging Price:	  	The volume weighted average price at which Barclays purchases Shares to establish its initial hedge position with respect to the Transaction during the Initial Hedge Period. For the
avoidance of doubt, the parties hereto agree and acknowledge that Barclays may execute Rule 10b-18 block purchases to establish all or a portion of its initial hedge position with respect to the Transaction during the Initial Hedge Period. Barclays
agrees that it shall purchase Hedge Shares in a commercially reasonable manner, including using good faith efforts to purchase Shares during the Initial Hedge Period in connection with the Transaction in a manner designed not to unnecessarily
increase the price of the Shares.
		
	Exchange:	  	The New York Stock Exchange
		
	Related Exchange(s):	  	All Exchanges
		
	Calculation Agent:	  	Barclays; provided, that following the occurrence of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with respect to which Barclays is the Defaulting
Party, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act as the Calculation Agent during the period when such Event of Default is continuing. Following
any determination, calculation or adjustment by the Calculation Agent hereunder, the Calculation Agent will, upon request, provide to Counterparty promptly following such request a report (in a commonly used file format for storage and manipulation
of financial data but without disclosing any proprietary models of the Calculation Agent or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information) displaying in
reasonable detail the basis for such determination, calculation or adjustment, as the case may be.
		
	Valuation:	  	
		
	Trading Period:	  	The period of consecutive Scheduled Trading Days from, and including, the first Scheduled Trading Day following the Hedge Period End Date to, and including, the Maximum Maturity
Date, as specified in Schedule A; provided, that Barclays may designate any Scheduled Trading Day on or

  
 5 

			
		  	after the Minimum Maturity Date (as specified in Schedule A) and prior to the Maximum Maturity Date as the last Scheduled Trading Day of the Trading Period. Barclays shall notify
Counterparty of any designation made pursuant to this provision on or prior to the Scheduled Trading Day immediately following such designated day.
		
	Market Disruption Event:	  	 Section 6.3(a) of the Equity Definitions shall be amended by deleting the words “at any time during the one hour period that ends
at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” and replacing them with the words “at any time during the regular trading session on the Exchange, without
regard to after hours or any other trading outside of the regular trading session hours”, by amending and restating clause (a)(iii) thereof in its entirety to read as follows: “(iii) an Early Closure that the Calculation Agent determines
is material,” and by adding the words “or (iv) a Regulatory Disruption” after clause (a)(iii) as restated above.
  

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

		
	Regulatory Disruption:	  	A “Regulatory Disruption” shall occur if Barclays determines in its reasonable discretion based on advice of counsel that it is appropriate in light of legal, regulatory
or self-regulatory requirements or related policies or procedures (provided, that such requirements, policies or procedures relate to legal or regulatory issues and are generally applicable in similar situations and applied to the Transaction
in a non-discriminatory manner) for Barclays to refrain from all or any part of the market activity in which it would otherwise engage in connection with the Transaction.
		
	Disrupted Day:	  	The definition of “Disrupted Day” in Section 6.4 of the Equity Definitions shall be amended by adding the following sentence after the first sentence: “A Scheduled
Trading Day on which a Related Exchange fails to open during its regular trading session will not be a Disrupted Day if the Calculation Agent determines that such failure will not have a material impact on Barclays’s ability to unwind any
hedging transactions related to the Transaction”.
		
	Consequence of Disrupted Days:	  	Notwithstanding anything to the contrary in the Equity Definitions, to the extent that a Disrupted Day occurs during the Trading Period, the Calculation Agent may postpone the
Maximum Maturity Date and/or the Minimum Maturity Date by no more than one Scheduled Trading Day for each

  
 6 

			
		  	Disrupted Day. If any Disrupted Day occurs during the Initial Hedge Period or the Trading Period, the Calculation Agent shall determine whether (i) such Disrupted Day is a Disrupted
Day in whole, in which case the 10b-18 VWAP for such Disrupted Day shall not be included for purposes of determining the Hedging Price, if such Disrupted Day occurs during the Initial Hedge Period, or the Forward Price, if such Disrupted Day occurs
during the Trading Period, or (ii) such Disrupted Day is a Disrupted Day only in part, in which case the 10b-18 VWAP for such Disrupted Day shall be determined by the Calculation Agent based on Rule 10b-18 eligible transactions in the Shares on such
Disrupted Day effected before the relevant Market Disruption Event (if any) occurred and/or after the relevant Market Disruption Event (if any) ended, and the Hedging Price, if such Disrupted Date occurs during the Initial Hedge Period, or the
Forward Price, if such Disrupted Date occurs during the Trading Period, shall be determined by the Calculation Agent in a commercially reasonable manner on the basis of the nature and duration of the relevant Market Disruption Event. Any day on
which the Exchange is scheduled to close prior to its normal closing time shall be considered a Disrupted Day in whole. All determinations by the Calculation Agent to modify the Hedge Period or the Trading Period or any other adjustment as specified
herein, including as a result of a deemed Disrupted Day or Days pursuant to Section 5, shall be communicated to Counterparty promptly following such determination or adjustment, as the case may be.
		
	Valuation Time:	  	Scheduled Closing Time; provided, that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable
discretion.
		
	Valuation Date:	  	The last Scheduled Trading Day of the Trading Period.
		
	Settlement Terms:	  	
		
	Settlement Method Election:	  	Applicable with respect to the settlement of the Number of Shares to be Delivered, with Counterparty as the Electing Party (and, for the avoidance of doubt, not applicable with
respect to the Initial Share Delivery, Interim Share Delivery or Supplemental Share Delivery); provided, that if Counterparty elects Cash Settlement in whole or in part, on the date of such election, Counterparty shall be deemed to have
repeated as of such date the representation set forth in Section 5(p) below and shall represent and warrant that Counterparty is making such election in good faith and not as part of a plan or scheme to evade compliance with the federal securities
laws.

  
 7 

			
		  	If Counterparty elects for Physical Settlement of the Transaction in part but not in whole, in its notice of Settlement Election, Counterparty shall specify the portion (as a
percentage, the “Physical Settlement Percentage”) of the Transaction in respect of which Physical Settlement shall be applicable and the portion (as a percentage, which shall be equal to 100%, minus the Physical Settlement
Percentage) of the Transaction in respect of which Cash Settlement shall be applicable. Following any such election, the provisions opposite the caption “Physical Settlement” below shall apply to the portion of the Transaction in
respect of which Physical Settlement is applicable (as specified by Counterparty in its notice of Settlement Election) and the provisions opposite the caption “Cash Settlement” below shall apply to the portion of the Transaction in respect
of which Cash Settlement is applicable (as specified by Counterparty in its notice of Settlement Election). For the avoidance of doubt, Counterparty may elect Physical Settlement in whole (and not in part).
		
	Default Settlement Method:	  	Physical Settlement. For the avoidance of doubt, Counterparty shall not be required to make any election pursuant to the terms of Settlement Method Election above on or prior to the
Settlement Method Election Date, but if Counterparty does not make such election, Physical Settlement shall be deemed to apply in accordance with the terms hereof.
		
	Settlement Method Election Date:	  	(A) If the Number of Shares to be Delivered is a positive number, the first Scheduled Trading Day immediately following the date that is six months following the earlier of (i)
notice of the designation of the final day of the Trading Period or (ii) the Maximum Maturity Date, and (B) if the Number of Shares to be Delivered is a negative number, the first Scheduled Trading Day immediately following the earlier of (i) notice
of the designation of the final day of the Trading Period or (ii) the Maximum Maturity Date.
		
	Physical Settlement:	  	 If the Number of Shares to be Delivered is a positive number and Counterparty has not validly elected Cash Settlement pursuant to the
provisions opposite the caption “Settlement Method Election” above on or prior to the Settlement Method Election Date, Barclays shall deliver to Counterparty on the Settlement Date the Number of Shares to be Delivered.

 
 If the Number of Shares to be Delivered is a negative number and Counterparty has not
validly elected Cash Settlement

  
 8 

			
		  	pursuant to the provisions opposite the caption “Settlement Method Election” above on or prior to the Settlement Method Election Date, Counterparty shall deliver to
Barclays the absolute value of such number subject to “Physical Settlement by Counterparty” and Section 5(h) below. Section 9.11 of the Equity Definitions is hereby modified by excluding any representations therein relating to
restrictions, obligations, limitations or requirements under applicable securities laws arising as a result of the fact that Counterparty is the Issuer of the Shares or the fact that any certificates representing such Shares contain a restrictive
legend.
		
	Forward Price:	  	The amount equal to (i) the arithmetic average of the 10b-18 VWAPs for all Exchange Business Days in the Trading Period (subject to “Consequence of Disrupted Days” above)
(the “Average 10b-18 VWAP”), minus (ii) the Discount, as specified in Schedule A; provided, that unless a Cancellation Event (as defined below) has occurred prior to the first Scheduled Trading Day immediately
following the Fixed Amount Adjustment Date (as specified in Schedule A), on the first Scheduled Trading Day following the Fixed Amount Adjustment Date, the 10b-18 VWAP for each Exchange Business Day during the Trading Period that occurs prior to the
Fixed Amount Adjustment Date (subject to “Consequence of Disrupted Days” above) shall be reduced by the Fixed Amount (as specified in Schedule A)
		
	10b-18 VWAP:	  	(A) For any Scheduled Trading Day that is not a Disrupted Day, the volume-weighted average price at which the Shares trade as reported in the composite transactions for all United
States securities exchanges on which such Shares are traded (or, if applicable, any successor Exchange), excluding (i) trades that do not settle regular way, (ii) opening (regular way) reported trades in the consolidated system on such Scheduled
Trading Day, (iii) trades that occur in the last ten minutes before the scheduled close of trading on the Exchange on such Scheduled Trading Day and ten minutes before the scheduled close of the primary trading in the market where the trade is
effected, and (iv) trades on such Scheduled Trading Day that do not satisfy the requirements of Rule 10b-18(b)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as determined in by the Calculation Agent in
accordance with the immediately succeeding sentence, or (B) for any Scheduled Trading Day that is a Disrupted Day, an amount determined in good faith and in a commercially reasonable manner by the Calculation Agent as the 10b-18 VWAP pursuant to
“Consequence of

  
 9 

			
		  	Disrupted Days” above. For purposes of determining the 10b-18 VWAP on any Schedule Trading Day as set forth in clause (A) of the immediately preceding sentence, the Calculation
Agent shall refer to the Bloomberg Page “AOL <Equity> AQR SEC” (or any successor thereto), as published by Bloomberg at 4:15 p.m. New York time (or 15 minutes following the end of any extension of the regular trading session);
provided, that if, on any Scheduled Trading Day, such price is not so reported for any reason or the Calculation Agent reasonably determines that such price is not consistent with the description of such price in clause (A) of the immediately
preceding sentence, the Calculation Agent shall determine the 10b-18 VWAP in good faith and in a commercially reasonable manner.
		
	Number of Shares to be Delivered:	  	A number of Shares equal to the difference between (i) the Share Amount minus (ii) the number of Shares previously delivered pursuant to Initial Share Delivery, Interim Share
Delivery, Supplemental Share Delivery and any Shares delivered pursuant to Section 5(n); provided, that a number of Shares less than a whole number shall be rounded upward.
		
	Share Amount:	  	The quotient of the Prepayment Amount divided by the Forward Price; provided, that if such quotient is (i) greater than the Maximum Shares, the Share Amount shall equal the
Maximum Shares, and (ii) less than the Minimum Shares, the Share Amount shall equal the Minimum Shares.
		
	Settlement Date:	  	Unless otherwise provided under the heading Physical Settlement by Counterparty or Section 5(h), (a) if the Number of Shares to be Delivered is a positive number, the third Exchange
Business Day immediately following the later of (i) the last Scheduled Trading Day of the Trading Period and (ii) the date that Counterparty validly makes (or is deemed to have made) a Settlement Method Election and (b) if the Number of
Shares to be Delivered is a negative number, the third Exchange Business Day immediately following the last Scheduled Trading Day of the Trading Period.
		
	Minimum Shares:	  	As specified in Schedule A.
		
	Interim Shares:	  	As specified in Schedule A.
		
	Interim Share Delivery:	  	Barclays shall deliver to Counterparty on the Interim Share Delivery Date a number of Shares equal to the Interim Shares. Such delivery shall be in accordance with Section 9.4 of
the Equity Definitions, with the Interim Share Delivery Date being deemed to be a “Settlement Date” for purpose of such Section 9.4.

  
 10 

			
	Interim Share Delivery Date:	  	The third Exchange Business Day immediately following the Hedge Period End Date.
		
	Supplemental Share Delivery	  	Barclays shall deliver to Counterparty on the Supplemental Share Delivery Date, the excess, if any, of (i) the Minimum Shares over (ii) the number of the Initial Shares plus the
number of Interim Shares plus any Shares delivered pursuant to Section 5(n), reduced by the portion of such number of shares not then held by Barclays that Barclays determines in its commercially reasonable discretion is not available in the stock
loan market at a cost less than or equal to the Initial Stock Loan Rate. Such delivery shall be in accordance with Section 9.4 of the Equity Definitions, with the Supplemental Share Delivery Date being deemed to be a “Settlement Date” for
purpose of such Section 9.4.
		
	Supplemental Share Delivery Date:	  	The fifth Exchange Business Day immediately following the Fixed Amount Adjustment Date.
		
	Maximum Shares:	  	As specified in Schedule A.
		
	Physical Settlement by Counterparty:	  	 If the Number of Shares to be Delivered is a negative number and Counterparty elects or is deemed to elect for Physical Settlement by
Counterparty to apply, Section 5(h) shall apply and Counterparty shall have the right to elect that the shares delivered (“Physical Settlement Shares”) (and any Make-Whole Shares, as such term is defined below) shall be (i) fully
registered, freely tradable and free and clear of any lien, charge, claim or other encumbrance (“Free Shares”) with such election being conditional upon the agreement between Barclays and Counterparty of reasonable and customary
underwriting terms including but not limited to indemnification and contribution and due diligence (the “Underwriting Agreement”), or (ii) unregistered Shares (“Restricted Shares”). No fractional Shares shall be
delivered in connection with Physical Settlement by Counterparty, and the value of any fractional Share otherwise deliverable shall be rounded up to the nearest whole Share.

 
 (a) If Counterparty elects to deliver Free Shares, Counterparty shall deliver a
number of Free Shares equal to the absolute value of the Number of Shares to be Delivered on the Settlement Date.
  
 (b) If Counterparty elects to deliver Restricted Shares, Counterparty shall deliver to Barclays an initial number of Restricted Shares on the Cash Settlement Date (as defined in Section 5(g)(i)
below) as determined by the following formula:
  

 s 

 p 

  
 11 

			
		  	 where,
  
 s = the absolute value of the Cash Settlement Amount (as defined in Section 5(g) below); and
  

p = the price per Share equal to the fair market value per Share as determined by the Calculation Agent in a commercially reasonable
manner.
  
 On the Cash Settlement Date a balance (the “Settlement
Balance”) shall be established with an initial balance equal to the absolute value of the Cash Settlement Amount. Following the sale of the Physical Settlement Shares by Barclays, which shall be completed in a commercially reasonable period
of time, the Settlement Balance shall be reduced by an amount equal to the aggregate proceeds (net of any brokerage and underwriting commissions and fees, including any customary private placement fees, all of which are commercially reasonable)
received by Barclays upon the sale of the Physical Settlement Shares. If following the sale of some but not all of the Physical Settlement Shares the Settlement Balance has been reduced to zero, no additional Physical Settlement Shares shall be sold
by Barclays and Barclays shall redeliver to Counterparty any remaining Physical Settlement Shares. If following the sale of the Physical Settlement Shares the Settlement Balance has not been reduced to zero, then Counterparty shall (i) promptly
deliver to Barclays an additional number of Restricted Shares (the “Make-Whole Shares”) equal to (x) the Settlement Balance as of such date divided by (y) the price per Restricted Share equal to the fair market value per
Restricted Share as determined by the Calculation Agent in a commercially reasonable manner (the “Make-Whole Price”) or (ii) promptly deliver to Barclays cash in an amount equal to the then remaining Settlement Balance. This
provision shall be applied successively until the Settlement Balance is reduced to zero.

		
	Cash Settlement:	  	Applicable if Counterparty has validly elected Cash Settlement pursuant to the provisions opposite the caption “Settlement Method Election” above on or prior to the
Settlement Method Election Date, in which case Section 5(g) below shall apply.

  
 12 

			
	Settlement Currency:	  	USD
		
	Adjustments:	  	
		
	Method of Adjustment:	  	Calculation Agent Adjustment; provided, that the Equity Definitions shall be amended by (i) deleting Section 11.2(e)(iii) and (ii) replacing the words “diluting or
concentrative” in Sections 11.2(a), 11.2(c) (in two instances) and 11.2(e)(vii) with the word “economic” and by adding the words “or the Transaction” after the words “theoretical value of the relevant Shares” in
Section 11.2(a), 11.2(c) and 11.2(e)(vii); provided further, that adjustments may be made to account for changes in volatility, stock loan rate and liquidity relative to the relevant Shares. Each of Counterparty and Barclays acknowledges and
agrees that the adoption of any tax asset protection plan or similar agreement disclosed to Barclays on or prior to the Trade Date (the “Tax Asset Protection Plan”) shall not constitute a Potential Adjustment Event, it being
understood and agreed by each of Counterparty and Barclays that any subsequent separation of such rights, the occurrence of any triggering event permitting the exercise of some or all such rights, or any similar event shall constitute a Potential
Adjustment Event.
		
	Extraordinary Events:	  	
		
	New Shares:	  	Section 12.1(i) of the Equity Definitions is hereby amended by deleting the text in clause (i) in its entirety and replacing it with the phrase “publicly quoted, traded or
listed on any of the New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or their respective successors) and”.
		
	Share-for-Share:	  	The definition of “Share-for-Share” set forth in Section 12.1(f) of the Equity Definitions is hereby amended by the deletion of the parenthetical in clause (i)
thereof.
		
	Cancellation and Payment (Calculation Agent Determination):	  	Sections 12.2(e) and 12.3(d) and the first paragraph of Section 12.7(b) of the Equity Definitions shall be amended by inserting the words “or Share Forward Transaction”
after the words “Option Transaction” in each place where such words appear therein. Section 12.7(c) shall be deleted from the Equity Definitions, and each reference in the Equity Definitions to “Section 12.7(c)” shall be replaced
with a reference to “Section 12.7(b)”.
		
	Consequence of Merger Events:	  	
		
	 Share-for-Share:
	  	Modified Calculation Agent Adjustment.

  
 13 

			
	 Share-for-Other:
	  	Cancellation and Payment (Calculation Agent Determination).
		
	 Share-for-Combined:
	  	Cancellation and Payment (Calculation Agent Determination); provided, that Barclays may elect Component Adjustment.
		
	Consequence of Tender Offers:	  	
		
	Tender Offer:	  	Applicable
		
	 Share-for-Share:
	  	Modified Calculation Agent Adjustment.
		
	 Share-for-Other:
	  	Modified Calculation Agent Adjustment.
		
	 Share-for-Combined:
	  	Modified Calculation Agent Adjustment.
		
	Modified Calculation Agent Adjustment:	  	For greater certainty, the definition of “Modified Calculation Agent Adjustment” in Sections 12.2 and 12.3 of the Equity Definitions shall be amended by (i) adding the
following italicized language after the stipulated parenthetical provision: “(including adjustments to account for changes in volatility, stock loan rate or liquidity relevant to the Shares or to the Transaction, but excluding adjustments to
account for changes in expected dividends) from the Exchange Business Day immediately preceding the Announcement Date or the Determination Date, as applicable, to the first Exchange Business Day immediately following the Merger Date (Section
12.2) or Tender Offer Date (Section 12.3).” and (ii) deleting the phrase “expected dividends,” from such stipulated parenthetical provision.
		
	Announcement Date:	  	The definition of “Announcement Date” in Section 12.1 of the Equity Definitions shall be amended by (i) replacing the word “leads to the” in the third and the
fifth lines thereof with the words “, if completed, would lead to a”; (ii) replacing the words “voting shares” in the fifth line thereof with the word “Shares”; (iii) inserting the words “by any entity” after
the word “announcement” in the second and the fourth lines thereof; (iv) replacing the words “a firm” with the word “any” in the second and fourth lines thereof; (v) inserting the words “or to explore the
possibility of engaging in” after the words “engage in” in the second line thereto; and (vi) inserting the words “or to explore the possibility of purchasing or otherwise obtaining” after the word “obtain” in the
fourth line thereto.
		
	Announcement Event:	  	If an Announcement Event has occurred, the Calculation Agent shall have the right to determine the economic effect of the Announcement Event on the theoretical value of the
Transaction (including without limitation any change in

  
 14 

			
		  	volatility, stock loan rate or liquidity relevant to the Shares or to the Transaction) (i) at a time that it deems appropriate, from the Announcement Date to the date of such
determination (the “Determination Date”), and (ii) on the Valuation Date or on a date on which a payment amount is determined pursuant to Sections 12.7 or 12.8 of the Equity Definitions, from the Exchange Business Day immediately
preceding the Announcement Date or the Determination Date, as applicable, to the Valuation Date or the date on which a payment amount is determined pursuant to Sections 12.7 or 12.8 of the Equity Definitions. If any such economic effect is material,
the Calculation Agent will adjust the terms of the Transaction to reflect such economic effect; provided, that the reference in Section 12.8(a) of the Equity Definitions to “Extraordinary Event” shall be replaced for this purpose
with a reference to “Announcement Event.” “Announcement Event” shall mean the occurrence of the Announcement Date of a Merger Event or Tender Offer or of a potential Merger Event or potential Tender Offer.
		
	Composition of Combined Consideration:	  	Not Applicable; provided, that notwithstanding Sections 12.5(b) and 12.1(f) of the Equity Definitions, to the extent that the composition of the consideration for the
relevant Shares pursuant to a Tender Offer or Merger Event could be elected by an actual holder of the Shares, the Calculation Agent will, in its sole discretion, determine such composition.
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment (Calculation Agent Determination); provided, that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also
constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their
respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.
		
	Additional Disruption Events:	  	
		
	 Change in Law:
	  	Applicable; provided, that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line
thereof with the phrase “, or public announcement of, the formal or informal interpretation”; (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Position”; and (iii)
immediately following the word

  
 15 

			
		  	 “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by Barclays on the Trade Date (unless
another commercially reasonable manner of holding, acquiring or disposing of Shares relating to such Transaction is reasonably available to Barclays that has not become illegal and would not result in a material increase in cost to Barclays in
performing its obligations under the Transaction)”; and provided further, that Barclays shall not terminate the Transaction for a Change in Law referred to in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions except to the
extent it is exercising its right to terminate transactions as a result of a “Change in Law” event with respect to other similarly situated customers in respect of similar transactions.

 
 The parties agree that, for the avoidance of doubt, for purposes of Section
12.9(a)(ii) of the Equity Definitions, “any applicable law or regulation”, and for purposes of Section 5(b)(i) of the Agreement, “any applicable law”, shall include the Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010, any rules and regulations promulgated thereunder and any similar law or regulation (collectively, the “Wall Street Act”), and the consequences specified in Section 12.9(b)(i) of the Equity Definitions and Section 6 of the
Agreement shall apply to any Change in Law or Illegality, as the case may be, arising from any such act, rule or regulation. The parties hereby agree that Section 12.9(a)(ii)(Y) of the Equity Definitions shall be applicable to any additional
capital charges or other regulatory capital requirements imposed in connection with the Wall Street Act, if they result in a materially increased cost to Barclays in performing its obligations under the Transaction. The foregoing constitutes a
specific reservation for purposes of the Wall Street Act.

		
	 Failure to Deliver:
	  	Not Applicable.
		
	 Insolvency Filing:
	  	Applicable; provided, that the definition of “Insolvency Filing” in Section 12.9 of the Equity Definitions shall be amended by deleting the clause
“provided that such proceedings instituted or petitions presented by creditors and not consented to by the Issuer shall not be deemed an Insolvency Filing” at the end of such definition and replacing it with the following: “; or it
has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or
liquidation by a creditor and such proceeding is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or presentation thereof.”

  
 16 

			
		  	Section 12.9(b)(i) of the Equity Definitions is hereby amended by adding the following sentence at the end thereof: “If neither party elects to terminate the Transaction in
respect of an Insolvency Filing, the Calculation Agent may adjust the terms of the Transaction upon the occurrence of such an event pursuant to Modified Calculation Agent Adjustment (as if such event were a Tender Offer).”
		
	 Hedging Disruption:
	  	 Applicable; provided, that Section 12.9(a)(v) of the Equity Definitions is hereby modified by inserting the following sentence
at the end of such Section:
  
 “Such inability described in phrases (A)
or (B) above shall not constitute a “Hedging Disruption” unless such inability will result in continued performance by the Hedging Party under the Transaction being commercially unreasonable or commercially
impracticable.”

		
	 Loss of Stock Borrow:
	  	 Applicable; provided, that Sections 12.9(a)(vii) and 12.9(b)(iv) of the Equity Definitions are amended by deleting the words
“at a rate equal to or less than the Maximum Stock Loan Rate” and replacing it with the words “at a Borrow Cost equal to or less than the Maximum Stock Loan Rate”.

 
 For purposes of Section 12.9 of the Equity Definitions, all references to
“Hedging Shares” shall be deemed to be references to Barclays’s short position in respect of the Transaction.

		
	 Borrow Cost:
	  	The cost to borrow the relevant Shares that would be incurred by a third party market participant borrowing such Shares, as determined by the Calculation Agent on the relevant
date of determination. Such costs shall include (a) the spread below FED-FUNDS that would be earned on collateral posted in connection with such borrowed Shares, net of any costs or fees, and (b) any stock loan borrow fee that would be payable for
such Shares, expressed as fixed rate per annum.
		
	 Maximum Stock Loan Rate:
	  	200 basis points.
		
	 Increased Cost of Stock Borrow:
	  	Applicable; provided, that (a) Section 12.9(a)(viii) of the Equity Definitions shall be amended by deleting “rate to borrow Shares” and replacing it with
“Borrow Cost” and (b) Section 12.9(b)(v) of the Equity Definitions shall be amended by (i) adding the word “or” immediately before the phrase “(B)”, (ii) deleting subsection (C) in its entirety, (iii) replacing
“either party” in the penultimate sentence with “the

  
 17 

			
		  	Hedging Party”, and (iv) replacing the word “rate” in clauses (X) and (Y) of the final sentence therein with the words “Borrow Cost”.
		
	 Initial Stock Loan Rate:
	  	30 basis points, as adjusted by the Calculation Agent to reflect any subsequent Price Adjustment due to an Increased Cost of Stock Borrow.
		
	 FED FUNDS:
	  	For any day, the rate set forth for such day opposite the caption “Federal funds”, as such rate is displayed on the page “FedsOpen <Index> <GO>”
on the BLOOMBERG Professional Service, or any successor page; provided, that if no rate appears for any day on such page, the rate for the immediately preceding day for which a rate does so appear shall be used for such day.
		
	 Hedging Party:
	  	Barclays or an affiliate of Barclays that is involved in the hedging of the Transaction for all applicable Additional Disruption Events.
		
	Determining Party:	  	Barclays for all applicable Extraordinary Events.
		
	Acknowledgments:	  	
		
	Non-Reliance:	  	Applicable.
		
	Agreements and Acknowledgments Regarding Hedging Activities:	  	Applicable.
		
	Additional Acknowledgments:	  	Applicable.

 3. Mutual Representations, Warranties and Agreements. 
 In addition to the representations, warranties and agreements in the Agreement and those contained elsewhere herein, each of Barclays and Counterparty represents and warrants to, and agrees with, the
other party that: 
  

	 	(a)	Commodity Exchange Act. It is an “eligible contract participant” within the meaning of Section 1a(18) of the U.S. Commodity Exchange Act, as
amended (the “CEA”). The Transaction has been subject to individual negotiation by the parties. The Transaction has not been executed or traded on a “trading facility” as defined in Section 1a(51) of the CEA;

  

	 	(b)	Securities Act. It is a “qualified institutional buyer” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”), or an “accredited investor” as defined in Section 2(a)(15)(ii) of the Securities Act; and 

  

	 	(c)	ERISA. The assets used in the Transaction (1) are not assets of any “plan” (as such term is defined in Section 4975 of the U.S. Internal
Revenue Code (the “Code”)) subject to Section 4975 of the Code or any “employee benefit plan” (as such term is defined in Section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to Title I of ERISA, and (2) do not constitute “plan assets” within the meaning of Department of Labor Regulation 2510.3-101, 29 CFR Section 2510-3-101. 

  
 18 

 4. Representations, Warranties and Agreements of Counterparty. 

In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty further represents, warrants and
agrees that: 
  

	 	(a)	Counterparty’s entry into and performance of the Transaction, including the repurchase of Shares by Counterparty hereunder, will comply in all material respects
with (i) all laws and regulations applicable to it (including, without limitation, the Securities Act and the Exchange Act, and the regulations promulgated thereunder) and (ii) all contractual obligations of Counterparty;

  

	 	(b)	Counterparty shall promptly provide written notice to Barclays upon obtaining knowledge of the occurrence of any event that would constitute an Event of Default, a
Potential Event of Default, a Potential Adjustment Event, a Merger Event or any other Extraordinary Event; provided, however, that should Counterparty be in possession of material non-public information regarding Counterparty, Counterparty
shall not communicate such information to Barclays; 

  

	 	(c)	(A) Counterparty is acting for its own account, and it has made its own independent decisions to enter into the Transaction and as to whether the Transaction is
appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary, (B) Counterparty is not relying on any communication (written or oral) of Barclays or any of its affiliates as investment
advice or as a recommendation to enter into the Transaction (it being understood that information and explanations related to the terms and conditions of the Transaction shall not be considered investment advice or a recommendation to enter into the
Transaction) and (C) no communication (written or oral) received from Barclays or any of its affiliates shall be deemed to be an assurance or guarantee as to the expected results of the Transaction; 

 

	 	(d)	Counterparty has (and shall at all times during the Transaction have) the capacity and authority to invest directly in the Shares underlying the Transaction and has not
entered into the Transaction with the intent to avoid any regulatory filings; 

  

	 	(e)	Counterparty’s financial condition is such that it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any
portion thereof to satisfy any existing or contemplated undertaking or indebtedness; 

  

	 	(f)	Counterparty’s investments in and liabilities in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net
worth, and Counterparty is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction; 

  

	 	(g)	Counterparty is not as of the Trade Date, and shall not be after giving effect to the transactions contemplated hereby, “insolvent” (as such term is defined
in Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would be able to purchase the number of Shares underlying with the Transaction in compliance with the
laws of the jurisdiction of Counterparty’s incorporation or organization; 

  
 19 

	 	(h)	the Transaction, and any repurchase of the Shares by Counterparty in connection with the Transaction, is pursuant to a publicly announced Share repurchase program that
has been approved by Counterparty’s board of directors (a copy of such approval to be provided to Barclays upon request), including approval of consummating such repurchase through a transaction in the nature of the Transaction, and any such
repurchase pursuant to the Transaction has been, or shall if so required be, publicly disclosed in its periodic filings under the Exchange Act and its financial statements and notes thereto; 

 

	 	(i)	Counterparty understands, agrees and acknowledges that Barclays has no obligation or intention to register the Transaction under the Securities Act, any state
securities law or other applicable federal securities law; 

  

	 	(j)	(A) each of Counterparty’s filings under the Securities Act, the Exchange Act, or other applicable securities laws that are required to be filed have been
filed and (B) as of the respective dates thereof and as of the Trade Date (or such other date on which such representation is made), such filings when considered as a whole (with the more recent such filings deemed to amend inconsistent
statements contained in any earlier such filings) do not contain any misstatement of a material fact or omit any material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances under
which they were made, not misleading; 

  

	 	(k)	Counterparty is not, and after giving effect to the transactions contemplated hereby will not be, required to register as an “investment company” as such term
is defined in the Investment Company Act of 1940, as amended; 

  

	 	(l)	Counterparty understands, agrees and acknowledges that no obligations of Barclays to it hereunder shall be entitled to the benefit of deposit insurance and that such
obligations shall not be guaranteed by any affiliate of Barclays or any governmental agency; 

  

	 	(m)	without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that Barclays is not making any representations or warranties
with respect to the treatment of the Transaction under any accounting standards, including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives
and Hedging – Contracts in Entity’s Own Equity (or any successor issue statements) or under FASB’s Liabilities & Equity Project; 

  

	 	(n)	Counterparty is not entering into the Transaction for the purpose of (i) creating actual or apparent trading activity in the Shares (or any security convertible
into or exchangeable for the Shares) or (ii) raising or depressing or otherwise manipulating the price of the Shares (or any security convertible into or exchangeable for the Shares); 

 

	 	(o)	Counterparty has not entered into any obligation that would contractually limit it from effecting settlement under the Transaction and it agrees not to enter into any
such obligation during the term of the Transaction; 

  
 20 

	 	(p)	to Counterparty’s knowledge, no state or local (including non-U.S. jurisdictions, other than the United Kingdom or any jurisdiction therein) law, rule, regulation
or regulatory order applicable to the Shares (not including laws, rules, regulations or regulatory orders of any jurisdiction that are applicable solely as a result of Barclays’ and/or its affiliates’ activities, assets or businesses other
than Barclays’ activities in respect of the Transaction) would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of
Barclays or its affiliates owning or holding (however defined) Shares in connection with the Transaction; and 

  

	 	(q)	Counterparty (i) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a
security or securities; (ii) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (iii) has total assets of
at least $50 million as of the date hereof. 

 5. Other Provisions: 

 

	 	(a)	Method of Delivery. Whenever delivery of funds or other assets is required hereunder by or to Counterparty, such delivery shall be effected through Agent. In
addition, all notices, demands and communications of any kind relating to the Transaction between Barclays and Counterparty shall be transmitted exclusively through Agent. 

 

	 	(b)	Rule 10b-18. 

  

	 	(i)	During the Initial Hedge Period (other than purchases made by Barclays as part of its dynamic adjustment of its hedge of the options embedded in the Transaction or that
Barclays reasonably believes are attributable solely to Barclays), the Cash Settlement Pricing Period (as defined below), if any, and the Termination Purchase Period, if any, and with respect to any purchases executed as a result of an occurrence of
an Additional Termination Event, Barclays agrees to use commercially reasonable efforts to make all purchases of Shares in a manner that would comply with the limitations set forth in clauses (b)(1), (b)(2), (b)(3), (b)(4) and (c) of Rule
10b-18 under the Securities Exchange Act of 1934 (“Rule 10b-18”), as if such rule was applicable to such purchases. 

  

	 	(ii)	Except as disclosed to Barclays in writing prior to the Trade Date, Counterparty represents and warrants to Barclays that it has not made any purchases of blocks by or
for itself or any of its Affiliated Purchasers pursuant to the one block purchase per week exception in Rule 10b-18(b)(4) under the Exchange Act during each of the four calendar weeks preceding such date (“Rule 10b-18 purchase,”
“blocks” and “Affiliated Purchaser”, each as defined in Rule 10b-18). 

  

	 	(iii)	 Counterparty agrees that it (A) will not, on any day during the Initial Hedge Period, the Trading Period, any Cash Settlement Pricing Period and
any Termination Purchase Period, make, or permit to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any Merger Transaction or potential Merger Transaction unless such public announcement is made prior to the
opening or after the close of the regular trading session on the Exchange for the Shares; (B) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) notify Barclays following any such
announcement that such announcement has been made; and 

  
 21 

	 	
(C) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide Barclays with written notice specifying (i) Counterparty’s average
daily Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full calendar months immediately preceding the announcement date that were not effected through Barclays or its affiliates and (ii) the number of Shares purchased pursuant
to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full calendar months preceding the announcement date. Such written notice shall be deemed to be a certification by Counterparty to Barclays that such information is true and
correct. In addition, Counterparty shall promptly notify Barclays of the earlier to occur of the completion of such transaction and the completion of the vote by target shareholders. “Merger Transaction” means any merger,
acquisition or similar transaction involving a recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act. 

  

	 	(c)	Rule 10b5-1. It is the intent of the parties that the Transaction comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act (“Rule
10b5-1”), and the parties agree that this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c), and Counterparty shall take no action that results in the Transaction not so complying with such requirements.
Without limiting the generality of the preceding sentence, Counterparty acknowledges and agrees that (A) Counterparty does not have, and shall not attempt to exercise, any influence over how, when or whether Barclays effects any purchases in
connection with the Transaction, (B) during the Initial Hedge Period, the Trading Period, any Cash Settlement Pricing Period and any Termination Purchase Period, neither Counterparty nor its officers or employees shall, directly or indirectly,
communicate any information regarding Counterparty or the Shares to any employee of Barclays or its affiliates who is directly involved with the hedging of and trading with respect to the Transaction, it being agreed that the Permissible Contacts
(as specified in Schedule A) are not directly involved with such activities, (C) Counterparty is entering into the Transaction in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without
limitation, Rule 10b-5 and (D) Counterparty will not alter or deviate from this Confirmation or enter into or alter a corresponding hedging transaction with respect to the Shares. Counterparty also acknowledges and agrees that any amendment,
modification, waiver or termination of this Confirmation must be effected in accordance with the requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing, any
such amendment, modification, waiver or termination shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5 and no such amendment, modification or waiver shall be made at any time at which Counterparty
or any officer or director of Counterparty is aware of any material non-public information regarding Counterparty or the Shares. 

  

	 	(d)	 Company Purchases. Without the prior written consent of Barclays and except for purchases that are not solicited by or on behalf of
Counterparty, its affiliates or affiliated purchasers (each as defined in Rule 10b-18 of the Exchange Act) or purchases executed by Barclays or an Affiliate of Barclays, Counterparty shall not purchase, and shall cause its affiliates or affiliated
purchasers not to directly or indirectly (including, without limitation, by means of any cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender
offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a 

  
 22 

	 	
depository share) or any security convertible into or exchangeable or exercisable for Shares during the Initial Hedge Period, the Trading Period, any Cash Settlement Pricing Period and any
Termination Purchase Period; provided, that this Section 5(d) shall not (i) limit Counterparty’s ability, pursuant to its employee incentive plans, to re-acquire Shares in connection with the related equity transactions;
(ii) limit Counterparty’s ability to withhold shares to cover exercise price and/or tax liabilities associated with such equity transactions; or (iii) limit Counterparty’s ability to grant stock and options to “affiliated
purchasers” (as defined in Rule 10b-18) or the ability of such affiliated purchasers to acquire such stock or options, in connection with the Counterparty’s compensatory plans for directors, officers and employees or any agreements with
respect to the compensation of directors, officers or employees of any entities that are acquisition targets of Issuer, so long as, in the case of clause (i), (ii) or (iii) of this sentence, any such re-acquisition, withholding, grant,
acquisition or other purchase does not constitute a “Rule 10b-18 Purchase” (as defined in Rule 10b-18). 

  

	 	(e)	Regulation M. Counterparty is not on the date hereof, engaged in a distribution, as such term is used in Regulation M under the Exchange Act, of any securities
of Counterparty, other than a distribution meeting the requirements of the exception set forth in Section 102(b)(7) of Regulation M under the Exchange Act. Counterparty shall not, until the later of the Settlement Date or the final Cash
Settlement Date (as defined below), if applicable, engage in any such distribution. 

  

	 	(f)	Additional Termination Event.  

  

	 	(i)	Notwithstanding any other provision hereof, an “Additional Termination Event” shall occur and Counterparty shall be the sole Affected Party pursuant to such
Additional Termination Event if on any day occurring after the Trade Date and on or prior to the last Scheduled Trading Day in the Trading Period (1) Counterparty declares a distribution, issue or dividend to existing holders of the Shares with
an ex-dividend date on or prior to the Valuation Date of (i) a cash distribution, issue or dividend (other than a cash dividend in an amount per Share equal to the Fixed Amount (as specified in Schedule A)), (ii) securities or share
capital of another issuer acquired or owned (directly or indirectly) by Counterparty as a result of a spin-off or other similar transaction or (iii) any other type of securities (other than Shares, which may constitute a Potential Adjustment
Event), rights or warrants or other assets, in any case for payment (cash or other consideration) at less than the prevailing market price as determined by Barclays (not including the adoption of the Tax Asset Protection Plan, it being understood
and agreed by the parties that any subsequent separation of the rights thereunder, the occurrence of any triggering event permitting the exercise of some or all such rights, or any similar event may constitute an “Additional Termination
Event”); or (2) Counterparty declares a cash distribution, issue or dividend to existing holders of the Shares with an ex-dividend date on or prior to the Valuation Date that is different than the Fixed Amount Adjustment Date specified in
Schedule A. 

  

	 	(ii)	 Notwithstanding any other provision hereof, if, prior to the first Exchange Business Day immediately following the Fixed Amount Adjustment Date (as
specified in Schedule A), any event occurs that requires (subject to Section 5(o) below) the payment of any amount in connection with the Transaction pursuant to Sections 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions or
Section 6(d)(ii) of the Agreement (any such transaction or 

  
 23 

	 	
event, including an Additional Termination Event pursuant to Section 5(f)(i), a “Cancellation Event”), all references in the Confirmation to the Adjusted Hedging Price shall
be deemed to be references to the Hedging Price, which means, for the avoidance of doubt, that no adjustments shall be made in this Confirmation to reflect the Fixed Amount. 

 

	 	(g)	Cash Settlement. (i) If Cash Settlement applies and the Number of Shares to be Delivered is a negative number (i.e., the Counterparty owes value to
Barclays), Counterparty may elect to pay to Barclays on each Cash Settlement Date an amount in cash equal to the Cash Settlement Amount for such Cash Settlement Date; provided, that Counterparty on the date of such election provides the
representation contained in Section 5(p) below. “Cash Settlement Date” shall mean the third Currency Business Day immediately following each Exchange Business Day on which Barclays delivers to Counterparty a Hedge Repurchase
Notice. For purposes of this Section 5(g)(i), “Cash Settlement Amount” shall mean, with respect to each Cash Settlement Date, the product of (i) the number of Hedge Repurchase Shares, as specified in the applicable Hedge
Repurchase Notice, multiplied by (ii) the volume weighted average price at which Barclays purchased such Shares on the Scheduled Trading Day related to such Cash Settlement Date, which purchases shall be conducted by Barclays in a
commercially reasonable manner. “Cash Settlement Pricing Period” shall mean the period commencing on the third Scheduled Trading Day immediately following the last Scheduled Trading Day of the Trading Period and ending on the
Exchange Business Day on which Barclays completes the purchase of a number of shares equal to the absolute value of the Number of Shares to be Delivered (each such Share, a “Hedge Repurchase Share”). With respect to each Scheduled
Trading Day during the Cash Settlement Pricing Period, Barclays shall deliver a notice (each such notice, a “Hedge Repurchase Notice”) to the Counterparty of the number of Hedge Repurchase Shares purchased by Barclays on such
Scheduled Trading Day. 

 (ii) If Cash Settlement applies and the Number of Shares to be Delivered is a positive
number (i.e., Barclays owes value to the Counterparty), Barclays shall deliver to the Counterparty the Cash Settlement Amount on the third Exchange Business Day immediately following the date on which Barclays generates aggregate net cash proceeds
equal to the Cash Settlement Amount pursuant to the provisions set forth below. For purposes of this Section 5(g)(ii) “Cash Settlement Amount” shall mean the actual price that Barclays receives for selling the Number of Shares to be
Delivered (net of any brokerage or other commercially reasonable commissions), which sales shall be conducted by Barclays in a commercially reasonable manner beginning on the second Exchange Business Day immediately following the later of
(i) the third Scheduled Trading Day immediately following the last Scheduled Trading Day of the Trading Period and (ii) the date on which Counterparty validly elects Cash Settlement pursuant to the provisions opposite the caption
“Settlement Method Election” above. In connection with any Cash Settlement for which the Number of Shares to be Delivered is positive, Counterparty shall, at its election, either (X) in order to allow Barclays to sell the Number of
Shares to be Delivered in a registered offering, make available to Barclays an effective registration statement under the Securities Act and (A) enter into an agreement, in form and substance reasonably satisfactory to Barclays, substantially
in the form of an underwriting agreement for a registered offering, (B) use its reasonable best efforts to provide accountant’s “comfort” letters customary in form for registered offerings of equity securities, (C) provide
disclosure opinions of nationally 

  
 24 

 
recognized outside counsel to Counterparty reasonably acceptable to Barclays, (D) provide other customary opinions, certificates and closing documents customary in form for registered
offerings of equity securities and (E) afford Barclays a reasonable opportunity to conduct a due diligence investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities (provided, however, that if
Barclays, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause
(Y) of this Section 5(g)(ii) shall apply at the election of Counterparty); or (Y) in order to allow Barclays to sell the Number of Shares to be Delivered in a private placement, enter into and comply with a private placement agreement
substantially similar to private placement purchase agreements customary for private placements of equity securities, in form and substance satisfactory to Barclays. 
  

	 	(h)	Share Delivery Conditions. If Physical Settlement by Counterparty applies, Counterparty may deliver Free Shares in respect of its settlement obligations only if
the following conditions have been satisfied (the “Registration Provisions”): (i) a registration statement (“Registration Statement”) (which may be a shelf registration statement filed pursuant to Rule 415
under the Securities Act) covering public resale by Barclays (or an affiliate thereof) of any Shares delivered by Counterparty to Barclays under such Physical Settlement by Counterparty (“Settlement Shares”) shall have been filed
with, and declared effective by, the Securities and Exchange Commission no later than one Scheduled Trading Day prior to the Settlement Date and such registration statement continues to be in effect at all times to and including the date that
Barclays or its affiliate(s) has fully and finally sold any Settlement Shares hereunder, (ii) the contents of such registration statement and of any prospectus supplement to the prospectus included therein (including, without limitation, any
sections describing the plan of distribution) shall be reasonably satisfactory to Barclays, (iii) Barclays shall have been afforded a reasonable opportunity to conduct a due diligence investigation with respect to Counterparty customary in
scope for transactions pursuant to which Barclays (or an affiliate thereof) acts as an underwriter of equity securities of similar size and the results of such investigation are satisfactory to Barclays, in its discretion, and (iv) as of the
Settlement Date, an agreement between Barclays and Counterparty of reasonable and customary underwriting terms including but not limited to indemnification and contribution and due diligence (the “Underwriting Agreement”) shall have
been entered into with Barclays in connection with the public resale of the Settlement Shares by Barclays (or an affiliate thereof). Notwithstanding the foregoing, if Counterparty elects for Physical Settlement by Counterparty to apply and
Counterparty delivers Restricted Shares in respect of its settlement obligation, Barclays shall attempt to sell the Settlement Shares, if any, pursuant to an exemption from registration under the Securities Act by soliciting bids from interested
parties in a manner exempt from registration. 

 Counterparty agrees that any Registration Statement it files for
purposes of Physical Settlement by Counterparty pursuant to the provisions above, at the time the same becomes effective, will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein to make
the statements therein not misleading. Counterparty represents that any prospectus delivered to Barclays in connection with sales made under the Registration Statement (as such prospectus may be supplemented from time to time) will not include an
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

  
 25 

 
For the avoidance of doubt, nothing in this clause (h) shall prevent or impact the ability of the Counterparty to deliver Restricted Shares as set forth in clause (b) under
“Physical Settlement by Counterparty” above. 
  

	 	(i)	Transfer or Assignment. Counterparty may not transfer or assign any of its rights or obligations under the Transaction or the Agreement without the prior written
consent of Barclays. Notwithstanding any provision of the Agreement to the contrary, Barclays may, subject to applicable law, freely transfer and assign all of its rights and obligations under the Transaction and the Agreement without the consent of
Counterparty to any affiliate of Barclays whose obligations hereunder are guaranteed by Barclays, or to any third party with a rating (or whose guarantor has a rating) for its long term, unsecured and unsubordinated indebtedness of A- or better by
Standard & Poor’s Ratings Services or its successor (“S&P”), or A3 or better by Moody’s Investors Service, Inc. or its successor (“Moody’s”) or, if either S&P or Moody’s ceases
to rate such debt, at least an equivalent rating or better by a substitute rating agency mutually agreed by Counterparty and Barclays; provided, that Counterparty will not, as a result of such transfer, be required under the Agreement or this
Confirmation to (i) pay to the transferee or assignee an amount greater than the amount that it would have been required to pay to Barclays in the absence of such transfer or assignment or (ii) receive from the transferee or assignee an
amount less than the amount that Counterparty would have received from Barclays in the absence of such transfer or assignment, in each case based on the circumstances in effect on the date of such transfer. 

 

	 	(j)	 Excess Ownership. If at any time (1) the Equity Percentage exceeds 9.0% or (2) Barclays, Barclays Group (as defined below) or any
person whose ownership position would be aggregated with that of Barclays or Barclays Group (Barclays, Barclays Group or any such person, a “Barclays Person”) under any law, rule, regulation, regulatory order or organizational
documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (other than Section 13 of the Exchange Act, “Applicable Limitations”), owns, beneficially owns, constructively owns, controls,
holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the minimum number of Shares that could reasonably be expected to give rise to reporting or registration obligations or
other requirements (including obtaining prior approval from any person or entity) of a Barclays Person, or could reasonably be expected have a material adverse effect on a Barclays Person as a result of an action or actions taken by Counterparty,
under any Applicable Limitation, as determined by Barclays, in its reasonable discretion, minus (y) 1.0% of the number of Shares outstanding on the date of determination (either such condition described in clause (1) or (2), an
“Excess Ownership Position”), Barclays may designate any Scheduled Trading Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that an Excess Ownership
Position no longer exists. In the event that Barclays so designates an Early Termination Date with respect to a portion of the Transaction, a payment shall be made pursuant to Section 6 of the Agreement as if (x) an Early Termination Date
had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Shares equal to the Terminated Portion, (y) Counterparty shall be the sole Affected Party with respect to such partial termination and
(z) such Transaction shall be the only Terminated Transaction (and, for the avoidance of doubt, the provisions of Section 5(o) shall apply to any amount that is payable by Barclays to Counterparty pursuant to this sentence). The
“Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator 

  
 26 

	 	
of which is the number of Shares that Barclays and any of its affiliates subject to aggregation with Barclays, for purposes of the “beneficial ownership” test under Section 13 of
the Exchange Act, and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Barclays (“Barclays Group”), beneficially own (within the meaning of Section 13 of the
Exchange Act) on such day and (B) the denominator of which is the number of Shares outstanding on such day. 

Barclays shall use commercially reasonable efforts to avoid the occurrence of an Excess Ownership Position, subject to compliance with all
applicable legal, regulatory or self-regulatory requirements or related policies or procedures (provided, that such requirements, policies or procedures relate to legal or regulatory issues and are generally applicable in similar situations
and applied to the Transaction in a non-discriminatory manner). 
 Notwithstanding any other provision in this Confirmation to
the contrary requiring or allowing Barclays to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty, Barclays may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other
securities and otherwise to perform Barclays’ obligations in respect of the Transaction and any such designee may assume such obligations. Barclays shall be discharged of its obligations to Counterparty to the extent of any such performance.

  

	 	(k)	Role of Agent. Each of Barclays and Counterparty acknowledges to and agrees with the other party hereto and to and with the Agent that (i) the Agent is
acting as agent for Barclays under the Transaction pursuant to instructions from such party, (ii) the Agent is not a principal or party to the Transaction, and may transfer its rights and obligations with respect to the Transaction,
(iii) the Agent shall have no responsibility, obligation or liability, by way of issuance, guaranty, endorsement or otherwise in any manner with respect to the performance of either party under the Transaction, (iv) Barclays and the Agent
have not given, and Counterparty is not relying (for purposes of making any investment decision or otherwise) upon, any statements, opinions or representations (whether written or oral) of Barclays or the Agent, other than the representations
expressly set forth in this Confirmation or the Agreement, and (v) each party agrees to proceed solely against the other party, and not the Agent, to collect or recover any money or securities owed to it in connection with the Transaction. Each
party hereto acknowledges and agrees that the Agent is an intended third party beneficiary hereunder. Counterparty acknowledges that the Agent is an affiliate of Barclays. Counterparty acknowledges that the Agent is an affiliate of Barclays.
Barclays will be acting for its own account in respect of this Confirmation and the Transaction contemplated hereunder. 

  

	 	(l)	Regulatory Provisions. The time of dealing for the Transaction will be confirmed by Barclays upon written request by Counterparty. The Agent will furnish to
Counterparty upon written request a statement as to the source and amount of any remuneration received or to be received by the Agent in connection with the Transaction. 

 

	 	(m)	 Netting and Setoff. Obligations under the Transaction shall not be netted, recouped or set off (including pursuant to Section 6 of the
Agreement) against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be
netted, recouped or set off (including pursuant to Section 6 of the Agreement) against obligations under the Transaction, whether arising under the Agreement, this Confirmation,

  
 27 

	 	
under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff, netting or recoupment; provided, that both
parties agree that subparagraph (ii) of Section 2(c) of the Agreement shall apply to the Transaction, except that upon the occurrence of an Event of Default or Termination Event with respect to a party who is the Defaulting Party or the
Affected Party (“X”), the other party (“Y”) will have the right (but not be obliged) without prior notice to X or any other person to set-off or apply any obligation of X under the Transaction owed to Y (or any
Affiliate of Y) (whether or not matured or contingent and whether or not arising under the Agreement, and regardless of the currency, place of payment or booking office of the obligation) against any obligation of Y (or any Affiliate of Y) under an
Equity Contract owed to X (whether or not matured or contingent and whether or not arising under the Agreement, and regardless of the currency, place of payment or booking office of the obligation). Y will give notice to the other party of any
set-off effected under this Section 5(m). “Equity Contract” shall mean for purposes of this Section 5(m).any transaction relating to Shares between X and Y (or any Affiliate of Y) that qualifies as ‘equity’ under
applicable accounting rules. Amounts (or the relevant portion of such amounts) subject to set-off may be converted by Y into the Termination Currency at the rate of exchange at which such party would be able, acting in a reasonable manner and in
good faith, to purchase the relevant amount of such currency. If any obligation is unascertained, Y may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the
obligation is ascertained. Nothing in this Section 5(m) shall be effective to create a charge or other security interest. 

  

	 	(n)	Staggered Settlement. Barclays may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver
any Shares deliverable on such Nominal Settlement Date on two or more dates (each, a “Staggered Settlement Date”) or at two or more times on the Nominal Settlement Date as follows: (i) in such notice, Barclays will specify to
Counterparty the related Staggered Settlement Dates (each of which will be on or prior to such Nominal Settlement Date) or delivery times and how it will allocate the Shares it is required to deliver under the applicable settlement method above
among the Staggered Settlement Dates or delivery times; and (ii) the aggregate number of Shares that Barclays will deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal the number of Shares that
Barclays would otherwise be required to deliver on such Nominal Settlement Date. 

  

	 	(o)	 Alternative Calculations and Counterparty Payment on Early Termination and on Certain Extraordinary Events. If Barclays owes Counterparty or if
Counterparty owes Barclays any amount in connection with the Transaction (i) pursuant to Sections 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions or (ii) pursuant to Section 6(d)(ii) of the Agreement (a “Payment
Obligation”), any such Payment Obligation shall be satisfied by delivery of Termination Delivery Units (as defined below) unless Counterparty gives irrevocable telephonic notice to Barclays, confirmed in writing within one Scheduled Trading
Day, no later than noon New York time on the Early Termination Date or other date the Transaction is cancelled or terminated, that Barclays will be required to satisfy, or Counterparty will satisfy, as the case may be, such Payment Obligation in
cash (“Notice of Barclays/Counterparty Termination Cash Payment”); provided, that if Counterparty elects to require Barclays to satisfy its Payment Obligation in cash, Barclays shall have the right, in its sole discretion, to
elect to satisfy its Payment Obligation by delivery of Termination Delivery Units, notwithstanding Counterparty’s 

  
 28 

	 	
election to the contrary; provided further, that Barclays shall have the right to deem that Counterparty has given a Notice of Barclays/Counterparty Termination Cash Payment in the event
of (i) an Insolvency, a Nationalization or a Merger Event, in each case, in which the consideration or proceeds to be paid to holders of Shares consists solely of cash or (ii) an Event of Default in which Counterparty is the Defaulting
Party or a Termination Event in which Counterparty is the Affected Party, which Event of Default or Termination Event resulted from an event or events within Counterparty’s control. If Counterparty has not given (nor deemed to have given) a
Notice of Barclays/Counterparty Termination Cash Payment, then within a commercially reasonable period of time following the relevant Early Termination Date or other relevant date on which the Transaction is cancelled or terminated, as the case may
be, Barclays shall deliver to Counterparty or Counterparty shall deliver to Barclays, as the case may be, a number of Termination Delivery Units having a fair market value equal to the amount of such Payment Obligation (such number of Termination
Delivery Units to be delivered to be determined by the Calculation Agent as the number of whole Termination Delivery Units that could be sold or purchased, as the case may be, over a commercially reasonable period of time to generate cash proceeds
or with an amount of cash, as the case may be, equal to such Payment Obligation (net of any brokerage fees (in the case of a delivery by Barclays to Counterparty) or underwriting commissions and fees, including any customary private placement fees
(in the case of a delivery by Counterparty to Barclays), all of which are commercially reasonable)). For the avoidance of doubt, if Counterparty has given (or is deemed to have given) a Notice of Barclays/Counterparty Termination Cash Payment, the
provisions set forth in Sections 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as the case may be, shall apply in lieu of the provisions set forth in this Section 5(o). If the provisions set
forth in this Section 5(o) are applicable, the provisions of Sections 9.8, 9.9, 9.10, 9.11 (modified as described above) and 9.12 of the Equity Definitions shall be applicable, except that all references to “Shares” shall be read as
references to “Termination Delivery Units.” “Termination Delivery Units” means in the case of a Termination Event, Event of Default or Delisting, one Share or, in the case of Nationalization, Insolvency, Tender Offer or
Merger Event, a unit consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such
Nationalization, Insolvency, Tender Offer or Merger Event; provided, that if such Nationalization, Insolvency, Tender Offer or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have
elected to receive the maximum possible amount of cash. 

  

	 	(p)	No Material Non-Public Information. On the Trade Date and each day pursuant to the terms hereof on which this representation is repeated or deemed repeated,
Counterparty represents and warrants to Barclays that none of Counterparty and its officers and directors is aware of any material non-public information concerning Counterparty or the Shares. “Material” information for these
purposes is any information to which an investor would reasonably attach importance in reaching a decision to buy, sell or hold Shares. 

  

	 	(q)	 Maximum Number of Shares. The number of Shares that may be issued under any settlement by Counterparty pursuant to this Confirmation, the
Definitions or the Agreement will be limited to the total Shares authorized but not outstanding, reduced by the total amount of contingently issuable Shares. In any event, the number of Shares issuable by Counterparty at settlement shall not exceed
10,000,000 Shares. If the number of Shares to be issued at settlement by Counterparty 

  
 29 

	 	
exceeds the limit in the first sentence of this provision, Counterparty will use its commercially reasonable best efforts to obtain all necessary approvals to issue additional Shares to enable it
to satisfy all obligations hereunder. 

  

	 	(r)	Tax Disclosure. Notwithstanding anything to the contrary herein, in the Equity Definitions or in the Agreement, and notwithstanding any express or implied claims
of exclusivity or proprietary rights, the parties (and each of their employees, representatives or other agents) are authorized to disclose to any and all persons, beginning immediately upon commencement of their discussions and without limitation
of any kind, the tax treatment and tax structure of the Transaction, and all materials of any kind (including opinions or other tax analyses) that are provided by either party to the other relating to such tax treatment and tax structure.

  

	 	(s)	Status of Claims in Bankruptcy. Barclays acknowledges and agrees that this Confirmation is not intended to convey to Barclays rights with respect to the
Transaction that are senior to the claims of common stockholders of Counterparty in any U.S. bankruptcy proceedings of Counterparty; provided, that nothing herein shall limit or shall be deemed to limit Barclays’ right to pursue remedies
in the event of a breach by Counterparty of its obligations and agreements with respect to the Transaction; provided further, that nothing in this Section 5(s) shall limit or shall be deemed to limit Barclays’ rights in respect of
any transactions other than the Transaction. 

  

	 	(t)	No Collateral. Notwithstanding any provision of this Confirmation, the Agreement, Equity Definitions or any other agreement between the parties to the contrary,
the obligations of Counterparty under the Transaction are not secured by any collateral. 

  

	 	(u)	Securities Contract. The parties hereto agree and acknowledge that Barclays is one or more of a “financial institution” and “financial
participant” within the meaning of Sections 101(22) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge (A) that this Confirmation is a “securities contract,” as such term is defined in
Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the
meaning of Section 362 of the Bankruptcy Code and a “settlement payment” (as such term is defined in Section 741(8) of the Bankruptcy Code) or a “transfer” within the meaning of Section 546 of the Bankruptcy Code
and (B) that Barclays is entitled to the protections afforded by, among other sections, Section 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 548(d)(2), 555 and 561 of the Bankruptcy Code. 

 

	 	(v)	Payments on Early Termination. The parties hereto agree that for the Transaction, for the purposes of Section 6(e) of the Agreement, Loss and Second Method
will apply. The Termination Currency shall be USD. Notwithstanding anything to the contrary herein, in no event will any adjustment be made or consideration be paid as a result of an Extraordinary Dividend declared by Counterparty.
“Extraordinary Dividend” for these purposes shall mean any dividend or distribution on the Shares. 

  

	 	(w)	 Binding Contract. This Confirmation, as supplemented by the Confirmation Pricing Supplement, is a “qualified financial contract”, as
such term is defined in Section 5-701(b)(2) of the General Obligations Law of New York (the “General Obligations Law”); (ii) the Confirmation Pricing Supplement constitutes a “confirmation in writing sufficient to
indicate that a contract has been made between the parties” hereto, as set forth in Section 5-701(b)(3)(b) 

  
 30 

	 	
of the General Obligations Law; and (iii) this Confirmation constitutes a prior “written contract” as set forth in Section 5-701(b)(1)(b) of the General Obligations Law, and
each party hereto intends and agrees to be bound by this Confirmation, as supplemented by the Confirmation Pricing Supplement. Barclays and Counterparty further agree and acknowledge that this Confirmation, as supplemented by the Confirmation
Pricing Supplement, constitutes a contract “for the sale or purchase of a security”, as set forth in Section 8-113 of the Uniform Commercial Code of New York. 

 

	 	(x)	Right to Extend. Barclays may postpone any potential Valuation Date or postpone or extend any other date of valuation or delivery with respect to some or all of
the relevant Shares, if Barclays determines, in its reasonable discretion, that such postponement or extension is reasonably necessary or appropriate to preserve, based on advice of counsel, Barclays’ hedging or hedge unwind activity hereunder
in light of existing liquidity conditions (including but not limited to the liquidity in the stock borrow market) or to enable Barclays to effect purchases or sale of Shares in connection with its hedging, hedge unwind or settlement activity
hereunder in a manner that would, if Barclays were Issuer or an affiliated purchaser of Issuer, be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Barclays;
provided, that such requirements, policies or procedures relate to legal or regulatory issues and are generally applicable in similar situations and applied to the Transaction in a non-discriminatory manner. 

 

	 	(y)	Governing Law. The law of the State of New York (without reference to choice of law doctrine). 

 

	 	(y)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit,
action or proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of such a suit,
action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided
herein. 

  

	 	(z)	Part 2(b) of the ISDA Schedule – Payee Representation: 

 For the purpose of Section 3(f) of this Agreement, Counterparty makes the following representation to Barclays: 
 Counterparty is a corporation established under the laws of the State of Delaware and is a U.S. person (as that term is defined in Section 7701(a)(30) of the Code). 

For the purpose of Section 3(f) of this Agreement, Barclays makes the following representation to Counterparty: 

(A) Each payment received or to be received by it in connection with this Agreement is effectively connected with its conduct of a trade
or business within the United States; and 

  
 31 

 (B) It is a “foreign person” (as that term is used in Section 1.6041-4(a)(4)
of the United States Treasury Regulations) for United States federal income tax purposes. 
  

	 	(aa)	Part 3(a) of the ISDA Schedule – Tax Forms: 

 Party Required to Deliver Document 
  

							
	 	 	 	    	 Form/Document/Certificate
	    	 Date by which to be Delivered

		 	Counterparty	    	A complete and duly executed United States Internal Revenue Service Form W-9 (or successor thereto).	    	(i) Upon execution and delivery of this Agreement; (ii) promptly upon reasonable demand by Barclays; and (iii) promptly upon learning that any such Form previously provided by
Counterparty has become obsolete or incorrect.
		 	Barclays	    	A complete and duly executed United States Internal Revenue Service Form W-8ECI (or successor thereto).	    	(i) Upon execution and delivery of this Agreement; and (ii) promptly upon learning that any such Form previously provided by Barclays has become obsolete or
incorrect.

 6. Account Details: 
  

	 	(a)	Account for payments to Counterparty: 

 AOL Inc. 
 ABA: [****] 

Acct: AOL Inc. 
 Acct No.: [****] 
 Account for delivery of Shares to Counterparty:
To Be Provided. 
  

	 	(b)	Account for payments to Barclays: 

 Bank: Barclays Bank plc NY 
 ABA# [****]

BIC: [****] 
 Acct: [****] 
 Beneficiary: [****] 

Ref: [****] 

  
 32 

 7. Offices: 
 The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party. 
 The Office of Barclays for the Transaction is: Inapplicable, Barclays is not a Multibranch Party. 

8. Notices: 
 For purposes of this
Confirmation: 
  

	 	(a)	Address for notices or communications to Counterparty: 

 AOL Inc. 
 Attention: Arthur T. Minson, Chief Operating Officer and
Acting Chief Financial Officer 
 Telephone No.: +1 212 206 5004 

Facsimile No.: +1 703 466 9097 
 with a copy to: 
 Attention: Julie Jacobs, Executive Vice
President, General Counsel and Secretary 
 Telephone No.: +1 703 265 1080 

Facsimile No.: +1 703 466 9093 
  

	 	(b)	Address for notices or communications to Barclays: 

  

			
	 Barclays Bank PLC

	 c/o Barclays Capital Inc.

	 745 Seventh Ave.

	 New York, NY 10019

	 Attn:
	  	Paul Robinson
	 Telephone:
	  	(+1) 212-526-0111
	 Facsimile:
	  	(+1) 917-522-0458

 This Confirmation may be executed in several counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. 

  
 33 

 Counterparty hereby agrees to check this Confirmation and to confirm that the foregoing correctly sets forth
the terms of the Transaction by signing in the space provided below and returning to Barclays a facsimile of the fully-executed Confirmation to Barclays at (+1) 917-522-0458. Originals shall be provided for your execution upon your request.

  

			
	Very truly yours,
	
	BARCLAYS CAPITAL INC.,
	acting solely as Agent in connection with the Transaction
		
	By:	 	 /s/ Bryan C. Spencer

		 	Name: Bryan C. Spencer
		 	Title: Authorized Signatory
	
	Accepted and confirmed as of the Trade Date:
	
	AOL INC.
		
	By:	 	 /s/ Arthur T. Minson

		 	Name:
		 	Title:

  
 34 

 SCHEDULE A 
 For the purposes of the Transaction, the following terms shall have the following values/meanings: 
  

			
	1. Prepayment Amount:	  	USD 600,000,000
		
	2. Additional Payment:	  	USD 54,060,000
		
	3. Maximum Maturity Date:	  	[****]
		
	4. Minimum Maturity Date:	  	[****]
		
	5. Discount:	  	An amount in USD equal to [****]
		
	6. Initial Shares:	  	4,000,000
		
	7. Interim Shares	  	The lesser of (x) 6,500,000 and (y) the Minimum Shares, minus the Initial Shares.
		
	8. Minimum Shares:	  	The number of Shares equal to the quotient of (i) the Prepayment Amount, divided by (ii) [****]% of the Adjusted Hedging Price.
		
	9. Maximum Shares:	  	The number of Shares equal to the quotient of (i) the Prepayment Amount, divided by (ii) [****]% of the Adjusted Hedging Price.
		
	10. Fixed Amount:	  	 USD 5.15

		
	11. Fixed Amount Adjustment Date:	  	 November 30, 2012

		
	12. Permissible Contacts:	  	Paul Robinson, Stephen Roti, Marcus Weickel, Bo Diamond, Alexander Mielke, Joseph Valenti, Sandhya Murali, Scott Levy, Philipp Becker, Matthew Danton, Anna Shearer or any other
person identified by any of the foregoing or any member of the Barclays legal department in writing after the Trade Date.

 EXHIBIT A 

CONFIRMATION PRICING SUPPLEMENT 
 This Confirmation Pricing Supplement is the Confirmation Pricing Supplement referred to in the Confirmation dated as of August 26, 2012 between Barclays Bank PLC and AOL Inc. 

For all purposes under the Confirmation, the following terms of the Confirmation shall be as specified below: 

 

					
	1.	  	Hedging Price:	    	USD [    ]
			
	2.	  	Adjusted Hedging Price:	    	Hedging Price, minus the Fixed Amount
			
	3.	  	Maximum Maturity Date:	    	[DATE]
			
	4.	  	Minimum Maturity Date:	    	[DATE]
			
	5.	  	Discount:	    	USD [    ]
			
	5.	  	Maximum Shares:	    	[     ]
			
	6.	  	Minimum Shares:	    	[     ]
			
	7.	  	First day of Trading Period:	    	[     ]

 Please acknowledge the foregoing by signing this Confirmation Pricing Supplement and returning a copy to us at facsimile
number 646-885-9546 (United States of America), Attention: Documentation. 
 Yours Sincerely, 

 

			
	BARCLAYS CAPITAL INC.,
	acting solely as Agent in connection with the Transaction
		
	By:	 	  

		 	Name:
		 	Title:
	
	AOL INC.
		
	By:	 	  

		 	Name:
		 	Title:

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