Document:

Share Repurchase Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 SHARE REPURCHASE AGREEMENT 

THIS SHARE REPURCHASE AGREEMENT (this “Agreement”), is entered into on November 11, 2011, by REYNOLDS AMERICAN INC. (the
“Company”) and BROWN & WILLIAMSON HOLDINGS, INC. (f/k/a Brown & Williamson Tobacco Corporation) (“B&W”). 
 RECITALS 
  

	I.	The Company’s Board of Directors has authorized a share repurchase program (the “Share Repurchase Program”) for the purchase of outstanding shares of
common stock of the Company, par value $0.0001 per share (the “Shares”), pursuant to which the Company may spend up to $2.5 billion by May 31, 2014, to repurchase Shares. 

 

	II.	Pursuant to the Governance Agreement dated as of July 30, 2004, as amended (the “Governance Agreement”), the parties hereto and British American Tobacco
p.l.c. established certain terms and conditions concerning the corporate governance of the Company, the acquisition and disposition of securities of the Company by British American Tobacco p.l.c., B&W and its affiliates and other matters. All
capitalized terms used but not defined herein shall have the meanings set forth in the Governance Agreement. 

  

	III.	The purpose of this Agreement is to permit and require B&W to participate in the Share Repurchase Program, except to the extent purchases under the Share Repurchase
Program are Excluded Compensation Buybacks, subject to the conditions herein, on a basis approximately proportionate with B&W’s percentage ownership of the equity of the Company and in a manner in which the repurchases from B&W shall
qualify for the Intended Tax Treatment (as defined below). 

  

	IV.	This Agreement is being entered into in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1 under the Securities Exchange Act of
1934, as amended (the “1934 Act”). 

 IN CONSIDERATION OF the mutual promises contained in this
Agreement, the Company and B&W hereby agree: 
  

	A.	Calculations; Purchase and Sale. 

  

	 	1.	For purposes of this Agreement, 

 (i) a “Buyback Week” means a Calendar Week (as defined below) during which the Company repurchases any Shares pursuant to the Share Repurchase Program from any Person other than B&W;

 (ii) a “Calculation Period” means a period that begins on the day immediately after the end of the
preceding Calculation Period (or in the case of the first Calculation Period, on the first day of the month that includes the date of this Agreement) and ends on the earlier of (i) the next Friday that is the last day of a Buyback Week or
(ii) the next Friday that is the last Friday of a calendar month; 

 (iii) “Calendar Week” means each seven-day period ending on a
Friday; 
 (iv) “Excluded Compensation Buyback” means a buyback of Shares by the Company designated by
the Company in a notice to B&W as being made pursuant to Section 2.04(d) of the Governance Agreement; and 
 (v) for purposes of the provisions of this Agreement relating to B&W’s participation in the Share Repurchase Program (including, for example, the definition of “Buyback Week” and the
calculation of the B&W Buyback Number as defined below), any Excluded Compensation Buyback shall be treated as not made pursuant to the Share Repurchase Program (and B&W will not participate in any Excluded Compensation Buyback). 

 

	 	2.	The Company will promptly notify B&W if a Calendar Week is or is expected to be a Buyback Week. 

 

	 	3.	On or before the third business day following the end of each Calculation Period, the Company will deliver to B&W a certificate (a “Calculation
Certificate”), signed on behalf of the Company by any of its Chief Financial Officer, Chief Accounting Officer, Treasurer or Secretary, substantially in the form attached hereto as Exhibit A, as the same may hereafter be amended by the mutual
agreement of the parties hereto. If the Calculation Period includes a Buyback Week, then the Calculation Certificate shall set forth the number of Shares that the Company proposes to buy back from B&W with respect to such Buyback Week (the
“B&W Buyback Number”). The B&W Buyback Number shall be calculated in the Calculation Certificate based on the principles referred to in Paragraphs A.5 and A.6. 

 

	 	4.	B&W, on or before the third business day following receipt of a Calculation Certificate with respect to a Calculation Period which includes a Buyback Week, shall
deliver a notice (the “B&W Notice”) to the Company substantially in the form attached hereto as Exhibit B. The B&W Notice shall state whether B&W agrees with the Company’s calculation of the applicable B&W Buyback
Number, and if not, it shall state B&W’s proposal for the B&W Buyback Number and its calculation thereof. If the Company does not agree with B&W’s proposal, then B&W and the Company will negotiate in good faith, taking into
account the advice of their respective outside tax counsel, to determine the appropriate B&W Buyback Number. However, if the parties cannot agree on the B&W Buyback Number within two business days following delivery of the B&W Notice to
the Company, then the B&W Buyback Number proposed by B&W, as it may have been amended by B&W in connection with the negotiation between the parties, shall be the number of Shares the Company will repurchase from B&W with respect to
the relevant Buyback Week. 

  
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	 	5.	The B&W Buyback Number with respect to a Buyback Week shall be the lowest of: 

(i) the number of Shares such that, after the purchase of such Shares from B&W by the Company, the net total number of
Shares sold by B&W to the Company under this Agreement shall be equal to the total number of Shares purchased by the Company from shareholders other than B&W for all periods through such Buyback Week pursuant to the Share Repurchase Program
multiplied by the ratio of (x) B&W’s percentage ownership of the equity of the Company on the date of this Agreement, to (y) 1.0 minus B&W’s percentage ownership of the equity of the Company on the date of this Agreement,
provided that such ratio shall be appropriately adjusted to reflect changes from time to time in B&W’s Percentage Interest that do not occur as part of the same plan as the purchases under the Share Repurchase Program or this Agreement;

 (ii) the maximum number of Shares that B&W can sell to the Company without decreasing B&W’s
percentage ownership of the equity of the Company from the date of this Agreement to the end of such Buyback Week; and 
 (iii) the maximum number of Shares, reasonably determined by B&W upon advice of its outside tax counsel after consultation with the Company, that B&W can sell to the Company without putting at
risk the Intended Tax Treatment. 
  

	 	6.	The following rules shall apply for purposes of Paragraph A.5(ii) but shall not limit the discretion of B&W under Paragraph A.5(iii): 

(i) any Sale (as defined below) of Shares to the Company under this Agreement with respect to any Buyback Week (current or
prior) shall be treated as having occurred or as occurring on the last day of such Buyback Week, 
 (ii) unless
reasonably determined otherwise by B&W upon advice of its outside tax counsel and after consultation with the Company, such calculation shall take into account any increase or decrease in the outstanding equity of the Company since the date of
this Agreement for any reason, and 
 (iii) B&W shall be entitled to provide itself with assurance of the
Intended Tax Treatment, based on advice of its outside tax counsel and after prior consultation with the Company, by reducing the number of Shares otherwise determined under Paragraph A.5(ii) so as to permit B&W to assure itself that
B&W’s percentage ownership of the equity of the Company does not decrease as a result of future events that may be considered to occur as part of the same plan as the purchases under the Share Repurchase Program or this Agreement,
including, without limitation, issuances of new equity by the Company pursuant to the exercise of stock options or the vesting of performance shares, the issuance or vesting of restricted stock, or the issuance of any other equity to any third party
reasonably expected to occur after the end of the applicable Buyback Week. 

  
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Without limiting the generality of the foregoing, for purposes of Paragraph A.5(ii), (i) B&W will take into account, in considering whether to take account of possible future issuances
of Shares by the Company, the Company’s obligation pursuant to Section 2.04(d) of the Governance Agreement to make Excluded Compensation Buybacks, and (ii) B&W’s percentage ownership in the Company at any time shall be
determined by treating as not outstanding the number of Shares with respect to which the Company then has an outstanding obligation to make Excluded Compensation Buybacks. 

 

	 	7.	For purposes of this Agreement other than Paragraph K, the determination of the number of outstanding Shares or other equity of the Company shall be based on Shares or
equity considered outstanding for U.S. federal income tax purposes. Without limiting the generality of the foregoing, (i) restricted stock for which an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended,
(the “Code”) has been made shall be considered outstanding, (ii) other restricted stock shall not be considered outstanding prior to its vesting date and shall be considered outstanding beginning on the vesting date, and
(iii) outstanding stock options, outstanding performance shares, and other outstanding awards of stock that have not yet been transferred to employees or directors for tax purposes, shall be disregarded. Any assumptions made for the purposes of
determining the number of outstanding Shares shall be described in the Calculation Certificate. 

  

	 	8.	B&W shall deliver and sell to the Company, and the Company shall buy from B&W (each such transaction, a “Sale”), at or before 12:00 p.m. Eastern Time
on the second business day following the date the B&W Buyback Number for the applicable Buyback Week becomes final (a “Closing Date”) a number of Shares (the “Sale Shares”) equal to such B&W Buyback Number. On each
Closing Date, (a) B&W shall deliver to the Company’s transfer agent instructions to transfer the Sale Shares to the Company, together with such stock powers and other instruments as may be necessary to give effect to such instructions,
and (b) upon confirmation from the Company’s transfer agent of receipt of such instructions, the Company shall pay the purchase price specified in Paragraph A.9 for the Sale Shares in immediately available funds to such account as B&W
has designated in writing. 

  

	 	9.	The price per Share to be paid by the Company under a Sale with respect to a Buyback Week shall be the volume weighted average price (“VWAP”) paid by the
Company for the Shares purchased from shareholders other than B&W (the “Prior Period Shares”) with respect to such Buyback Week. For purposes of this Agreement, VWAP is calculated by dividing the total consideration paid, without
taking commissions into account, for the Prior Period Shares by the aggregate number of Prior Period Shares. 

  

	 	10.	 The Company shall not be obligated to deliver a proposed B&W Buyback Number and neither the Company nor B&W shall be required to effect a Sale
if the performance of their respective obligations would violate applicable law. 

  
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Other than for the purposes of correcting any error, only one Calculation Certificate may be delivered and one Sale may be effected with respect to each Buyback Week. 

 

	 	11.	Any fractional amounts of Shares required to be sold to the Company under any B&W Notice, as the same may be amended, shall be rounded down to the nearest whole
number. 

  

	 	12.	For purposes of this agreement, “business day” means a day which is not a Federal Reserve Bank holiday and on which the New York Stock Exchange is open for
trading. 

  

	 	13.	If at any time the Company becomes aware that any statement previously made in a Calculation Certificate is wrong or misleading, or if the Company decides to issue
equity not contemplated by the assumptions set forth in a Calculation Certificate, it shall promptly notify B&W in writing. If at any time B&W becomes aware that any statement previously made in a Calculation Certificate or B&W Notice is
wrong or misleading, it shall promptly notify the Company in writing. 

  

	 	14.	In the event Paragraph A.13 applies, or if B&W reasonably determines based upon the advice of its outside tax counsel after prior consultation with the Company that
its calculation of a B&W Buyback Number was incorrect, then the Company shall take remedial steps reasonably requested by B&W in order to permit B&W to assure itself of the Intended Tax Treatment, including if necessary, rescinding prior
Sales under this Agreement. 

  

	 	15.	During the term of this Agreement, the Company shall satisfy its obligations under Section 2.04(d) of the Governance Agreement by making Excluded Compensation
Buybacks pursuant to the Share Repurchase Program, and to the extent there are unsatisfied obligations under such Section 2.04(d), purchases pursuant to the Share Repurchase Program shall be designated by the Company as Excluded Compensation
Buybacks. 

  

	B.	 Term. The term of this Agreement shall commence on the date hereof and shall terminate as of the earlier of the date stated in the first Recital hereto
and the date of the expenditure of the aggregate amount stated in the first Recital hereto pursuant to this Share Repurchase Agreement and the Share Repurchase Program, collectively. In addition: (a) B&W may terminate this Agreement at any
time upon written notice to the Company, if B&W determines in good faith, upon advice of its outside tax counsel and after consultation with the Company, that based on the facts existing at such time, there is a reasonable risk that it is not
possible to achieve the Intended Tax Treatment for sales of Shares to the Company pursuant to this Agreement (including through the exercise by B&W of its rights under Paragraph J of this Agreement) and (b) the Company may terminate this
Agreement, upon written notice to B&W, following public announcement by the Company of the termination of the Share Repurchase Program by the Board of Directors of the Company, provided that (i) no such termination shall be effective with

  
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respect to any Buyback Week, and (ii) Paragraphs A.13, A.14, I, J and L shall survive such termination. If B&W determines in good faith, upon advice of its outside tax counsel and after
consultation with the Company, that any circumstance has arisen that could reasonably be expected to cause it in the future to invoke its right to terminate the Agreement under clause (a) of the preceding sentence, it shall promptly notify the
Company, and the parties shall use their reasonable best efforts to avoid the need for such termination. 

  

	C.	Intended Tax Treatment. The parties intend for the proceeds of any Sales pursuant to this Agreement paid to B&W from the Company in exchange for the Shares to be
treated as a dividend pursuant to Sections 302(d) and 301(c)(1) of the Code and be eligible for Section 243(c) of the Code, in each case as such Sections are in effect on the date of this Agreement (such treatment the “Intended Tax
Treatment”). For the avoidance of doubt, it shall be consistent with the Intended Tax Treatment if Section 1059(a)(1) of the Code applies, but not if Section 1059(a)(2) of the Code applies, in each case as such Sections are in effect
on the date of this Agreement. B&W may, upon advice of its outside tax counsel and after consultation with the Company, reasonably determine that pending, proposed or enacted tax legislation would or will adversely affect the Intended Tax
Treatment, even if (in the case of pending or proposed legislation) such legislation has not yet been enacted but might be enacted with a retroactive effective date, but (i) any such determination by B&W shall be effective only with respect
to Buyback Weeks that begin after B&W has provided notice to the Company of such determination, and (ii) B&W may not rely on pending, proposed or enacted tax legislation as a basis for repurchasing Shares from the Company, pursuant to
Paragraph J (or otherwise pursuant to this Agreement) that it previously sold to the Company pursuant to this Agreement. 

  

	D.	Representations and Warranties. 

  

	 	1.	B&W represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement have been duly authorized by the Board of
Directors of B&W, (ii) no Sale will contravene, or require any consent, notice or filing which has not been obtained, given or made, under (a) any law applicable to B&W, (b) the organizational documents of B&W or
(c) any judgment, order or decree or any contract or agreement to which B&W is subject, (iii) B&W has or will have valid title to the Shares to be sold to the Company and the legal right and power to sell, transfer and deliver such
Shares, (iv) the delivery of the Shares under each Sale will, upon payment of the purchase price therefor, pass valid title to the Company to such Shares free and clear of any security interests, claims, liens, equities, and other encumbrances,
and (v) any B&W Notice delivered under this Agreement will be accurate in all material respects. 

  

	 	2.	 The Company represents and warrants to B&W that (i) the execution, delivery and performance of this Agreement have been duly authorized by the
Board of Directors of the Company, (ii) no Sale will contravene, or require any consent, notice or filing which has not been obtained, given or made, under (a) any law applicable to the Company, (b) the organizational documents of the
Company or (c) any judgment, order or decree or any contract or agreement to which the 

  
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Company is subject, (iii) any Calculation Certificate delivered under this Agreement will be accurate in all material respects, (iv) the Company has sufficient earnings and profits for
the gross proceeds of all Sales under this Agreement to be treated as dividends within the meaning of Section 316 of the Code, and (v) the Company has delivered to B&W a certificate signed on behalf of the Company by the Chief
Financial Officer, Chief Accounting Officer, Treasurer or Secretary of the Company setting forth the applicable information otherwise required pursuant to Exhibit A, treating for the purposes of this Paragraph D.2(v) the calendar month ending
prior to the date of this Agreement as the Calculation Period thereunder. 

  

	E.	Assignment; Third-Party Beneficiaries. This Agreement is intended solely for the benefit of the Company and B&W and may not be assigned, in whole or in part, except
that B&W shall assign, any or all of its rights, interests and obligations under this Agreement to any Investor Party to which it transfers Shares, provided that such assignment shall not relieve B&W of its obligations hereunder and,
provided, further that any Investor Party transferee agrees in writing to be bound by the provisions hereof. B&W may not assign its rights, or its obligations to deliver Shares, under this Agreement to any entity that is not a United States
domestic corporation for U.S. tax purposes during the term of this Agreement. This Agreement, except for Paragraph I, is not intended to confer any rights or remedies upon any Person other than the Company, B&W or any Investor Party
referred to in the first sentence of this Paragraph E. 

  

	F.	Sales Plan. It is the intent of the parties that this Agreement comply with the requirements of Rule 10b5-1(c) under the 1934 Act and this Agreement shall be
interpreted to comply with the requirements of Rule 10b5-1(c) under the 1934 Act. 

  

	G.	Complete Agreement. This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior agreements, oral or
written, with respect to such subject matter. 

  

	H.	Governing Law; Jurisdiction. Except to the extent specifically required by the North Carolina Business Corporation Act, this Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. The parties declare that it is their intention that this Agreement be
regarded as made under the laws of the State of Delaware and that the laws of the State of Delaware be applied in interpreting its provisions in all cases where interpretation shall be required, except to the extent the North Carolina Business
Corporation Act is specifically required by such act to govern the interpretation of this Agreement. 

  

	 	 The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with
their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement
in any Federal court located in the State of Delaware or in the Chancery Court of the State of Delaware, this being in 

  
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addition to any other remedy to which they are entitled at law or in equity. In addition, each of the parties (a) consents to submit itself to the personal jurisdiction of any Federal court
located in the State of Delaware or Chancery Court of the State of Delaware in the event any dispute arises out of this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for
leave from any such court, (c) irrevocably and unconditionally waives (and agrees not to plead or claim) any objection to the laying of venue in Delaware of any action, suit or proceeding arising out of this Agreement, (d) agrees that it
will not bring any action relating to this Agreement in any court other than any Federal court sitting in the State of Delaware or Chancery Court of the State of Delaware, (e) waives any right to trial by jury with respect to any action related
to or arising out of this Agreement, and (f) agrees that this Agreement involves at least $100,000 and has been entered into by the parties in express reliance upon 6 Del. C. § 2708. Without limiting the agreement of the parties set
forth in this Paragraph H, in the event that any dispute arising under this Agreement is subject to, or adjudicated by, the courts of the State of North Carolina, the parties agree that any such dispute will be adjudicated by the North Carolina
Business Court (with any references in this Paragraph H to Delaware courts being deemed to be references to North Carolina courts and any references in this Paragraph H to the Chancery Court of the State of Delaware being deemed to be
references to the North Carolina Business Court). 

  

	I.	Indemnity. The Company agrees to indemnify and hold B&W and its affiliates harmless, on an after-tax basis, from and against any loss, liability, claim, cost,
damage or expense (including reasonable legal fees and expenses) suffered or incurred by B&W or any of its affiliates arising from or relating to the failure of B&W or any of its affiliates to obtain the Intended Tax Treatment resulting from
the inaccuracy in any respect of information set forth in any Calculation Certificate delivered pursuant to this Agreement including but not limited to any increase in tax liability resulting from the Sales and arising from or relating to any such
inaccuracy. Notwithstanding the foregoing, B&W shall not be entitled to indemnification hereunder to the extent its remedies under Paragraph B or J are adequate to assure the Intended Tax Treatment and the Company (a) confirms that B&W
is entitled to exercise its remedies under such Paragraph B or J, as applicable, and (b) complies with such Paragraph B or J, as applicable. 

  

	J.	B&W Purchase Right. 

  

	 	1.	 If B&W reasonably determines, based on advice of its outside tax counsel and after consultation with the Company, that there is a reasonable risk
that it is not possible to achieve the Intended Tax Treatment for the Sale of any Shares to the Company because of equity issued or to be issued (in each case, for tax purposes) by the Company after the date hereof which reduces B&W’s
percentage ownership of the equity of the Company, and such risk cannot be avoided by reducing the B&W Buyback Number for future Buyback Weeks, then B&W may deliver to the Company a written notice (a “Primary Purchase Notice”)
stating that B&W wishes to repurchase from the Company (a “Primary Purchase”) a stated number of Shares (the “Purchase Number”) that it previously sold to the Company pursuant to this Agreement. The Purchase Number shall be
reasonably determined by B&W, upon advice of its outside tax counsel after consultation 

  
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with the Company, and shall not exceed the number of Shares that, if purchased, would eliminate the identified risk. B&W shall provide the Company with the method of calculation of the
Purchase Number. The prices per Share (the “Purchase Price”) for such a purchase shall be the prices previously paid by the Company to B&W to purchase the equivalent number of Shares from B&W, determined on a “last in first
out” basis. 

  

	 	2.	If B&W properly delivers a Primary Purchase Notice, the Company will be obligated to sell, and B&W shall be obligated to buy, a number of Shares equal to the
Purchase Number for the Purchase Price at or before 12:00 p.m. Eastern Time on the second business day after the delivery of the Primary Purchase Notice. 

  

	K.	Governance Agreement. B&W shall not reduce, pursuant to Paragraph A.6(iii), the amount determined under Paragraph A.5(ii), and shall not purchase Shares from the
Company under Paragraph J, to the extent such reduction or purchase would cause B&W’s Percentage Interest (after all purchases by the Company with respect to a Buyback Week) to exceed the Standstill Percentage plus 1.0%; provided,
however, that solely for purposes of the calculation of B&W’s Percentage Interest under this Paragraph K, at any point in time, B&W’s Percentage Interest will be calculated by treating as already outstanding any Shares or
other equity of the Company if (a) the future issuance of such Shares or other equity of the Company has been publicly announced or approved by the Board of Directors of the Company or (b) the Board of Directors of the Company has been
informed of the possibility of the future issuance of such Shares or other equity of the Company. 

  

	L.	Company Repurchases of Shares. 

  

	 	1.	The parties understand that certain expected future issuances of Shares to third parties by the Company could reduce the number of Shares purchased by the Company from
B&W under this Agreement, that such reduction may result in B&W’s Percentage Interest exceeding the Standstill Percentage to the extent permitted by Paragraph K, and that the actual issuance of such Shares by the Company would be
expected to reduce B&W’s Percentage Interest below the Standstill Percentage. If, contrary to such expectations, the Company determines in good faith that such expected issuance will not take place and if the operation of Paragraph A.5(i)
would not otherwise result in putting the parties in a position similar to the position they would be in if there had never been an expectation that the Company would issue the additional Shares, then the parties agree to comply with the procedures
set forth in this Paragraph L in order to put the parties in such similar position. 

  

	 	2.	 (i) If (a) the Company determines in good faith that such expected issuance of additional Shares will not take place, (b) the operation of
Paragraph A.5(i) would not otherwise result in putting the parties in a position similar to the position they would be in if there had never been an expectation that the Company would issue the additional Shares, and (c) B&W had previously
reduced, pursuant to Paragraph A.6(iii), the amount determined under Paragraph A.5(ii) or purchased 

  
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Shares from the Company under Paragraph J to permit B&W to assure itself that B&W’s percentage ownership of the equity of the Company did not decrease as a result of such expected
issuance of additional Shares, then the Company shall deliver to B&W a certificate (a “Purchase Certificate”) identifying the expected issuance which will not take place (a “Canceled Issuance”) and setting forth the number of
Shares (the “Repurchase Number”) that the Company shall purchase from B&W as a result of such Canceled Issuance. The Repurchase Number in respect of a Canceled Issuance shall be equal to the lesser of (a) the sum of (i) the
number of additional Shares that B&W would have sold to the Company under this Agreement previously if there had never been an expectation to issue additional Shares in such Canceled Issuance, and (ii) the number of Shares that B&W
purchased from the Company under Paragraph J on the account of such Canceled Issuance, and (b) the maximum number of Shares that B&W may sell to the Company consistent with Paragraphs A.5(i), A.5(ii) and A.5(iii) as if such Shares were
being sold to the Company for a Buyback Week. The price per Share (the “Repurchase Price”) for a purchase in respect of a Canceled Issuance shall be the volume weighted average price paid by the Company for the Shares purchased from
shareholders other than B&W in all prior Buyback Weeks pursuant to the Share Repurchase Program. If B&W does not agree with the Company’s calculation of the Repurchase Number or Repurchase Price, then B&W and the Company will
negotiate in good faith to determine the appropriate Repurchase Number or Repurchase Price, as applicable. 

 (ii) If the Company properly delivers a Purchase Certificate, then B&W will be obligated to sell, and the Company shall be obligated to buy, a number of Shares equal to such Repurchase Number for such
Repurchase Price at or before 12:00 p.m. Eastern Time on the second business day after the determination of the Repurchase Number and Repurchase Price in accordance with Paragraph L.2(i) above. 

 

	 	3.	 (i) If (a) B&W has previously reduced, pursuant to Paragraph A.5(iii), the number of shares to be sold to the Company, (b) the Company or
B&W determines in good faith that any facts or assumptions relied upon by B&W in making the determination under Paragraph A.5(iii) are no longer correct or applicable, and (c) the operation of Paragraph A.5(i) would not otherwise result
in putting the parties in a position similar to the position they would be in if such facts or assumptions had not been relied upon, then either the Company or B&W may deliver to the other party a certificate (a “Modification
Certificate”) identifying the facts or assumptions that such party reasonably believes are no longer correct or applicable and setting forth the number of Shares (the “Additional Number”) that such party believes the Company can
purchase from B&W consistent with such subsequent determination, Paragraphs A.5(i) and (ii), and the Intended Tax Treatment. If B&W provides the Modification Certificate, and the Company reasonably agrees with the calculations therein, then
B&W shall sell the Additional Number to the Company. If the Company provides the Modification Certificate, then B&W shall reasonably consider, based on the advice of its outside tax counsel after consultation with the Company, whether it

  
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agrees with the calculations therein and whether selling such Additional Number to the Company would put the Intended Tax Treatment at risk. If the reasonable determination of B&W in
accordance with the preceding sentence is that such calculations are incorrect or such a purchase would put the Intended Tax Treatment at risk, then to such extent B&W will have no obligation to sell such Shares to the Company. If, however,
B&W reasonably determines that the calculations are correct and the sale of the Additional Number or an adjusted Additional Number would not put the Intended Tax Treatment at risk, then B&W will consummate the sale contemplated by the
Modification Certificate, as so adjusted. The price per Share for a purchase under this Paragraph L.3 shall be the volume weighted average price paid by the Company for the Shares purchased from shareholders other than B&W in all prior Buyback
Weeks pursuant to the Share Repurchase Program (the “Modification Repurchase Price”). 

(ii) Without limiting the generality of Paragraph L.2(i), either B&W or the Company may invoke the procedures of that
Paragraph immediately following the end of the Share Repurchase Program, to the extent that the number of Shares that have been purchased from B&W has been reduced on account of Paragraphs A.5(ii) and A.6(iii). If such procedures are invoked by
the Company at such time, B&W shall reasonably consider, based on the advice of its outside tax counsel after consultation with the Company, the extent to which the prior reduction in sales of Shares to the Company pursuant to Paragraph A.6(iii)
is still appropriate in order to not put the Intended Tax Treatment at risk, based on all the facts and circumstances existing at that time. To the extent that B&W determines that the sale of an additional number of Shares to the Company at that
time, in order to offset all or part of the prior reduction in sales as a result of Paragraph A.6(iii), is consistent with Paragraphs A.5(i) and (ii) and would not put the Intended Tax Treatment at risk, then it shall accept a Modification
Certificate from the Company providing an Additional Number equal to such additional number. 
 (iii) If either
the Company or B&W properly delivers a Modification Certificate, then, subject to Paragraphs L.3(i) and (ii), B&W will be obligated to sell, and the Company shall be obligated to buy, a number of Shares equal to such Additional Number for
such Modification Repurchase Price at or before 12:00 p.m. Eastern Time on the second business day after such determination of the Additional Number, if any, and Modification Repurchase Price in accordance with Paragraphs L.3(i) and (ii) above.

  

	M.	Amendments; Waivers. No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed, in the case of an amendment, by
the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective. The failure of any party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such
rights nor shall any single or partial exercise by any party to this Agreement of any of its rights under this Agreement preclude any other or further exercise of such rights or any other rights under this Agreement. 

  
 -11-

	N.	Notices. All notices, requests, claims, demands and other communications under this Agreement shall be given by email and shall be deemed given upon receipt by the
parties at the following email addresses (or at such other email address for a party as shall be specified by like notice): 

 if to B&W, to 
 Corporate Secretary 

Email: apanaccione@cscinfo.com 
 with copies to: 
 Divisional Vice President, Tax and Treasury 

Louisville Corporate Services, Inc. 
 Email: mike_walter@bat.com 
 Cravath, Swaine & Moore LLP 

Email: pgelston@cravath.com 
     sjebejian@cravath.com 
 if to the Company, to 

General Counsel 

Email: holtonm@rjrt.com 
 with a copy to: 
 Jones Day 

Email: jrthomson@jonesday.com 
     rclesnick@jonesday.com 

  
 -12-

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

					
	 BROWN & WILLIAMSON HOLDINGS, INC.,

			
		 	 by 
	 	/s/    Timothy J. Hazlett
		 		 	Name:     Timothy J. Hazlett
		 		 	Title:       President

  

					
	 REYNOLDS AMERICAN INC.,

			
		 	 by 
	 	/s/    Daniel A. Fawley
		 		 	Name:     Daniel A. Fawley
		 		 	Title:       Senior Vice President and Treasurer

 [Signature Page to the Share Repurchase Agreement] 

  
 -13-

 EXHIBIT A1 
 REYNOLDS AMERICAN INC. CALCULATION CERTIFICATE 
 Date:
                                        

 Calculation Period: beginning date             ending
date                     
 Note:
Unless otherwise indicated, all statements of outstanding shares, shares issued, shares acquired, percentage interest, etc. are to be based on the meaning of those terms for U.S. federal income tax purposes and otherwise will be calculated in
accordance with the Share Repurchase Agreement. 
 Part A: Schedules 

The following schedules are attached hereto (as applicable). 
 Schedule 1: General information and calculation of B&W Buyback Number. 
 Schedule 2: Schedule
of all outstanding restricted stock, employee stock options, performance shares and other deferred issuances of shares as compensation, including grant, vesting, expiration and issuance dates, all as of the end of the Calculation Period. 

Schedule 3: Details of purchases made under the Program from parties other than B&W during the Calculation Period, including Excluded Compensation
Buybacks. 
 [Other] 

Part B: Assumptions and Additional Information 
  

	Item 1.	State any assumptions made in arriving at the numbers provided in this exhibit and schedules hereto other than those explicitly mentioned in the Share Repurchase
Agreement including, without limitation, treatment and number of shares held by corporate affiliates. 

  

	Item 2.	Describe any issuance of or reacquisition by the Company of equity of the Company (including but not limited to Shares) during the Calculation Period that has been made
except made with respect to restricted stock or employee stock options. 

  

	Item 3.	Explanation of line items B3, C5, D6, D7, D11 and E3 on Schedule 1 (not otherwise described in Item 2). 

 

	Item 4.	Response to any additional information requested by tax counsel to B&W for purposes of its determinations pursuant to this Agreement. 

 

	1 	 Capitalized terms used but not defined herein shall have the meaning assigned thereto in the Share Repurchase Agreement between Reynolds American Inc.
and Brown & Williamson Holdings, Inc., dated November 11, 2011 (the “Share Repurchase Agreement”). 

 Part C: Representations 

The Company represents that, except as otherwise expressly noted below or elsewhere in this Exhibit A, (i) the Board of Directors of
the Company has not been informed of and has not publicly announced or approved any intent, plan or arrangement directly or indirectly to issue or acquire any of its equity, other than the purchase of Shares pursuant to the Share Repurchase Program
(including Excluded Compensation Buybacks) or pursuant to employee stock option or restricted stock plans, (ii) previously issued Calculation Certificates remain true, correct and complete as of their dates of issuance, (iii) if the
Calculation Period includes a Buyback Week, it will have sufficient earnings and profits to permit the entire purchase price of all the Shares to be purchased pursuant to this Certificate to be treated as a dividend within the meaning of
Section 316 of the Code and (iv) it does not have a Rabbi Trust or a similar arrangement holding shares. 
 Exceptions: 

The undersigned hereby certifies on behalf of Reynolds American Inc. that the statements contained herein and on schedules attached hereto
are true, correct and complete. 
  

					
	 REYNOLDS AMERICAN INC.,

			
		 	by 	 	 
		 		 	Name:
		 		 	Title:

  
 -2-

					
		  	Schedule 1: General Information and Calculation of B&W Buyback Number
			
		  	 General
 Calculation
Period (“period”)
 Includes Buyback Week (Y/N)
	  	
			
	 A
	  	Date of Agreement - November 11, 2011	  	
			
	 A1
	  	Shares owned by B&W	  	
			
	 A2
	  	Total outstanding Shares (SEC)	  	
			
	 A3
	  	Restricted Shares outstanding – no 83(b) election	  	
			
	 A4
	  	Total outstanding Shares (tax)	  	A2-A3
			
	 A5
	  	B&W percentage ownership (tax)	  	A1/A4
			
	 A6
	  	B&W percentage ownership (SEC)	  	A1/A2
			
	 A7
	  	Governance cap percentage (SEC)	  	
			
	 A8
	  	Governance cap percentage (SEC) plus 1%	  	
			
	 B
	  	Beginning of Period	  	
			
	 B1
	  	Total outstanding Shares (SEC)	  	
			
	 B2
	  	Restricted Shares outstanding – no 83(b) election	  	
			
	 B3
	  	SEC Shares not outstanding for tax purposes (other than B2)	  	
			
	 B4
	  	Share to be purchased by RAI from third parties for prior periods	  	
			
	 B5
	  	Shares to be purchased by RAI from B&W for prior periods	  	
			
	 B6
	  	Shares to be purchased by RAI from third parties & B&W for prior periods	  	B4+B5

  
 -1-

					
	 B7
	  	Total net outstanding Shares (tax)	  	B1-B2-B3-B6
			
	 B8
	  	Shares owned by B&W	  	
			
	 B9
	  	Net Shares owned by B&W	  	B8-B5
			
	 B10
	  	B&W percentage interest (tax)	  	B9/B7
			
	 C
	  	Events During Period	  	
			
	 C1
	  	Restricted Shares becoming vested (net of Tax Shares cancelled) (tax)	  	
			
	 C2
	  	Vested compensatory shares (e.g., EIAP/LTIP/Performance Shares) issued net of Tax Shares withheld	  	
			
	 C3
	  	Options exercised (net of Tax Shares cancelled)	  	
			
	 C4
	  	Shares bought or to be bought under buyback plan from third parties for current period other than pursuant to Section 2.04(d) of the Governance Agreement	  	
			
	 C4A
	  	Shares bought pursuant to Section 2.04(d) of Governance Agreement	  	
			
	 C5
	  	Net issuances or reacquisitions* by RAI of Shares (tax) except C1, C2, C3, C4, C4A	  	
			
	 C6
	  	Net Shares outstanding (tax) on last day of period before buyback from B&W	  	B7+C1+C2+C3-C4-C4A+C5
			
	 C7
	  	Restricted Shares (including Tax Shares) forfeited or cancelled (SEC)	  	
			
	 C8
	  	Net issuances or reacquisitions* by RAI of Shares (SEC) except C2, C3, C4, C4A, C7	  	+ or -

  
 -2-

					
	 C9
	  	Net Shares outstanding (SEC) on last day of period before buyback from B&W	  	B1-B6+C2+C3-C4-C4A-C7+C8
			
		  	* Use positive number for net issuances and negative number for net reacquisitions	  	
			
		  	Calculation of Buyback Number	  	
			
	 D
	  	Calculation Pursuant to Section A.5(ii) of the Agreement	  	
			
	 D1
	  	B&W shares owned on last day of period (B9 adjusted for any unrelated purchases/sales)	  	
			
	 D2
	  	Shares to be purchased by RAI from B&W from prior periods	  	B5
			
	 D3
	  	Net Shares owned by B&W on last day of period	  	D1-D2
			
	 D4
	  	Net Shares outstanding (tax) on last day of period before buyback from B&W	  	C6
			
	 D5
	  	Assumed future issuance used for immediately preceding period	  	
			
	 D6
	  	Increases in assumed issuances for this period	  	
			
	 D7
	  	Decreases in assumed issuances for this period	  	
			
	 D8
	  	Assumed future issuance to be used for current period	  	D5+D6-D7
			
	 D9
	  	Shares outstanding (tax) on last day of period including assumed future issuances	  	D4+D8
			
	 D10
	  	Tentative Buyback Number based on (D3-D10)/(D9-D10)=A5	  	(D3-A5*D9)/(1-A5)
			
	 D11
	  	Proposed reduction to tentative Buyback Number, if any	  	

  
 -3-

					
	 D12
	  	B&W Buyback Number A.5(ii)	  	D10-D11
			
	 D13
	  	Excluded Compensation Buybacks pending at end of period	  	
			
	 E
	  	Calculation Pursuant to Section A.5(i) of the Agreement	  	
			
	 E1
	  	Sum of all buybacks from third parties (including for current period)	  	C4 Cumulative
			
	 E2
	  	B&W percentage ownership on first day of Agreement (tax)	  	A5
			
	 E3
	  	Adjustment to B&W percentage ownership pursuant to A.5(i), if any	  	
			
	 E4
	  	Adjusted B&W percentage ownership pursuant to A.5(i)	  	E2 + E3
			
	 E5
	  	Cumulative limit on proposed purchases from B&W	  	E1*E4/(1-E4)
			
	 E6
	  	All purchases from B&W for prior periods (even if not yet made)	  	F1
			
	 E7
	  	B&W Buyback Number A.5(i)	  	E5-E6
			
	 F
	  	Proposed B&W Buyback Number	  	
			
	 F1
	  	Proposed B&W Buyback Number (lower of D12 & E7, rounded down to nearest whole share-but not negative)	  	
			
	 G
	  	B&W Status At End of Period Under Proposed B&W Buyback	  	
			
	 G1
	  	Shares outstanding on last day of period after all buybacks (SEC)	  	C9-F1

  
 -4-

					
	 G2
	  	Same as G1 but including assumed issuances (SEC)	  	G1+D8
			
	 G3
	  	Shares outstanding on last day of period after all buybacks (tax)	  	C6-F1
			
	 G4
	  	Same as G3 but including assumed issuances (tax)	  	G3+D8
			
	 G4A
	  	Same as G4 but net of pending Excluded Compensation Buybacks	  	G4-D13
			
	 G5
	  	B&W Shares owned end of period after buyback (assuming no other purchase/sale during period)	  	B9-F1
			
	 G6
	  	B&W percentage ownership after buyback (actual) (tax)	  	G5/G3
			
	 G7
	  	B&W percentage ownership after buyback (including assumed issuances) (tax)	  	G5/G4
			
	 G7A
	  	B&W percentage ownership after buyback (including assumed issuances and completion of all pending Excluded Compensation Buybacks)	  	G5/G4A
			
	 G8
	  	B&W percentage ownership after buyback (actual) (SEC)	  	G5/G1
			
	 G9
	  	B&W percentage ownership after buyback (including assumed issuances) (SEC)	  	G5/G2
			
	 G10
	  	B&W portion of total shares bought back for period	  	F1/(C4+F1)
			
	 H
	  	Payment to B&W	  	
			
	 H1
	  	Total dollars paid to third parties (before commission) for purchases for this period	  	

  
 -5-

					
	 H2
	  	Volume Weighted Average price per share paid	  	H1/C4
			
	 H3
	  	Settlement Date	  	
			
	 H4
	  	Amount to be paid to B&W	  	H2*F1
			
	 I1
	  	Total dollars of buyback for period	  	H1+H4
			
	 I2
	  	Total dollars of buyback (cumulative)	  	H1+H4 (cumulative)

  
 -6-

 EXHIBIT B2 

B&W NOTICE 
 Date:
                             
 To: REYNOLDS AMERICAN INC. 
       Attn: Steven Holland 

      Sent by email to: Hollans@rjrt.com 
 Calculation Period ending:                             

 Date of Calculation
Certificate                             
              We agree with the B&W Buyback Number stated in such Calculation Certificate 

             We DO NOT agree with the B&W Buyback Number stated in such
Calculation Certificate. 
 B&W Buyback Number proposed by B&W: 

[Explanation] 
  

			
	BROWN & WILLIAMSON HOLDINGS, INC.,
	
	Name: Andrew T. Panaccione
	Title:   Secretary

  
  

	2 	 Capitalized terms used but not defined herein shall have the meaning assigned thereto in the Share Repurchase Agreement between Reynolds American Inc.
and Brown & Williamson Holdings, Inc., dated November 11, 2011 (the “Share Repurchase Agreement”).Amendment No. 3 to the Governance Agreement

 Exhibit 10.2 
 EXECUTION COPY 
 AMENDMENT No. 3, dated as of
November 11, 2011, (this “Amendment”) to the GOVERNANCE AGREEMENT, dated as of July 30, 2004 (the “Agreement”), as amended, among BRITISH AMERICAN TOBACCO p.l.c., a public limited company incorporated
under the laws of England and Wales (“BAT”), BROWN & WILLIAMSON HOLDINGS, INC, (f/k/a Brown & Williamson Tobacco Corporation), a Delaware corporation (“B&W”), and REYNOLDS AMERICAN INC., a
North Carolina corporation (“Reynolds American”). 
 WHEREAS, the Board of Directors of Reynolds American has
authorized a share repurchase program (the “Share Repurchase Program”) for the purchase of outstanding shares of common stock of Reynolds American, par value $0.0001 per share, pursuant to which Reynolds American may spend up to
$2.5 billion by May 31, 2014, to repurchase shares; 
 WHEREAS, B&W and Reynolds American have entered into a share
repurchase agreement, dated as of November 11, 2011, pursuant to which B&W shall participate in the Share Repurchase Program subject to the terms and conditions set forth therein; 

WHEREAS, the parties desire to enter into this Amendment in order to amend Sections 1.01, 2.04(d), 4.01 and 4.03(a) of the Agreement;

 NOW, THEREFORE, the parties hereto agree as follows: 
 SECTION 1. Amendment to the Agreement. 
 (a)
Section 1.01 of the Agreement is hereby amended by replacing the definition of “Share Repurchase Agreement” with the following: 
 “Share Repurchase Agreement” means (i) the Share Repurchase Agreement, dated as of April 29, 2008, between B&W and Reynolds American, pursuant to which B&W shall
participate in the Share Repurchase Program subject to the terms and conditions set forth therein, (ii) the Share Repurchase Agreement, dated as of November 11, 2011, between B&W and Reynolds American, pursuant to which B&W shall
participate in the Second Share Repurchase Program subject to the terms and conditions set forth therein, and (iii) any other agreement entered into by B&W and Reynolds American which by its terms provides that it shall constitute a
“Share Repurchase Agreement” within the meaning of this Agreement.” 
 (b) Section 1.01 of
the Agreement is hereby further amended by inserting the following definition in the appropriate alphabetical order: 
 “Second Share Repurchase Program” means the share repurchase program for the repurchase of outstanding shares of common stock of Reynolds American, par value $0.0001 per share, pursuant
to which Reynolds American may spend up to $2.5 billion (including purchases required by Section 2.04(d) of this Agreement) by May 31, 2014 to repurchase shares.” 

  
 - 1 -

 (c) Section 2.04(d) of the Agreement is hereby amended by replacing
such Section 2.04(d) in its entirety with the following new Section 2.04(d): 
 “(d) If, on or after
November 11, 2011, Reynolds American issues Common Stock or any other Equity Security to any of its directors, officers, employees, consultants or independent contractors who provided services to Reynolds American or its subsidiaries (the
“Designated Persons”) upon exercise of any option, warrant or other security relating to Common Stock or any other Equity Security or upon vesting of any performance shares or similar compensation award or otherwise issues Common Stock or
any other Equity Security, restricted or otherwise, to any Designated Person then prior to or within a reasonable period after such issuance (but in any event not later than 20 Available Trading Days after such issuance occurs), Reynolds American
will repurchase a number of shares of outstanding Common Stock so that the number of outstanding shares of Common Stock are not increased, and B&W’s Percentage Interest is not decreased, by such issuance after taking into account such
repurchase; provided, however, that (i) Reynolds American will not be required to repurchase such shares, if, at the time of such issuance, B&W’s Percentage Interest has fallen below 25%, without giving effect to such
issuance, and (ii) repurchases by Reynolds American pursuant to any share repurchase plan or program in which any Investor Party has participated or agreed to participate, including pursuant to any Share Repurchase Agreement (except Excluded
Compensation Buybacks under the Second Share Repurchase Program), shall not satisfy Reynolds American’s obligation under this Section 2.04(d). For purposes of this Section 2.04(d), an “Available Trading Day” shall mean any
day on which the New York Stock Exchange, Inc. is open for trading, except (x) any day during a “blackout period” that is included in Reynolds American’s insider trading policy and prohibits the buying or selling of Common Stock
by executive officers of Reynolds American in connection with the release or prospective release of Reynolds American’s annual or quarterly financial earnings information, or (y) any day on which purchases of Common Stock by Reynolds
American would (i) in the reasonable judgment of Reynolds American, based on the advice of its outside counsel and after consultation with B&W, violate applicable law or (ii) require Reynolds American to disclose a material financing,
acquisition or other corporate development, and the proper officers of Reynolds American have determined in the good faith exercise of their reasonable business judgment, that such disclosure is not in the best interests of Reynolds American;
provided, however, that the number of days excluded from the definition of Available Trading Days under clause (y) of this sentence shall not, without the prior written consent of BAT, which consent shall not be unreasonably
withheld, delayed or conditioned (it being understood that withholding consent to avoid putting at risk the Intended Tax Treatment (as such term is defined in the Share Repurchase Agreement) shall be deemed reasonable), exceed 40 of such trading
days for any specific issuance of Equity Securities or a total of 80 of such trading days in any twelve-month period. Reynolds American shall promptly give B&W written notice of any delay in the repurchase of shares of Common Stock required by
this Section 2.04(d), which notice shall contain the anticipated length of such delay, and Reynolds American shall promptly notify B&W of the termination of each such delay.” 

  
 - 2 -

 (d) Section 4.01 of the Agreement is hereby further amended by
replacing such 4.01 in its entirety with the following new Section 4.01: 
 “Purchases of Equity
Securities. Except for the acquisition of shares of Common Stock pursuant to the Combination Agreement or pursuant to or as contemplated by any Share Repurchase Agreement and subject to the exceptions set forth in Section 4.03, during the
Standstill Period, the Investor Parties shall not, directly or indirectly, acquire, agree to acquire or make a proposal to acquire beneficial ownership of any shares of Equity Securities. Equity Securities acquired pursuant to this Article IV shall
be subject to all of the terms, covenants and conditions of this Agreement.” 
 (e) Section 4.03(a) of
the Agreement is hereby further amended by replacing such Section 4.03(a) in its entirety with the following new Section 4.03(a): 
 “(a) during the Standstill Period, the Investor Parties may acquire beneficial ownership of additional Equity Securities if, after giving effect to any such acquisition (other than any acquisition
pursuant to or as contemplated by any Share Repurchase Agreement), B&W’s Percentage Interest would not exceed the Standstill Percentage less the percentage of Voting Power (calculated as of the date of disposition) associated with
any Equity Securities disposed of by any Investor Party (other than to another Investor Party or to Reynolds American pursuant to any Share Repurchase Agreement) following the date of this Agreement;” 

SECTION 2. Amendment Part of the Agreement. This Amendment shall be considered to be a part of the Agreement and shall be subject
to the provisions thereof, including Article VI thereof (but excluding Section 6.10 thereof). Except as expressly set forth herein, the Agreement shall continue in full force and effect without waiver, modification or amendment. 

  
 - 3 -

 IN WITNESS WHEREOF, this Amendment has been duly executed by the
parties hereto as of the date first above written. 
  

					
	 BRITISH AMERICAN TOBACCO P.L.C.,

			
		 	by	 	/s/    Nicola Snook
		 		 	Name: Nicola Snook
		 		 	Title:   Company Secretary

  

					
	 BROWN & WILLIAMSON HOLDINGS, INC.,

			
		 	by	 	/s/    Timothy J. Hazlett
		 		 	Name: Timothy J. Hazlett
		 		 	Title:   President

  

					
	 REYNOLDS AMERICAN INC.,

			
		 	by	 	/s/    Daniel A. Fawley
		 		 	Name: Daniel A. Fawley
		 		 	Title:   Senior Vice President and Treasurer

 [Signature Page to Amendment No. 3 to the Governance Agreement] 

  
 - 4 -

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