Document:

EX-10.6

 Exhibit 10.6 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of             , 2013, is by and among HF2 Financial Management Inc., a Delaware corporation (the “Company”),
the undersigned parties listed under the heading “Investors” on the signature pages hereto or who may become a party to this Agreement as an “Investor” after the date hereof (each, an “Investor” and collectively,
the “Investors”) and EarlyBirdCapital, Inc. (“EBC”). 
 WHEREAS, the Investors
collectively beneficially own 4,398,750 shares of the Company’s Class A Common Stock (as defined below), of which 573,750 shares are subject to forfeiture pursuant to certain letter agreements, dated as of December 5, 2012 and
February 26, 2013, entered into between certain of the Investors and the Company (such shares, the number of which may be reduced by forfeiture as described, the “Founders’ Shares”); 

WHEREAS, the Investors collectively have committed to purchase (i) 1,414,875 shares of Class A Common Stock
simultaneously with the consummation of the Company’s initial public offering of its Class A Common Stock (the “IPO”) and (ii) if the over-allotment option is exercised by the underwriters in connection with the
Company’s IPO, up to 183,525 shares of Class A Common Stock simultaneously with the purchase of shares resulting from the exercise of the over-allotment option in connection with the Company’s IPO (items (i) and (ii) being
referred to collectively as the “Sponsors’ Shares”); 
 WHEREAS, the Investors may, in certain
circumstances and subject to certain transfer restrictions and other restrictions, transfer (or cause to be transferred) to permitted transferees (as defined below) some or all of the securities held by such Investors; 

WHEREAS, any of the Investors or officers, directors or members of the Advisory Board of the Company may, from time to time, make
loans to the Company, the proceeds of which are to be used for working capital purposes, and the Company may issue shares of Class A Common Stock in payment of such loans (any such Person that makes such a loan to the Company, a
“Working Capital Lender” and any such shares of Class A Common Stock issued in payment of such loans, “Working Capital Shares”); 
 WHEREAS, pursuant to that certain Underwriting Agreement, dated as of              by and between the Company and EBC (the
“Underwriting Agreement”), the Company may issue EBC shares of Class A Common Stock to pay the deferred commissions on the sale of Sponsors’ Shares owed to EBC under the Underwriting Agreement (any such shares of
Class A Common Stock issued in payment of such deferred commissions, “Deferred Commission Shares”); and 

WHEREAS, the Investors, EBC and the Company desire to enter into this Agreement to provide the Investors, and permitted
transferees thereof, any Working Capital Lender and EBC with certain rights relating to the registration of shares of Class A Common Stock held by them. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth
herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. DEFINITIONS. The following capitalized terms used herein have the following meanings: 
 “Adverse Disclosure” means public disclosure of material non-public information, which disclosure, in the good faith judgment of the chief executive officer or principal financial
officer of the Company after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or prospectus in order for the applicable Registration Statement or prospectus not to contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading,
(ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not publicly making it. 

“Agreement” is defined in the Preamble to this Agreement. 

“Business Day” means any day, except a Saturday, Sunday or legal holiday on which the banking institutions in the
city of New York are authorized or obligated by law or executive order to close. 
 “Class A Common
Stock” means the Class A common stock, par value $0.0001 per share, of the Company. 

“Commission” means the Securities and Exchange Commission, or any other federal agency then administering the
Securities Act or the Exchange Act. 
 “Company” is defined in the Preamble to this Agreement and shall
include the Company’s successors by merger, acquisition, reorganization or otherwise. 
 “Deferred Commission
Shares” is defined in the Recitals to this Agreement. 
 “Demanding Holder” is defined in
Section 2.1.1. 
 “Demand Registration” is defined in Section 2.1.1. 

“EBC” is defined in the Preamble to this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder, all as the same shall be in effect at the time. 
 “Form S-3” is
defined in Section 2.3. 
 “Founders’ Shares” is defined in the Recitals to this Agreement.

 “Founders’ Shares Release Date” means, with respect to the Founders’ Shares, the date on
which the Founders’ Shares are to be disbursed from escrow pursuant to Section 3 of that certain Escrow Agreement dated as of             , 2013 by and among the parties hereto
and Continental Stock Transfer & Trust Company. 

  
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 “Indemnified Party” is defined in Section 4.3. 

“Indemnifying Party” is defined in Section 4.3. 

“Investor” is defined in the Preamble to this Agreement. 

“Investor Indemnified Party” is defined in Section 4.1. 

“IPO” is defined in the Recitals to this Agreement. 

“Maximum Number of Shares” is defined in Section 2.1.4. 

“Notices” is defined in Section 6.3. 

“Person” shall be construed as broadly as possible and shall include an individual, corporation, association,
partnership (including a limited liability partnership or a limited liability limited partnership), limited liability company, estate, trust, joint venture, unincorporated organization or a government or any department, agency or political
subdivision thereof. 
 “Piggy-Back Registration” is defined in Section 2.2.1. 

“Pro Rata” is defined in Section 2.1.4. 

“Register,” “Registered” and “Registration” mean a registration
effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming
effective. 
 “Registrable Securities” mean (i) all of the Founders’ Shares; (ii) all of
the Sponsors’ Shares, (iii) all of the Working Capital Shares and (iv) all of the Deferred Commission Shares. Registrable Securities include any warrants, shares of capital stock or other securities of the Company issued as a dividend
or other distribution with respect to or in exchange for or in replacement of such shares of Class A Common Stock. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a
Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
(b) such securities shall have been otherwise transferred pursuant to Rule 144 under the Securities Act (or any similar rule or regulation then in force), new certificates for them not bearing a legend restricting further transfer shall have
been delivered by the Company and subsequent public distribution of them shall not require registration under the Securities Act; or (c) such securities shall have ceased to be outstanding. For purposes of this Agreement, the Founders’
Shares shall constitute one “class” of Registrable Securities and the Sponsors’ Shares, Working Capital Shares and Deferred Commission Shares shall together constitute another class of Registrable Securities, provided that no
Registrable 

  
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Securities shall be part of the relevant class until the Release Date for such Registrable Securities. A “percentage” (or a “majority”) of the Registrable Securities or any
class thereof (or, where applicable, of any other securities) shall be determined based on the total number of such securities outstanding at the relevant time. 
 “Registration Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities Act and the rules and regulations promulgated
thereunder for a public offering and sale of Common Stock including the prospectus, amendments and supplements to such registration statement, including post-effective amendments and all exhibits and all material incorporated by reference in such
registration statement (other than a registration statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another entity).

 “Release Date” means (i) with respect to the Founders’ Shares, the Founders’ Shares
Release Date and (ii) with respect to the Sponsors’ Shares, Working Capital Shares and Deferred Commission Shares, the Sponsors’ Shares Release Date. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the
time. 
 “Sponsors’ Shares” is defined in the Recitals to this Agreement. 

“Sponsors’ Shares Release Date” means, with respect to the Sponsors’ Shares, Working Capital Shares and
Deferred Commission Shares, the immediately succeeding day after the date on which the Company consummates an “initial business combination” (as defined in the Company’s Registration Statement with respect to its IPO). 

“Underwriter” means a securities dealer who purchases any Registrable Securities as principal in an Underwritten
Offering and not as part of such dealer’s market-making activities. 
 “Underwritten Offering”
means a registration in which securities of the Company are sold to an Underwriter or Underwriters on a firm commitment basis for reoffering to the public. 
 “Working Capital Lender” is defined in the Recitals to this Agreement. 
 “Working Capital Shares” is defined in the Recitals to this Agreement. 

2. REGISTRATION RIGHTS. 
 2.1. Demand Registration. 
 2.1.1. Request for
Registration. At any time and from time to time on or after (i) the Sponsors’ Shares Release Date, with respect to the Sponsors’ Shares, Working Capital Shares and Deferred Commission Shares; and (ii) the date that is three
(3) months prior to the Founders’ Shares Release Date, with respect to the Founders’ Shares, the holders of a majority-in-interest of any class of Registrable Securities may make a written

  
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demand for registration under the Securities Act of all or part of each such class of Registrable Securities held by such holders, provided that the estimated market value of Registrable
Securities of all classes to be so registered thereunder is at least $500,000 in the aggregate. Any such requested registration shall be referred to as a “Demand Registration”. Any demand for a Demand Registration shall specify the
class and number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. Within five (5) Business Days following receipt of any request for a Demand Registration, the Company will notify in
writing all holders of Registrable Securities (other than the holders of the Founders’ Shares, if such notice is to be delivered prior to the Founders’ Shares Release Date), and each such holder of Registrable Securities who wishes to
include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company in
writing, provided that such notice shall be received by the Company within ten (10) Business Days of the Company’s having sent the applicable notice to such holder or holders. All such requests shall specify the class and aggregate amount
of Registrable Securities to be registered and the intended method of distribution. The Company may include in such Demand Registration additional securities of the class or classes of the Registrable Securities to be registered thereunder,
including securities to be sold for the Company’s own account or the account of Persons who are not holders of Registrable Securities. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included
in the Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of two (2) Demand Registrations under this Section 2.1.1 in
respect of all Registrable Securities; provided, however, that the Company shall not be obligated to effect more than one (1) registration pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all of the Deferred
Commission Shares. In addition, the Company shall not be required to file a Registration Statement for a Demand Registration at any time during the 12-month period following the effective date of another Registration Statement filed pursuant to this
Section 2.1. 
 2.1.2. Effective Registration. A registration will not count as a Demand Registration
until the Registration Statement filed with the Commission with respect to such Demand Registration has been declared effective; provided, however, that if, after such Registration Statement has been declared effective, the offering of
Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be
deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the
offering; provided, further, that the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration or is terminated. 

2.1.3. Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so
advise the Company as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering. In such event, the

  
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right of any holder to include its Registrable Securities in such registration shall be conditioned upon such holder’s participation in such Underwritten Offering and the inclusion of such
holder’s Registrable Securities in the Underwritten Offering to the extent provided herein. The holders of a majority of the Registrable Securities included in such Underwritten Offering shall, in consultation with the Company, have the right
to select the managing Underwriter or Underwriters for the offering, subject to the right of the Company should it so choose to select one co-managing Underwriter reasonably acceptable to such holders. All Demanding Holders proposing to distribute
their securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the holders initiating the Demand Registration
and consistent with Section 3.2.1. 
 2.1.4. Reduction of Offering. If the managing Underwriter or
Underwriters for a Demand Registration that is to be an Underwritten Offering advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the Demanding Holders desire to sell,
taken together with all other shares of Class A Common Stock or other securities which the Company desires to sell and the shares of Class A Common Stock, if any, as to which registration has been requested pursuant to written contractual
piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the
timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the Company shall include in such
registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata among the holders who have requested participation in the Demand Registration based, for each such holder,
on the percentage derived by dividing (x) the number of Registrable Securities which such holder has requested to include in such Demand Registration by (y) the aggregate number of Registrable Securities which all such holders have
requested to include) (such proportion is referred to herein as “Pro Rata”) that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (i), the shares of Class A Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clauses (i) and (ii), the shares of Class A Common Stock or other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual
arrangements with such Persons, Pro Rata, and that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), and
(iii), securities that other security holders of the Company desire to sell, Pro Rata, that can be sold without exceeding the Maximum Number of Shares. 
 2.1.5. Withdrawal. A holder may withdraw its Registrable Securities from a Demand Registration at any time. If holders of a majority-in-interest of the Registrable

  
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Securities requesting participation in the Demand Registration withdraw, or holders withdraw Registrable Securities from a Demand Registration in such amounts that the Registrable Securities of
all classes that remain covered by the relevant Registration Statement have an estimated market value of less than $500,000, the Company shall cease all efforts to secure registration and such withdrawn registration shall be deemed a Demand
Registration for purposes of Section 2.1 unless the withdrawal is based on the reasonable determination of the Demanding Holders that there has been, since the date of such request, a material adverse change in the business or prospects of the
Company or in general market conditions, and the Demanding Holders who requested such registration shall have paid or reimbursed the Company for all of the reasonable out-of-pocket fees and expenses incurred by the Company in connection with the
withdrawn registration. 
 2.1.6. Suspension of Registration. If the filing, initial effectiveness or
continued use of a Registration Statement in respect of a Demand Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are
unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement
for the shortest possible period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the holders agree to suspend, immediately upon their
receipt of the notice referred to above, their use of the prospectus relating to the Demand Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the holders of the expiration of any
period during which it exercised its rights under this Section 2.1.6. 
 2.1.7. Registration Statement
Form. Registrations under this Section 2.1 shall be on such appropriate registration form of the Commission (i) as shall be selected by the Company and as shall be reasonably acceptable to the holders of a majority-in-interest of the
Registrable Securities requesting participation in the Demand Registration and (ii) as shall permit the disposition of the Registrable Securities in accordance with the intended method or methods of disposition specified in the applicable
holders’ requests for such registration. Notwithstanding the foregoing, if, pursuant to a Demand Registration, (x) the Company proposes to effect registration by filing a Registration Statement on Form S-3, (y) such registration is in
connection with an Underwritten Offering, and (z) the managing Underwriter or Underwriters shall advise the Company in writing that, in its or their opinion, the use of another form of registration statement (or the inclusion, rather than the
incorporation by reference, of information in the prospectus related to a Registration Statement on Form S-3) is of material importance to the success of such proposed offering, then such registration shall be effected on such other form (or such
information shall be so included in such prospectus). 
 2.2. Piggy-Back Registration. 

2.2.1. Piggy-Back Rights. If at any time on or after the date the Company consummates an initial business
combination (as defined in the Registration Statement relating to the Company’s IPO) the Company proposes to file a Registration Statement 

  
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under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the
Company for its own account or for stockholders of the Company for their account (or by the Company and by stockholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed
in connection with an offering of securities to employees or directors of the Company pursuant to any employee stock option or other benefit plan, (ii) filed on Form S-4 or S-8 or any successor to such forms, (iii) for an exchange offer or
offering of securities solely to the Company’s existing stockholders, (iv) for an offering of debt that is convertible into equity securities of the Company, (v) for a dividend reinvestment plan, or (vi) solely in connection with
a merger, consolidation or non-capital raising bona fide business transaction, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than ten
(10) Business Days before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or
Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing within
five (5) Business Days following receipt by such holder of such notice (a “Piggy-Back Registration”). Subject to Section 2.2.2., the Company shall include in such Registration Statement such Registrable Securities
requested to be included therein within five (5) Business Days after the receipt by such holder of any such notice, on the same terms and conditions as any similar securities of the Company. If at any time after giving written notice of its
intention to register any securities and prior to the effective date of the Registration Statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration of such securities,
the Company may, at its election, give written notice of such determination to each holder of Registrable Securities and, (x) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable
Securities in connection with such registration, and (y) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable Securities for the same period as the delay in registering such other
securities. If the offering pursuant to a Piggy-Back Registration is to be an Underwritten Offering, then the Company shall use commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to
permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company and other Persons selling securities in such Underwritten Offering and to permit the
sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that
involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration. 

2.2.2. Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to
be an Underwritten Offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares 

  
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of Class A Common Stock which the Company desires to sell, taken together with shares of Class A Common Stock, if any, as to which registration has been demanded pursuant to written
contractual arrangements with Persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under this Section 2.2, and the shares of Class A Common Stock, if
any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 (a) If the registration is undertaken for the Company’s account: (i) first, the shares of
Class A Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clause (i), the shares of Class A Common Stock or other securities, if any, comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to this Section 2.2, that can be sold without
exceeding the Maximum Number of Shares; and (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the shares of Class A Common Stock or other securities for the
account of other Persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such Persons, Pro Rata, and that can be sold without exceeding the Maximum Number of Shares; and 

(b) If the registration is a “demand” registration undertaken at the demand of Persons other than the holders of
Registrable Securities, (i) first, the shares of Class A Common Stock or other securities for the account of the demanding Persons that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clause (i), the shares of Class A Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares;
(iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the shares of Class A Common Stock or other securities, if any, comprised of Registrable Securities, Pro Rata,
as to which registration has been requested pursuant to this Section 2.2, that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (i), (ii) and (iii), the shares of Class A Common Stock or other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual arrangements with such Persons, Pro
Rata, that can be sold without exceeding the Maximum Number of Shares. 
 2.2.3. Withdrawal. Any holder of
Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the
Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by Persons making a demand pursuant to 

  
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written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness of the Registration Statement. Notwithstanding any such withdrawal, the Company shall
pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 3.4. 
 2.3. Registrations on Form S-3. 
 (a) Filing. The
holders of Registrable Securities may at any time and from time to time, request in writing that the Company register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be available
at such time (“Form S-3”); provided, however, that (i) the Company shall not be obligated to effect such request through an Underwritten Offering and (ii) the Company shall not be obligated to effect such a
request if the Company has within the preceding twelve (12) months effected a registration on Form S-3. Upon receipt of such written request, the Company will promptly give written notice of the proposed registration to all other holders of
Registrable Securities, and, as soon as practicable thereafter, effect the registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request, together with all or such portion of the
Registrable Securities or other securities of the Company, if any, of any other holder or holders joining in such request as are specified in a written request given within fifteen (15) Business Days after receipt of such written notice from
the Company; provided, however, that the Company shall not be obligated to effect any such registration pursuant to this Section 2.3: (i) if Form S-3 is not available for such offering; or (ii) if the holders of the Registrable
Securities, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public of less than
$500,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1. 
 (b) Suspension of Registration. If the filing, initial effectiveness, or continued use of Form S-3 at any time would require the Company to make an Adverse Disclosure or would require the inclusion
in such Form S-3 of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such actions to the holders, delay the filing or initial effectiveness
of, or suspend use of, the Form S-3 for the shortest period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the holders agree to suspend,
immediately upon their receipt of the notice referred to above, their use of the prospectus relating to the registration on such Form S-3 in connection with any sale or offer to sell Registrable Securities and agree not to disclose to any other
Person the fact that the Company has exercised such rights or any related facts. The Company shall immediately notify the holders upon the expiration of any period during which it exercised its rights under this Section 2.3(b). 

  
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 3. REGISTRATION PROCEDURES. 

3.1. Filings; Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to
Section 2, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof as expeditiously as reasonably practicable, and in connection
with any such request: 
 3.1.1. Filing Registration Statement. The Company shall, as expeditiously as
reasonably possible, prepare and file with the Commission a Registration Statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of all
Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its best efforts to cause such Registration Statement to become and remain effective for the period required by
Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration for up to thirty (30) calendar days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand
registration to which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by the Chairman of the Board or Chief Executive Officer of the Company stating that, in the good faith judgment
of the Board of Directors of the Company, it would be materially detrimental to the Company and its stockholders for such Registration Statement to be effected at such time; provided further, however, that the Company shall not have the right to
exercise the right set forth in the immediately preceding proviso more than once in any 365-day period in respect of a Demand Registration hereunder. 
 3.1.2. Copies. The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the holders of Registrable Securities
included in such registration, and such holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and
documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus), and such other documents as the holders of Registrable Securities included in such registration or legal
counsel for any such holders may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such holders. 
 3.1.3. Amendments and Supplements. The Company shall use best efforts to prepare and file with the Commission such amendments, including post-effective amendments, and supplements to such
Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other
securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement (which period shall not exceed the sum of one hundred eighty
(180) calendar days plus any period during which any such disposition is interfered with by any stop order or injunction of the Commission or any governmental agency or court) or such Registration Statement has been withdrawn. 

  
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 3.1.4. Notification. After the filing of a Registration Statement,
the Company shall as soon as reasonably practical, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify such holders and the managing Underwriter or Underwriters and, if
requested, confirm such advice in writing, in all events as soon as reasonably practical after the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such
Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall use best efforts to take all actions required to prevent the entry of such stop order or to remove it
if entered); and (iv) any request by the Commission for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a
supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading, and promptly make available to the holders of Registrable Securities included in such Registration Statement any such supplement or amendment;
except that before filing with the Commission a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference, except in the case of registration under Section 2.2, the Company shall
furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders and
legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement or prospectus or amendment or supplement thereto, including documents incorporated by reference, to
which such holders or their legal counsel shall reasonably object. 
 3.1.5. State Securities Laws
Compliance. The Company, on or prior to the date on which the applicable Registration Statement is declared effective, shall use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement
under such securities or “blue sky” laws of such jurisdictions in the United States as the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) or Underwriter, if any,
or their respective counsel may reasonably request in writing and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental
authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify but for this paragraph or subject itself to taxation in any such jurisdiction. 

  
 12 

 3.1.6. Cooperation. The principal executive officer of the Company,
the principal financial officer of the Company, the principal accounting officer of the Company, and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable Securities hereunder, which
cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys,
accountants and potential investors. 
 3.1.7. Records. The Company shall make available for inspection by
the holders of Registrable Securities included in such Registration Statement, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant, or other professional retained by any holder of
Registrable Securities included in such Registration Statement or any Underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors, and employees
and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such seller, Underwriter, attorney,
accountant or agent in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, and employees to supply all information
requested by any of them in connection with such Registration Statement. 
 3.1.8. Opinions and Comfort
Letters. The Company shall furnish to each holder of Registrable Securities included in any Registration Statement a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter
dated the effective date of the Registration Statement or, in the event of an Underwritten Offering, the date of the closing under the applicable underwriting agreement and (ii) any comfort letter from the Company’s independent public
accountants delivered to any Underwriter in customary form and covering such matters of the type customarily covered by comfort letters as the managing Underwriter or Underwriters reasonably request. In the event no legal opinion is delivered to any
Underwriter, the Company shall furnish to each holder of Registrable Securities included in such Registration Statement, at any time that such holder elects to use a prospectus, an opinion of counsel to the Company to the effect that the
Registration Statement containing such prospectus has been declared effective and that no stop order is in effect. 
 3.1.9. Earnings Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and make available to its stockholders, as soon as reasonably
practicable but not more than fifteen (15) months after the effective date of the Registration Statement, an earnings statement which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder. 
 3.1.10. Listing. The Company shall use its best efforts to cause all Registrable Securities
included in any registration to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company 

  
 13 

 
are then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority-in-interest of the Registrable Securities
included in such registration. 
 3.1.11. Withdrawal of Stop Order. The Company shall make every
reasonable effort to prevent or obtain at the earliest possible moment the withdrawal of any stop order with respect to the applicable Registration Statement or other order suspending the use of any preliminary or final prospectus. 

3.2. Underwritten Offerings. 
 3.2.1. Underwriting Agreements. If requested by the Underwriters for any Underwritten Offering requested by holders pursuant to Sections 2.1 or 2.3, the Company and the holders of Registrable
Securities to be included therein shall enter into an underwriting agreement with such Underwriters, such agreement to be reasonably satisfactory in substance and form to the Company, the holders of a majority-in-interest of each class of the
Registrable Securities to be included in such Underwritten Offering and the Underwriters, and to contain such terms and conditions as are generally prevailing in agreements of that type. The holders of any Registrable Securities to be included in
any Underwritten Offering pursuant to Section 2.2 shall enter into such an underwriting agreement at the request of the Company. 
 3.2.2. Price and Underwriting Discounts. In the case of an Underwritten Offering requested by holders pursuant to Sections 2.1 or 2.3, the price, underwriting discount and other financial terms of
the related underwriting agreement for the Registrable Securities shall be determined by the holders of a majority-in-interest of the Registrable Securities. In the case of any Underwritten Offering pursuant to Section 2.2, such price, discount
and other terms shall be determined by the Company, subject to the right of the holders to withdraw their request to participate in the registration pursuant to Section 2.3 after being advised of such price, discount and other terms.

 3.2.3. Participation in Underwritten Offerings. No Person may participate in an Underwritten Offering
unless such Person (i) agrees to sell such Person’s securities on the basis provided in the underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
 3.3. Obligation to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in Sections 3.1.4(iii) or 3.1.4(iv), or, in the case of a
resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant to a written insider trading compliance program adopted by the Company’s board of directors, of the ability of all
“insiders” covered by such program to transact in the Company’s securities because of the existence of material non-public information, such holder of Registrable Securities included in any registration shall immediately discontinue
disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities (i) in the case of an event of the kind described in Section 3.1.4(iv), until

  
 14 

 
such holder receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv), (ii) in the case of a suspension by the Company of the ability of all “insiders”
to transact in the Company’s securities, until the restriction on the ability of “insiders” to transact in the Company’s securities is removed, or (iii) in any case, until the holder is advised in writing by the Company that
the use of the prospectus may be resumed, and the holder receives copies of any additional or supplemental filings that are incorporated by reference in the prospectus and, if so directed by the Company, each such holder will deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies then in such holder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. In the event that the
Company shall give any such notice in respect of a Demand Registration, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including
the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended prospectus contemplated by
Section 3.1.4(iv) or is advised in writing by the Company that the use of the prospectus may be resumed. 
 3.4.
Registration Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3
effected pursuant to Section 2.3, and all expenses incurred in performing or complying with its other obligations under this Agreement, including, without limitation: (i) all registration and filing fees and any other fees and expenses
associated with filings required to be made with the SEC; (ii) fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications of the
Registrable Securities); (iii) printing, filing and mailing expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing prospectuses);
(iv) the Company’s internal expenses (including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable Securities as required
by Section 3.1.10; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company (including the
expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.8); (viii) the fees and disbursements not to exceed $100,000 of any special experts retained by the Company in connection
with such registration; (ix) the reasonable fees and expenses of one legal counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration; and (x) Securities Act liability insurance if
the Company so desires. The Company shall have no obligation to pay any other costs or expenses in the course of the transactions contemplated hereby, including underwriting discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally, in an Underwritten Offering, all selling stockholders and the Company shall bear the expenses of the Underwriter pro
rata in proportion to the respective amount of shares each is selling in such offering. 
 3.5. Information. The holders
of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing Underwriter, if any, in 

  
 15 

 
connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities
Act pursuant to Section 2 and in connection with the Company’s obligation to comply with federal and applicable state securities laws. The Company shall have the right to exclude any holder that does not comply with the preceding sentence
from the applicable registration. 
 4. INDEMNIFICATION AND CONTRIBUTION. 

4.1. Indemnification by the Company. The Company agrees to indemnify and hold harmless to the extent permitted by law each
Investor, EBC and each other holder of Registrable Securities, and each of their respective officers, employees, affiliates, directors, partners, members, attorneys, and agents, and each Person, if any, who controls an Investor, EBC and each other
holder of Registrable Securities (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from and against any expenses (including reasonable costs
of investigation and legal expenses), losses, claims, damages, or liabilities (or actions or proceedings in respect thereof, whether or not such indemnified party is a party thereto), whether joint or several, arising out of or based upon any untrue
statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus, or
summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission (or alleged omission) to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; provided, however, that the Company will not be liable in any such case to the extent that any such expense, loss, claim, damage, or liability arises out of or is based upon any untrue
statement or allegedly untrue statement or omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any such amendment or supplement, in reliance upon and in conformity
with information furnished to the Company, in writing, by such selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors, partners, members, and
agents on substantially the same basis as that of the indemnification provided above in this Section 4.1. 
 4.2.
Indemnification by Holders of Registrable Securities. Each selling holder of Registrable Securities will severally and not jointly, in the event that any registration is being effected under the Securities Act pursuant to this Agreement of
any Registrable Securities held by such selling holder, indemnify and hold harmless to the fullest extent permitted by law the Company, each of its directors, officers, employees, and agents and each Person who controls the Company within the
meaning of the Securities Act, against any losses, claims, damages, liabilities, or expenses (including reasonable costs of investigation and legal expenses) whether joint or several, insofar as such losses, claims, damages, liabilities, or expenses
(or actions or proceedings in respect thereof, whether or not such indemnified party is a party thereto) arise out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement
under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus, or summary prospectus contained in the Registration Statement, or any amendment or supplement to the
Registration Statement, or arise out of or are based upon any omission or the 

  
 16 

 
alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, to the extent and only to the extent that the statement or
omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder expressly for use therein, and shall reimburse the Company, its directors and officers, and each other selling holder or
controlling Person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling holder’s indemnification obligations hereunder
shall be several and not joint and shall be limited to the amount of any net proceeds actually received by such selling holder. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company
or any indemnified party. 
 4.3. Conduct of Indemnification Proceedings. Promptly after receipt by any Person of any
notice of any loss, claim, damage, or liability or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such Person (the “Indemnified Party”) shall, if a claim in respect thereof is to be made
against any other Person for indemnification hereunder, notify such other Person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability, or action; provided, however, that the failure by the
Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is
actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action,
and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its
election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel
(but no more than one such separate counsel) to represent the Indemnified Party and its controlling Persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the
Indemnifying Party, with the fees and expenses of such counsel to be paid by the Indemnifying Party based upon the written opinion of counsel of such Indemnified Party, that representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them (in which case, if the Indemnified Party notifies the Indemnifying Party in writing that such Indemnified Party elects to employ separate counsel at the expense of the Indemnifying Party,
the Indemnifying Party shall not have the right to assume the defense of such claim on behalf of such Indemnified Party). If such defense is not assumed by the Indemnifying Party, the Indemnifying Party will not be subject to any liability for any
settlement made without its consent, but such consent may not be unreasonably withheld; provided, however, that an Indemnifying Party shall not be required to consent to any settlement involving the imposition of equitable remedies or involving the
imposition of any material obligations on such Indemnifying Party other than financial obligations for which such Indemnified Party will be indemnified hereunder. If the Indemnifying Party assumes the defense, the Indemnifying Party shall have the
right to settle 

  
 17 

 
such action without the consent of the Indemnified Party; provided, however, that the Indemnifying Party shall be required to obtain such consent (which consent shall not be unreasonably
withheld) if the settlement includes any admission of wrongdoing on the part of the Indemnified Party or any restriction on the Indemnified Party or its officers or directors. No Indemnifying Party shall consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to each Indemnified Party of an unconditional release from all liability in respect to such claim or litigation. The Indemnifying
Party or Parties shall not, in connection with any proceeding or related proceedings, be liable for the reasonable fees, disbursements and other charges of more than one separate law firm at any one time for all such Indemnified Party or Parties
unless (x) the employment of more than one counsel has been authorized in writing by the Indemnifying Party or parties, (y) a conflict or potential conflict exists or may exist (based on advice of counsel to an Indemnified Party) between
such Indemnified Party and the other Indemnified Parties or (z) based on advice of counsel, an Indemnified Party has reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available
to the other Indemnified Parties, in each of which cases the Indemnifying Party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. 

4.4. Contribution. 
 4.4.1. If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party or insufficient to hold it harmless in respect of any loss, claim, damage,
liability, or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability
or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability, or action, as
well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. 
 4.4.2. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 4.4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding Section 4.4.1. The
amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4.4, no holder of Registrable Securities shall be required to contribute any
amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes and net of any amounts paid by such holder of Registrable Securities pursuant to Section 4.2, with respect to the sale
of Registrable Securities which gave rise to such contribution obligation) actually received by such holder from the sale of Registrable Securities which gave rise 

  
 18 

 
to such contribution obligation. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. If indemnification is available under this Section 4, the Indemnifying Parties shall indemnify each Indemnified Party to the full extent provided in Sections 4.1 and 4.2 hereof
without regard to the relative fault of said Indemnifying Parties or Indemnified Party. 
 5. UNDERWRITING AND DISTRIBUTION.

 5.1. Rule 144. The Company covenants that it shall file any reports required to be filed by it under the Securities
Act and the Exchange Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holders to sell Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar Rule or regulation hereafter adopted by the Commission. 

6. MISCELLANEOUS. 

6.1. Term. This Agreement shall terminate upon earlier of (a) the tenth anniversary of the date of this Agreement or
(b) the date as of which (i) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(3) of the Securities Act and Rule 174
thereunder) or (ii) the holders are permitted to sell their Registrable Securities under Rule 144 under the Securities Act without regard to the manner of sale or volume limitations thereunder; provided, however, that the rights granted
hereunder to EBC pursuant to Section 2.1 and 2.2 shall expire on the date that is five (5) and seven (7) years, respectively, after the effective date of the registration statement relating to the IPO. The provisions of Section 4 and
Section 5 shall survive any termination. 
 6.2. Assignment; No Third Party Beneficiaries. The registration rights
of any holder under this Agreement with respect to any Registrable Securities may be transferred and assigned, provided, however, that no such transfer or assignment shall be binding upon or obligate the Company to any such assignee unless
and until the Company shall have received written notice of such transfer or assignment as herein provided and a written agreement of the assignee to be bound by the provisions of this Agreement. Any transfer or assignment made other than as
provided in the first sentence of this Section 6.2 shall be null and void. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and their permitted assigns. This Agreement is not
intended to confer any rights or benefits on any Persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.2. 
 6.3. Notices. All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required or permitted to be given hereunder or which are given
with respect to this Agreement shall be in writing and shall be either personally served, delivered by reputable air courier service with charges prepaid guaranteeing overnight delivery, or transmitted by hand delivery, email, facsimile, or by
mailing in the same sealed envelope, or registered first-class mail, postage prepaid, return receipt requested addressed as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall be
deemed given (i) on the date of delivery if personally served, (ii) when receipt is 

  
 19 

 
acknowledged in writing by addressee, if transmitted by facsimile or email, provided, that if such service or transmission is not on a Business Day or is after normal business hours, then such
notice shall be deemed given on the next Business Day, and (iii) five (5) Business Days after having been deposited in the mail, postage prepaid, if mailed by first-class mail. Notice otherwise sent as provided herein shall be deemed given
on the next Business Day following timely delivery of such notice to a reputable air courier service with an order for next-day delivery, provided, however, that notice of a change in address shall be effective only upon receipt. 

If to the Company: 
 HF2 Financial Management Inc. 
 999 18th Street, Suite 3000 

Denver, Colorado 80202 
 Attention: Richard S. Foote, President and Chief Executive Officer 
 Fax No.:
(646) 224-8222 
 Email: rfoote@berkcap.com 
 with a copy to: 
 Bingham McCutchen LLP 

399 Park Avenue 

New York, NY 10022 
 Attention: Floyd I. Wittlin 
 Fax No.: (212) 702-3625 

Email: floyd.wittlin@bingham.com 
 If to an Investor or EBC, to the addressee and address set forth on the signature page hereto. 
 6.4. Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement
or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or
unenforceable provision as may be possible that is valid and enforceable. 
 6.5. Counterparts. This Agreement may be
executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument. The signature pages hereto may be transmitted by facsimile or electronic transmission, and if
so transmitted, shall constitute originals. 
 6.6. Entire Agreement. This Agreement (including all agreements entered
into pursuant hereto and all certificates and instruments delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements,
representations, understandings, negotiations and discussions between the parties, whether oral or written. 

  
 20 

 6.7. Modifications and Amendments. No amendment, modification or termination of this
Agreement shall be binding upon any party unless executed in writing by such party and signed by the Company and the holders of a majority of each class of Registrable Securities then outstanding. Each holder of any Registrable Securities at the
time or thereafter outstanding shall be bound by any amendment, modification, waiver or consent authorized by this Section 6.7 whether or not such Registrable Securities shall have been marked accordingly. 

6.8. Titles and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the
construction of any provision of this Agreement. 
 6.9. Waivers and Extensions. Any party to this Agreement may waive
any right, breach or default which such party has the right to waive, provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically refers to this Agreement. Waivers may
be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or
succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations
or acts. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as
a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. 

6.10. Governing Law; Jurisdiction and Venue; Waiver of Jury Trial. 

(a) This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the
State of New York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction.

 (b) To the fullest extent permitted by applicable law, each party hereto (i) agrees that any claim,
action or proceeding by such party seeking any relief whatsoever arising out of, or in connection with, this Agreement or the transactions contemplated hereby shall be brought only in the United States District Court for the Southern District of New
York and in any New York State court located in the Borough of Manhattan and not in any other State or Federal court in the United States of America or any court in any other country, (ii) agrees to submit to the exclusive jurisdiction of such
courts located in the State of New York for purposes of all legal proceedings arising out of, or in connection with, this Agreement or the transactions contemplated hereby, (iii) irrevocably waives any objection which it may now or hereafter
have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum and (iv) irrevocably waives personal service of process and
consents to process 

  
 21 

 
being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in
effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by applicable law. 
 (c) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY
HERETO WAIVES ANY AND ALL RIGHTS THE PARTY MAY HAVE TO A JURY TRIAL WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS AGREEMENT OR IN CONNECTION WITH IT. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be
executed and delivered by their duly authorized representatives as of the date first written above. 
  

			
	HF2 FINANCIAL MANAGEMENT INC.
		
	By:	 	  

	Name:	 	Richard S. Foote
	Title:	 	President and Chief Executive Officer
	
	EARLYBIRDCAPITAL, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	INVESTORS:
	
	BROAD HOLLOW LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	BROAD HOLLOW INVESTORS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	

  
 23 

 
			
	BULLDOG INVESTORS
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	BURKE FAMILY TRUST
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	DICKINSON INVESTMENTS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	FOOTE FAMILY TRUST
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	

  
 24 

 
			
	HEALEY ASSOCIATES LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	HEALEY FAMILY FOUNDATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	NAR SPECIAL GLOBAL, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	PANMAR CAPITAL llc
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	 Address for Notice:

		
	 Email:
	 	

  
 25 

 
			
	PARSIFAL PARTNERS B, LP
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	SC-NGU LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	WHITE SAND INVESTOR GROUP, LP
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address for Notice:
		
	Email:	 	
	
	  

	R. Bradley Forth
	Address for Notice:
	
	Email:
	
	  

	Joseph C. Canavan
	Address for Notice:
	
	Email:

  
 26 

 
	
	  

	Jeffrey J. Hodgman
	Address for Notice:
	
	Email:
	
	  

	Ramnarain Jaigobind
	Address for Notice:
	
	Email:
	
	  

	Thomas Maheras
	Address for Notice:
	
	Email:
	
	  

	Paul D. Schaeffer
	Address for Notice:
	
	Email:
	
	  

	Daniel T. Smythe
	Address for Notice:
	
	Email:
	
	  

	Randall S. Yanker
	Address for Notice:
	
	Email:
	
	  

	Robert H. Zerbst
	Address for Notice:
	
	Email:

  
 27EX-10.1

 Exhibit 10.1 
 UNDERWRITING AGREEMENT 
 United States Steel Corporation 

$275,000,000 2.75% Senior Convertible Notes due 2019 
 March 20, 2013 
 J.P. Morgan Securities LLC 

  As Representative of the 

  several Underwriters listed 

  in Schedule 1 hereto 
 c/o J.P.
Morgan Securities LLC 
 383 Madison Avenue 
 New York, New York 10179 
 Ladies and Gentlemen: 

United States Steel Corporation, a Delaware corporation (the “Company”), proposes to issue and sell to the several Underwriters
listed in Schedule 1 hereto (the “Underwriters”), for whom you are acting as representative (the “Representative”), $275,000,000 principal amount of its 2.75% Senior Convertible Notes due 2019 (the “Underwritten
Securities”) and, at the option of the Underwriters, up to an additional $41,250,000 principal amount of 2.75% Senior Convertible Notes due 2019 (the “Option Securities”). The Underwritten Securities and the Option Securities are
herein referred to as the Securities. The Securities will be convertible into shares (the “Underlying Securities”) of Common Stock, par value $1.00 per share (the “Common Stock”), of the Company. The Securities will be issued
pursuant to an indenture dated as of May 21, 2007 (the “Base Indenture”) between the Company and The Bank of New York Mellon, as trustee (the “Trustee”), as heretofore supplemented and amended and as to be further
supplemented and amended by a Seventh Supplemental Indenture, dated on or about March 26, 2013, to the Base Indenture relating to the Securities (the “Supplemental Indenture” and, together with the Base Indenture and any other
amendments or supplements thereto, the “Indenture”), between the Company and the Trustee. 
 The Company hereby
confirms its agreement with the several Underwriters concerning the purchase and sale of the Securities, as follows: 
 1.
Registration Statement. The Company has prepared and filed with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder
(collectively, the “Securities Act”), a registration statement on Form S-3 (No. 333-186702), including a prospectus (the “Basic Prospectus”), relating to the Securities. The Company has also filed, or proposes to file, with the

  
 1 

 
Commission pursuant to Rule 424 under the Securities Act a prospectus supplement specifically relating to the Securities (the “Prospectus Supplement”). The registration statement, as
amended at the time of this Agreement, including the information, if any, deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part of the registration statement at the time of its effectiveness, is referred to herein as the
“Registration Statement”; and as used herein, the term “Prospectus” means the Basic Prospectus included in the Registration Statement (and any amendments thereto) as supplemented by the prospectus supplement specifically relating
to the Securities in the form first used (or made available upon request of purchasers pursuant to Rule 173 under the Securities Act) in connection with confirmation of sales of the Securities and the term “Preliminary Prospectus” means
the preliminary prospectus supplement specifically relating to the Securities together with the Basic Prospectus. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Registration Statement and the
Prospectus. References herein to the Registration Statement, the Basic Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein. The terms
“supplement,” “amendment” and “amend” as used herein with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any documents filed by the Company
under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (the “Exchange Act”) subsequent to the date of this Agreement which are deemed to be incorporated by reference therein. For
purposes of this Agreement, the term “Effective Time” means the effective date of the Registration Statement with respect to the offering of the Securities, as determined for the Company pursuant to Section 11 of the Securities Act
and Item 512 of Regulation S-K, as applicable. 
 At or prior to the time when the first sale of the Securities is made
(the “Time of Sale”), the Company will prepare certain information (collectively, the “Time of Sale Information”), which includes a Preliminary Prospectus, dated March 20, 2013, and each “free writing prospectus”
(as defined pursuant to Rule 405 of the Securities Act) identified in Schedule 2 hereto. 
 2. Purchase of the Securities by
the Underwriters. (a) The Company agrees to issue and sell the Securities to the several Underwriters as provided in this Agreement, and each Underwriter, on the basis of the representations, warranties and agreements set forth herein and
subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective principal amount of the Securities set forth opposite such Underwriter’s name in Schedule 1 hereto at a price equal to
97.25% of the principal amount thereof plus accrued interest, if any, from March 26, 2013, to the Closing Date (as such term is hereinafter defined). The Company will not be obligated to deliver any of the Securities except upon payment for all
the Securities to be purchased as provided herein. 
 In addition, in reliance upon the representations, warranties and
agreements herein contained and subject to the terms and conditions herein set forth, the Company hereby grants an option to the several Underwriters to purchase, severally and not jointly, the Option Securities at a price equal to 97.25% of the
principal amount thereof. The option granted hereby will expire 30 days after the date of the Prospectus Supplement and may be exercised in whole or in part from time to time upon written notice (each, an “Option Exercise Notice”) from the
Representative setting forth the number of Option Securities as to which the several Underwriters are then exercising the option and the time and date of payment and delivery for such Option Securities. The number of Option Securities to be
purchased by each Underwriter 

  
 2 

 
shall be the same percentage of the total number of the Option Securities to be purchased by the several Underwriters as such Underwriter is purchasing of the Underwritten Securities. Any
Additional Closing Date (as defined below) shall be determined by the Representative, but shall not be later than five full business days after the date of the Option Exercise Notice unless otherwise agreed in writing by the parties hereto, nor in
any event prior to the Closing Date. Any Option Exercise Notice shall be given at least two business days prior to the date and time of delivery specified therein. 
 (b) The Company understands that the Underwriters intend to make a public offering of the Securities as soon after the effectiveness of this Agreement as in the judgment of the Representative is
advisable, and initially to offer the Securities on the terms set forth in the Prospectus. The Company acknowledges and agrees that the Underwriters may offer and sell Securities to or through any affiliate of an Underwriter and that any such
affiliate may offer and sell Securities purchased by it to or through any Underwriter. 
 (c) Payment for and delivery of the
Securities will be made at the offices of Simpson Thacher & Bartlett LLP at 10:00 a.m., New York City time, on March 26, 2013, or at such other time or place on the same or such other date, not later than the fifth business day
thereafter, as the Representative and the Company may agree upon in writing or, in the case of the Option Securities, on the date and at the time and place specified in the Option Exercise Notice. The time and date of such payment and delivery of
the Underwritten Securities is referred to herein as the “Closing Date”, and the time and date of such payment and delivery for the Option Securities, if other than the Closing Date, is herein referred to as the “Additional Closing
Date”. 
 (d) Payment for the Securities shall be made by wire transfer in immediately available funds to the account(s)
specified by the Company to the Representative against delivery to the nominee of The Depository Trust Company, for the account of the Underwriters, of one or more global notes representing the Securities (the “Global Notes”), with any
transfer taxes payable in connection with the sale of the Securities duly paid by the Company. The Global Notes will be in form and substance reasonably satisfactory to the Representative. 

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

  
 3 

 3. Representations and Warranties of the Company. The Company represents and warrants
to each Underwriter that: 
 (a) Registration Statement and Prospectus. The Registration Statement has become effective
under the Securities Act. The Registration Statement is an “automatic shelf registration statement” as defined under Rule 405 of the Securities Act that has been filed with the Commission not earlier than three years prior to the date
hereof; and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has been received by the Company. The Company has not received
any order suspending the effectiveness of the Registration Statement by the Commission and has not received notice of any proceeding for that purpose or notice of any action instituted pursuant to Section 8A of the Securities Act against the
Company or related to the offering has been initiated or threatened by the Commission; as of the Effective Time, the Registration Statement complied, and as of the date of any amendment thereto will comply, in all material respects with the Trust
Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder (collectively the “Trust Indenture Act”) and the Securities Act and did not and will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto, the Prospectus did not, and as of the Closing
Date and as of the Additional Closing Date, as the case may be, the Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided that the Company makes no representation and warranty with respect to (i) that part of the Registration Statement that constitutes the
Statement of Eligibility and Qualification (Form T-1) of the Trustee under the Trust Indenture Act or (ii) any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company
in writing by such Underwriter through the Representative expressly for use in the Registration Statement and the Prospectus and any amendment or supplement thereto. 
 (b) Time of Sale Information. The Time of Sale Information, at the Time of Sale did not, and at the Closing Date and as of the Additional Closing Date, as the case may be, will not, contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company makes no representation
and warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representative expressly for use in
such Time of Sale Information. No statement of material fact included in the Prospectus that is required to be included in the Time of Sale Information has been omitted from the Time of Sale Information and no statement of material fact included in
the Time of Sale Information that is required to be included in the Prospectus has been omitted therefrom. 
 (c) Issuer Free
Writing Prospectus. The Company (including its agents and representatives, other than the Underwriters in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize,
approve or refer to any “written communication” (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Company or its agents and
representatives (other than a communication referred to in clauses (i), (ii) and (iii) of this Section 3(c)), an “Issuer Free Writing Prospectus”) 

  
 4 

 
other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule 134 under the Securities Act, (ii) the Preliminary
Prospectus, (iii) the Prospectus, (iv) the documents listed on Schedule 2 hereto and (v) any electronic road show or any other written communications, in each case approved in writing in advance by the Representative. Each such Issuer
Free Writing Prospectus complied in all material respects with the Securities Act, has been or will be (within the time period specified in Rule 433) filed in accordance with the Securities Act (to the extent required thereby) and, when taken
together with the Preliminary Prospectus accompanying, or delivered prior to delivery of, or filed prior to the first use of such Issuer Free Writing Prospectus, did not, and at the Closing Date and as of the Additional Closing Date, as the case may
be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company
makes no representation and warranty with respect to any statements or omissions made in each such Issuer Free Writing Prospectus in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by
such Underwriter through the Representative expressly for use in any Issuer Free Writing Prospectus. 
 (d) Incorporated
Documents. The documents incorporated by reference in the Registration Statement, the Time of Sale Information and the Prospectus, when filed with the Commission, conformed or will conform, as the case may be, in all material respects with the
requirements of the Exchange Act and did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. 
 (e) Company Organization and Good Standing. The Company has been duly incorporated and is an existing
corporation in good standing under the laws of the State of Delaware, with power and authority (corporate and other) to own its properties and conduct its business as described in the Time of Sale Information and the Prospectus; and the Company is
duly qualified to do business as a foreign corporation in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to so qualify would
not reasonably be expected to have a material adverse effect upon the financial condition, business, properties or results of operations of the Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”). 

(f) Subsidiary Organization and Good Standing. Each subsidiary of the Company listed on Annex A (each, a “Designated
Subsidiary”) has been duly incorporated or otherwise organized and is an existing corporation, limited liability company or other business entity in good standing under the laws of the jurisdiction of its incorporation or organization, with
power and authority (corporate, limited liability company and other) to own its properties and conduct its business as described in the Time of Sale Information and the Prospectus; and each Designated Subsidiary of the Company is duly qualified to
do business as a foreign corporation or other business entity in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to so qualify
would not reasonably be expected to have a Material Adverse Effect; all of the issued and outstanding capital stock or other equity securities of each Designated Subsidiary of the Company have been duly authorized and are validly issued, fully paid
and nonassessable; and the shares of capital stock or other equity securities of each Designated Subsidiary owned by the 

  
 5 

 
Company, directly or through subsidiaries, are owned free from liens, encumbrances and defects, except such liens, encumbrances and defects that would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The entities listed on Annex A hereto include every subsidiary of the Company that is a “significant subsidiary” (as such term is defined in Rule 1-02 of Regulation S-X) of the
Company. 
 (g) Capitalization. All outstanding shares of capital stock of the Company have been duly authorized and are
validly issued, fully paid and non-assessable and are not subject to any pre-emptive or similar rights. The Company has an authorized capitalization as of December 31, 2012 as set forth in the Registration Statement, the Time of Sale
Information and the Prospectus under the heading “Capitalization.” Except as described in or expressly contemplated by the Time of Sale Information and the Prospectus, there are no outstanding rights (including, without limitation,
pre-emptive rights), warrants or options to acquire, or instruments convertible into or exchangeable for, any shares of capital stock or other equity interest in the Company or any of its subsidiaries, or any contract, commitment, agreement,
understanding or arrangement of any kind relating to the issuance of any capital stock of the Company or any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the capital stock of the Company
conforms in all material respects to the description thereof contained in the Registration Statement, the Time of Sale Information and the Prospectus. 
 (h) No Broker’s Fees. Except as disclosed in the Time of Sale Information and the Prospectus, there are no contracts, agreements or understandings between the Company and any person that would
give rise to a valid claim against the Company or any Underwriter for a brokerage commission, finder’s fee or other like payment in connection with this offering. 
 (i) No Registration Rights. There are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a registration
statement under the Securities Act with respect to any securities of the Company owned or to be owned by such person or to require the Company to include such securities in the securities registered pursuant to the Registration Statement or with any
securities being registered pursuant to any other registration statement filed by the Company under the Securities Act. 
 (j)
No Consents Required. No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any court is required for the consummation of the transactions contemplated by this Agreement, the Securities and the
Indenture (collectively, the “Transaction Documents”) in connection with the issuance and sale of the Securities (including the issuance of the Underlying Securities upon conversion thereof) or the consummation of the Transactions by the
Company, except such (i) as have been obtained and made under the Securities Act and (ii) as may be required under state securities laws in connection with the purchase and distribution of the Securities by the Underwriters, and except for
such consents, approvals, authorizations, orders or filings the failure of which to obtain or make would not individually or in the aggregate, have a material adverse effect on the ability of the Company to issue the Notes or consummate the
transactions contemplated by the Transaction Documents and would not reasonably be expected to have a Material Adverse Effect. 

  
 6 

 (k) No Conflicts. The execution, delivery and performance by the Company of the
Transaction Documents, the issuance and sale of the Securities (including the issuance of the Underlying Securities upon conversion thereof) and compliance by the Company with the terms thereof and the consummation of the transactions contemplated
by the Transaction Documents, will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, (i) any statute, any rule, regulation or order of any governmental agency or body or any court,
domestic or foreign, having jurisdiction over the Company or any Designated Subsidiary of the Company or any of their properties, (ii) any agreement or instrument to which the Company or any such Designated Subsidiary is a party or by which the
Company or any such Designated Subsidiary is bound or to which any of the properties of the Company or any such Designated Subsidiary is subject or (iii) the charter, by-laws or other organizational document of the Company or any such
Designated Subsidiary. 
 (l) Due Authorization. The Company has full right, power and authority to execute and deliver
the Transaction Documents and to perform its obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and delivery of each of the Transaction Documents and the consummation of the
transactions contemplated thereby has been duly and validly taken. 
 (m) The Indenture. The Indenture has been duly
authorized by the Company and has been duly qualified under the Trust Indenture Act and the Base Indenture constitutes, and the Supplemental Indenture, when duly executed and delivered in accordance with its terms by each of the parties thereto,
will constitute, a valid and legally binding agreement of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the
enforcement of creditors’ rights generally or by equitable principles relating to enforceability (collectively, the “Enforceability Exceptions”). 
 (n) The Securities. The Securities have been duly authorized by the Company and, when duly executed, authenticated, issued and delivered in accordance with the Indenture and paid for as provided
herein, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to the Enforceability Exceptions, and will be
entitled to the benefits of the Indenture. 
 (o) Underwriting Agreement. This Agreement has been duly authorized,
executed and delivered by the Company. 
 (p) No Violation or Default. Neither the Company nor any of the Designated
Subsidiaries is (i) in violation of its respective charter or by-laws or other organizational documents, (ii) in default in the performance of any obligation, agreement, covenant or condition contained in any indenture, loan agreement,
mortgage, lease or other agreement or instrument that is material to the Company and its subsidiaries, taken as a whole, to which the Company or any Designated Subsidiaries is a party or by which the Company or any Designated Subsidiaries or their
respective property is bound, or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except for such defaults and violations in the case of
these clauses (ii) and (iii) that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 7 

 (q) Title to Real and Personal Property. Except as disclosed in the Time of Sale
Information and the Prospectus, the Company and the Designated Subsidiaries have good and marketable title to all real properties and all other properties and assets owned by them, in each case free from liens, encumbrances and defects, except such
liens, encumbrances and defects that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and except as disclosed in the Time of Sale Information and the Prospectus, the Company and its subsidiaries
hold any leased real or personal property under valid and enforceable leases with no exceptions that would materially interfere with the business of the Company and its subsidiaries, taken as a whole. The Company and its subsidiaries own or lease
all properties and assets necessary to conduct their business as described in the Time of Sale Information and the Prospectus. 

(r) Licenses and Permits. The Company and the Designated Subsidiaries possess adequate certificates, authorities or permits issued
by appropriate governmental agencies or bodies necessary to conduct their business as described in the Time of Sale Information and the Prospectus and have not received any notice of proceedings relating to the revocation or modification of any such
certificate, authority or permit that, if determined adversely to the Company or any Designated Subsidiary, would reasonably be expected to have a Material Adverse Effect. 
 (s) Descriptions of the Transaction Documents. The Transaction Documents conform in all material respects to the descriptions thereof contained in the Time of Sale Information and the Prospectus.

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

(u) Title to Intellectual Property. The Company and the Designated Subsidiaries own, possess or can acquire on reasonable terms,
adequate trademarks, trade names and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively, “intellectual property rights”) necessary to conduct its business as
described in the Time of Sale Information and the Prospectus, or presently employed by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any intellectual property rights that, if
determined adversely to the Company or any of its Designated Subsidiaries, would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 (v) Compliance With Environmental Laws. Except as disclosed in the Time of Sale Information and the Prospectus, neither the Company nor any of its subsidiaries is in violation of any statute, any
rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or
human exposure to 

  
 8 

 
hazardous or toxic substances (collectively, “environmental laws”), owns or operates any real property contaminated with any substance that is subject to any environmental laws, is
liable for any off-site disposal or contamination pursuant to any environmental laws, or is subject to any claim relating to any environmental laws, which violation, contamination, liability or claim could reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect; and the Company is not aware of any pending investigation which would reasonably be expected to lead to such a claim. 
 (w) Legal Proceedings. Except as described in the Time of Sale Information and the Prospectus, there are no pending actions, suits or proceedings against or affecting the Company, any of its
subsidiaries or any of their respective properties that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, or would materially and adversely affect the ability of the Company to perform its obligations
under this Agreement, or which are otherwise material in the context of the sale of the Securities; and, to the Company’s knowledge, no such actions, suits or proceedings are threatened. 

(x) Financial Statements of the Company. The financial statements of the Company and the related notes thereto included or
incorporated by reference in the Registration Statement, the Time of Sale Information and the Prospectus present fairly the financial position of the Company and its consolidated subsidiaries as of the dates shown and their results of operations and
cash flows for the periods shown, and, except as otherwise disclosed in the Time of Sale Information and the Prospectus, such financial statements have been prepared in conformity with the generally accepted accounting principles in the United
States applied on a consistent basis throughout the periods covered thereby, and the supporting schedules included in the Registration Statement present fairly the information required to be stated therein; and the other financial information of the
Company and its subsidiaries included in the Registration Statement, the Time of Sale Information and the Prospectus has been derived from the accounting records of the Company and its subsidiaries and presents fairly the information shown thereby.
The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus and the Time of Sale Information is prepared in accordance with the Commission’s rules and
guidelines applicable thereto. 
 (y) Taxes. The Company and its Designated Subsidiaries have timely filed all material
federal, state, local and foreign income tax returns that have been required to be filed and have paid all taxes indicated by said returns and all assessments received by any of them to the extent that such material taxes have become due and are not
being contested in good faith in appropriate proceedings. All material tax liabilities have been adequately provided for in the financial statements of the Company. 
 (z) No Material Adverse Change. Since the date of the most recent financial statements of the Company included in the Registration Statement, the Time of Sale Information and the Prospectus,
(i) there has not been any material change in the capital stock or long term debt of the Company or any of its subsidiaries (other than changes in amounts owing by U. S. Steel Košice s.r.o. due to changes in foreign exchange rates), or any
dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of capital stock (other than any regular quarterly dividend), or any material adverse change, or any development involving a prospective
material adverse change, in or affecting the business, 

  
 9 

 
properties, management, financial position, results of operations or prospects of the Company and its subsidiaries taken as a whole; (ii) neither the Company nor any of its subsidiaries has
entered into any transaction or agreement that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole; and
(iii) neither the Company nor any of its subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute
or any action, order or decree of any court or arbitrator or governmental or regulatory authority, except in each case of (i), (ii) and (iii) of this Section 3(z) as otherwise disclosed in the Registration Statement, the Time of Sale
Information and the Prospectus. 
 (aa) Reporting Requirements. The Company is subject to the reporting requirements of
either Section 13 or Section 15(d) of the Exchange Act and files reports with the Commission on the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. 

(bb) Independent Accountants. PricewaterhouseCoopers LLP, which has audited certain financial statements of the Company and its
subsidiaries, is an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United
States) and as required by the Securities Act. 
 (cc) No Undisclosed Relationships. No relationship, direct or indirect,
exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of its subsidiaries, on the other, that is required by the Securities Act to be
described in the Registration Statement, the Time of Sale Information and the Prospectus and that is not so described. 
 (dd)
Compliance With ERISA. Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is maintained, administered or contributed to by the
Company or any of its affiliates for employees or former employees of the Company and its affiliates has been maintained in compliance in all material respects with its terms and the requirements of any applicable statutes, orders, rules and
regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the “Code”); no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with
respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption; no failure to meet the minimum funding standards under Section 412 of the Code or Section 302 of ERISA has occurred with respect
to any plan which is subject to Section 412 of the Code or Section 302 of ERISA and no application has been made for a waiver or modification of the minimum funding standard (including any required installment payments) under
Section 412 of the Code or Section 302 of ERISA with respect to a plan, and, except as otherwise disclosed in the Time of Sale Information and the Prospectus, the fair market value of the assets of each such plan (excluding for these
purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued under such plan based on actuarial assumptions and methods that are compliant with the requirements of Code Section 430(h) and regulations thereunder;
and neither the Company nor any of its affiliates has incurred, or reasonably expects to incur, any liability under Title IV of ERISA in respect of any Plan “or multiemployer plan” within the meaning of Section 4001(a)(3) of
ERISA, other than liability for the payment of required PBGC insurance premiums under Section 4007 of ERISA. 

  
 10 

 (ee) Disclosure Controls. The Company and its subsidiaries maintain an effective
system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange
Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the
Company’s management as appropriate to allow timely decisions regarding required disclosure. The Company’s disclosure controls and procedures provide reasonable assurance that the interactive data in eXtensible Business Reporting Language
included or incorporated by reference in the Registration Statement, the Prospectus and the Time of Sale Information is prepared in accordance with the Commission’s rules and guidelines applicable thereto. As of the date of the Time of Sale
Information and the Prospectus, the Company and its subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act. 

(ff) Accounting Controls. The Company and its subsidiaries maintain systems of “internal control over financial
reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of their respective principal executive and principal financial officers, or
persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles,
including, but not limited to internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are
recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the
Registration Statement, the Time of Sale Information and the Prospectus, there are no “material weaknesses” (as defined under Rule 12b-2 of the Exchange Act) in the Company’s internal controls over financial reporting. 

(gg) Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or to the Company’s knowledge, any of
the Company’s directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including
Section 402 related to loans and Sections 302 and 906 related to certifications. 
 (hh) No Unlawful Payments.
Neither the Company nor any of its subsidiaries nor, to the best knowledge of the Company, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries has
(i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or

  
 11 

 
domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977; (iv) violated or is in
violation of any provision of the Bribery Act 2010 of the United Kingdom; or (v) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment. 
 (ii) Compliance with Money Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance in all material respects with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 
 (jj) Compliance with OFAC. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its
subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and the Company will not, directly or indirectly, knowingly use the proceeds of
the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject
to any U.S. sanctions administered by OFAC. 
 (kk) No Stabilization. The Company has not taken, directly or indirectly,
any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. 
 (ll) Investment Company Act. The Company is not and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the Time of Sale
Information and the Prospectus, will not be an “investment company” as defined in the Investment Company Act of 1940. 

(mm) Status under the Securities Act. The Company is not an ineligible issuer and is a well-known seasoned issuer, in each case as
defined under the Securities Act, in each case at the times specified in the Securities Act in connection with the offering of the Securities. 
 (nn) Statistical and Market Data. Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included in the Registration
Statement, the Time of Sale Information and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects. 
 (oo) Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included or incorporated by
reference in the Registration Statement, the Time of Sale Information or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 

  
 12 

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

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

(a) Filings with the Commission. The Company will (i) pay the registration fees for this offering within the time period
required by Rule 456(b)1(i) under the Securities Act (without giving effect to the proviso therein) and in any event prior to the Closing Date and (ii) file the Prospectus in a form approved by the Representative on behalf of the Underwriters
with the Commission pursuant to Rule 424 under the Securities Act not later than the close of business on the second business day following the date of determination of the public offering price of the Securities or, if applicable, such earlier time
as may be required by Rule 424(b) and Rule 430A, 430B or 430C under the Securities Act. The Company will file any Issuer Free Writing Prospectus (including the Pricing Term Sheet substantially in the form of Schedule 3 hereto) to the extent required
by Rule 433 under the Securities Act, and the Company will furnish copies of the Prospectus and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the Underwriters in New York City prior to 10:00 A.M., New York City
time, on the business day next succeeding the date of this Agreement in such quantities as the Representative may reasonably request. 
 (b) Delivery of Copies. The Company will deliver, without charge, to each Underwriter (A) a conformed copy of the Registration Statement as originally filed and each amendment thereto, in each
case including all exhibits and consents filed therewith and (B) during the Prospectus Delivery Period (as hereinafter defined), as many copies of the Prospectus (including all amendments and supplements thereto and documents incorporated by
reference therein) and each Issuer Free Writing Prospectus (if applicable) as the Representative may reasonably request. As used herein, the term “Prospectus Delivery Period” means such period of time after the first date of the public
offering of the Securities as in the opinion of counsel for the Underwriters a prospectus relating to the Securities is required by law to be delivered (or would be required to be delivered but for Rule 172 under the Securities Act) in connection
with sales of the Securities by any Underwriter or dealer. 
 (c) Amendments or Supplements; Issuer Free Writing
Prospectuses. In connection with the transactions contemplated by this Agreement, before using, authorizing, approving, referring to or filing any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration
Statement or the Prospectus, the Company will furnish to the 

  
 13 

 
Representative and counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement for review and will not use, authorize, approve, refer to or file
any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the Representative reasonably objects. 
 (d) Notice to the Representative. The Company will advise the Representative promptly, and confirm such advice in writing, (i) when any amendment to the Registration Statement has been filed
or becomes effective; (ii) when any supplement to the Prospectus, any amendment to the Prospectus or any Issuer Free Writing Prospectus has been filed; (iii) (a) of any request by the Commission for any amendment to the Registration
Statement, (b) of any amendment or supplement to the Prospectus, (c) of the receipt of any comments from, or requests for additional information by, the Commission relating to the Registration Statement or (d) within the Prospectus
Delivery Period, of any other request by the Commission for any additional information; (iv) upon receipt of notice of the issuance by the Commission of any order suspending the effectiveness of the Registration Statement or preventing or
suspending the use of any Preliminary Prospectus or the Prospectus or the initiation or threatening of any proceeding for that purpose or pursuant to Section 8A of the Securities Act; (v) of the occurrence of any event within the
Prospectus Delivery Period as a result of which the Prospectus, the Time of Sale Information or any Issuer Free Writing Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus, the Time of Sale Information or any Issuer Free Writing Prospectus is delivered to a purchaser, not misleading; (vi) of the
receipt by the Company of any notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act; and (vii) of the receipt by the Company of
any notice with respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use all reasonable efforts to prevent
the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus or the Prospectus or suspending any such qualification of the Securities and, if any such order
is issued, will obtain as soon as possible the withdrawal thereof. 
 (e) Time of Sale Information. If at any time prior
to the Closing Date (i) any event shall occur or condition shall exist as a result of which the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the circumstances, not misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to comply with applicable law, the Company will immediately notify
the Underwriters thereof and forthwith prepare and, subject to paragraph (c) of this Section 4, file with the Commission (to the extent required) and furnish to the Underwriters and to such dealers as the Representative may designate, such
amendments or supplements to the Time of Sale Information as may be necessary so that the statements in the Time of Sale Information as so amended or supplemented will not, in the light of the circumstances, be misleading or so that the Time of Sale
Information will comply with applicable law. 
 (f) Ongoing Compliance. If during the Prospectus Delivery Period
(i) any event shall occur or condition shall exist as a result of which the Prospectus as then amended or 

  
 14 

 
supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing
when the Prospectus is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Prospectus to comply with applicable law, the Company will immediately notify the Underwriters thereof and forthwith prepare and,
subject to paragraph (c) of this Section 4, file with the Commission and furnish to the Underwriters and to such dealers as the Representative may designate, such amendments or supplements to the Prospectus as may be necessary so that the
statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus will comply with applicable law. 

(g) Blue Sky Compliance. The Company will qualify the Securities for offer and sale under the securities or Blue Sky laws of such
U.S. jurisdictions as the Representative shall reasonably request and will continue such qualifications in effect so long as required for distribution of the Securities; provided that the Company shall not be required to (i) qualify as a
foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject
itself to taxation in any such jurisdiction if it is not otherwise so subject. 
 (h) Earning Statement. The Company will
make generally available to its security holders and the Representative as soon as practicable an earning statement that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder
covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the “effective date” (as defined in Rule 158) of the Registration Statement. 

(i) Use of Proceeds. The Company will apply the net proceeds from the sale of the Securities as described in the Time of Sale
Information and the Prospectus under the heading “Use of proceeds.” 
 (j) No Stabilization. The Company will
not take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. 

(k) Record Retention. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer
Free Writing Prospectus that is not filed with the Commission for three years after the Closing Date in accordance with Rule 433 under the Securities Act. 
 (l) Notice of Inability to Use Automatic Shelf Registration Statement Form. If at any time during the Prospectus Delivery Period, the Company receives from the Commission a notice pursuant to Rule
401(g)(2) or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (i) promptly notify the Representative, (ii) promptly file a new registration statement or post-effective amendment on
the proper form relating to the Securities, in a form satisfactory to the Representative, (iii) use its best efforts to cause such registration statement or post-effective amendment to be declared effective and
(iv)

  
 15 

 
promptly notify the Representative of such effectiveness. The Company will take all other action necessary or appropriate to permit the public offering and sale of the Securities to continue as
contemplated in the registration statement that was the subject of the Rule 401(g)(2) notice or for which the Company has otherwise become ineligible. References herein to the Registration Statement shall include such new registration statement or
post-effective amendment, as the case may be. 
 (m) Clear Market. For a period of 90 days after the date of the
Prospectus, the Company will not (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or
otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or (ii) enter into any swap or other agreement that transfers, in whole or
in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise,
without the prior written consent of J.P. Morgan Securities LLC, other than (A) the Securities to be sold hereunder, (B) the issuance of shares of Common Stock upon conversion of the Company’s 4% Senior Convertible Notes due 2014 in
accordance with the terms thereof, (C) the grant of options, awards of restricted stock and restricted stock units, performance awards or the issuance of shares of Common Stock to employees or directors by the Company in the ordinary course of
business or pursuant to any of the Company’s employee plans existing on the date of this Agreement, including, but not limited to, the Company’s employee stock option plan, the Company’s dividend reinvestment and stock purchase plan
and the Company’s 401(k) plans and (D) the issuance by the Company of shares of Common Stock upon the exercise of options granted under the Company’s employee plans. Notwithstanding the foregoing, if (1) during the last 17 days
of the 90-day restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (2) prior to the expiration of the 90-day restricted period, the Company announces that it will
release earnings results during the 16-day period beginning on the last day of the 90-day period, the restrictions imposed by this Agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings
release or the occurrence of the material news or material event. 
 (n) Underlying Securities. The Company will reserve
and keep available at all times, free of pre-emptive rights, shares of Common Stock for the purpose of enabling the Company to satisfy all obligations to issue the Underlying Securities upon conversion of the Securities. 

(o) Exchange Listing. The Company will use all reasonable efforts to cause the Underlying Securities to be listed on the New York
Stock Exchange. 
 5. Certain Agreements of the Underwriters. Each Underwriter hereby represents and agrees that:

 (a) It has not and will not use, authorize use of, refer to, or participate in the planning for use of, any “free
writing prospectus,” as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished to the Commission by the Company and not incorporated by reference into the Registration Statement and any press
release issued by the 

  
 16 

 
Company) other than (i) a free writing prospectus that, solely as a result of use by such Underwriter, would not trigger an obligation to file such free writing prospectus with the
Commission pursuant to Rule 433, (ii) any Issuer Free Writing Prospectus listed on Schedule 2 hereto or prepared pursuant to Section 3(c) or Section 4(c) (including any electronic road show), or (iii) any free writing prospectus
prepared by such underwriter and approved by the Company in advance in writing. 
 (b) Notwithstanding the foregoing the
Underwriters may use a term sheet substantially in the form of Schedule 3 hereto without the consent of the Company. 
 (c) The
Representative, on behalf of the several Underwriters, will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission for three years after the Closing Date
in accordance with Rule 433 under the Securities Act. 
 (d) It is not subject to any pending proceeding under Section 8A
of the Securities Act with respect to the offering of the Securities (and will promptly notify the Company if any such proceeding against it is initiated during the Prospectus Delivery Period). 

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

 (a) Registration Compliance; No Stop Order. If a post-effective amendment to the Registration Statement is required to
be filed under the Securities Act, such post-effective amendment shall have become effective, and the Representative shall have received notice thereof, not later than 5:00 p.m., New York City time, on the date hereof; no order suspending the
effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose, pursuant to Rule 401(g)(2) or pursuant to Section 8A under the Securities Act shall be pending before or threatened by the Commission; the
Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act) and in
accordance with Section 4(a) hereof; and all requests by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representative. 

(b) Representations and Warranties. The representations and warranties of the Company contained herein shall be true and correct
on the date hereof and on and as of the Closing Date or the Additional Closing Date, as the case may be; and the statements of the Company and its officers made in any certificates delivered pursuant to this Agreement shall be true and correct on
and as of the Closing Date or the Additional Closing Date, as the case may be. 
 (c) No Downgrade. Subsequent to the
earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating 

  
 17 

 
accorded any securities issued or guaranteed by the Company or any of its subsidiaries by any “nationally recognized statistical rating organization,” as such term is defined under
Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of any securities issued or guaranteed by
the Company or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading). 
 (d)
No Material Adverse Change. Subsequent to the execution and delivery of this Agreement, no event or condition of a type described in Section 3(z) hereof shall have occurred or shall exist, which event or condition is not described in the
Time of Sale Information (excluding any amendment or supplement thereto) and the Prospectus (excluding any amendment or supplement thereto) and the effect of which in the judgment of the Representative makes it impracticable or inadvisable to
proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Prospectus. 
 (e) Officer’s Certificate. The Representative shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, a certificate of an executive officer of the
Company who has specific knowledge of the Company’s financial matters and is reasonably satisfactory to the Representative (i) confirming that such officer has carefully reviewed the Registration Statement, the Time of Sale Information and
the Prospectus and, to the best knowledge of such officer, the representations set forth in Sections 3(a) and 3(b) hereof are true and correct; (ii) confirming that the other representations and warranties of the Company in this Agreement are
true and correct and that the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date or the Additional Closing Date, as the case may be; and
(iii) to the effect set forth in paragraphs (a), (c) and (d) of this Section 6. 
 (f) Comfort Letters
for the Company. On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the case may be, PricewaterhouseCoopers LLP shall have furnished to the Representative, at the request of the Company, letters, dated the
respective dates of delivery thereof and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative, containing statements and information of the type customarily included in accountants’ “comfort
letters” to underwriters with respect to the Company’s financial statements and certain financial information contained or incorporated by reference in the Registration Statement, the Time of Sale Information and the Prospectus;
provided that the letter delivered on the Closing Date or the Additional Closing Date, as the case may be, shall use a “cut-off” date no more than three business days prior to the Closing Date or such Additional Closing Date, as the
case may be. 
 (g) Opinion of Counsel for the Company. Counsel for the Company shall have furnished to the
Representative, at the request of the Company, its written opinions, dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative,
to the effect set forth in Annex B hereto. 

  
 18 

 (h) Opinion and Negative Assurance Statement of Outside Counsel for the Company.
Morgan, Lewis & Bockius LLP, counsel for the Company, shall have furnished to the Representative, at the request of the Company, an opinion and negative assurance statement, dated the Closing Date or the Additional Closing Date, as the case
may be, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative, to the effect set forth in Annex C hereto. 
 (i) Opinion and Negative Assurance Statement of Counsel for the Underwriters. The Representative shall have received on and as of the Closing Date or the Additional Closing Date, as the case may
be, an opinion and negative assurance statement of Simpson Thacher & Bartlett LLP, counsel for the Underwriters, with respect to such matters as the Representative may reasonably request, and such counsel shall have received such documents
and information as they may reasonably request to enable them to pass upon such matters. 
 (j) No Legal Impediment to
Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal or state governmental or regulatory authority that would, as of the Closing Date or the Additional
Closing Date, as the case may be, prevent the issuance or sale of the Securities; and no injunction or order of any federal or state court shall have been issued that would, as of the Closing Date or the Additional Closing Date, as the case may be,
prevent the issuance or sale of the Securities. 
 (k) Good Standing. The Representative shall have received on and as of
the Closing Date or the Additional Closing Date, satisfactory evidence of the good standing of the Company and its Designated Subsidiaries, other than the Designated Subsidiaries organized and existing outside the United States, in their respective
jurisdictions of organization and their good standing in such other jurisdictions as the Representative may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such
jurisdictions. 
 (l) Exchange Listing. The Underlying Securities shall have been approved for listing on the New York
Stock Exchange, subject to official notice of issuance. 
 (m) Lock-up Agreements. The “lock-up” agreements,
each substantially in the form of Exhibit A hereto, between the Representative and the officers and directors of the Company listed on Schedule 4 relating to sales and certain other dispositions of shares of Stock or certain other securities,
delivered to the Representative on or before the date hereof, shall be in full force and effect on the Closing Date or Additional Closing Date, as the case may be. 
 (n) Additional Documents. On or prior to the Closing Date or the Additional Closing Date, as the case may be, the Company shall have furnished to the Representative such further certificates and
documents as the Representative may reasonably request. 
 (o) Supplemental Indenture Relating to Securities. The
Representative shall have received an executed copy of the Supplemental Indenture. 
 All opinions, letters, certificates and evidence mentioned
above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters. 

  
 19 

 7. Indemnification and Contribution. 

(a) Indemnification of the Underwriters. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates,
directors and officers and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities
(including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon,
(i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order
to make the statements therein, not misleading, or (ii) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time of
Sale Information, or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case except insofar
as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter
furnished to the Company in writing by such Underwriter through the Representative expressly for use therein. 
 (b)
Indemnification of the Company. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who signed the Registration Statement and each person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) of this Section 7, but only with respect to any losses, claims,
damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished to the Company
in writing by such Underwriter through the Representative expressly for use in the Registration Statement, the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time of Sale Information, it being
understood and agreed that the only such information consists of the following: the statements concerning the Underwriters contained in (i) the first paragraph under the subsection “Commissions and discounts” under the heading
“Underwriting” in the Prospectus, (ii) the third sentence under the subsection “New issue of notes” under the heading “Underwriting” in the Prospectus, and (iii) the first and second paragraphs under the
subsection “Price stabilization and short positions” under the heading “Underwriting” in the Prospectus. 

(c) Notice and Procedures. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or
demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) of this Section 7, such person (the “Indemnified Person”) shall promptly notify
the person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph
(a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying
Person shall not relieve it from any liability that it 

  
 20 

 
may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have
notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 7
that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel,
but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed
within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) counsel to the Indemnified Person shall have reasonably concluded that there are or are likely to be legal defenses available to it that are
different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in
the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate
firm for any Underwriter, its affiliates, directors and officers and any control persons of such Underwriter shall be designated in writing by J.P. Morgan Securities LLC and any such separate firm for the Company, its directors, its officers who
signed the Registration Statement and any control persons of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the
foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable
for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have
reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such
Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault,
culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d) Contribution. If the indemnification
provided for in paragraph (a) or (b) of this Section 7 is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such
paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid 

  
 21 

 
or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the
Company on the one hand and the Underwriters on the other from the offering of the Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) but also the relative fault of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same respective proportions as the net proceeds (before
deducting expenses) received by the Company from the sale of the Securities and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in the table on the cover of the
Prospectus, bear to the aggregate offering price of the Securities. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. 
 (e) Limitation on Liability. The Company and the Underwriters agree
that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that
does not take account of the equitable considerations referred to in paragraph (d) of this Section 7. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph
(d) of this Section 7 shall be deemed to include, subject to the foregoing limitations, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this
Section 7, in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with respect to the offering of the Securities
exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations to contribute pursuant to this Section 7 are several in
proportion to their respective purchase obligations hereunder and not joint. 
 (f) Non-Exclusive Remedies. The remedies
provided for in this Section 7 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
 8. Termination. This Agreement may be terminated in the absolute discretion of the Representative, by notice to the Company, if after the execution and delivery of this Agreement and prior to the
Closing Date or, in the case of the Option Securities, prior to the Additional Closing Date (i) trading generally shall have been suspended or materially limited on or by any of the New York Stock Exchange, the NASDAQ Stock Market or the
over-the-counter market; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended on 

  
 22 

 
any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities or a material
disruption in commercial banking or securities settlement or clearance services in the United States shall have occurred; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any
calamity or crisis, either within or outside the United States, that, in the judgment of the Representative, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the
terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Prospectus. 
 9. Defaulting
Underwriter. (a) If, on the Closing Date or any Additional Closing Date, as the case may be, any Underwriter defaults on its obligation to purchase the Securities that it has agreed to purchase hereunder, the non-defaulting Underwriters may
in their discretion arrange for the purchase of such Securities by other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Underwriter, the non-defaulting Underwriters do
not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Underwriters to purchase such Securities on such terms. If
other persons become obligated or agree to purchase the Securities of a defaulting Underwriter, either the non-defaulting Underwriters or the Company may postpone the Closing Date, or the Additional Closing Date, as the case may be, for up to five
full business days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Underwriters may be necessary in the Registration Statement and the Prospectus or in any other document or arrangement, and the
Company agrees to promptly prepare any amendment or supplement to the Registration Statement and the Prospectus that effects any such changes. As used in this Agreement, the term “Underwriter” includes, for all purposes of this Agreement
unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 9, purchases Securities that a defaulting Underwriter agreed but failed to purchase. 

(b) If, after giving effect to any arrangements for the purchase of the Underwritten Securities or the Option Securities, as the case may
be, of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph (a) of this Section 9, the aggregate principal amount of such Underwritten Securities or such Option Securities, as
the case may be, that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Underwritten Securities or the Option Securities, as the case may be, then the Company shall have the right to require each
non-defaulting Underwriter to purchase the principal amount of Underwritten Securities or the Option Securities, as the case may be, that such Underwriter agreed to purchase hereunder plus such Underwriter’s pro rata share (based
on the principal amount of Underwritten Securities or Optional Securities, as the case may be, that such Underwriter agreed to purchase hereunder) of the Underwritten Securities or Optional Securities, as the case may be, of such defaulting
Underwriter or Underwriters for which such arrangements have not been made. 
 (c) If, after giving effect to any arrangements
for the purchase of the Underwritten Securities or the Option Securities, as the case may be, of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph (a) of this Section 9,
the aggregate principal amount of such Underwritten Securities or such Option 

  
 23 

 
Securities, as the case may be, that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Underwritten Securities or the Option Securities, as the case may be, or
if the Company shall not exercise the right described in paragraph (b) of this Section 9, then this Agreement shall terminate without liability on the part of the non-defaulting Underwriters. Any termination of this Agreement pursuant to
this Section 9 shall be without liability on the part of the Company, except that the Company will continue to be liable for the payment of expenses as set forth in Section 10 hereof and except that the provisions of Section 7 hereof
shall not terminate and shall remain in effect. 
 (d) Nothing contained herein shall relieve a defaulting Underwriter of any
liability it may have to the Company or any non-defaulting Underwriter for damages caused by its default. 
 10. Payment of
Expenses. (a) Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company will pay or cause to be paid all costs and expenses incident to the performance of its
obligations hereunder, including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Securities and any taxes payable in that connection; (ii) the costs incident to the
preparation, printing and filing under the Securities Act of the Registration Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Time of Sale Information and the Prospectus (including all exhibits, amendments and
supplements thereto in connection therewith) and the distribution thereof; (iii) the costs of reproducing and distributing each of the Transaction Documents; (iv) the fees and expenses of the Company’s counsel and independent
accountants; (v) the fees and expenses incurred in connection with the registration or qualification and determination of eligibility for investment of the Securities under the laws of such U.S. jurisdictions as the Representative may designate
and the preparation, printing and distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel for the Underwriters); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and
expenses of the Trustee, transfer agent or registrar and any paying agent (including related fees and expenses of any counsel to such parties); (viii) all expenses and application fees incurred in connection with any filing with, and clearance
of the offering by, the Financial Industry Regulatory Authority; (ix) all expenses incurred by the Company in connection with any “road show” presentation to potential investors and (x) all expenses and application fees related
to the listing of Underlying Securities on the New York Stock Exchange. 
 (b) If (i) this Agreement is terminated pursuant
to Section 8, (ii) the Company for any reason fails to tender the Securities for delivery to the Underwriters or (iii) the Underwriters decline to purchase the Securities for any reason permitted under this Agreement, other than due
to a termination pursuant to Section 9, the Company agrees to reimburse the Underwriters for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Underwriters in connection with this
Agreement and the offering contemplated hereby. 
 11. Persons Entitled to Benefit of Agreement. This Agreement shall
inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and any controlling persons referred to herein, and the affiliates of each Underwriter referred to in Section 7
hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Securities from any
Underwriter shall be deemed to be a successor merely by reason of such purchase. 

  
 24 

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

13. Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term
“affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than Saturday, a Sunday or a legal public holiday as defined in 5 U.S.C. §6103; (c) the
term “subsidiary” has the meaning set forth in Rule 405 under the Securities Act; and (d) the term “significant subsidiary” has the meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act. 

14. Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well
as other information that will allow the Underwriters to properly identify their respective clients. 
 15.
Miscellaneous. (a) Authority of the Representative. Any action by the Representative or the Underwriters hereunder may be taken by J.P. Morgan Securities LLC on behalf of the Underwriters, and any such action taken by J.P. Morgan
Securities LLC shall be binding upon the Underwriters. 
 (b) Notices. All notices and other communications hereunder
shall be in writing and shall be deemed to have been duly given upon receipt at the addresses set forth in the following sentence. Notices to the Underwriters shall be given to the Representative c/o J.P. Morgan Securities LLC, 383 Madison Avenue,
New York, New York 10179 (fax: (212) 622-8358), Attention: Equity Syndicate Desk. Notices to the Company shall be given to it at 600 Grant Street, Pittsburgh, PA 15219-9776 (fax: 412-433-2811), Attention: Robert M. Stanton, Assistant General
Counsel. 
 (c) Governing Law. This Agreement and any claim, controversy or dispute arising under or related to this
Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
 (d) Counterparts.
This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. 

(e) Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 
 (f)
Headings. The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 

  
 25 

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

			
	Very truly yours,
	
	UNITED STATES STEEL CORPORATION
		
	By:	 	 /s/ John Quaid

		 	Name: John Quaid
		 	Title: Vice President and Treasurer

  

			
	 Confirmed and accepted as of the
 date set forth on the first page hereof

	
	J.P. MORGAN SECURITIES LLC
		 	By: J.P. Morgan Securities LLC
		
	By	 	       /s/ T. Oeljeschlager

		 	      Authorized Signatory
	
	 For itself and on behalf of the
 several Underwriters listed
 in Schedule 1 hereto.

 [Signature page to Convertible Notes Underwriting Agreement] 

 Schedule 1 

 

					
	 Underwriter
	  	Principal Amount of
Securities	 
	 J.P. Morgan Securities LLC
	  	$	110,000,000	  
	 Barclays Capital Inc.
	  	$	55,000,000	  
	 Goldman, Sachs & Co.
	  	$	55,000,000	  
	 Morgan Stanley & Co. LLC
	  	$	55,000,000	  
		  	  
	  
	 
	 Total
	  	$	275,000,000	  
		  	  
	  
	 

  
 S-1-1

 Schedule 2 

 

	 	•	 	 Pricing Term Sheet, dated March 20, 2013, relating to the Securities and attached as Schedule 3 hereto. 

  
 S-2-1

 Schedule 3 
 Filed Pursuant to Rule 433 under the Securities Act of 1933 
 Issuer Free
Writing Prospectus dated March 20, 2013 
 Relating to Preliminary Prospectus Supplement dated March 20, 2013

 Registration Statement No. 333-186702 
 PRICING TERM SHEET 
 United States Steel Corporation 

$275,000,000 aggregate principal amount of 
 2.75% Senior Convertible Notes due 2019 (the “notes”) 
 The information in
this pricing term sheet should be read together with the preliminary prospectus supplement dated March 20, 2013 relating to the offering of the notes (preliminary prospectus supplement”), including the documents incorporated by reference
therein and the related base prospectus dated February 15, 2013, filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended. 
  

			
	Issuer:	  	United States Steel Corporation (“USS”)
		
	Ticker /Exchange for common stock:	  	X / The New York Stock Exchange (“NYSE”)
		
	Title of securities:	  	2.75% Senior Convertible Notes due 2019
		
	Aggregate principal amount offered:	  	$275,000,000 ($316,250,000 if the underwriters’ option to purchase additional $41,250,000 aggregate principal amount of notes is exercised in full)
		
	Maturity date:	  	April 1, 2019, unless earlier converted, redeemed or repurchased
		
	Price to public:	  	100% of principal amount plus accrued interest, if any, from March 26, 2013
		
	Interest:	  	2.75% per annum, accruing from March 26, 2013
		
	Interest payment dates:	  	April 1 and October 1, beginning October 1, 2013
		
	Interest payment record dates:	  	March 15 and September 15 of each year
		
	Last reported sale price:	  	$19.45 per share of USS’s common stock on the NYSE on the Pricing Date
		
	Conversion premium:	  	Approximately 30.00% over the last reported sale price
		
	Initial conversion price:	  	Approximately $25.29 per share of common stock
		
	Initial conversion rate:	  	39.5491 shares of common stock per $1,000 principal amount of notes
		
	Aggregate underwriting discount:	  	$7,562,500 ($8,696,875 if the underwriters exercise in full their option to purchase additional notes)
		
	Net proceeds:	  	The net proceeds from the sale of the notes in this offering are estimated to be approximately $ 267,437,500 (or approximately $ 307,553,125 if the underwriters exercise in full
their option to purchase additional notes), after deducting underwriting discounts but before USS’s estimated offering expenses.

  
 S-3-1

			
		
	Pricing date:	  	March 20, 2013
		
	Closing date:	  	March 26, 2013
		
	Joint book-running managers:	  	 J.P. Morgan Securities LLC

Barclays Capital Inc.
 Goldman, Sachs &
Co.
 Morgan Stanley & Co. LLC

		
	Settlement:	  	DTC
		
	CUSIP/ISIN:	  	912909 AH1 / US912909AH17
		
	Expected ratings:	  	 [Intentionally omitted]
  

Investors are cautioned that a security rating is not a recommendation to buy, sell or hold securities, that it is subject to revision or withdrawal at
any time by the assigning rating organization, and that each rating should be evaluated independently of any other rating.

		
	Optional redemption:	  	USS may redeem all or a portion of the notes at any time on or after April 5, 2017, so long as the last reported sale price of USS’s common stock for at least 20 trading
days (whether or not consecutive) during any 30 consecutive trading day period ending within 5 trading days immediately preceding the date on which USS provides notice of redemption exceeds 130% of the applicable conversion price on each applicable
trading day. The redemption price will equal 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
		
	 Adjustment to conversion rate upon
 conversion upon a make-whole
 fundamental change or a notice of

redemption:
	  	If and only to the extent a holder elects to convert its notes in connection with a make-whole fundamental change (as defined in the preliminary prospectus supplement) or a
redemption notice, USS will, under certain circumstances, increase the conversion rate by a number of additional shares of common stock. The following table sets forth the number of additional shares by which the conversion rate shall be increased
upon conversion in connection with a make-whole fundamental change or a notice of redemption for each stock price and effective date set forth below:

 Stock Price 
  

																																													
	 Effective Date
	  	$	19.45	  	  	$	22.50	  	  	$	25.00	  	  	$	27.50	  	  	$	30.00	  	  	$	35.00	  	  	$	40.00	  	  	$	50.00	  	  	$	60.00	  	  	$	70.00	  	  	$	80.00	  
												
	 March 26, 2013
	  	 	11.8647	  	  	 	9.5213	  	  	 	7.4453	  	  	 	5.8606	  	  	 	4.7054	  	  	 	3.0969	  	  	 	2.0741	  	  	 	0.9406	  	  	 	0.4029	  	  	 	0.1394	  	  	 	0.0206	  
												
	 April 1, 2014
	  	 	11.8647	  	  	 	9.4969	  	  	 	7.3829	  	  	 	5.8074	  	  	 	4.6115	  	  	 	2.9694	  	  	 	1.9460	  	  	 	0.8429	  	  	 	0.3400	  	  	 	0.1037	  	  	 	0.0076	  
												
	 April 1, 2015
	  	 	11.8647	  	  	 	9.4477	  	  	 	7.2306	  	  	 	5.5974	  	  	 	4.3737	  	  	 	2.7266	  	  	 	1.7292	  	  	 	0.6977	  	  	 	0.2544	  	  	 	0.0597	  	  	 	0.0000	  
												
	 April 1, 2016
	  	 	11.8647	  	  	 	9.1660	  	  	 	6.8469	  	  	 	5.1687	  	  	 	3.9362	  	  	 	2.3286	  	  	 	1.3997	  	  	 	0.5008	  	  	 	0.1499	  	  	 	0.0161	  	  	 	0.0000	  
												
	 April 1, 2017
	  	 	11.8647	  	  	 	8.5133	  	  	 	6.0949	  	  	 	4.3974	  	  	 	3.1946	  	  	 	1.7138	  	  	 	0.9304	  	  	 	0.2615	  	  	 	0.0439	  	  	 	0.0000	  	  	 	0.0000	  
												
	 April 1, 2018
	  	 	11.8647	  	  	 	7.3185	  	  	 	4.7591	  	  	 	3.0806	  	  	 	1.9905	  	  	 	0.8330	  	  	 	0.3495	  	  	 	0.0462	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  
												
	 April 1, 2019
	  	 	11.8647	  	  	 	4.8953	  	  	 	0.4509	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

  
 2 

 The exact stock prices and effective dates may not be set forth in the table above, in which case:

  

	 	•	 	 If the stock price is between two stock price amounts in the table or the effective date is between two effective dates in the table, the number of
additional shares by which the conversion rate will be increased will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock price amounts and the two dates, as applicable,
based on a 365-day year. 

  

	 	•	 	 If the stock price is greater than $80.00 per share (subject to adjustment), no additional shares will be added to the conversion rate.

  

	 	•	 	 If the stock price is less than $19.45 per share (subject to adjustment), no additional shares will be added to the conversion rate.

 Notwithstanding the foregoing, in no event will the total number of shares of common stock issuable upon conversion of the
notes exceed 51.4138 per $1,000 principal amount of notes, subject to adjustments as described in the preliminary prospectus supplement. 

Concurrent senior notes offering 
 On
March 20, 2013, USS priced an offering of $275,000,000 aggregate principal amount of 6.875% Senior Notes due 2021 (the “senior notes offering”). The senior notes offering is expected to close on or around March 26, 2013, subject
to customary closing conditions. This offering and the senior notes offering are not contingent on one another. 
 USS has filed a
registration statement including a prospectus and a preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and preliminary prospectus supplement in that
registration statement and other documents USS has filed with the SEC for more complete information about USS and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, USS, any
underwriter or any dealer participating in the offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request them from J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, New York 11717 or by telephone at (866) 803-9204; Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888) 603-5847 or email:
Barclaysprospectus@broadridge.com; Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, facsimile: (212) 902-9316 or e-mail: prospectus-ny@ny.email.gs.com; or
Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, Second Floor, New York, NY 10014, or by telephone at (866) 718-1649 or email: prospectus@morganstanley.com. 

  
 3 

 Schedule 4 
 Individuals required to provide lock-up agreements 
 Directors: 

Dan O. Dinges 
 John G. Drosdick 

John J. Engel 
 Richard A. Gephardt 

Murry S. Gerber 
 Charles R. Lee 

Frank J. Lucchino 
 Glenda G. McNeal

 Seth E. Schofield 
 David S.
Sutherland 
 Patricia A. Tracey 

Executive Officers: 
 John P. Surma

 George F. Babcoke 
 Gretchen R.
Haggerty 
 David H. Lohr 
 James D.
Garraux 
 Larry T. Brockway 
 Mario
Longhi 
 Douglas R. Matthews 
 Susan
M. Suver 
 Michael S. Williams 

Gregory A. Zovko 

  
 S-4-1

 Annex A 
 Designated Subsidiaries of the Company 
  

			
	 Entity
	  	 Jurisdiction of Organization

	 U. S. Steel Tubular Products, Inc.
	  	Delaware
	 USS Portfolio Delaware, Inc.
	  	Delaware
	 U. S. Steel Canada Inc.
	  	Canada
	 U. S. Steel Global Holdings I B.V.
	  	Netherlands
	 U. S. Steel Košice, s.r.o
	  	Slovak Republic

  
 A-1

 Annex B 
 Form of Opinion of Counsel for the Company 
 (i) The Company has been duly
incorporated and is an existing corporation in good standing under the laws of the State of Delaware; 
 (ii) U.S. Steel Tubular
Products, Inc. has been duly incorporated and is an existing corporation in good standing under the laws of the State of Delaware; 
 (iii) The Company has an authorized capitalization as set forth in the Registration Statement, the Time of Sale Information and the Prospectus under the heading “Capitalization” all of the
outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and all outstanding shares of capital stock or other equity interests of each Designated Subsidiary of the
Company have been duly authorized and are validly issued, fully paid and non-assessable; 
 (iv) Neither the Company nor any of
its U.S. subsidiaries is in violation of its certificate of incorporation or by-laws or, to such counsel’s knowledge, none of the Company nor any of the Designated Subsidiaries is in default in the performance or observance of any material
obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound except for such
defaults and violations that would not, individually or in the aggregate, have a Material Adverse Effect. 
 (v) Each of the
Company and its Designated Subsidiaries has the power and authority (corporate and other) to own its properties and conduct its business as described in the Time of Sale Information and the Prospectus; is duly qualified to do business as a foreign
entity in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to do so would not reasonably be expected to cause a Material Adverse
Effect; 
 (vi) The Company has full right, power and authority to execute and deliver each of the Transaction Documents and to
perform its obligations thereunder; and all action required to be taken for the due and proper authorization, execution and delivery of each of the Transaction Documents and the consummation of the transactions contemplated thereby has been duly and
validly taken; 
 (vii) No consent, approval, authorization or order of, or filing with, any governmental agency or body or any
court having jurisdiction over the Company, its U.S. subsidiaries or their respective properties is required for the consummation of the transactions contemplated by the Underwriting Agreement and the other Transaction Documents in connection with
the issuance and sale of the Securities, the issuance of the Underlying Securities upon conversion of the Securities or the consummation of the Transactions, except for (i) the effectiveness of the Registration Statement, which is in full force
and effect, and (ii) any consent, approval, authorization, or order, or filing required pursuant to state “blue sky” laws or foreign securities laws; 

  
 B-1

 (viii) The Underlying Securities reserved for issuance upon conversion of the Securities
have been duly and validly authorized and reserved by the Company and when issued upon exchange of the Securities in accordance with the terms thereof, will be validly issued, fully paid and non-assessable; the Underlying Securities conform to the
description thereof contained in the Registration Statement, the Time of Sale Information and the Prospectus. 
 (ix) Except as
described in the Time of Sale Information and the Prospectus, there are no pending actions, suits or proceedings against or affecting the Company, any Designated Subsidiary or any of their respective properties that, if determined adversely to the
Company or any Designated Subsidiary would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, or would materially and adversely affect the ability of the Company to perform its obligations under the
Underwriting Agreement; and, to such counsel’s knowledge, no such actions, suits or proceedings are threatened; 
 (x) The
execution, delivery and performance of the Transaction Documents, the issuance and sale of the Securities, the issuance of the Underlying Securities upon conversion of the Securities and compliance by the Company with the terms thereof and the
consummation of the transactions contemplated by the Transaction Documents, will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, (A) the Delaware General Corporation Law or those laws,
rules and regulations of the Commonwealth of Pennsylvania and the federal laws of the United States (excluding, with respect to federal securities law, the antifraud provisions thereof), in each case, which, in such counsel’s experience, are
normally applicable to transactions of the type contemplated by the Underwriting Agreement, (B) the respective charters or limited liability company agreements or by-laws of the Company and the Designated Subsidiaries (other than the Designated
Subsidiaries organized and existing outside the United States), (C) to such counsel’s knowledge after inquiring of those employees of the Company responsible for such matters, orders of any court, regulatory tribunal, administrative agency
or other governmental body having jurisdiction over the Company, any Designated Subsidiary or any of their respective properties or (D) to such counsel’s knowledge after inquiring of those employees of the Company responsible for such
matters, any agreement or instrument to which the Company or any Designated Subsidiary is a party or by which the Company or any Designated Subsidiary is bound or to which any of the properties of the Company or any Designated Subsidiary is subject;
the Company has full power and authority to authorize, issue and sell the Securities as contemplated by the Underwriting Agreement; 
 (xi)(a) The Registration Statement has become effective under the Securities Act; (b) the Prospectus was filed with the Commission pursuant to Rule 424(b) under the Securities Act on the date
specified therein; (c) to the best of such counsel’s knowledge, no order suspending the effectiveness of the Registration Statement has been issued by the Commission, no notice of objection of the Commission to the use of such registration
statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has been received by the Company and no proceeding for that purpose or pursuant to Section 8A of the Securities Act against the Company or
related to the offering has been initiated or threatened by the Commission; (d) the Registration Statement, as of the Effective Time, and the Prospectus, as of its date and as of the date hereof, and each

  
 B-2

 
amendment or supplement thereto, complied as to form in all material respects with the requirements of the Securities Act; and (e) the documents incorporated by reference in the Registration
Statement, the Time of Sale Information and the Prospectus, when filed with the Commission, conformed in all material respects with the requirements of the Exchange Act; 
 (xii) The Indenture has been duly authorized, executed and delivered by the Company and has been duly qualified under the Trust Indenture Act, and constitutes a valid and legally binding obligation of the
Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally; by equitable principles
relating to enforceability; the effect of judicial discretion on the availability of remedies and the realization of benefits under an agreement as written (including, without limitation, the possible refusal of a court to enforce any provision
purporting to disallow waivers by course of conduct or oral authorization, to excuse failure to act or delay in acting by any party or to waive trial by jury) and general matters of public policy (collectively, the “Enforceability
Exceptions”); 
 (xiii) The Supplemental Indenture setting forth the terms of the Securities in accordance with the terms
of the Indenture has been duly authorized, executed and delivered by the Company, and is enforceable against the Company according to its terms, subject to the Enforceability Exceptions; 

(xiv) The Securities have been duly authorized and when duly executed, authenticated and issued in accordance with the Indenture and
delivered to and paid for by the Underwriters in accordance with the terms of the Underwriting Agreement, will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, subject
to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture; 
 (xv) The Underwriting Agreement has
been duly authorized, executed and delivered by the Company; 
 (xvi) Each Transaction Document conforms in all material
respects to the description thereof contained in the Registration Statement, the Time of Sale Information and the Prospectus; 

(xvii) The descriptions in the Registration Statement, the Time of Sale Information and Prospectus of statutes, legal and governmental
proceedings and contracts and other documents are accurate and fairly present the information required to be shown; and such counsel does not know of any legal or governmental proceedings required to be described in the Registration Statement, the
Time of Sale Information or the Prospectus which are not described as required, or of any contracts or documents of a character required to be described in the Registration Statement, the Time of Sale Information or the Prospectus or to be filed as
exhibits to the Registration Statement which are not described and filed as required; 
 (xviii) To the knowledge of such
counsel after inquiry of those employees of the Company responsible for such matters, there are no contracts, agreements or understandings 

  
 B-3

 
between the Company and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or
to require the Company to include such securities with the Securities registered pursuant to the Registration Statement or with any securities being registered pursuant to any other registration statement filed by the Company under the Securities
Act; 
 (xix) The Company is not and, after giving effect to the offering and sale of the Securities and the application of the
proceeds thereof as described in the Time of Sale Information and the Prospectus, will not be an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act
of 1940, as amended; 
 (xx) Neither the issuance, sale and delivery of the Securities nor the application of the proceeds
thereof by the Company as described in the Registration Statement, the Time of Sale Information and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of
Governors; 
 (xxi) USSK has been duly organized and is an existing limited liability company in good standing under the laws of
the Slovak Republic, with power and authority (corporate and other) to own its properties and conduct its business as described in the Time of the Sale Information and the Prospectus; and USSK is duly qualified to do business as a foreign limited
liability company in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification; 
 (xxii) All outstanding equity interests of USSK have been duly authorized and are validly issued, fully paid and nonassessable; 
 (xxiii) No consent, approval, authorization or order of, or filing with, any governmental agency or body or any court having jurisdiction over USSK, its subsidiaries or their respective properties in the
Slovak Republic or any political subdivision thereof is required for the consummation of the transactions contemplated by the Underwriting Agreement in connection with the issuance and sale of the Securities by the Company or the issuance of the
Underlying Securities upon conversion of the Securities; 
 (xxiv) The execution, delivery and performance of the Transaction
Documents, the issuance and sale of the Securities and compliance by the Company, the issuance of the Underlying Securities upon conversion of the Securities with the terms thereof and the consummation of the transactions contemplated by the
Transaction Documents, will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, (A) any statute or any rule or regulation in the Slovak Republic or any political subdivision thereof,
(B) the organizational documents of USSK; (C) orders of any court, regulatory tribunal, administrative agency or other governmental body having jurisdiction over USSK or any of its respective properties or (D) any agreement or
instrument to which USSK is a party or by which it is bound or to which any of the properties of USSK is subject; and 
 (xxv)
The descriptions in the Registration Statement, the Time of Sale Information and the Prospectus of statutes, legal and governmental proceedings in the Slovak Republic or 

  
 B-4

 
any political subdivision thereof and contracts and other documents relating to USSK are accurate and fairly present the information required to be shown; and, after inquiring of those employees
of USSK responsible for such matters, such counsel does not know of (a) any legal or governmental proceedings in the Slovak Republic or any political subdivision thereof or (b) any contracts or documents affecting USSK that would
reasonably be expected to have a material adverse effect upon the financial condition, business, properties or results of operations of USSK. 
 (xxvi) U. S. Steel Canada Inc. is a corporation existing under the laws of Canada. There are no restrictions on the corporate power and capacity of U.S. Steel Canada Inc. to own and lease property and
assets and to carry on business. 
 (xxvii) All of the issued and outstanding common shares in the capital of U.S. Steel Canada
Inc. are fully paid and non-assessable and U.S. Steel Canada Limited Partnership is the owner of record of all such shares. 

(xxviii) No consent, approval, authorization or order of, or filing with, any federal or provincial governmental agency or body, or any
court, in the Province of Ontario having jurisdiction over U. S. Steel Canada Inc. is required for the consummation of the transactions contemplated by the Underwriting Agreement in connection with the issuance and sale of the Securities by the
Company. 
 (xxix) The execution, delivery and performance of the Transaction Documents, the issuance and sale of the Securities
and compliance by the Company with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents, will not result in a breach or violation of any of the terms and provisions of, or constitute a default under,
(A) any statute or any rule or regulation of Canada or the Provinces of Ontario to which U. S. Steel Canada Inc. is subject, or (B) the articles or by-laws of U.S. Steel Canada. 

Such counsel shall also state that he has participated in conferences with representatives of the Company and with representatives of its
independent registered public accountants at which conferences the contents of the Registration Statement, the Time of Sale Information and the Prospectus and any amendment and supplement thereto and related matters were discussed and, although such
counsel assumes no responsibility for the accuracy, completeness or fairness of the Registration Statement, the Time of Sale Information and the Prospectus and any amendment or supplement thereto (except as expressly provided), nothing has come to
the attention of such counsel to cause such counsel to believe that (i) as of the applicable Effective Time, the Registration Statement or any amendment thereto, including in each case any document incorporated or deemed incorporated by
reference therein, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, (ii) as of the Time of Sale, the Time of
Sale Information, including in each case any document incorporated or deemed incorporated by reference therein, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (iii) as of its date and as of the Closing Date, the Prospectus or any supplement or amendment thereto, including in each
case any document incorporated or deemed incorporated by reference therein, 

  
 B-5

 
contained or contains any untrue statement of a material fact or omitted or omits to state any material fact required to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading (other than the financial statements and other financial information contained therein and information furnished to the Company in writing by the Representative expressly for
use in the Time of Sale Information or Prospectus, as to which such counsel need express no belief). 
 In rendering such
opinion, such counsel may rely as to matters of fact on certificates of responsible officers of the Company and public officials that are furnished to the Underwriters. 
 No opinion is expressed as to compliance by the Company with applicable Canadian securities laws in connection with any distribution of the Securities to a purchaser in Canada. The opinions set forth in
paragraphs (i) – (ix) are expressed only as to the laws of Ontario and Alberta and the federal laws of Canada applicable therein. 
 The foregoing opinion shall be rendered to the Underwriters at the request of the Company and shall so state therein. 

  
 B-6

 Annex C 
 Form of Opinion of Outside Counsel for the Company 
 (i) The Indenture has
been duly authorized, executed and delivered by the Company and has been duly qualified under the Trust Indenture Act; the Supplemental Indenture has been duly authorized, executed and delivered by the Company; and the Indenture, as supplemented by
the Supplemental Indenture, constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions; 

(ii) The Securities have been duly authorized and when issued, executed and authenticated in accordance with the provisions of the
Indenture, as supplemented by the Supplemental Indenture, and delivered to and paid for by the Underwriters in accordance with the terms of the Underwriting Agreement, will constitute legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture, as supplemented by the Supplemental Indenture; 

(iii) The Underwriting Agreement has been duly authorized, executed and delivered by the Company; 

(iv) The statements set forth in the Time of Sale Information and the Prospectus under the captions “Description of the notes”
and “Description of the debt securities,” insofar as such statements purport to constitute summaries of the terms of the Securities, constitute an accurate summary of the terms of the Securities in all material respects; 

(v) The description in the Time of Sale Information and the Prospectus under the caption “Material U.S. federal income and estate
tax considerations,” to the extent that it purports to summarize provisions of United States federal income or estate tax law or legal conclusions with respect to United States federal income or estate tax law, is accurate in all material
respects; 
 IRS Circular 230 Disclosure. To ensure compliance with the requirements imposed by the Internal Revenue
Service, we inform you that any U.S. federal tax advice contained herein does not deal with a taxpayer’s particular circumstances. Further it was written in support of the promotion, marketing or recommending of the transaction or matter
described herein. This opinion was not intended or written to be used, and cannot be used, for purposes of avoiding penalties under the Internal Revenue Code. Taxpayers should consult their own tax advisors regarding the tax consequences
to them of their own particular circumstances. 
 (vi) The Underlying Securities reserved for issuance upon conversion of the
Securities have been duly authorized and reserved, when issued by the Company upon conversion of the Securities in accordance with the terms thereof, will be validly issued, fully paid and non-assessable; and 

  
 C-1

 (vii) The statements made in the Time of Sale Information and the Prospectus under the
captions “Description of common stock” and “Description of Capital Stock” insofar as they purport to constitute summaries of the terms of the Underlying Securities constitute an accurate summary of the terms of the Underlying
Securities in all material respects. 
 (viii) The Company is not and, after giving effect to the offering and sale of the
Securities, will not be, an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended. 
 (ix) The Registration Statement (except as to the financial statements, schedules, notes, other financial and accounting data and statistical data derived therefrom, and information about internal control
over financial reporting, as to which we express no opinion), on the date it initially became effective under the Securities Act, appeared on its face to be appropriately responsive in all material respects to the applicable requirements of the
Securities Act; and 
 (x) The Prospectus (except as to the financial statements, schedules, notes, other financial and
accounting data and statistical data derived therefrom, and information about internal control over financial reporting, as to which we express no opinion), at the time such document was filed with the Commission, appeared on its face to be
appropriately responsive in all material respects to the applicable requirements of the Securities Act or the Exchange Act. 

Such counsel shall also state that such counsel confirms that nothing came to such counsel’s attention that caused such counsel to
believe that (i) the Registration Statement, as of its most recent effective date, pursuant to Rule 430B(f)(2) under the Securities Act, of the part of the Registration Statement relating to the Securities for purposes of the liability of
the Underwriters under Section 11 of the Securities Act, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(ii) the Time of Sale Information, considered as a whole at the Time of Sale, contained any untrue statement of a material fact or omitted 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 or (iii) the Prospectus, as of its date, or as of the date hereof, contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that (a) such counsel is not passing upon and does not assume any responsibility for the accuracy, completeness
or fairness of the statements contained in the Registration Statement, the Time of Sale Information and the Prospectus (except with respect to certain legal matters, as and to the extent set forth in paragraphs (iv) and (v) in such
counsel’s letter delivered to the Underwriters pursuant to Section 6(h) of the Underwriting Agreement), (b) such counsel does not express any belief with respect to the financial statements, schedules, notes, other financial and
accounting data and statistical data derived therefrom, and management’s report on internal control over financial reporting, in each case contained in the Registration Statement, the Time of Sale Information or the Prospectus) and
(c) such counsel does not express any belief with respect to any statement in a document incorporated by reference in the Registration Statement, the Time of Sale Information or the Prospectus, to the extent that,

  
 C-2

 
pursuant to Rule 412 under the Securities Act, such statement is deemed to be modified or superseded in the Registration Statement, the Time of Sale Information or the Prospectus, as the
case may be, at the respective times as of which the advisements set forth in this paragraph are provided. 
 In rendering such
opinion, such counsel may rely as to matters of fact on certificates of responsible officers of the Company and public officials that are furnished to the Underwriters. 
 The foregoing opinion shall be rendered to the Underwriters at the request of the Company and shall so state therein. 

  
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 Exhibit A 
 CONVERTIBLE NOTES LOCK-UP AGREEMENT 
 March      , 2013

 J.P. MORGAN SECURITIES LLC 
 As
Representative of 
 the several Underwriters listed 
 in Schedule 1 to the Underwriting 
 Agreement referred to below 

c/o J.P. Morgan Securities LLC 
 383 Madison
Avenue 
 New York, NY 10179 
 Re:         United States Steel Corporation — Public Offering 
 Ladies and Gentlemen: 
 The undersigned understands that you, as Representative of
the several Underwriters, propose to enter into an Underwriting Agreement (the “Underwriting Agreement”) with United States Steel Corporation, a Delaware corporation (the “Company”), providing for the public offering (the
“Public Offering”) by the several Underwriters named in Schedule 1 to the Underwriting Agreement (the “Underwriters”), of convertible notes of the Company (the “Securities”). Capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Underwriting Agreement. 
 In consideration of the Underwriters’
agreement to purchase and make the Public Offering of the Securities, and for other good and valuable consideration receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of J.P. Morgan
Securities LLC on behalf of the Underwriters, the undersigned will not, during the period ending 90 days after the date of the prospectus supplement relating to the Public Offering, (1) offer, pledge, announce the intention to sell, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock, par value
$1.00 per share of the Company (the “Common Stock”), or any securities convertible into or exercisable or exchangeable for Common Stock (including without limitation, Common Stock which may be deemed to be beneficially owned by the
undersigned in accordance with the 

  
 Ex A-1

 
rules and regulations of the Securities and Exchange Commission and securities which may be issued upon exercise of a stock option or warrant) or (2) enter into any swap or other agreement
that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise or (3) make any demand for or exercise any right with respect to the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock, in each case
other than (A) transfers of shares of Common Stock (or stock options exercisable for shares of Common Stock) as a bona fide gift or gifts (including, for the avoidance of doubt, charitable donations or gifts) or for estate planning purposes and
(B) sales of shares of Common Stock for purposes of settling taxes owed in respect of (i) the exercise of stock options that expire during the 90-day period referred to above, (ii) the vesting of restricted stock, restricted stock
units or shares under performance awards during such period and (iii) awards of restricted stock, restricted stock units or shares under performance awards made during such period; provided that in the case of any transfer or
distribution pursuant to clause (A), each donee or distributee shall execute and deliver to the Representatives a lock-up letter in the form of this paragraph; and provided, further, that in the case of any sale, transfer or
distribution pursuant to clauses (A) and (B), no filing by any party (donor, donee, transferor or transferee) under the Securities Exchange Act of 1934, as amended, or other public announcement shall be required or shall be made voluntarily in
connection with such transfer or distribution (other than (x) a filing on a Form 5 made after the expiration of the 90-day period referred to above or (y) a filing on a Form 4 solely in respect of a transaction for a purpose referred to in
clause (B) above, provided such Form 4 specifies that such transaction occurred for such purpose). Notwithstanding the foregoing, if (1) during the last 17 days of the 90-day restricted period, the Company issues an earnings release or
material news or a material event relating to the Company occurs; or (2) prior to the expiration of the 90-day restricted period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of
the 90-day period, the restrictions imposed by this Letter Agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event.

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

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

The undersigned understands that, if the Underwriting Agreement does not become effective by April 30, 2013, or if the Underwriting
Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Securities to be sold thereunder, the undersigned shall be released from, all obligations under this
Letter Agreement. The undersigned understands that the Underwriters are entering into the Underwriting Agreement and proceeding with the Public Offering in reliance upon this Letter Agreement. 

  
 Ex A-2

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

			
	Very truly yours,
	[NAME OF STOCKHOLDER]
		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex A-3

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