Document:

Exhibit 10.1

 

 

 

 

 

 STOCK PURCHASE AGREEMENT

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Section 1.   Certain Definitions	1
	Section 2.   Purchase and Sale of the Purchased Shares; Payment	3
	2.1   Purchase and Sale of the Purchased Shares	3
	2.2   Payment	3
	Section 3.   Closing	3
	3.1   Closing Date	3
	3.2   Purchased Shares	3
	3.3   Books and Records	3
	Section 4.   Representations and Warranties of the Seller	3
	4.1   Ownership of the Purchased Shares	3
	4.2   Power and Authority; Enforceability	4
	4.3   Governmental Approvals	4
	4.4   No Litigation and Investigations	4
	4.5   No Contravention of Laws, Agreements or Organizational Documents	5
	4.6   No Fees	5
	4.7   Purchased Shares Status	5
	4.8   No Distribution	5
	4.9   Economic Risk	5
	4.10   Accredited Status	6
	4.11   Restricted Securities	6
	4.12   Investigation	6
	4.13   No Reliance	6
	4.14   ERISA	6
	Section 5.   Representations and Warranties of the Purchaser	6
	5.1   Status	6
	5.2   Power and Authority; Enforceability	6
	5.3   No Contravention of Laws, Agreements or Organizational Documents	7
	5.4   Governmental Approvals	7
	5.5   No Distribution	7
	5.6   Economic Risk	7
	5.7   Accredited Purchaser	8
	5.8   No Reliance	8
	5.9   No Fees	8
	5.10   ERISA	8
	Section 6.   Conditions to Closing	8
	6.1   Conditions to the Sellers’ Obligation to Close	8
	6.2   Conditions to the Purchaser’s Obligation to Close	9

 

    -i-

     

    

 

	Section 7.   Miscellaneous	9
	7.1   Termination	9
	7.2   Construction	10
	7.3   Expenses	10
	7.4   Governing Law; Jurisdiction	10
	7.5   Waiver of Jury Trial	10
	7.6   Counterparts	10
	7.7   Assignment	10
	7.8   Third Party Beneficiaries	11
	7.9   Entire Agreement	11
	7.10   Amendments	11
	7.11   Severability	11
	7.12   Notices	11
	7.13   Survival	12

SCHEDULES

 

Schedule APurchased Shares

 

    -ii-

     

    

 

STOCK PURCHASE
AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT, dated as of
April 10, 2020 (this “Agreement”), is made by and among Cinedigm Corp, a Delaware corporation (the “Purchaser”)
and the sellers named on Schedule A attached hereto (the “Sellers”).

 

WHEREAS, the Sellers
desire to sell to the Purchaser, and the Purchaser desires to purchase from the Sellers, an aggregate of 223,380,000 ordinary shares
(the “Ordinary Shares”) of Starrise Media Holdings Limited (the “Company”) as allocated among
the Sellers in accordance with Schedule A attached hereto (the “Purchased Shares”), subject to the terms
and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the representations, warranties, covenants, agreements and conditions set forth herein, the parties hereby
agree as follows:

 

Section 1.               
Certain Definitions. As used herein, the following terms shall have the meanings set forth below:

 

“Affiliates”
shall mean, with respect to any person, any other person that, directly or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, such person.

 

“Agreement”
shall have the meaning set forth in the Preamble.

 

“Ancillary Agreements”
shall have the meaning set forth in Section 4.2.

 

“Benefit Plan”
shall have the meaning set forth in Section 5.12.

 

“Business Day”
shall mean any day except Saturday, Sunday or any other day on which commercial banks are closed in the State of New York or Hong
Kong.

 

“Closing”
shall have the meaning set forth in Section 3.1.

 

“Closing Date”
shall have the meaning set forth in Section 3.1.

 

“Common Stock”
shall mean the Class A common stock, par value $0.001 per share, of the Purchaser.

 

“Company”
shall have the meaning set forth in the Preamble.

 

“Control”
(including the terms “controlled by” and “under common control with”) shall mean, with respect to any person,
the possession, directly or indirectly, of the power to direct or cause the direction of the management of policies of such person,
whether through the ownership of securities, limited liability company interests, partnership interests, by contract or otherwise.

 

     

     

    

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

 

“Governmental
Approvals” shall have the meaning set forth in Section 4.3.

 

“Governmental
Authority” shall have the meaning set forth in Section 4.5.

 

“Law”
shall mean all applicable statutes, laws, regulations and orders of, and all applicable restrictions imposed thereunder by, all
Governmental Authorities.

 

“Lien” shall have the meaning
set forth in Section 4.5.

 

“Material Adverse
Effect” shall mean a material adverse effect on the assets, properties, results of operations or financial condition
of the Company and its Subsidiaries considered as a whole.

 

“Ordinary Shares”
shall have the meaning set forth in the Preamble.

 

“Person”
shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust or other
enterprise or entity or any government or political subdivision or any agency, department or instrumentality thereof.

 

“Purchased Shares”
shall have the meaning set forth in the Recitals.

 

“Purchase Price”
shall have the meaning set forth in Section 2.1.

 

“Purchaser”
shall have the meaning set forth in the Preamble.

 

“Representatives”
means with respect to a particular person, any shareholder, member, director, officer, manager, employee, agent, consultant, advisor,
accountant, financial advisor, legal counsel or other representative of such person.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Sellers”
shall have the meaning set forth in the Preamble.

 

“Subsidiaries”
means, with respect to any person, any corporation, limited liability company, partnership, association, trust or other business
entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to
the occurrence of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or
controlled, directly or indirectly, by that person or one or more of the other Subsidiaries of that person or a combination thereof
or (ii) if a limited liability company, partnership, association, trust or other business entity (other than a corporation),
a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly,
by that person or one or more Subsidiaries of that person or a combination thereof and for this purpose, a person or persons own
a majority ownership interest in such a business entity (other than a corporation) if such person or persons shall be allocated
a majority of such business entity’s gains or losses or shall be or control any managing director or general partner of such
business entity (other than a corporation). The term Subsidiary shall include all Subsidiaries of such Subsidiary.

 

    	 	-2-	 

     

    

 

Section 2.               
Purchase and Sale of the Purchased Shares; Payment.

 

2.1             
Purchase and Sale of the Purchased Shares. On the terms and subject to the conditions contained in this Agreement,
and in reliance on the representations, warranties and covenants contained herein, at the Closing, the Sellers agree to sell, assign,
convey, transfer and deliver to the Purchaser or the Purchaser’s designee, and the Purchaser agrees to purchase and accept,
or cause its designee to accept, if applicable, the Purchased Shares, free and clear of all Liens, for an aggregate of 29,855,081
shares of Common Stock (the “Purchase Price”), payable as set forth in Section 2.2.

 

2.2             
Payment. The Purchase Price shall be paid in shares of Common Stock. The number of shares of Common Stock to be issued
to each Seller will be determined in accordance with Schedule A.

 

Section 3.               
Closing.

 

3.1             
Closing Date. Subject to the satisfaction or waiver of the conditions set forth in Section 6 of this Agreement, the
closing of the purchase and sale of all or portions of the Purchased Shares as contemplated by this Agreement (each, a “Closing”)
shall occur on April 15, 2020 or on such date or dates as may be mutually agreed upon by the Sellers and the Purchaser (each, a
 “Closing Date”).

 

3.2             
Purchased Shares. At any Closing, each Seller that is delivering any Purchased Shares will deliver to the Purchaser
instruments of transfer or other appropriate documents satisfactory to the Purchaser indicating proof of transfer of the Purchased
Shares being transferred at such Closing to the Purchaser, or its designee, if applicable.

 

3.3             
Books and Records. On any Closing Date, each Seller that is delivering any Purchased Shares shall cause the Company
to record, or to cause its transfer agent or stock registrar for the Ordinary Shares to record, the Purchase as the record or beneficial,
as applicable, holder of the Purchased Shares being transferred at such Closing in the books and records of the Company.

 

Section 4.               
Representations and Warranties of the Seller. Each Seller hereby represents and warrants to the Purchaser, severally
and not jointly, that on and as of the date hereof:

 

4.1             
Ownership of the Purchased Shares.

 

(a)              
The Seller will sell such number of Ordinary Shares such that, together with the other Seller, the full number of Purchased
Shares will be available to be sold to the Purchaser, in accordance with Schedule A. The Seller has good, valid and marketable
title to, owns of record

    	 	-3-	 

     

    

 

and
beneficially, and is entitled to sell, assign, transfer and deliver to the Purchaser the Seller’s Purchased Shares, on the
terms of this Agreement without the consent of any person; provided, however, that if the Seller intends to exercise or convert
currently exercisable or convertible securities of the Company in order to acquire some or all of the Purchased Shares to be sold
by the Seller, the Seller (i) has good, valid and marketable title to such exercisable or convertible securities, with the current
and valid right to exercise or convert such exercisable or convertible securities, (ii) will exercise or convert such exercisable
or convertible securities prior to or in connection with the Closing in order to have Seller’s Purchased Shares readily
available for Closing, and (iii) at Closing, shall have good, valid and marketable title to, own of record and beneficially, and
be entitled to sell, assign, transfer and deliver to the Purchaser the Purchased Shares acquired upon such exercise or conversion,
on the terms of this Agreement without the consent of any person. Upon consummation of the transactions contemplated herein, at
the Closing, the Purchaser will be vested with good and marketable title in and to the Purchased Shares, free and clear of all
Liens (except for any Liens that are created by or imposed thereon by the Purchaser).

 

(b)              
The Seller is not party to any commitments, arrangements, rights or agreements providing for the repurchase, redemption
or other acquisition of the Purchased Shares, or voting agreements, shareholders agreements, management agreements, pledge agreements,
buy-sell agreements, proxies or similar agreements or understandings with respect to the Seller’s Purchased Shares or which
restrict or grant any right, preference or privilege with respect to such Purchased Shares, except for any agreements or understandings
that will be terminated or cancelled in full as of or prior to the Closing.

 

4.2             
Power and Authority; Enforceability. The Seller has necessary power and authority to execute, deliver and perform
its obligations under this Agreement and any required stock power or similar instrument of transfer as other all other documents
executed and delivered in connection with this Agreements (the “Ancillary Agreements”); and it has all requisite
organizational power and authority and has taken all organizational action necessary in order to execute, deliver and perform its
obligations under this Agreement and any Ancillary Agreements to which it is a party. This Agreement, and each Ancillary Agreement
to which the Seller is a party, has been duly executed and delivered by the Seller and constitutes a valid and binding agreement
of the Seller, enforceable against the Seller in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to general
equity principles.

 

4.3             
Governmental Approvals. No material order, consent, approval, license, authorization, or validation of, or notice
to, filing, recording or registration with, or exemption by, any Governmental Authority (collectively, “Governmental Approvals”)
is required to be made or obtained by the Seller to authorize or is required to be made or obtained by the Seller in connection
with the execution, delivery and performance of this Agreement or the Ancillary Agreements.

 

4.4             
No Litigation and Investigations. There are no actions, claims, suits, investigations or proceedings pending, or
to the knowledge of Seller, threatened in writing or orally against the Seller or its affiliates, individually or jointly, that
(a) relate to the Purchased Shares or (b) challenge the validity or enforceability of the Seller’s obligations under this
Agreement.

 

    	 	-4-	 

     

    

 

4.5             
No Contravention of Laws, Agreements or Organizational Documents. Neither the execution, delivery and performance
of this Agreement and the Ancillary Agreements to which the Seller is a party nor the consummation by the Seller of the transactions
contemplated herein or therein, (i) will contravene any applicable provision of any law, statute, rule, regulation, order,
writ, injunction or decree of any nation or government, any state or other political subdivision thereof, whether foreign, state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government (“Governmental Authority”),
in each case in any manner that would be material to the Seller or its affiliates, or that would otherwise materially adversely
affect the ability of the Seller to perform its obligations under this Agreement or the Ancillary Agreements to which the Seller
is a party, (ii) will conflict with or violate or result in any breach of any of the terms, covenants, conditions or provisions
of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default), or loss of
a benefit under, any indenture, mortgage, deed of trust, loan agreement, credit agreement or any other material agreement to which
the Seller or any affiliate of the Seller is a party or by which the Seller or any such affiliate or any of the Seller’s
or such affiliate’s property or assets are bound or to which it may be subject, in each case in any manner that would be
material to the Seller or such affiliates or that would otherwise materially adversely affect the ability of the Seller to perform
its obligations under this Agreement or the Ancillary Agreements to which the Seller is a party, (iii) will result in the
creation or imposition of (or the obligation to create or impose) any mortgage, pledge, deed of trust, security interest, encumbrance,
UCC-1 financing statement (or amendment thereto), hypothecation, assignment, charge, deposit arrangement, encumbrance, easement,
lien (statutory or other), right of first refusal, charge or other adverse claim of any kind (including any agreement to give any
of the foregoing, any conditional sale or other title retention agreement or any lease in the nature thereof, and any synthetic
or other financing lease having substantially the same economic effect as any of the foregoing) (“Lien”) upon
any of the property or assets of the Seller or its affiliates in any manner that would be material to the Seller and its affiliates,
or (iv) will violate any provision of the organizational documents of the Seller or, if applicable, its affiliates.

 

4.6             
No Fees. Neither the Seller nor any of its respective officers, directors, employees or other affiliates have employed
any broker or finder or incurred any liability for any investment banking fees, brokerage fees, commissions or finders’ fees
in connection with the purchase and sale of the Purchased Shares.

 

4.7             
Purchased Shares Status. Upon or prior to acquisition by the Seller, the relevant Purchased Shares were duly authorized
and were validly issued in compliance with all applicable legal requirements and governing documents, are fully paid and non-assessable.

 

4.8             
No Distribution. The Seller is acquiring the Common Stock for investment for the Purchaser’s own account, and
not with a view to the distribution thereof by the Purchaser in violation of any applicable securities laws.

 

4.9             
Economic Risk. The Seller acknowledges that it can bear the economic risk of the investment in the Common Stock for
an indefinite period of time and has such knowledge and experience in financial and business affairs that it is capable of evaluating
the merits and risks of the investment in the Common Stock, and has not relied upon any representations, warranties or agreements
in connection therewith other than those expressly set forth in this Agreement.

 

    	 	-5-	 

     

    

 

4.10         
Accredited Status. The Seller is an “accredited investor” within the meaning of Rule 501(a) under
the Securities Act.

 

4.11         
Restricted Securities. The Seller understands that the Common Stock constitutes “restricted securities”
under the U.S. securities laws inasmuch as they are being acquired from the Seller in a transaction not involving a public offering
and that under such laws and applicable regulations such Common Stock may be resold without registration under the Securities Act
only in certain circumstances. In this connection, the Seller understands the resale limitations imposed by the Securities Act.

 

4.12         
Investigation. To the full satisfaction of the Seller, the Seller has been furnished any materials the Seller has
requested relating to the Purchaser and issuance to the Seller of Common Stock as consideration for the purchase of the Purchased
Shares, and the Seller has been afforded the opportunity to ask questions of Representatives of the Purchaser concerning the Common
Stock.

 

4.13         
No Reliance. Other than the representations and warranties expressly set forth in this Agreement and the Ancillary
Agreements, none of the Seller or any of its affiliates, associates, directors, officers, attorneys, accountants, agents, members,
managers, partners, employees, stockholders, equity holders or controlling persons is relying upon any information, representation
or warranty by the Purchaser, or any of its directors, officers, attorneys, accountants, agents, members, managers, partners, stockholders
or employees or any of such persons’ heirs, successors, assigns and controlling persons (if any), in determining whether
to invest in the Purchaser, enter into this Agreement or any Ancillary Agreement or consummate the transactions contemplated hereby
or thereby and none of the foregoing persons have made any other representation or warranty or advised the Seller concerning an
investment in the Purchaser or recommended an investment in the Purchaser to the Seller. The Seller has consulted to the extent
deemed appropriate by the Seller with the Seller’s own advisors as to the financial, tax, legal and related matters concerning
an investment in the Common Stock and on that basis believes that an investment in the Common Stock is suitable and appropriate
for the Seller.

 

4.14         
ERISA. The Seller is not a “benefit plan investor” within the meaning of Section 3(42) of ERISA
and the regulations thereunder or under any similar state, local or foreign law or regulation.

 

Section 5.               
Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Sellers that
on and as of the date hereof:

 

5.1             
Status. The Purchaser is in good standing under the laws of the jurisdiction of its organization and has the corporate,
partnership or other organizational power and authority to own its property and assets and to transact the business in which it
is engaged and presently proposes to engage.

 

5.2             
Power and Authority; Enforceability. The Purchaser has the necessary power and authority to enter into this Agreement
and the Ancillary Agreements and to perform its obligations

 

    	 	-6-	 

     

    

 

hereunder
and thereunder, and to consummate the transactions contemplated hereby and thereby. Each person executing and delivering this
Agreement and any Ancillary Agreement on behalf of the Purchaser is duly authorized to execute and deliver this Agreement and
such Ancillary Agreements on behalf of the Purchaser. The execution and delivery of this Agreement and such Ancillary Agreements
by the Purchaser has been duly and validly authorized by all requisite action, and no other proceedings on the part of the Purchaser
are necessary to authorize this Agreement and such Ancillary Agreements. This Agreement and such Ancillary Agreements have each
been duly and validly executed and delivered by the Purchaser and, assuming the due authorization, execution and delivery by the
Sellers, constitutes a legal, valid and binding obligation of the Purchaser, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to general
equity principles.

 

5.3             
No Contravention of Laws, Agreements or Organizational Documents. Neither the execution, delivery and performance
by the Purchaser of this Agreement and the Ancillary Agreements, nor the consummation by the Purchaser of the transactions contemplated
herein or therein, (i) will contravene any applicable provision of any law, statute, rule, regulation, order, writ, injunction
or decree of any Governmental Authority in any material respect, (ii) will conflict with or violate or result in any breach
of any of the terms, covenants, conditions or provisions of, or constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default), or loss of a benefit under any indenture, mortgage, deed of trust, loan agreement,
credit agreement or any other material agreement to which the Purchaser is a party or by which it or any of its property or assets
are bound or to which it may be subject, in each case in any manner that would be material to the Purchaser, or that would otherwise
materially adversely affect the ability of the Purchaser to perform its obligations under this Agreement or the Ancillary Agreements,
(iii) will result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property
or assets of the Purchaser in any manner that would be material to the Purchaser, or (iv) will violate any provision of the
organizational documents of the Purchaser.

 

5.4             
Governmental Approvals. Except as shall have been made or obtained on or prior to the Closing, no material Governmental
Approvals are required to be made or obtained by the Purchaser to authorize, or are required to be made or obtained by the Purchaser
in connection with, (i) the execution, delivery and performance of this Agreement and the Ancillary Agreements or (ii) the
validity, binding effect or enforceability of this Agreement and the Ancillary Agreements against the Purchaser.

 

5.5             
No Distribution. The Purchaser is acquiring the Purchased Shares for investment for the Purchaser’s own account,
and not with a view to the distribution thereof by the Purchaser in violation of any applicable securities laws.

 

5.6             
Economic Risk. The Purchaser acknowledges that it can bear the economic risk of the investment for an indefinite
period of time and has such knowledge and experience in financial and business affairs that it is capable of evaluating the merits
and risks of the investment in the Purchased Shares, and has not relied upon any representations, warranties or agreements in connection
therewith other than those expressly set forth in this Agreement.

 

    	 	-7-	 

     

    

 

5.7             
Accredited Purchaser. The Purchaser is an “accredited investor” within the meaning of Rule 501(a)
under the Securities Act.

 

5.8             
No Reliance. Other than the representations and warranties expressly set forth in this Agreement and the Ancillary
Agreements, none of the Purchaser or any of its affiliates, associates, directors, officers, attorneys, accountants, agents, members,
managers, partners, employees, stockholders, equity holders or controlling persons is relying upon any information, representation
or warranty by the Sellers, or any of their directors, officers, attorneys, accountants, agents, members, managers, partners, stockholders
or employees or any of such persons’ heirs, successors, assigns and controlling persons (if any), in determining whether
to invest in the Company, enter into this Agreement or any Ancillary Agreement or consummate the transactions contemplated hereby
or thereby and none of the foregoing persons have made any other representation or warranty or advised the Purchaser concerning
an investment in the Company or recommended an investment in the Company to the Purchaser. The Purchaser has consulted to the extent
deemed appropriate by the Purchaser with the Purchaser’s own advisors as to the financial, tax, legal and related matters
concerning an investment in the Purchased Shares and on that basis believes that an investment in the Purchased Shares is suitable
and appropriate for the Purchaser.

 

5.9             
No Fees. None of the Purchaser nor any of its respective officers, directors, employees and affiliates has employed
any broker or finder or incurred any liability for any investment banking fees, brokerage fees, commissions or finders’ fees
in connection with the purchase and sale of the Purchased Shares.

 

5.10         
ERISA. The Purchaser is not a “benefit plan investor” within the meaning of Section 3(42) of ERISA
and the regulations thereunder or under any similar state, local or foreign law or regulation.

 

Section 6.               
Conditions to Closing.

 

6.1             
Conditions to the Sellers’ Obligation to Close.
The obligation of the Sellers to consummate the purchase and sale of the Purchased Shares contemplated by this Agreement is subject
to satisfaction (or written waivers of the Sellers) of the following conditions:

 

(a)              
the payment of the Purchase Price by the Purchaser to the Sellers, which may be satisfied by the delivery to the Sellers
of an irrevocable instruction letter to the transfer agent for the Common Stock to have the shares of Common Stock constituting
the Purchase Price issued to Sellers within five (5) business days, in book entry form unless a paper certificate is requested
by any Seller;

 

(b)              
the representations and warranties of the Purchaser, as set forth in Section 5 of this Agreement, are true and correct
in all material respects as of the Closing Date with the same effect as though made at and as of the Closing Date; provided,
however, that those representations and warranties that are specifically made as of a particular calendar date shall be so true
and correct as of such date;

 

(c)              
the Purchaser has performed and complied in all material respects with all covenants required to be performed by it under
this Agreement on or prior to the Closing Date; and

 

    	 	-8-	 

     

    

 

(d)              
execution and delivery by the Purchaser to the Seller and the Company of a cross receipt in such form as mutually agreed
to by the parties hereto.

 

6.2             
Conditions to the Purchaser’s Obligation to Close.
The obligation of the Purchaser to consummate the purchase and sale of the Purchased Shares contemplated by this Agreement is subject
to satisfaction (or written waiver of the Purchaser) of the following conditions:

 

(a)              
delivery by the Sellers to the Purchaser of proof of transfer of the Purchased Shares in accordance with Section 3.2
above;

 

(b)              
the representations and warranties of the Sellers, as set forth in Section 4 of this Agreement, are true and correct
in all material respects as of the Closing Date with the same effect as though made at and as of the Closing Date; provided,
however, that those representations and warranties that are specifically made as of a particular calendar date shall be so true
and correct as of such date;

 

(c)              
the approval of Purchaser’s stockholders shall have been obtained;

 

(d)              
regulatory approval or clearance, as applicable, including without limitation the Nasdaq Stock Market and the Committee
on Foreign Investment in the United States, shall have been obtained;

 

(e)              
the consent of the Purchaser’s lenders, as applicable, shall have been obtained;

 

(f)               
since the date of this Agreement, there shall not have been any Material Adverse Effect, or any event, change, or effect
that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

 

(g)              
Purchaser shall be satisfied that the acquisition of the Purchased Shares will be made in compliance with applicable rules
of the Hong Kong Stock Exchange; and

 

(h)              
Purchaser’s Board of Directors shall be satisfied as to due diligence performed on the Company, including obtaining
a fairness opinion satisfactory to it, if appropriate.

 

Section 7.               
Miscellaneous.

 

7.1             
Termination. This Agreement may be terminated and the transactions contemplated hereby shall be abandoned at any
time prior to the Closing upon written notice by:

 

(a)              
the Purchaser, in the event that any condition set forth in Section 4.1 or Section 6.2 shall not be satisfied,
or shall not be reasonably capable of being satisfied, by June 30, 2020 (the “Walk-Away Date”); or

 

(b)              
either Seller, in the event that any condition set forth in Section 6.1 shall not be satisfied, or shall not be reasonably
capable of being satisfied, by the Walk-Away Date.

 

    	 	-9-	 

     

    

 

7.2             
Construction. The headings and titles in this Agreement are included for convenience of reference only and shall
not limit or otherwise affect the meaning or interpretation of this Agreement. The words “hereof,” “herein”
and “hereunder” and words of similar import when used in this Agreement will refer to this Agreement as a whole, including
any schedules hereto, and not to any particular provision of this Agreement, and section and subsection references are to this
Agreement unless otherwise specified. The words “include” and “including” and words of similar import when
used in this Agreement shall be deemed to be followed by the words “without limitation”. The meanings given to terms
defined herein will be equally applicable to both the singular and plural forms of such terms. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The terms “dollars” and “$”
mean United States dollars. To the extent applicable, dollar figures and other amounts shall be equitably adjusted to reflect splits
and combinations of shares and units.

 

7.3             
Expenses. Except to the extent otherwise expressly provided herein, whether or not the transactions contemplated
by this Agreement are consummated, all costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such cost or expense.

 

7.4             
Governing Law; Jurisdiction. This Agreement shall be construed and interpreted in accordance with the internal laws
of the State of New York without giving effect to any principle or rule (whether of the State of New York or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the laws of the State of New York. Any claim, action
or dispute against any party to this Agreement arising out of or in any way relating to this Agreement shall be brought in the
courts of the State of New York located in the City of New York and the County of New York or in the Federal courts of the United
States sitting in the City of New York and the County of New York. Each of the Parties hereby irrevocably submits to the exclusive
jurisdiction of such courts for the purpose of any such claim, action or dispute; provided that a final judgment in any
such claim, action or dispute shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Each Party irrevocably waives and unconditionally agrees not to assert, by way of a motion, as a
defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement (a) any objection that it may ever
have that the laying of venue of any such claim, action or dispute in any federal or state court located in the above named state
or city is improper, (b) any objection that any such claim, action or dispute brought in any of the above named courts has been
brought in an inconvenient forum or (c) any claim that it is not personally subject to the jurisdiction of the above named courts.

 

7.5             
Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

7.6             
Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument, and may be delivered as originals, by electronic format
or otherwise.

 

7.7             
Assignment. This Agreement and the rights hereunder shall not be assignable or transferable by any party without
the prior written consent of the other parties. Any assignment or transfer made without such prior written consent shall be null
and void. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and permitted assigns of the parties and capitalized terms referring to persons and entities shall include their respective successors
and assigns.

 

    	 	-10-	 

     

    

 

7.8             
Third Party Beneficiaries. Nothing in this Agreement, express or implied, shall give to any person, other than the
Sellers and the Purchaser and their respective successors and assigns, any benefit of any legal or equitable right, remedy or claim
under this Agreement.

 

7.9             
Entire Agreement. This Agreement and the Ancillary Agreements constitute the entire agreement among the parties relative
to the subject matter hereof. Any previous agreement among the parties with respect to the subject matter hereof is superseded
in its entirety by this Agreement. Notwithstanding anything to the contrary in this Agreement and the Ancillary Agreements, the
Purchaser shall be permitted to make disclosures with respect to announcing or reporting its investment in the Purchased Shares
to the extent that such disclosures are required by applicable Law.

 

7.10         
Amendments. Neither this Agreement nor any provision hereof may be amended, modified, changed, discharged or terminated
except pursuant to a written agreement entered into by the Sellers and the Purchaser.

 

7.11         
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable Law, portions
of such provisions, or such provisions in their entirety, to the extent necessary, shall be severed from this Agreement, and the
balance of this Agreement shall be enforceable in accordance with its terms.

 

7.12         
Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall
be deemed effectively given (i) upon actual delivery to the party to be notified, (ii) one (1) business day after deposit
with a recognized overnight delivery service, or (iii) five (5) business days after deposit with the U.S. Postal Service by first
class certified or registered mail, postage prepaid, return receipt requested. All notices, requests and other communications will
be deemed received pursuant to this Section 7.12 if received prior to 5:00 P.M. in the place of receipt and such day is
a business day. Otherwise, any notice or communication will be deemed not to have been received until the next succeeding business
day. All such communications shall be addressed to each Seller at the address set forth on such Seller’s signature page or
to the Purchaser at the following address (unless another address is so specified in writing by any Party subsequent to the date
hereof):

 

Cinedigm Corp.

45 W. 36th Street

New York, NY 10018

Attn: General Counsel

Telephone: (212) 206-8600

Email: gloffredo@cinedigm.com

 

    	 	-11-	 

     

    

 

with a copy to:

Kelley Drye & Warren LLP

101 Park Avenue

New York, NY 10178

Attn: Jonathan K. Cooperman

Telephone: (212) 808-7534

Email: jcooperman@kelleydrye.com

 

7.13         
Survival.

 

(a)              
All representations and warranties made by the parties hereto in this Agreement shall survive for a period of one year from
and after the Closing. Each party acknowledges and agrees that, prior to the Closing, the sole and exclusive remedy of the Purchaser
for any breach or inaccuracy of any representation or warranty contained in this Agreement or any certificate or instrument delivered
hereunder shall be (assuming that the conditions set forth in Section 6.2 of this Agreement have not been satisfied or waived)
refusal to close the transaction contemplated herein.

 

[Signature Pages to Follow]

 

    	 	-12-	 

     

    

 

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

 

		BISON GLOBAL INVESTMENT SPC - BISON GLOBAL NO. 1 SP
	 	 	 
	 	 	 
	 	By:	/s/ Fung Ka Chun
	 	Name:	Fung Ka Chun
	  	Title: 	Director
	 	 	 
		Address:	Room 609-610, 21st Century Tower B,
	 	 	No. 40 Liangmaqiao Road
    
	 	 	Chaoyang District, Beijing,
    
	 	 	China
	 		Tel: +86 010 84446968
	 		Email: bisonglobalsp1@gmail.com
	 	 	 
		with a copy to:
	 	 	 
		Address: 	 
	 	 	
	 	 	
	 	 	
	 	 	Tel:
	 	 	Email:
	 	 	 
	 	US EIN, if any:

 

 

    

[Signature Page to the Stock Purchase
Agreement]

 

     

    

 

		HUATAI INVESTMENT LP

	 	 	 
	 	 	 
	 	By:	/s/ Fung Ka Chun
	 	Name:	Fung Ka Chun
	  	Title: 	Director
	 	 	 
		Address:	Room 609-610, 21st Century Tower B,
	 	 	No. 40 Liangmaqiao Road
    
	 	 	Chaoyang District, Beijing,
    
	 	 	China
	 		Tel: +86 010 84446968
	 		Email: huataiinvestmentlp@gmail.com
	 	 	 
		with a copy to:
	 	 	 
		Address: 	 
	 	 	
	 	 	
	 	 	
	 	 	Tel:
	 	 	Email:
	 	 	 
	 	US EIN, if any:

 

 

    

[Signature Page to the Stock Purchase
Agreement]

 

     

    

 

		ANTAI
INVESTMENT LP

	 	 	 
	 	 	 
	 	By:	/s/ Fung Ka Chun
	 	Name:	Fung Ka Chun
	  	Title: 	Director
	 	 	 
		Address:	Room 609-610, 21st Century Tower B,
	 	 	No. 40 Liangmaqiao Road
    
	 	 	Chaoyang District, Beijing,
    
	 	 	China
	 		Tel: +86 010 84446968
	 		Email: antaiinvestmentlp@gmail.com
	 	 	 
		with a copy to:
	 	 	 
		Address: 	 
	 	 	
	 	 	
	 	 	
	 	 	Tel:
	 	 	Email:
	 	 	 
	 	US EIN, if any:

 

 

    

[Signature Page to the Stock Purchase
Agreement]

 

     

    

 

		MINGTAI
INVESTMENT LP

	 	 	 
	 	 	 
	 	By:	/s/ Fung Ka Chun
	 	Name:	Fung Ka Chun
	  	Title: 	Director
	 	 	 
		Address:	Room 609-610, 21st Century Tower B,
	 	 	No. 40 Liangmaqiao Road
    
	 	 	Chaoyang District, Beijing,
    
	 	 	China
	 		Tel: +86 010 84446968
	 		Email: mingtaiinvestmentlp@gmail.com
	 	 	 
		with a copy to:
	 	 	 
		Address: 	 
	 	 	
	 	 	
	 	 	
	 	 	Tel:
	 	 	Email:
	 	 	 
	 	US EIN, if any:

   

 

    

[Signature Page to the Stock Purchase
Agreement]

 

     

    

 

		SHANGTAI
ASSET MANAGEMENT LP

	 	 	 
	 	 	 
	 	By:	/s/ Fung Ka Chun
	 	Name:	Fung Ka Chun
	  	Title: 	Director
	 	 	 
		Address:	Room 609-610, 21st Century Tower B,
	 	 	No. 40 Liangmaqiao Road
    
	 	 	Chaoyang District, Beijing,
    
	 	 	China
	 		Tel: +86 010 84446968
	 		Email: shangtaiassetmanagement@gmail.com
	 	 	 
		with a copy to:
	 	 	 
		Address: 	 
	 	 	
	 	 	
	 	 	
	 	 	Tel:
	 	 	Email:
	 	 	 
	 	US EIN, if any:

 

 

    

[Signature Page to the Stock Purchase
Agreement]

 

     

    

 

		CINEDIGM
CORP.

	 	 	 
	 	 	 
	 	By:	/s/ Gary Loffredo
	 	Name:	Gary Loffredo
	  	Title: 	COO

 

    

[Signature Page to the Stock Purchase
Agreement]

 

     

    

  

SCHEDULE A

 

PURCHASED SHARES

 

	Sellers	Number of Ordinary Shares

to be Sold	
        Purchase Price

        (Shares of

        Common Stock)

	Bison Global Investment SPC - Bison Global No. 1 SP  	61,534,000	8,224,114
	Huatai Investment LP  	35,866,000	4,793,546
	Antai Investment LP  	29,170,000	3,898,615
	Mingtai Investment LP  	42,442,000	5,672,439
	Shangtai Asset Management LP 	54,368,000	7,266,367
	TOTAL	223,380,000	29,855,081

  

 

    A-1EX-4.2

 Exhibit 4.2 

VALERO ENERGY CORPORATION 

2.700% Senior Notes due 2023 
 A
single series of Securities is hereby established pursuant to Section 301 of the Indenture dated as of March 10, 2015 (the “Indenture”), between Valero Energy Corporation, a Delaware corporation (the
“Company”), and U.S. Bank National Association, as Trustee (in such capacity, the “Trustee”), as follows (capitalized terms used and not defined herein shall have the meanings assigned to them in the Indenture, and
all references herein to a Section shall refer to the corresponding Section in the Indenture): 
 1. The title of the 2.700% Senior Notes due
2023 shall be “2.700% Notes due 2023” (the “Notes”). 
 2. The initial limit upon the aggregate principal amount
of the Notes that may be authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906 or 1207)
is $850,000,000, provided, however, that the authorized aggregate principal amount of the Notes may be increased above such amount by a Board Resolution to such effect. 

3. The Notes shall be initially issued as Registered Securities in the form of one or more global securities under the Indenture. The
Depository Trust Company is hereby designated as the Depository for these global Securities under the Indenture. 
 4. As long as any Note
is in global form, then, notwithstanding clause (11) of Section 301 and the provisions of Section 302, any such global Note shall represent such of the outstanding Notes as shall be specified therein and may provide that it shall
represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced to reflect exchanges or redemptions. Any endorsement of a
global Note to reflect the amount, or any increase or decrease in the amount, of outstanding Notes represented thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall be specified in such
Note or in a Company Order to be delivered to the Trustee pursuant to Section 303. Subject to the provisions of Section 303 and, if applicable Section 304, the Trustee shall deliver and redeliver any Note in permanent global form in
the manner and upon instructions given by the Person or Persons specified in such Note or in the applicable Company Order. With respect to Notes that are represented by a global Note, the Company authorizes the execution and delivery by the Trustee
of a letter of representations or other similar agreement or instrument in the form customarily provided for by the Depository appointed with respect to such global Note. Any global Note may be deposited with the Depository or its nominee, or may
remain in the custody of the Trustee pursuant to a FAST Balance Certificate Agreement or similar agreement between the Trustee and the Depository. If a Company Order has been, or simultaneously is, delivered, any instructions by the Company with
respect to endorsement or delivery or redelivery of a Note in global form shall be in writing but need not comply with Section 102 and need not be accompanied by an Opinion of Counsel. 

 Members of, or participants in, the Depository (“Agent Members”) shall have
no rights under the Indenture with respect to any global Note held on their behalf by the Depository, or the Trustee as its custodian, or under such global Note and the Depository may be treated by the Company, the Trustee and any agent of the
Company or the Trustee as the absolute owner of such global Note for all purposes whatsoever. Notwithstanding the foregoing, (i) the registered holder of a global Note may grant proxies and otherwise authorize any Person, including Agent
Members and Persons that may hold interests through an Agent Member, to take any action that a Holder is entitled to take under the Indenture or the Notes and (ii) nothing herein shall prevent the Company, the Trustee or any agent of the
Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by the Depository or shall impair, as between the Depository and its Agent Members, the operation of customary practices governing the
exercise of the rights of a beneficial owner of any Note. 
 Notwithstanding Section 305, and except as otherwise provided pursuant to
Section 301, transfers of a global Note shall be limited to transfers of such global Note in whole but not in part, to the Depository, its successors or their respective nominees. Interests of beneficial owners in a global Note may be
transferred in accordance with the rules and procedures of the Depository. In all other respects, Notes shall be transferred to all beneficial owners in exchange for their beneficial interest in a global Security solely as expressly provided in
Section 305. 
 In connection with any transfer of a portion of the beneficial interest in a global Note to beneficial owners pursuant
hereto and Section 305, the Security Registrar shall reflect on its books and records the date and a decrease in the principal amount of the global Note in an amount equal to the principal amount of the beneficial interest in the global Note to
be transferred, and the Company shall execute, and the Trustee upon receipt of a Company Order for the authentication and delivery of Notes shall authenticate and deliver, one or more Notes of like tenor and amount. 

In connection with the transfer of an entire global Note to beneficial owners pursuant hereto and Section 305, the global Security shall
be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depository in exchange for its beneficial interest in the global
Note, an equal aggregate principal amount of Notes of authorized denominations. 
 Neither the Company nor the Trustee will have any
responsibility or liability for any aspect of the records relating to, or payments made on account of, Notes by the Depository, or for maintaining, supervising or reviewing any records of the Depository relating to the Notes. Neither the Company nor
the Trustee shall be liable for any delay by the related global Note Holder or the Depository in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on, instructions from such global
Note Holder or the Depository for all purposes (including with respect to the registration and delivery, and the principal amount, of the Notes to be issued). 

Notwithstanding the provisions of Sections 201 and 307, unless otherwise specified as contemplated by Section 301, payment of principal
of, premium (if any) or interest on any global Note shall be made to the Person or Persons specified in such global Note. 
 5. The date on
which the principal of the Notes are payable shall be April 15, 2023. 

  
 2 

 6. The rate at which the Notes shall bear interest shall be 2.700% per annum. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. The date from which interest shall accrue for the Notes shall be April 16, 2020. The Interest
Payment Dates on which interest on the Notes shall be payable are April 15 and October 15, commencing October 15, 2020. Interest on the Notes shall be payable to the persons in whose name the Notes are registered at the close of
business on the Regular Record Date for such interest payment, except in the case of default interest, which will be payable as provided in the Indenture. The Regular Record Date for the interest payable on the Notes on any Interest Payment Date
shall be the April 1 and October 1, as the case may be, immediately preceding such Interest Payment Date. No Additional Amounts shall be payable with respect to the Notes. 

7. The place or places where the principal of, premium (if any) on and interest on the Notes shall be payable is at the office or agency of
the Paying Agent and Security Registrar in New York, New York or such other offices or agencies maintained for such purpose as the Company may from time to time and in accordance with the Indenture designate. If appropriate wire transfer
instructions have been received by the Trustee, not later than five Business Days prior to the record date for an applicable Interest Payment Date, then payments in respect of the Notes evidenced by a global Security (including principal, premium,
if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by the Holder of such global Note. In all other cases, payment of interest on the Notes may be made at the option of the Company by check
mailed to the address of the person entitled thereto as such address shall appear in the Security Register. 
 8. The Notes will be
redeemable at any time and from time to time prior to April 15, 2023, in whole or in part, at the option of the Company, at a redemption price equal to the greater of (i) 100% of the principal amount of such Notes, and (ii) the sum of the
present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 40 basis points, as calculated by an Independent Investment
Banker (as defined below) plus, in each case, accrued and unpaid interest thereon to the date of redemption; provided that the principal amount of a Security outstanding after redemption in part shall be $2,000 or an integral multiple of $1,000 in
excess thereof. 
 “Adjusted Treasury Rate” means, with respect to any date of redemption, (i) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors
of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months before or after the remaining life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury
Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such date of redemption. The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the date of redemption. 

  
 3 

 “Comparable Treasury Issue” means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price” means, with
respect to any date of redemption, (i) the average of five Reference Treasury Dealer Quotations for such date of redemption, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Independent
Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the
independent investment banker from time to time. 
 “Reference Treasury Dealers” means (i) BofA Securities, Inc.,
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC or their respective successors; provided that, if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of redemption, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such date of redemption. 
 Notice of
any redemption will be mailed at least 30 days but not more than 60 days before the date of redemption to each Holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the date of redemption,
interest will cease to accrue on the Notes or portions thereof called for redemption. 
 9. The Notes shall not be entitled to the benefit
of any sinking fund, any optional repurchase or redemption right in favor of any holder thereof or other mandatory repurchase or redemption provisions. 

10. The Notes shall be in substantially the form of Attachment A hereto (the “Form of Note”). 

11. Each Note that is a global Security shall bear the legend set forth on the face of the Form of Note. 

  
 4 

 Attachment A – Form of Note 

[FORM OF FACE OF SECURITY] 

[THIS SECURITY IS A GLOBAL SECURITY AS PROVIDED FOR IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY
(OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.]*

 [Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.]* 
 VALERO ENERGY CORPORATION 

2.700% NOTES DUE 2023 
  

			
	 No. [ ]
	  	$[ ]
	 REGISTERED
	  	CUSIP No. 91913YAX8
		  	ISIN No. US91913YAX85

 VALERO ENERGY CORPORATION, a Delaware corporation (the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received promises to pay to Cede & Co. or registered assigns, the principal sum of [ ] Dollars [or such lesser amount as indicated on the schedule of exchanges of Securities,]*
on April 15, 2023. 
 Interest Payment Dates: April 15 and October 15 

Regular Record Dates: April 1 and October 1 

Reference is hereby made to the further provisions of this Security set forth in the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
  

	*	 To be included only if the Security is a Global Security. 

  
 A-1 

 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by
facsimile by its duly authorized officers. 
  

							
	Dated: ,	 		 	VALERO ENERGY CORPORATION
				
		 		 	By:	 	
                     
                                         
               

		 		 		 	 Donna M. Titzman
 Executive Vice President
and
 Chief Financial Officer

  

			
	ATTEST:
		
	By:	 	  

		 	J. Stephen Gilbert
		 	Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

							
	Dated: ,	 		 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
				
		 		 	By:	 	
                     
                                         
                   

		 		 		 	Authorized Signatory

  
 A-2 

 [FORM OF REVERSE OF SECURITY] 

VALERO ENERGY CORPORATION 
 2.700%
NOTES DUE 2023 
 This Security is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of VALERO
ENERGY CORPORATION, a Delaware corporation (the “Company”), issued under the Indenture hereinafter referred to and is one of a series of such debentures, notes or other evidences of indebtedness designated pursuant thereto as
2.700% Notes due 2023 (the “Securities”) of the Company. 
 1. Interest. The Company promises to pay interest on the
principal amount of this Security at 2.700% per annum from April 16, 2020 until April 15, 2023 (“Maturity”). The Company will pay interest semiannually on April 15 and October 15 of each year (each an
“Interest Payment Date”) and on the Maturity of the Securities, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the Securities will accrue from the most recent Interest Payment Date on
which interest has been paid or, if no interest has been paid, from April 16, 2020; provided that if there is no existing Default in the payment of, or provisions for, interest, and if this Security is authenticated between a Regular Record
Date referred to on the face hereof (whether or not a Business Day) and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall
be October 15, 2020. The interest so payable, and punctually paid or provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest as set forth on the face hereof; provided, however, that interest payable at Maturity of this Security will be payable to the Person to whom the principal hereof shall
be payable. Any such interest which is so payable, but is not punctually paid or duly provided for on any Interest Payment Date, shall forthwith cease to be payable to the registered Holder on such Regular Record Date, and may be paid as more fully
provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2. Method of Payment. Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or
agency of the Company maintained for that purpose in New York, New York, or at such other offices or agencies maintained for such purpose as the Company may from time to time and in accordance with the Indenture designate, in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that (i) payment of interest may, at the option of the Company, be made (subject to collection) by check
mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or, with respect to Securities evidenced by a global Security, if appropriate wire transfer instructions have been received in writing by the
Trustee, not later than five Business Days prior to the record date for an applicable Interest Payment Date, be made by wire transfer of immediately available funds in accordance with such wire transfer instructions; and (ii) payment of
available funds upon surrender of this Security will be made at the office or agency of the Company maintained for that purpose in New York, New York or at such additional offices or agencies maintained for such purpose as the Company may from time
to time and in accordance with the Indenture designate. 

  
 A-3 

 3. Certain Office. Initially, U.S. Bank National Association (in such capacities, the
“Paying Agent” and the “Security Registrar”) will, at its offices located at 100 Wall Street, Suite 1600, New York, New York 10005, act as the Company’s office or agency solely for purposes of where the
Securities may be presented or surrendered for payment and where the Securities may be surrendered for registration of transfer or exchange. For all other purposes, including where notices and demands to or upon the Company in respect of the
Securities and the Indenture may be served, U.S. Bank National Association, the Trustee under the Indenture, will act at its offices located at Houston Greenway Plaza, 8 Greenway Plaza, Suite 1100, Houston, TX 77046-0892. 

4. Indenture. The Company issued the Securities under an Indenture dated as of March 10, 2015 (the “Indenture”)
between the Company and the Trustee. The terms of the Securities include those stated in the Indenture (including terms defined therein, which terms when used herein, unless the context requires otherwise, shall have the meanings assigned to such
terms in the Indenture) and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”), as in effect on the date of execution of the Indenture. The Securities are subject to all such
terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. The Securities are unsecured general obligations of the Company initially limited to $850,000,000 in aggregate principal amount and will rank on a parity
with all other unsecured and unsubordinated indebtedness of the Company; provided, however, that the authorized aggregate principal amount of the Securities may be increased above such amount by a Board Resolution to such effect. The Indenture
provides for the issuance of other series of debentures, notes and other evidences of indebtedness (including the Securities, the “Debt Securities”) thereunder. 

5. Denominations, Transfer, Exchange. The Securities are in registered form without coupons and, if not in global form, in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Security Registrar and the Trustee may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Security Registrar need not exchange or register the transfer of any Securities during the
period beginning on the opening of business 15 days before the day of mailing of a notice of redemption of the Securities and ending at the close of business on the day of such mailing or of any Securities selected for redemption, except the
unredeemed portion of any Securities being redeemed in part. 
 6. Persons Deemed Owners. The registered Holder of a Security shall
be treated as its owner for all purposes. 
 7. Redemption. The Securities will be redeemable at any time and from time to time prior
to Maturity, in whole or in part, at the option of the Company, at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities, and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 40 basis points, as calculated by the Independent Investment Banker (as defined below) plus, in each case, accrued
and unpaid interest thereon to the date of redemption; provided that the principal amount of a Security outstanding after redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. 

  
 A-4 

 “Adjusted Treasury Rate” means, with respect to any date of redemption,
(i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published
weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (ii) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such date of redemption. The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the date of redemption. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
term of the Notes. 
 “Comparable Treasury Price” means, with respect to any date of redemption, (i) the average of
five Reference Treasury Dealer Quotations for such date of redemption, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than five such Reference
Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 
 “Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the independent investment banker from time to time. 

“Reference Treasury Dealers” means (i) BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC
and Mizuho Securities USA LLC or their respective successors; provided that, if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Company. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of redemption, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such date of redemption. 

  
 A-5 

 Notice of any redemption will be mailed at least 30 days but not more than 60 days before
the date of redemption to each Holder of the Securities to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on the Securities or portions thereof called
for redemption. 
 8. Amendments and Waivers. Subject to certain exceptions and limitations, the Indenture or the Securities may be
supplemented with the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities, and any past default under the Indenture with respect to the Securities, and its consequences, may be waived (other
than a default in the payment of the principal of (or premium, if any) or interest on the Securities or in respect of a covenant or provision of the Indenture which under Article 9 thereof cannot be modified or amended without the consent of the
Holder of each outstanding Security) by the Holders of not less than a majority in principal amount of the outstanding Securities in accordance with the terms of the Indenture. Without the consent of any Holder, the Company and the Trustee may
supplement the Indenture or the Securities (i) to cure any ambiguity, omission, defect or inconsistency, in each case which shall not be inconsistent with the provisions of the Indenture and which shall not adversely affect the interest of the
Holders of the Securities in any material respect; (ii) to evidence the assumption by a successor Person of the obligations of the Company under the Indenture and this Security; (iii) to change or eliminate any restrictions on the payment
of principal (or premium, if any) on Registered Securities, to permit Registered Securities to be exchanged for Bearer Securities or to permit the issuance of Securities in uncertificated form, provided any such action shall not adversely affect the
interest of the Holders of the Securities in any material respect; (iv) to add to the covenants of the Company for the benefit of the Holders of the Securities or Holders of other series of Debt Securities, or to surrender any right or power
conferred by the Indenture upon the Company; (v) to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purpose of issue, authentication and delivery of the Securities as set forth in
the Indenture; or (vi) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee with respect to the Securities and to add to or change any of the provisions of the Indenture as shall be necessary to
provide for or facilitate the administration of the trusts thereunder by more than one Trustee, pursuant to the requirements of the Indenture. 

The right of any Holder to participate in any consent required or sought pursuant to any provision of the Indenture (and the obligation of the
Company to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of any Securities with respect to which consent is required or sought as of a date fixed
in accordance with the terms of the Indenture. 
 Subject to certain exceptions and limitations set forth in the Indenture, without the
consent of each Holder affected, the Company may not (i) change the Stated Maturity of the principal of or any installment of interest on any Security, (ii) reduce the principal amount of, or any premium or interest on, any Security,
(iii) change any Place of Payment where, or the currency in which, any Security or any premium or interest thereon is payable, (iv) impair the right to institute suit for the enforcement of any payment with respect to any Security after
the Stated Maturity thereof (or, in the case of redemption, on or after the applicable Redemption Date), (v) reduce the percentage in principal amount of the outstanding Securities whose Holders must consent to a supplement or waiver, or reduce the
requirements in Section 1504 of the Indenture for quorum or voting, or make any change in the percentage of principal amount of Securities necessary to waive compliance with certain provisions of the Indenture or (vi) waive a continuing
Default or Event of Default in the payment of principal of or premium (if any) or interest on the Securities. 

  
 A-6 

 A supplemental indenture that changes or eliminates any covenant or other provision of the
Indenture which has expressly been included solely for the benefit of one or more particular series of Debt Securities under the Indenture, or which modifies the rights of the Holders of Debt Securities of such series with respect to such covenant
or other provision, shall be deemed not to affect the rights under the Indenture of the Holders of Debt Securities of any other series. 

9. Defaults and Remedies. Events of Default are defined in the Indenture and generally include: (i) failure to pay principal of or
any premium on any Security when due and payable; (ii) failure to pay any interest on any Security when due and payable, and the continuation of the default for 30 days; (iii) failure to perform any other covenant, or breach of any
warranty, of the Company in the Indenture, continued for 60 days after written notice is given or received as provided in the Indenture; and (iv) certain events of bankruptcy, insolvency or reorganization. If any Event of Default at any time
outstanding occurs and is continuing, either the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Securities may declare the principal amount of all Securities to be due and payable immediately. At any
time after a declaration or occurrence of acceleration with respect to the Securities has been made, but before a judgment or decree based on acceleration has been obtained, the Event of Default giving rise to such declaration of acceleration shall,
under certain circumstances, be deemed to have been waived, and such declaration and its consequences shall be deemed to have been rescinded and annulled. 

Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity reasonably
satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power with
respect to the Securities. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium (if any) or interest) if in good faith it determines that withholding notice is in their interests.
The Company must furnish an annual compliance certificate to the Trustee. 
 10. Discharge Prior to Maturity. The Indenture with
respect to the Securities shall be discharged and canceled upon the payment of all Securities and, as provided in the Indenture, shall be discharged except for certain obligations upon the irrevocable deposit with the Trustee of funds sufficient for
such payment. 
 11. Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not Trustee. 

12. Authentication. This Security shall not be valid until authenticated by the manual signature of an authorized signer of the
Trustee. 

  
 A-7 

 13. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness of such numbers as printed on the
Securities and reliance may be placed only on the other identification numbers printed thereon. 
 14. Abbreviations. Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform gifts to Minors Act). 
 The Company will furnish to any Holder upon written request and without charge a copy of
the Indenture. Request may be made to: 
 Valero Energy Corporation 

One Valero Way 
 San Antonio, Texas 78249 

Telephone: (210) 345-2000 

Attention: General Counsel 

  
 A-8 

 SCHEDULE OF EXCHANGES OF SECURITY* 

The following exchanges of a part of this global Security for definitive Securities have been made: 

 

									
	 Date of exchange
	  	 Amount of decrease in
principal amount of

this global Security
	  	 Amount of increase in
principal amount of

this global Security
	  	 Principal amount of

this global Security
 following
such
decrease (or increase)
	  	 Signature of
authorized officer of

Trustee or Security

Registrar

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	 This schedule to be included only if the Security is a Global Security. 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to (Insert assignee’s social security
or tax I.D. number) 
 (Print or type assignee’s name, address and zip code) 

______________, ________________________________ and irrevocably appoint _____________________________________ as agent to transfer this
Security on the books of the Company. The agent may substitute another to act for him. 
  

							
	Date:	 		 	Your Signature:	 	
                     
                                        

		 		 		 	(Sign exactly as your name appears on the face of this Security)

  

					
	 Signature
 Guarantee:
	  	  
	  	
		  	(Participant in a Recognized Signature Guaranty Medallion Program)	  	                                      
                  

  
 A-10

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