Document:

Exhibit 4.2

 

CONOCOPHILLIPS COMPANY

 

Floating Rate Notes due 2018

Floating Rate Notes due 2022

1.500% Notes due 2018

2.200% Notes due 2020

3.350% Notes due 2025

 

Fully and Unconditionally Guaranteed by

 

CONOCOPHILLIPS

 

Five series of Securities are hereby established pursuant to Section 2.01 of the Indenture, dated as of May 18, 2015 (the “Indenture”), among ConocoPhillips Company, as issuer (the “Company”), ConocoPhillips, as guarantor (the “Guarantor”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”), as follows:

 

1.                                      Each capitalized term used but not defined herein shall have the meaning assigned to such term in the Indenture.

 

2.                                      The title of the Floating Rate Notes due 2018 shall be “Floating Rate Notes due 2018” (the “2018 Floating Rate Notes”), the title of the Floating Rate Notes due 2022 shall be “Floating Rate Notes due 2022” (the “2022 Floating Rate Notes”), the title of the 1.500% Notes due 2018 shall be “1.500% Notes due 2018” (the “2018 Notes”), the title of the 2.200% Notes due 2020 shall be “2.200% Notes due 2020” (the “2020 Notes”), and the title of the 3.350% Notes due 2025 shall be “3.350% Notes due 2025” (the “2025 Notes” and, together with the 2018 Floating Rate Notes, the 2022 Floating Rate Notes, the 2018 Notes and the 2020 Notes, the “Notes”).  The 2018 Floating Rate Notes and the 2022 Floating Rate Notes are referred to herein as the “Floating Rate Notes.” The 2018 Notes, the 2020 Notes and the 2025 Notes are referred to herein as the “Fixed Rate Notes.”

 

3.                                      The limit upon the aggregate principal amount of the 2018 Floating Rate Notes, the 2022 Floating Rate Notes, the 2018 Notes the 2020 Notes and the 2025 Notes that may be authenticated and delivered under the Indenture (except for Notes of such series authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of such series pursuant to Section 2.08, 2.09, 2.12, 2.17, 3.07 or 9.05 of the Indenture and except for any Notes of such series which, pursuant to Section 2.04 or 2.17 of the Indenture, are deemed never to have been authenticated and delivered thereunder) is $250,000,000, $500,000,000, $750,000,000, $500,000,000 and $500,000,000, respectively; provided, however, that the authorized aggregate principal amount of the Notes of each series may be increased before or after the issuance of any Notes of such series by a Board Resolution (or action pursuant to a Board Resolution) to such effect; provided further, however, that the authorized aggregate principal amount of the Notes of each series may be increased only if the additional Notes issued will be fungible with the original Notes of such series for United States federal income tax purposes.

 

 

4.                                      The Notes of each series shall be issued upon original issuance in whole in the form of one or more Global Securities (the “Global Notes”).  The Depository Trust Company and the Trustee are hereby designated as the Depositary and the Security Custodian, respectively, for the Global Notes under the Indenture.

 

5.                                      The Fixed Rate Notes of each series and the Trustee’s certificate of authentication shall be substantially in the form of Annex A hereto (the “Form of Fixed Rate Note”).  The Floating Rate Notes of each series and the Trustee’s certificate of authentication shall be substantially in the form of Annex B hereto (the “Form of Floating Rate Note”).

 

6.                                      The date on which the principal of the 2018 Floating Rate Notes, the 2022 Floating Rate Notes, the 2018 Notes the 2020 Notes and the 2025 Notes is payable shall be May 15, 2018, May 15, 2022, May 15, 2018, May 15, 2020 and May 15, 2025, respectively.

 

7.                                      The rate at which the 2018 Floating Rate Notes shall bear interest shall be an annual rate, reset quarterly, equal to LIBOR plus 0.33%, as determined by the Calculation Agent, which shall initially be the Trustee.  The rate at which the 2022 Floating Rate Notes shall bear interest shall be an annual rate, reset quarterly, equal to LIBOR plus 0.90%, as determined by the Calculation Agent, which shall initially be the Trustee.  The Interest Payment Dates on which such interest shall be payable shall be February 15, May 15, August 15 and November 15 of each year, commencing August 15, 2015, or if any such day is not a Business Day, on the next succeeding Business Day; provided that if the next succeeding Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the next preceding Business Day.  The record dates for the interest payable on each series the Floating Rate Notes on any Interest Payment Date shall be the February 1, May 1, August 1 and November 1, as the case may be, next preceding such Interest Payment Date.

 

Set forth below is a summary of certain of the defined terms used for purposes of determining the interest rate payable on each series of the Floating Rate Notes.

 

“Determination Date” means, with respect to an Interest Period, the day that is two London Banking Days prior to the first day of such Interest Period.

 

“Interest Period” means the period commencing on and including an interest payment date and ending on and including the day immediately preceding the next succeeding interest payment date, with the exception that the first Interest Period shall commence on and include May 18, 2015 and end on and include August 14, 2015.

 

“LIBOR” means, with respect to an Interest Period, the rate (expressed as a percentage per annum) for deposits in U.S. dollars for a three-month period beginning on the second London Banking Day after the Determination Date that appears on Reuters Page LIBOR 01 as of 11:00 a.m., London time, on the Determination Date. If Reuters Page LIBOR 01 does not include such a rate or is unavailable on a Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected by the Calculation Agent, to provide such bank’s offered quotation (expressed as a percentage

 

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per annum), as of approximately 11:00 a.m., London time, on such Determination Date, to prime banks in the London interbank market for deposits in a Representative Amount of U.S. dollars for a three-month period beginning on the second London Banking Day after the Determination Date. If at least two such offered quotations are so provided, the rate for the Interest Period will be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected by the Calculation Agent, to provide such bank’s rate (expressed as a percentage per annum), as of approximately 11:00 a.m., New York City time, on such Determination Date, for loans in a Representative Amount in U.S. dollars to leading European banks for a three-month period beginning on the second London Banking Day after the Determination Date. If at least two such rates are so provided, the rate for the Interest Period will be the arithmetic mean of such rates. If fewer than two such rates are so provided, then the rate for the Interest Period will be the rate in effect with respect to the immediately preceding Interest Period.

 

“London Banking Day” is any day on which dealings in U.S. dollars are transacted or, with respect to any future date, are expected to be transacted in the London interbank market.

 

“Representative Amount” means a principal amount of not less than $1,000,000 for a single transaction in the relevant market at the relevant time.

 

“Reuters Page LIBOR 01” means the display page so designated on the Reuters service or equivalent information reporting service or any successor service (or such successor display page, other published source, information vendor or provider).

 

For the Floating Rate Notes, the amount of interest for each day that the Floating Rate Notes of a series are outstanding (the “Floating Rate Notes Daily Interest Amount”) will be calculated by dividing the interest rate in effect for such day by 360 and multiplying the result by the principal amount of the Floating Rate  Notes of such series outstanding on such day. The amount of interest to be paid on the Floating Rate Notes of such series for each Interest Period will be calculated by adding such Floating Rate Notes Daily Interest Amounts for such series for each day in the Interest Period.

 

All percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point being rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards).

 

The interest rate on each series of Floating Rate Notes will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application.

 

The Calculation Agent will, upon the written request of any holder of a series of Floating Rate Notes, provide the interest rate then in effect with respect to such series of Floating Rate Notes. All calculations made by the Calculation Agent in the absence of manifest error will

 

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be conclusive for all purposes and binding on the Company, the Guarantor and the holders of such series of Floating Rate Notes.

 

8.                                      The rate at which the 2018 Notes shall bear interest shall be 1.500% per annum.  The rate at which the 2020 Notes shall bear interest shall be 2.200% per annum.  The rate at which the 2025 Notes shall bear interest shall be 3.350% per annum.  Interest on the Fixed Rate Notes of each series shall be computed on the basis of a 360-day year of twelve 30-day months.  The Interest Payment Dates on which such interest shall be payable shall be May 15 and November 15 of each year, commencing November 15, 2015.  The record dates for the interest payable on the Fixed Rate Notes of each series on any Interest Payment Date shall be the May 1 and November 1, as the case may be, next preceding such Interest Payment Date.

 

9.                                      No Additional Amounts with respect to the Notes shall be payable.  The date from which interest shall accrue for the Notes of each series shall be May 18, 2015.

 

10.                               The place or places where the principal of, premium (if any) on and interest on the Notes shall be payable shall be the office or agency of the Company maintained for that purpose, initially the office of the Trustee in The City of New York, and any other office or agency maintained by the Company for such purpose.  Payments in respect of Global Notes (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 Notes.  In all other cases, at the option of the Company, payment of interest may be made by check mailed to the address of the person entitled thereto as such address shall appear in the register of the Notes maintained by the Registrar.

 

11.                               The Paying Agent and Registrar for the Notes of each series initially shall be the Trustee.

 

12.                               Prior to May 15, 2018, the 2018 Notes are subject to redemption, in whole or in part, from time to time, at the option of the Company, in principal amounts of $2,000 and integral multiples of $1,000 above such amount, upon not less than 30 nor more than 60 days’ prior notice as provided in the Indenture, at a Redemption Price, determined by a Reference Treasury Dealer selected by the Company, equal to the sum of (i) 100% of the principal amount of the 2018 Notes to be redeemed and (ii) the amount, if any, by which the sum of the present values of the Remaining Scheduled Payments thereon, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points exceeds the principal amount of the 2018 Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date.  Prior to April 15, 2020, the 2020 Notes are subject to redemption, in whole or in part, from time to time, at the option of the Company, in principal amounts of $2,000 and integral multiples of $1,000 above such amount, upon not less than 30 nor more than 60 days’ prior notice as provided in the Indenture, at a Redemption Price, determined by a Reference Treasury Dealer selected by the Company, equal to the sum of (i) 100% of the principal amount of the 2020 Notes to be redeemed and (ii) the amount, if any, by which the sum of the present values of the Remaining Scheduled Payments

 

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thereon, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points exceeds the principal amount of the 2020 Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date.  On or after April 15, 2020 (the “2020 Notes Early Call Date”), the 2020 Notes are subject to redemption, in whole or in part, from time to time, at the option of the Company, in principal amounts of $2,000 and integral multiples of $1,000 above such amount, at a redemption price equal to 100% of the principal amount of the 2020 Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date.  Prior to February 15, 2025, the 2025 Notes are subject to redemption, in whole or in part, from time to time, at the option of the Company, in principal amounts of $2,000 and integral multiples of $1,000 above such amount, upon not less than 30 nor more than 60 days’ prior notice as provided in the Indenture, at a Redemption Price, determined by a Reference Treasury Dealer selected by the Company, equal to the sum of (i) 100% of the principal amount of the 2025 Notes to be redeemed and (ii) the amount, if any, by which the sum of the present values of the Remaining Scheduled Payments thereon, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 17.5 basis points exceeds the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date.  On or after February 15, 2025 (the “2025 Notes Early Call Date” and, together with the 2020 Notes Early Call Date, the “Early Call Dates”), the 2025 Notes are subject to redemption, in whole or in part, from time to time, at the option of the Company, in principal amounts of $2,000 and integral multiples of $1,000 above such amount, at a redemption price equal to 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date.

 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to (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; provided that if no maturity is within three months before or after the Stated Maturity for the applicable series of Fixed Rate Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will 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 such calculation date or does not contain such yields, the rate per annum equal to the semiannual 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 Redemption Date.  The Treasury Rate shall be calculated on the third Business Day preceding such Redemption Date by a Reference Treasury Dealer selected by the Company.

 

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“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that would be used, 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 applicable series of Fixed Rate Notes.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Reference Treasury Dealer” means (i) each of J.P. Morgan Securities LLC (and its successors), Merrill Lynch, Pierce, Fenner & Smith Incorporated (and its successors) and RBC Capital Markets, LLC (and its successors), provided, however, that if any of the foregoing shall cease to be a nationally recognized investment banking firm that is a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer; and (ii) a Primary Treasury Dealer selected by Mitsubishi UFJ Securities (USA), Inc.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, 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 Company by such Reference Treasury Dealer as of 3:30 p.m., New York time, on the third Business Day preceding such Redemption Date.

 

“Remaining Scheduled Payments” means, with respect to each Fixed Rate Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date up to and including the applicable Early Call Date; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Fixed Rate Note, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date.

 

13.                               The Company shall have no obligation to redeem, purchase or repay Notes pursuant to any sinking fund or analogous provision or at the option of a Holder thereof.

 

14.                               Each Global Note shall bear the legend set forth on the face of the Form of Fixed Rate Note or the Form of Floating Rate Note, as applicable.

 

15.                               In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”) to which a foreign financial institution, issuer, trustee, paying agent, holder or other institution is or has agreed to be subject related to the Indenture, the

 

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Company and the Guarantor agree (i) to provide to the Trustee sufficient information about holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so that the Trustee  can determine whether it has tax-related obligations under Applicable Law, (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law for which the Trustee shall not have any liability, and (iii) to hold harmless the Trustee for any losses it may suffer due to the actions it takes to comply with such Applicable Law.  The terms of this section shall survive the termination of the Indenture.

 

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Annex A

 

[FORM OF FACE OF SECURITY]

 

[Unless and until it is exchanged in whole or in part for Securities in definitive form, this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.  The Depository Trust Company (55 Water Street, New York, New York), a New York corporation (“DTC”), shall act as the Depositary until a successor shall be appointed by the Company and the Registrar.  Unless this certificate is presented by an authorized representative of 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 in 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.]*

 

CONOCOPHILLIPS COMPANY

 

[1.500% NOTE DUE 2018]

[2.200% NOTE DUE 2020]

[3.350% NOTE DUE 2025]

 

FULLY AND UNCONDITIONALLY GUARANTEED BY

 

CONOCOPHILLIPS

 

	
 
    	
CUSIP   No.                              
    
	
No.                               
    	
$                           
    

 

ConocoPhillips Company, a Delaware corporation (the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, promises to pay to                      or registered assigns, the principal sum of                                      Dollars[, or such greater or lesser amount as indicated on the Schedule of Exchanges of Securities hereto,]* on May 15, [2018] [2020] [2025].

 

	
Interest Payment   Dates:
    	
May 15 and   November 15
    
	
 
    	
 
    
	
Record Dates:
    	
May 1 and   November 1
    

 

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

 

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

 

	
Dated:   May 18, 2015
    	
 
    
	
 
    	
 
    
	
 
    	
CONOCOPHILLIPS   COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: Glenda M.   Schwarz
    
	
 
    	
 
    	
Title: Vice   President and Controller
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: Mehmet F.   Muftuoglu
    
	
 
    	
 
    	
Title: Assistant   Treasurer
    

 

 

GUARANTEE

 

ConocoPhillips, a Delaware corporation, unconditionally guarantees to the holder of this Security, upon the terms and subject to the conditions set forth in the Indenture referenced on the reverse hereof, (a) the full and prompt payment of the principal of and any premium on this Security when and as the same shall become due, whether at the stated maturity thereof, by acceleration, redemption or otherwise, and (b) the full and prompt payment of interest on this Security when and as the same shall become due, subject to any applicable grace period.

 

	
 
    	
CONOCOPHILLIPS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: Mehmet F. Muftuoglu
    
	
 
    	
 
    	
Title: Assistant   Treasurer
    

 

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Certificate of Authentication:

 

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

 

 

	
WELLS FARGO BANK,   NATIONAL ASSOCIATION
    	
 
    
	
as Trustee
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
Date: May 18, 2015
    
	
 
    	
Authorized Signatory
    	
 
    

 

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[FORM OF REVERSE OF SECURITY]

 

CONOCOPHILLIPS COMPANY

 

[1.500% NOTE DUE 2018]

[2.200% NOTE DUE 2020]

[3.350% NOTE DUE 2025]

 

FULLY AND UNCONDITIONALLY GUARANTEED BY

 

CONOCOPHILLIPS

 

This Security is one of a duly authorized issue of [1.500% Notes due 2018] [2.200% Notes due 2020] [3.350% Notes due 2025] (the “Securities”) of ConocoPhillips Company, a Delaware corporation (the “Company”).

 

1.                                      Interest.  The Company promises to pay interest on the principal amount of this Security at [1.500%] [2.200%] [3.350%] per annum from May 18, 2015 until maturity.  The Company will pay interest semiannually on May 15 and November 15 of each year (each an “Interest Payment Date”), 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 May 18, 2015; provided that if there is no existing Default in the payment of interest, and if this Security is authenticated between a record date referred to on the face hereof (each, a “Record Date”) 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 November 15, 2015.  The Company shall pay interest on overdue principal and premium (if any) from time to time at a rate equal to the interest rate then in effect; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time at the same rate to the extent lawful.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

2.                                      Method of Payment.  The Company will pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders of Securities at the close of business on the Record Date next preceding the Interest Payment Date, even if such Securities are canceled after such Record Date and on or before such Interest Payment Date.  The Holder must surrender this Security to a Paying Agent to collect principal payments.  The Company will pay the principal of, premium (if any) on and interest on the Securities in money of the United States of America that at the time of payment is legal tender for payment of public and private debts.  Such amounts shall be payable at the offices of the Trustee (as defined below), provided that at the option of the Company, the Company may pay such amounts (1) by wire transfer with respect to Global Securities or (2) by check payable in such money mailed to a Holder’s registered address with respect to any Securities.

 

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3.                                      Paying Agent and Registrar.  Initially, Wells Fargo Bank, National Association (the “Trustee”), the trustee under the Indenture, will act as Paying Agent and Registrar.  The Company may change any Paying Agent, Registrar, co-registrar or additional paying agent without notice to any Holder.  The Company, the Guarantor or any Subsidiary of the Company may act in any such capacity.

 

4.                                      Guarantee.  ConocoPhillips, a Delaware corporation (the “Guarantor”), unconditionally guarantees to the Holders from time to time of the Securities, upon the terms and subject to the conditions set forth in the Indenture (as defined below), (a) the full and prompt payment of the principal of and any premium on the Securities when and as the same shall become due, whether at the Stated Maturity thereof, by acceleration, redemption or otherwise, and (b) the full and prompt payment of any interest on the Securities when and as the same shall become due, subject to any applicable grace period.  The Guarantee constitutes a guarantee of payment and not of collection.  In the event of a default in the payment of principal of or any premium on the Securities when and as the same shall become due, whether at the Stated Maturity thereof, by acceleration, call for redemption or otherwise, or in the event of a default in the payment of any interest on the Securities when and as the same shall become due, each of the Trustee and the Holders of the Securities shall have the right to proceed first and directly against the Guarantor under the Indenture without first proceeding against the Company or exhausting any other remedies which the Trustee or such Holder may have and without resorting to any other security held by it.

 

5.                                      Indenture.  The Company issued the Securities under an Indenture, dated as of May 18, 2015 (the “Indenture”), among the Company, the Guarantor and the Trustee.  The terms of the Securities include those stated 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 and for the definitions of capitalized terms used but not defined herein.  The Securities are unsecured general obligations of the Company limited to [$750,000,000] [$500,000,000] [$500,000,000] in aggregate principal amount; provided, however, that the authorized aggregate principal amount of the Securities may be increased before or after the issuance of any Securities by a Board Resolution (or action pursuant to a Board Resolution) to such effect; provided further, however, that the authorized aggregate principal amount of the Securities may be increased only if the additional Securities issued will be fungible with the original Securities for United States federal income tax purposes.  The Indenture provides for the issuance of other series of debt securities (including the Securities, the “Debt Securities”) thereunder.

 

6.                                      Denominations, Transfer, Exchange.  The Securities are in registered form without coupons in minimum denominations of $2,000 and any integral multiples of $1,000 above such amount.  The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture.  The 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.  Neither the Company, the Trustee

 

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nor the Registrar shall be required to register the transfer or exchange of (a) any Security selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part, or (b) any Security during the period beginning 15 Business Days before the mailing of notice of redemption of Securities to be redeemed and ending at the close of business on the day of mailing.

 

7.                                      Persons Deemed Owners.  The registered Holder of a Security shall be treated as its owner for all purposes.

 

8.                                      Redemption.  Prior to [May 15, 2018] [April 15, 2020] [February 15, 2025], the Securities are subject to redemption, in whole or in part, from time to time, at the option of the Company, in principal amounts of $2,000 and integral multiples of $1,000 above such amount, upon not less than 30 nor more than 60 days’ prior notice as provided in the Indenture, at a Redemption Price, determined by a Reference Treasury Dealer selected by the Company, equal to the sum of (i) 100% of the principal amount of the Securities to be redeemed and (ii) the amount, if any, by which the sum of the present values of the Remaining Scheduled Payments thereon, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus [10] [10] [17.5] basis points exceeds the principal amount of the Securities to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date.  On or after [April 15, 2020] [February 15, 2025] (the “Early Call Date”), the Securities are subject to redemption, in whole or in part, from time to time, at the option of the Company, in principal amounts of $2,000 and integral multiples of $1,000 above such amount, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date.

 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to (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; provided that if no maturity is within three months before or after the Stated Maturity for the Securities, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will 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 such calculation date or does not contain such yields, the rate per annum equal to the semiannual 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 Redemption Date.  The Treasury Rate shall be calculated on the third Business Day preceding such Redemption Date by a Reference Treasury Dealer selected by the Company.

 

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“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that would be used, 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 Securities.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Reference Treasury Dealer” means (i) each of J.P. Morgan Securities LLC (and its successors), Merrill Lynch, Pierce, Fenner & Smith Incorporated (and its successors) and RBC Capital Markets, LLC (and its successors), provided, however, that if any of the foregoing shall cease to be a nationally recognized investment banking firm that is a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer; and (ii) a Primary Treasury Dealer selected by Mitsubishi UFJ Securities (USA), Inc.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, 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 Company by such Reference Treasury Dealer as of 3:30 p.m., New York time, on the third Business Day preceding such Redemption Date.

 

“Remaining Scheduled Payments” means, with respect to each Security to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date up to and including the Early Call Date; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Security, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date.

 

9.                                      Amendments and Waivers.  Subject to certain exceptions and limitations, the Indenture or the Securities may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Debt Securities of all series affected by such amendment or supplement (acting as one class), and any existing or past Default or Event of Default under, or compliance with any provision of, the Indenture may be waived (other than any continuing Default or Event of Default in the payment of the principal of, premium (if any) on or interest on the Securities) by the Holders of at least a majority in principal amount of the then outstanding Debt Securities of any series or of all series (acting as one class) in accordance with the terms of the Indenture.  Without the consent of any Holder, the Company, the Guarantor and the Trustee may amend or supplement the Indenture or the

 

A-8

 

Securities or waive any provision of either: (i) to cure any ambiguity, omission, defect or inconsistency; (ii) if required, to provide for the assumption of the obligations of the Company or the Guarantor under the Indenture in the case of the merger, consolidation or sale, lease, conveyance, transfer or other disposition of all or substantially all of the assets of the Company or the Guarantor; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities or to provide for the issuance of bearer Securities (with or without coupons); (iv) to provide any security for, or to add any guarantees of or additional obligors on, the Securities or the related Guarantees; (v) to comply with any requirement in order to effect or maintain the qualification of the Indenture under the TIA; (vi) to add to the covenants of the Company or the Guarantor for the benefit of the Holders of the Securities, or to surrender any right or power conferred by the Indenture upon the Company or the Guarantor; (vii) to add any additional Events of Default with respect to all or any series of the Debt Securities; (viii) to change or eliminate any of the provisions of the Indenture, provided that no outstanding Security is adversely affected in any material respect; (ix) to establish the form or terms of Securities of any series as permitted by the Indenture; (x) to supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of the Securities pursuant to the Indenture; or (xi) 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 or the Guarantor 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 such consent is required or sought as of a date identified by the Company or the Guarantor in a notice furnished to Holders in accordance with the terms of the Indenture.

 

Without the consent of each Holder affected, the Company may not (i) reduce the amount of Debt Securities whose Holders must consent to an amendment, supplement or waiver; (ii) reduce the rate of or change the time for payment of interest, including default interest, on any Security; (iii) reduce the principal of or premium on, or change the Stated Maturity of, any Security; (iv) reduce the premium, if any, payable upon the redemption of any Security or change the time at which any Security may or shall be redeemed; (v) change any obligation of the Company or the Guarantor to pay Additional Amounts with respect to any Security; (vi) change the coin or currency in which any Security or any premium or interest with respect thereto is payable; (vii) impair the right to institute suit for the enforcement of any payment of principal of or premium (if any) or interest on any Security, except as provided in the Indenture; (viii) make any change in the percentage of principal amount of Debt Securities necessary to waive compliance with certain provisions of the Indenture or make any change in the provision for modification; or (ix) waive a continuing Default or Event of Default in the payment of principal of or premium (if any) or interest on the Securities.

 

A-9

 

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.

 

10.                               Defaults and Remedies.  Events of Default are defined in the Indenture and generally include: (i) default for 30 days in payment of any interest on the Securities; (ii) default in any payment of principal of or premium, if any, on the Securities when due and payable; (iii) default by the Company or the Guarantor in compliance with any of its other covenants or agreements in, or provisions of, the Securities or in the Indenture which shall not have been remedied within 90 days after written notice by the Trustee or by the holders of at least 25% in principal amount of the Securities then outstanding (or, in the event that other Debt Securities issued under the Indenture are also affected by the default, then 25% in principal amount of all outstanding Debt Securities so affected); or (iv) certain events involving bankruptcy, insolvency or reorganization of the Company or the Guarantor.  If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities (or, in the case of an Event of Default described in clause (iii) above, if outstanding Debt Securities of other series are affected by such Default, then at least 25% in principal amount of the then outstanding Debt Securities so affected), may declare the principal of and interest on all the Securities (or such Debt Securities) to be immediately due and payable, except that in the case of an Event of Default arising from certain events of bankruptcy, insolvency or reorganization of the Company or the Guarantor, all outstanding Debt Securities under the Indenture become due and payable immediately without further action or notice.  The amount due and payable upon the acceleration of any Security is equal to 100% of the principal amount thereof plus accrued interest to the date of payment.  Holders may not enforce the Indenture or the Securities except as provided in the Indenture.  The Trustee may require indemnity 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 (or affected Debt Securities) may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium or interest) if it determines that withholding notice is in their interests.  The Company and the Guarantor must furnish annual compliance certificates to the Trustee.

 

11.                               Discharge Prior to Maturity.  The Indenture with respect to the Securities shall be discharged and canceled upon the payment of all of the Securities and shall be discharged except for certain obligations upon the irrevocable deposit with the Trustee of any combination of funds and U.S. Government Obligations sufficient for such payment.

 

12.                               Trustee Dealings with Company and Guarantor.  The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may make loans to, accept deposits from, and perform services for the Company, the Guarantor or any of their respective Affiliates, and may otherwise deal with the Company, the Guarantor or any such Affiliates, as if it were not Trustee.

 

A-10

 

13.                               No Recourse Against Others. A director, officer, employee, stockholder, partner or other owner of the Company, the Guarantor or the Trustee, as such, shall not have any liability for any obligations of the Company under the Securities, for any obligations of the Guarantor under the Guarantee or for any obligations of the Company, the Guarantor or the Trustee under the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Holder by accepting a Security waives and releases all such liability.  The waiver and release shall be part of the consideration for the issue of Securities.

 

14.                               Authentication.  This Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

15.                               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 accuracy of such numbers as printed on the Securities and reliance may be placed only on the other identification numbers printed thereon.

 

16.                               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:

 

ConocoPhillips Company

600 North Dairy Ashford

Houston, Texas 77079

Telephone:  (281) 293-1000

Attention:  Treasurer

 

A-11

 

SCHEDULE OF EXCHANGES OF SECURITIES*

 

The following exchanges of a part of this Global Security for other 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 Custodian
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

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

 

A-12

 

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-13

 

Annex B

 

[FORM OF FACE OF SECURITY]

 

[Unless and until it is exchanged in whole or in part for Securities in definitive form, this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.  The Depository Trust Company (55 Water Street, New York, New York), a New York corporation (“DTC”), shall act as the Depositary until a successor shall be appointed by the Company and the Registrar.  Unless this certificate is presented by an authorized representative of 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 in 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.]*

 

CONOCOPHILLIPS COMPANY

 

[FLOATING RATE NOTE DUE 2018]

[FLOATING RATE NOTE DUE 2022]

 

FULLY AND UNCONDITIONALLY GUARANTEED BY

 

CONOCOPHILLIPS

 

	
 
    	
 
    	
CUSIP No.                       
    
	
 
    	
 
    	
 
    
	
No.               
    	
 
    	
$                            
    

 

ConocoPhillips Company, a Delaware corporation (the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, promises to pay to                      or registered assigns, the principal sum of                                   Dollars[, or such greater or lesser amount as indicated on the Schedule of Exchanges of Securities hereto,]* on May 15, [2018] [2022].

 

	
Interest Payment   Dates:
    	
 
    	
February 15,   May 15, August 15 and November 15
    
	
 
    	
 
    	
 
    
	
Record Dates:
    	
 
    	
February 1,   May 1, August 1 and November 1
    

 

B-1

 

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

 

B-2

 

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

 

	
Dated:   May 18, 2015
    	
 
    
	
 
    	
 
    
	
 
    	
CONOCOPHILLIPS   COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: Glenda M.   Schwarz
    
	
 
    	
 
    	
Title: Vice   President and Controller
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: Mehmet F.   Muftuoglu
    
	
 
    	
 
    	
Title: Assistant   Treasurer
    

 

GUARANTEE

 

ConocoPhillips, a Delaware corporation, unconditionally guarantees to the holder of this Security, upon the terms and subject to the conditions set forth in the Indenture referenced on the reverse hereof, (a) the full and prompt payment of the principal of and any premium on this Security when and as the same shall become due, whether at the stated maturity thereof, by acceleration, redemption or otherwise, and (b) the full and prompt payment of interest on this Security when and as the same shall become due, subject to any applicable grace period.

 

	
 
    	
CONOCOPHILLIPS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: Mehmet F.   Muftuoglu
    
	
 
    	
 
    	
Title: Assistant   Treasurer
    

 

B-3

 

Certificate of Authentication:

 

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

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Trustee

 

 

	
By:
    	
 
    	
 
    	
Date:   May 18, 2015
    
	
Authorized   Signatory
    	
 
    	
 
    

 

B-4

 

[FORM OF REVERSE OF SECURITY]

 

CONOCOPHILLIPS COMPANY

 

[FLOATING RATE NOTE DUE 2018]

[FLOATING RATE NOTE DUE 2022]

 

FULLY AND UNCONDITIONALLY GUARANTEED BY

 

CONOCOPHILLIPS

 

This Security is one of a duly authorized issue of Floating Rate Notes due [2018] [2022] (the “Securities”) of ConocoPhillips Company, a Delaware corporation (the “Company”).

 

1.                                      Interest.  The Company promises to pay interest on the principal amount of this Security at an annual rate, reset quarterly, equal to LIBOR plus [0.33] [0.90]%, as determined by the Calculation Agent, from May 18, 2015 until maturity. If the maturity date of this Security is not a Business Day, the Company will pay interest and principal due on the maturity date on the immediately succeeding day that is a Business Day as if such payment were made on the date such payment was originally due, and no interest will accrue on the amounts so payable for the period from and after the maturity date to the immediately succeeding Business Day.  The Company will pay interest quarterly on February 15, May 15, August 15 and November 15 of each year (each an “Interest Payment Date”), or if any such day is not a Business Day, on the next succeeding Business Day; provided that if the next succeeding Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the next preceding 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 May 18, 2015; provided that if there is no existing Default in the payment of interest, and if this Security is authenticated between a record date referred to on the face hereof (each, a “Record Date”) 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 August 15, 2015.  The Company shall pay interest on overdue principal and premium (if any) from time to time at a rate equal to the interest rate then in effect; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time at the same rate to the extent lawful.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

The amount of interest for each day that this Security is outstanding (the “Daily Interest Amount”) will be calculated by dividing the interest rate in effect for such day by 360 and multiplying the result by the outstanding principal amount of the Security on such day. The amount of interest to be paid on this Security for each Interest Period will be calculated by adding the Daily Interest Amounts for each day in the Interest Period.

 

B-5

 

All percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point being rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards).

 

The interest rate on the Security will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application.

 

The Calculation Agent will, upon the written request of any Holder, provide the interest rate then in effect with respect to the Security. All calculations made by the Calculation Agent in the absence of manifest error will be conclusive for all purposes and binding on the Company, the Guarantors and the Holders of the Security.

 

For the purposes of this paragraph 1, the following terms shall have the meanings indicated:

 

“Calculation Agent” means a financial institution appointed by the Company to calculate the interest payable on the Securities in respect of each Interest Period. Pursuant to the Indenture (as hereinafter defined), the Company has initially appointed the Trustee as Calculation Agent.

 

“Determination Date” means, with respect to an Interest Period, the day that is two London Banking Days prior to the first day of such Interest Period.

 

“Interest Payment Date” means the Stated Maturity of an installment of interest on the Securities.

 

“Interest Period” means the period commencing on and including an Interest Payment Date and ending on and including the day immediately preceding the next succeeding Interest Payment Date, with the exception that the first Interest Period shall commence on and include May 18, 2015 with respect to the Security and end on and include August 14, 2015.

 

“LIBOR” means, with respect to an Interest Period, the rate (expressed as a percentage per annum) for deposits in U.S. dollars for a three-month period beginning on the second London Banking Day after the Determination Date that appears on Reuters Page LIBOR 01 as of 11:00 a.m., London time, on the Determination Date. If Reuters Page LIBOR 01 does not include such a rate or is unavailable on a Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected by the Calculation Agent, to provide such bank’s offered quotation (expressed as a percentage per annum), as of approximately 11:00 a.m., London time, on such Determination Date, to prime banks in the London interbank market for deposits of a Representative Amount in U.S. dollars for a three-month period beginning on the second London Banking Day after the Determination Date. If at least two such offered quotations are so provided, the rate for the Interest Period will be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, the

 

B-6

 

Calculation Agent will request each of three major banks in New York City, as selected by the Calculation Agent, to provide such bank’s rate (expressed as a percentage per annum), as of approximately 11:00 a.m., New York City time, on such Determination Date, for loans in a Representative Amount in U.S. dollars to leading European banks for a three-month period beginning on the second London Banking Day after the Determination Date. If at least two such rates are so provided, the rate for the Interest Period will be the arithmetic mean of such rates. If fewer than two such rates are so provided, then the rate for the Interest Period will be the rate in effect with respect to the immediately preceding Interest Period.

 

“London Banking Day” is any day on which dealings in U.S. dollars are transacted or, with respect to any future date, are expected to be transacted in the London interbank market.

 

“Representative Amount” means a principal amount of not less than $1,000,000 for a single transaction in the relevant market at the relevant time.

 

“Reuters Page LIBOR 01” means the display page so designated on the Reuters service or equivalent information reporting service or any successor service (or such successor display page, other published source, information vendor or provider).

 

2.                                      Method of Payment.  The Company will pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders of Securities at the close of business on the Record Date next preceding the Interest Payment Date, even if such Securities are canceled after such Record Date and on or before such Interest Payment Date.  The Holder must surrender this Security to a Paying Agent to collect principal payments.  The Company will pay the principal of, premium (if any) on and interest on the Securities in money of the United States of America that at the time of payment is legal tender for payment of public and private debts.  Such amounts shall be payable at the offices of the Trustee (as defined below), provided that at the option of the Company, the Company may pay such amounts (1) by wire transfer with respect to Global Securities or (2) by check payable in such money mailed to a Holder’s registered address with respect to any Securities.

 

3.                                      Paying Agent and Registrar.  Initially, Wells Fargo Bank, National Association (the “Trustee”), the trustee under the Indenture, will act as Paying Agent and Registrar.  The Company may change any Paying Agent, Registrar, co-registrar or additional paying agent without notice to any Holder.  The Company, the Guarantor or any Subsidiary of the Company may act in any such capacity.

 

4.                                      Guarantee.  ConocoPhillips, a Delaware corporation (the “Guarantor”), unconditionally guarantees to the Holders from time to time of the Securities, upon the terms and subject to the conditions set forth in the Indenture (as defined below), (a) the full and prompt payment of the principal of and any premium on the Securities when and as the same shall become due, whether at the Stated Maturity thereof, by acceleration, redemption or otherwise, and (b) the full and prompt payment of any interest on the Securities when and as the same shall become due, subject to any applicable grace period.  The Guarantee constitutes a guarantee of payment and not of collection.  In the event of a default in the payment of principal of or any

 

B-7

 

premium on the Securities when and as the same shall become due, whether at the Stated Maturity thereof, by acceleration, call for redemption or otherwise, or in the event of a default in the payment of any interest on the Securities when and as the same shall become due, each of the Trustee and the Holders of the Securities shall have the right to proceed first and directly against the Guarantor under the Indenture without first proceeding against the Company or exhausting any other remedies which the Trustee or such Holder may have and without resorting to any other security held by it.

 

5.                                      Indenture.  The Company issued the Securities under an Indenture, dated as of May 18, 2015 (the “Indenture”), among the Company, the Guarantor and the Trustee.  The terms of the Securities include those stated 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 and for the definitions of capitalized terms used but not defined herein.  The Securities are unsecured general obligations of the Company limited to [$250,000,000] [$500,000,000] in aggregate principal amount; provided, however, that the authorized aggregate principal amount of the Securities may be increased before or after the issuance of any Securities by a Board Resolution (or action pursuant to a Board Resolution) to such effect; provided further, however, that the authorized aggregate principal amount of the Securities may be increased only if the additional Securities issued will be fungible with the original Securities for United States federal income tax purposes.  The Indenture provides for the issuance of other series of debt securities (including the Securities, the “Debt Securities”) thereunder.

 

6.                                      Denominations, Transfer, Exchange.  The Securities are in registered form without coupons in minimum denominations of $2,000 and any integral multiples of $1,000 above such amount.  The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture.  The 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.  Neither the Company, the Trustee nor the Registrar shall be required to register the transfer or exchange of (a) any Security selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part, or (b) any Security during the period beginning 15 Business Days before the mailing of notice of redemption of Securities to be redeemed and ending at the close of business on the day of mailing.

 

7.                                      Persons Deemed Owners.  The registered Holder of a Security shall be treated as its owner for all purposes.

 

8.                                      Amendments and Waivers.  Subject to certain exceptions and limitations, the Indenture or the Securities may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Debt Securities of all series affected by such amendment or supplement (acting as one class), and any existing or past Default or Event of Default under, or compliance with any provision of, the Indenture may be waived

 

B-8

 

(other than any continuing Default or Event of Default in the payment of the principal of, premium (if any) on or interest on the Securities) by the Holders of at least a majority in principal amount of the then outstanding Debt Securities of any series or of all series (acting as one class) in accordance with the terms of the Indenture.  Without the consent of any Holder, the Company, the Guarantor and the Trustee may amend or supplement the Indenture or the Securities or waive any provision of either: (i) to cure any ambiguity, omission, defect or inconsistency; (ii) if required, to provide for the assumption of the obligations of the Company or the Guarantor under the Indenture in the case of the merger, consolidation or sale, lease, conveyance, transfer or other disposition of all or substantially all of the assets of the Company or the Guarantor; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities or to provide for the issuance of bearer Securities (with or without coupons); (iv) to provide any security for, or to add any guarantees of or additional obligors on, the Securities or the related Guarantees; (v) to comply with any requirement in order to effect or maintain the qualification of the Indenture under the TIA; (vi) to add to the covenants of the Company or the Guarantor for the benefit of the Holders of the Securities, or to surrender any right or power conferred by the Indenture upon the Company or the Guarantor; (vii) to add any additional Events of Default with respect to all or any series of the Debt Securities; (viii) to change or eliminate any of the provisions of the Indenture, provided that no outstanding Security is adversely affected in any material respect; (ix) to establish the form or terms of Securities of any series as permitted by the Indenture; (x) to supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of the Securities pursuant to the Indenture; or (xi) 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 or the Guarantor 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 such consent is required or sought as of a date identified by the Company or the Guarantor in a notice furnished to Holders in accordance with the terms of the Indenture.

 

Without the consent of each Holder affected, the Company may not (i) reduce the amount of Debt Securities whose Holders must consent to an amendment, supplement or waiver; (ii) reduce the rate of or change the time for payment of interest, including default interest, on any Security; (iii) reduce the principal of or premium on, or change the Stated Maturity of, any Security; (iv) reduce the premium, if any, payable upon the redemption of any Security or change the time at which any Security may or shall be redeemed; (v) change any obligation of the Company or the Guarantor to pay Additional Amounts with respect to any Security; (vi) change the coin or currency in which any Security or any premium or interest with respect thereto is payable; (vii) impair the right to institute suit for the enforcement of any payment of principal of or premium (if any) or interest on any Security, except as provided in the Indenture;

 

B-9

 

(viii) make any change in the percentage of principal amount of Debt Securities necessary to waive compliance with certain provisions of the Indenture or make any change in the provision for modification; or (ix) waive a continuing Default or Event of Default in the payment of principal of or premium (if any) or interest on the Securities.

 

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) default for 30 days in payment of any interest on the Securities; (ii) default in any payment of principal of or premium, if any, on the Securities when due and payable; (iii) default by the Company or the Guarantor in compliance with any of its other covenants or agreements in, or provisions of, the Securities or in the Indenture which shall not have been remedied within 90 days after written notice by the Trustee or by the holders of at least 25% in principal amount of the Securities then outstanding (or, in the event that other Debt Securities issued under the Indenture are also affected by the default, then 25% in principal amount of all outstanding Debt Securities so affected); or (iv) certain events involving bankruptcy, insolvency or reorganization of the Company or the Guarantor.  If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities (or, in the case of an Event of Default described in clause (iii) above, if outstanding Debt Securities of other series are affected by such Default, then at least 25% in principal amount of the then outstanding Debt Securities so affected), may declare the principal of and interest on all the Securities (or such Debt Securities) to be immediately due and payable, except that in the case of an Event of Default arising from certain events of bankruptcy, insolvency or reorganization of the Company or the Guarantor, all outstanding Debt Securities under the Indenture become due and payable immediately without further action or notice.  The amount due and payable upon the acceleration of any Security is equal to 100% of the principal amount thereof plus accrued interest to the date of payment.  Holders may not enforce the Indenture or the Securities except as provided in the Indenture.  The Trustee may require indemnity 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 (or affected Debt Securities) may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium or interest) if it determines that withholding notice is in their interests.  The Company and the Guarantor must furnish annual compliance certificates 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 of the Securities and shall be discharged except for certain obligations upon the irrevocable deposit with the Trustee of any combination of funds and U.S. Government Obligations sufficient for such payment.

 

B-10

 

11.                               Trustee Dealings with Company and Guarantor.  The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may make loans to, accept deposits from, and perform services for the Company, the Guarantor or any of their respective Affiliates, and may otherwise deal with the Company, the Guarantor or any such Affiliates, as if it were not Trustee.

 

12.                               No Recourse Against Others. A director, officer, employee, stockholder, partner or other owner of the Company, the Guarantor or the Trustee, as such, shall not have any liability for any obligations of the Company under the Securities, for any obligations of the Guarantor under the Guarantee or for any obligations of the Company, the Guarantor or the Trustee under the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Holder by accepting a Security waives and releases all such liability.  The waiver and release shall be part of the consideration for the issue of Securities.

 

13.                               Authentication.  This Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

14.                               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 accuracy of such numbers as printed on the Securities and reliance may be placed only on the other identification numbers printed thereon.

 

15.                               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:

 

ConocoPhillips Company

600 North Dairy Ashford

Houston, Texas 77079

Telephone:  (281) 293-1000

Attention:  Treasurer

 

B-11

 

SCHEDULE OF EXCHANGES OF SECURITIES*

 

The following exchanges of a part of this Global Security for other 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 Custodian
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

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

 

B-12

 

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)
    

 

B-13EXHIBIT 10.1

 

SHARE PURCHASE AGREEMENT

 

relating to the purchase of 100% of the
share capital of

Agricerere S.r.l. società agricola,
Agrielektra S.r.l. società agricola,

Agrisorse S.r.l. società agricola,
società agricola Gefa S.r.l.

 

May 14th, 2015

 

    	 

    	 

    

 

SHARE PURCHASE AGREEMENT

 

By and between

 

BlueSphere Italy S.r.l., a limited
liability company incorporated and existing under the laws of Italy, having its registered office at Corso G. Matteotti, 1, 20122
– Milan, Italy, Italian Tax Code and VAT No. 09084920967, represented by Mr. Roy Amitzur, born in Tel-Aviv, Israel on July
3rd, 1962, acting as attorney-in-fact by power of attorney dated May 13th, 2015, duly empowered for the purposes hereof
(hereinafter referred to as the “BUYER”);

 

- on one side -

 

and

 

Volteo Energie S.p.A., a company
wholly owned by Kinexia S.p.A., incorporated and existing under the laws of Italy, having its registered office at Via Privata
Bensi Giovanni 12/3, 20152 – Milan, Italy, Italian Tax Code and VAT No. 06375370969, represented by Flavio Raimondo, duly
authorized by resolution of the Board of Directors of May 13th, 2015, duly empowered for the purposes hereof (hereinafter
referred to as the “VOLTEO”);

 

Agriholding S.r.l., a company incorporated
and existing under the laws of Italy, having its registered office at Via Durini 27, 20122 - Milan, Italy, Italian Tax Code and
VAT No. 07447890968, represented by Mr. Davide Longo, born in Vigevano (PV), Italy on April 11th, 1962, acting as legal
representative, duly empowered for the purposes hereof (hereinafter referred to as “AGRIHOLDING”);

 

Overland S.r.l., a company incorporated
and existing under the laws of Italy, having its registered office at Via del Carmine 2/A, 27029 - Vigevano (PV), Italy, Italian
Tax Code and VAT No. 01926930189, represented by Mr. Luca Brindisi, born in Vercelli on (VC), Italy on October 29th,
1975, acting as legal representative, duly empowered for the purposes hereof (hereinafter referred to as “OVERLAND”);

 

(hereinafter, Volteo Energie S.p.A., Agriholding
S.r.l. and Overland S.r.l., collectively referred to as the “SELLERS”);

- on the other side -

 

(hereinafter, the BUYER and the SELLER,
collectively referred to as the “PARTIES” and individually as the “PARTY”).

 

WHEREAS:

 

		A.	Agricerere S.r.l. società agricola, is a limited liability company (“società
a responsibilità limitata”) organized under the laws of Italy, with registered office at Via Stropeni 12-14, Vigevano
(PV), Italy, with fully paid-in share capital of EUR 20,000.00 (twenty thousand/00), registered with the Companies’ Register
of Pavia and having tax code number 02419500182 (hereinafter referred to as “Agricerere”);

 

		B.	Agrielektra S.r.l società agricola, is a limited liability company (“società
a responsibilità limitata”) organized under the laws of Italy, with registered office at Via Stropeni 12-14, Vigevano
(PV), Italy, with fully paid-in share capital of EUR 20,000.00 (twenty thousand/00), registered with the Companies’ Register
of Pavia and having tax code number 02419510181 (hereinafter referred to as “Agrielektra”);

 

		C.	Agrisorse S.r.l. società agricola, is a limited liability company (“società
a responsibilità limitata”) organized under the laws of Italy, with registered office at Via Stropeni 12-14, Vigevano
(PV), Italy, with fully paid-in share capital of EUR 20,000.00 (twenty thousand/00), registered with the Companies’ Register
of Pavia and having tax code number 02419520180 (hereinafter referred to as “Agrisorse”);

 

    	1

    	 

    

 

		D.	Società agricola Gefa S.r.l., is a limited liability company (“società a
responsibilità limitata”) organized under the laws of Italy, with registered office at Via Stropeni 12-14, Vigevano
(PV), Italy, with fully paid-in share capital of EUR 20,000.00 (twenty thousand/00), registered with the Companies’ Register
of Pavia and having tax code number 02409210180 (hereinafter referred to as “Gefa”);

 

(hereinafter,
Agricerere, Agrielektra, Agrisorse and Gefa, collectively referred to as the “SPVs”);

 

		E.	The activity of each SPVs consists in owning and operating an anaerobic digestion biogas plant
for the production of electricity;

 

		F.	The share capital of each SPV is subscribed and paid-in as follows:

 

	Volteo Energie S.p.A.	70% (seventy per cent);
	 	 
	Agriholding S.r.l.	20% (twenty per cent);
	 	 
	Overland S.r.l.	10% (ten per cent);

 

		G.	The SELLERS intend to sell their participation constituting
100% (one hundred per cent) of the share capital of the SPVs (hereinafter referred to as the “SHARES”);

 

		H.	prior to the execution of this Agreement, the BUYER has had the opportunity to conduct, with the
assistance of its advisors, a legal, technical, tax, accounting and insurance due diligence on certain documentation, as made available
by VOLTEO on behalf of the SELLERS, and by visiting each of all the four anaerobic digestion biogas plants for the production of
electricity owned and operated by the SPVs (“Due Diligence”); the BUYER, further to the Due Diligence, has decided
to enter into this Agreement;

 

		I.	Subject to the terms and conditions contained herein, the SELLERS intend to sell to the BUYER,
and the BUYER, intends to purchase from the SELLERS, the SHARES. For sake of clarity, the BUYER is interested in acquiring the
SHARES of each SPV, each one separately and independently from the others, with the purpose of operating each of the anaerobic
digestion biogas plant for the production of electricity, each one separately and independently from the others.

 

Now, therefore, the PARTIES agree as
follows:

 

ARTICLE 1 

 

RECITALS, EXHIBITS AND DEFINITIONS

 

		1.01.	In addition to other terms defined elsewhere in this Share Purchase Agreement, the following terms
shall have the following meanings:

 

	AA EBITDA	The yearly Actual Averaged EBITDA is the EBITDA over the 18 months period following the CLOSING DATE divided by 1.5;
	 	 
	AGREEMENT 	This Share Purchase Agreement by and between the SELLERS and the BUYER, including its recitals and Exhibits, as it may be amended from time to time;
	 	 
	APPLICABLE PERCENTAGE	Means: 70% for VOLTEO, 20% for AGRIHOLDING and 10% for OVERLAND;
	 	 
	BALANCE SHEET	The balance sheets as of December 31st, 2013 of each SPV attached hereto as Exhibit 1.01.a.;

 

    	2

    	 

    

 

	BUSINESS DAY	Any calendar day on which banks are open for business in Milan, Italy and in Israel;
	 	 
	CHANGE OF CONTROL 

CONTRACT	All contracts entered into by each SPV with third parties and/or by the SELLERS with reference to a specific SPV, hereto attached under Exhibit 4.01.a., (i) which require a consent of such third parties to the transaction contemplated herein (and in this case the BUYER shall cooperate with the SELLERS, in order to achieve the aforementioned consent), or (ii) which require any prior notification of the transaction contemplated herein to such third parties;
	 	 
	CLOSING	The set of actions described in Article 6.02. below;
	 	 
	CLOSING DATE	The date on which the CLOSING will take place pursuant to Article 6.02. below; 
	 	 
	CONDITIONS	All conditions precedent, as set forth in Article 4.01. below, upon which the CLOSING and the transfer of the SHARES are conditional;
	 	 
	EBITDA	For the purposes of this AGREEMENT, EBITDA has the following meaning: “Total cash revenues received minus all cash expenditures made during the relevant period excluding principle and interest payments due to the bank and taxes”;
	 	 
	ENCUMBRANCE(S)	Any charge, pledge, mortgage, lien (diritti reali di godimento o garanzia), restriction (including any right to acquire, option, right of first refusal or right of pre-emption), title retention or any other agreement or arrangement, the effect of which is the creation of third party rights of any nature, or any agreement or arrangement to create any of the same;
	 	 
	
        EQUITY IRR TARGET
	Means the target Equity Investment Return Rate on the AGREED PURCHASE PRICE as calculated in the Base Model attached hereto as Exhibit 3.01.a (hereinafter referred to as the “BASE MODEL”), which shall be at least 25% (twenty five per cent) on the AGREED PURCHASE PRICE;
	 	 
	GAAP 	The Italian generally accepted accounting principles approved by the Consiglio Nazionale dei Dottori Commercialisti e dei Ragionieri as supplemented by the principles specified by the Organismo Italiano di Contabilità or, in their absence, the accounting principles prepared by the International Accounting Standard Board (I.A.S.B.), consistently applied by each SPVs in the preparation of its financial statements;
	 	 
	INTERIM FINANCIAL STATEMENT	The financial statements as of December 30th, 2014 of each SPV attached hereto as Exhibit 1.01.b.;

 

    	3

    	 

    

 

	LOSSES	Any liabilities, obligations, losses, damage, charges, costs (including reasonable defence costs), expenses of any type, nature and amount;
	 	 
	MATERIAL ADVERSE CHANGE	The approval of any law or decree, and/or the issuance of any other administrative or governative measure, and/or judgments rendered by the Italian Constitutional Court and/or any definitive judgments rendered by any Italian Court, or any kind of damage, destruction or loss by reason of fire, flood, accident, or other casualty, of such character, which, directly or indirectly, materially impedes the ongoing operations of the SPVs or has the effect of prohibiting or making illegal, either in whole or in part, the transaction contemplated herein;
	 	 
	NET ASSETS 	The net assets of each SPV as indicated and to be calculated according to the format attached hereto as Exhibit 1.01.c.. For clarity sake, (i) VAT receivables shall be excluded from the net assets value calculation,  (ii) any outstanding balance (principal and interest) of the debts rescheduling agreements regarding trade payables towards OVERLAND and the entities controlled by AGRIHOLDING enclosed as Exhibit 8.01.10.c shall be computed in deduction in the calculation of the net assets value and (iii) the minimum required net assets value for each SPVs shall be at least EUR 409,000.00 (four hundred nine thousand/00) (hereinafter the “MINIMUM REQUIRED NET ASSETS”)
	 	 
	REFERENCE DATE	September 30th, 2014;
	 	 
	SHARES	The share of the capital of the SPVs owned by the SELLERS and representing 100% (one hundred per cent) of each SPVs corporate capital;
	 	 
	
        SELLERS’
        BANK

        ACCOUNTS
	
        The bank accounts designated by each of
        the SELLERS for the payments pursuant to this AGREEMENT at the following banks and having the following details:

         

        Volteo: [REDACTED];

         

        Overland: [REDACTED];

         

        Agriholding: [REDACTED].

	 	 
	TAX or TAXES	All state or local taxes, social security contributions, fees, levies or other fiscal assessments and duties imposed by any federal, national or local taxing authorities, including (without limitation) all income taxes, gross receipts, transfer, recording, license, withholding, payroll, stamp, occupation and property taxes, excise or customs duties, sale, use, VAT and franchise taxes or other similar fees, assessments and charges, however denominated, together with all interest, penalties, surcharges, additions to tax or additional amounts imposed by any governmental authority pertaining to the present and past activities, acts, events, omissions or corporate and contractual transactions performed or in any case carried out by and/or in the name or on behalf of the SPVs.

 

    	4

    	 

    

 

		1.02.	References to this AGREEMENT, include the recitals and Exhibits which form part of this AGREEMENT
for all purposes. Article headings are inserted for ease of reference only and shall not affect construction.

 

ARTICLE 2

 

PURCHASE AND SALE OF THE SHARES

 

		2.01.	Subject to the terms and conditions contained in this AGREEMENT, at CLOSING

 

		2.01.1	each of the SELLERS shall sell, and the BUYER, shall purchase, all right, title and interest to
the SHARES of Agricerere;

 

		2.01.2	each of the SELLERS shall sell, and the BUYER, shall purchase, all right, title and interest to
the SHARES of Agrisorse;

 

		2.01.3	each of the SELLERS shall sell, and the BUYER, shall purchase, all right, title and interest to
the SHARES of Agrielektra;

 

		2.01.4	each of the SELLERS shall sell, and the BUYER, shall purchase, all right, title and interest to
the SHARES of Gefa.

 

		2.02.	In consideration of the above, for the purposes of the pre-emption right provided by Art. 8 of
the by-laws of the SPVs, by executing this AGREEMENT each of the SELLERS gives its consent to the others to transfer the SHARES
to the BUYER, according to the terms and conditions of this AGREEMENT, and waives any rights that such SELLER could have by way
of law, contract or otherwise (including pre-emption rights) with respect to the SHARES or their transfer, including waiver of
the compliance with the provisions relating thereto. In particular, SELLERS represent that they have waived the rights of first
offer provided under Art. 8 of SPVs’ by-laws.

 

		2.03.	The BUYER’s obligations arising out of this Agreement shall be secured by a Corporate Guarantee
issued by the BUYER’S parent company BlueSphere Corp. a company incorporated and existing under the laws of the U.S.A, having
its office at 301 McCullough Drive 4th Floor, Charlotte, North Carolina (US), in a form substantially in line with the
text of the Exhibit 2.03. (hereinafter referred to as the “Corporate Guarantee”).

 

ARTICLE 3

 

PURCHASE PRICE

 

		3.01.	The PARTIES have agreed on a overall consideration for the acquisition of the SHARES of each SPV
equal to EUR 1,400,000.00 (one million four hundred thousand/00) for the purchase of the entire share capital of each SPV (hereinafter
referred to the “AGREED PURCHASE PRICE”), i.e.:

 

		-	EUR 1,400,000.00 for Agricerere;

		-	EUR 1,400,000.00 for Agrielektra;

 

    	5

    	 

    

 

		-	EUR 1,400,000.00 for Agrisorse;

		-	EUR 1,400,000.00 for Gefa.

 

The AGREED PURCHASE PRICE for
each SPV shall be attributed to each SELLER according to its participation in the share capital of each SPV; accordingly:

 

		·	VOLTEO shall be entitled to 70% (seventy
per cent) of the AGREED PURCHASE PRICE;

		·	AGRIHOLDING shall be entitled to 20% (twenty
per cent) of the AGREED PURCHASE PRICE;

		·	OVERLAND shall be entitled to 10% (ten
per cent) of the AGREED PURCHASE PRICE.

 

The PARTIES hereby represent
and acknowledge that the AGREED PURCHASE PRICE has been determined for each SPV on the basis of the Base Line EBITDA guaranteed
by SELLERS as evidenced in the BASE MODEL attached hereto under Exhibit 3.01.a (hereinafter referred to as the “BL
EBITDA”) and an EQUITY IRR TARGET, calculated on the AGREED PURCHASE PRICE of no less than 25% (twenty five per cent)
as indicated in the BASE MODEL. Any variation of the EBITDA results in the 18 months following the CLOSING DATE will trigger the
application of the adjustment mechanism provided for by Article 3.03. hereinafter. The PARTIES acknowledge that the AGREED
PURCHASE PRICE includes the assignment to the BUYER of the SELLERS shareholders’ loans of each SPV existing at CLOSING DATE
and specified in Exhibit 3.01.b.

 

		3.02.	Payments.

 

SELLERS,
in consideration of the BUYER’s availability and interest to purchase the entire share capital of each SPV, has accepted
to grant to BUYER a credit of EUR 100,000.00 (one hundred thousand/00) (the “SPECIAL CREDIT”) to be set off
against the AGREED PURCHASE PRICE to be paid as consideration for the acquisition of SELLERS SHARES in each SPV to be divided and
allocated 50% (fifty per cent) to the CLOSING PAYMENT and 50% (fifty per cent) to DEFERRED PAYMENT (hereinafter referred to as
the “AGREED CONSIDERATION”).

 

The AGREED
CONSIDERATION for the acquisition of the SHARES of each SPV shall be paid as follows:

 

		(a)	the cash amount of EUR 650,000.00 (six hundred fifty thousand/00), equal to 50% (fifty per cent)
of the AGREED PURCHASE PRICE less 50% (fifty per cent) of the SPECIAL CREDIT (hereinafter referred to as the “CLOSING
PAYMENT”), or the different amount that will result from the application of the adjustment mechanism provided for in
Article 7.02. (hereinafter referred to as the “ADJUSTED CLOSING PAYMENT”), shall be paid on the CLOSING
DATE;

 

		(b)	the balance equal to the AGREED PURCHASE PRICE, less the ADJUSTED CLOSING PAYMENT and less 50%
(fifty per cent) of the SPECIAL CREDIT (hereinafter referred to as the “BALANCE”), or the different amount that
will result from the application of adjustment mechanism provided for in Article 3.03. (hereinafter referred to as the “DEFERRED
PAYMENT”), shall be paid on the third anniversary of the CLOSING DATE (hereinafter referred to as the “DEFERRED
PAYMENT MATURITY DATE”) and it shall be reflected in three notes, one for each SELLER in a form substantially in line
with the text of the Exhibit 3.02.(b), bearing interest at annual rate of 5% (five per cent), to be delivered by
BUYER to each relevant SELLERS as provided for by Article 3.03. below (hereinafter referred to as the “NOTES”).

 

    	6

    	 

    

 

		3.03.	Deferred payment adjustment mechanism.

 

The PARTIES in view of SELLER’s
commitment, indicated in Article 3.01. above, to guarantee the BL EBITDA and the EQUITY IRR TARGET for the period of 18
months from the CLOSING DATE (hereinafter referred to as the “ADJUSTMENT PERIOD”), have agreed on the following
adjustment mechanism regarding the DEFERRED PAYMENT.

 

The DEFERRED PAYMENT shall
be adjusted on the basis of the AA EBITDA versus the BL EBITDA for the same period, according to the mechanism described hereinafter.
For sake of clarity, the PARTIES acknowledge that for the purpose of this Article 3.03.; any indirect or direct fee or remuneration
paid to BUYER shall not be deducted from the cash revenues and shall be added back for the purpose of the calculation of the AA
EBITDA.

 

		3.03.1	In the event of an increase of the AA EBITDA with respect to the BL EBITDA, the DEFERRED PAYMENT
shall be increased of an amount equal to 50% (fifty per cent) of difference between the AA EBITDA and the BL EBITDA (such amount
is hereinafter referred to as the “IA AMOUNT”) to be paid at the same terms and conditions of the DEFERRED PAYMENT,
being agreed that on the IA AMOUNT will not mature the interest indicated in Article 3.02..

 

		3.03.2	In case of any decrease in the AA EBITDA below the BL EBITDA, the amount of the DEFERRED PAYMENT
shall be reduced of the amount necessary to maintain an AGREED PURCHASE PRICE that yields at the EQUITY IRR TARGET (hereinafter
referred to as the “EBITDA INDEMNITY”), but not exceeding 35% (thirty five per cent) of the BALANCE.

 

		3.03.3	Within 30 (thirty) days after the end of the ADJUSTMENT PERIOD, BUYER shall communicate to SELLERS
the amount of the DEFERRED PAYMENT and deliver to SELLERS evidence supporting its calculation, SELLERS have 15 (fifteen) days from
receipt of BUYER’s communication to review the DEFERRED PAYMENT amount. In case of disagreement regarding the DEFERRED PAYMENT
amount (to be addressed in writing), the PARTIES in good faith will have additional 15 (fifteen) days to find an agreement. In
case the of disagreement cannot be resolved, an independent accountant or auditor who will act as arbitrator, shall be appointed
by the PARTIES, as set forth under Article 7.05. of this Agreement.

 

		3.03.4	5 (five) BUSINESS DAYS after the DEFERRED PAYMENT amount has become definitive, as provided for
by Article 3.03.3, either pursuant to SELLER’s agreement or pursuant to the arbitrator’s decision, BUYER shall
execute and deliver to SELLER the NOTE

 

ARTICLE 4

 

CONDITION PRECEDENT

 

		4.01.	The CLOSING and the transfer of the SHARES of each SPV are conditional upon the occurrence of all
the conditions precedent (hereinafter referred to as the “CONDITIONS”) described below:

 

		a.	if necessary, for the CHANGE OF CONTROL CONTRACTS indicated under Exhibit 4.01.a.,
the SELLERS shall have caused each relevant SPV to (i) obtain the necessary consent from its counterpart in such cases where
consent is required, or (ii) notify its counterpart in such cases where pure notification is required and shall deliver
evidence thereof to the BUYER;

 

    	7

    	 

    

 

		b.	with regard to the Financing Agreement entered into on February 25th, 2013, as amended
and restated and presently in force between the SPVs, Banca IMI S.p.A. and Intesa San Paolo S.p.A. (hereinafter referred to as
the “FINANCING AGREEMENT”) and all other contracts, deeds and agreements connected or related to the loans facilities
under the FINANCING AGREEMENT (hereinafter collectively referred to as the “FINANCING DOCUMENTS”), SELLERS shall
have obtained from the lending banks, pursuant to a written request addressed to the lending banks according to the text attached
hereto under Exhibit 4.01.b., a written document (hereinafter referred to as the “CONFIRMATION LETTER”)
containing:

 

		(i)	any consent and/or approval necessary under FINANCING DOCUMENTS;

 

		(ii)	the confirmation that the terms and conditions of the FINANCING
DOCUMENTS will remain in force and unchanged as a result of the transaction envisaged under the AGREEMENT and the consequent change
of control;

 

		(iii)	the confirmation that SELLERS’ (and Kinexia S.p.A.)
commitments under the FINANCING DOCUMENTS, have been complied with, extinguished or waived by the lending banks, with the only
exception of the commitments pursuant to Article 2.2, lett. c), of the Contribution Agreement and Article 6.7 of the FINANCING
AGREEMENT,.;

 

		(iv)	the declaration that the lending banks release the SELLERES from the commitments pursuant to Article
2.2, lett. c), of the Contribution Agreement and Article 6.7 of the FINANCING AGREEMENT, having such commitments and obligations
been assumed by the BUYER in a form and substance reasonably satisfactory to the lending banks;

 

		c.	the representations and warranties of the SELLERS under Article 8 below being true and correct
on and as of the REFERENCE DATE and the CLOSING DATE with the same effect as though such representations and warranties had been
made on and as of such date;

 

		d.	there being no Material Adverse Change between the REFERENCE DATE and the CLOSING DATE;

 

		e.	the PARTIES’ compliance with their respective commitments and obligations hereunder;

 

		f.	having each SPV executed a termination agreement with VOLTEO terminating the existing Operation
and Maintenance Agreement effective 7 (seven) BUSINESS DAYS after the CLOSING DATE with no costs for the SPVs;

 

		g.	Having the SELLERS delivered to the BUYER written evidence that either the installment of the debt
reschedule plan indicated in Exhibit 8.01.10.c and the installment of the financing reimbursement to Banca IMI that are
due up to the end of the month of June have been paid or that there are in each SPV available means to make the above payments,
being understood that “available means” is defined as cash in the bank, accounts receivable from GSE maturing
within the terms of the installment payment.

 

		4.02.	Each PARTY undertakes to use all reasonable endeavors to ensure that the CONDITIONS are fulfilled
to the satisfaction of the BUYER as soon as reasonably practicable and in any event by and not later than 60 (sixty) days from
execution of this Agreement. The SELLERS shall cause each relevant SPVs to perform all actions that may be necessary or useful
in order to fulfill the CONDITIONS.

 

		4.03.	The PARTIES acknowledge and agree that the CONDITIONS are provided for in the exclusive interest
of the BUYER, with the exception of the CONDITIONS set forth by Article 4.01.b. that are provided in the interest of both
BUYER and SELLERS. The BUYER may in its absolute discretion waive the CONDITIONS under Article 4.01. lett. a., c., d., e., f.
and g., either in whole or in part, at any time by notice in writing to the SELLERS. Each PARTY shall notify the other PARTIES
in writing, within 5 (five) BUSINESS DAYS after all the CONDITIONS have been fulfilled or waived.

 

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		4.04.	In the event that any of the CONDITIONS referred to each SPV shall not have been fulfilled (or
waived pursuant to Article 4.03. above) within 60 (sixty) days from the execution of this Agreement, then the PARTIES shall
not be bound to proceed with the purchase and sale of the SHARES of that specific SPV and this AGREEMENT shall cease to be effective
at such time and shall stop being effective, save for those clauses listed or referred to in Article 11 below (which shall
remain in force). In such case, each PARTY shall bear its own expenses and costs already occurred reciprocally waiving any claim,
request of indemnity or damages.

 

ARTICLE 5

 

PRE-CLOSING UNDERTAKINGS

 

		5.01.	The PARTIES undertake, as soon as possible after the execution of this AGREEMENT and in any event
prior to the CLOSING DATE, as follows:

 

		a.	SELLERS shall deliver to BUYER the PRE-CLOSING FINANCIAL STATEMENTS provided for by Article
7.02. hereinafter;

 

		b.	the PARTIES shall split any fees and expenses that the lending banks may charge in connection with
the CONFIRMATION LETTER as follows:

 

		(i)	50% (fifty per cent) to the BUYER

		(ii)	50% (fifty per cent) to the SELLERS to be further split as follows:

		-	70% (seventy per cent) to VOLTEO;

		-	20% (twenty per cent) to AGRIHOLDING;

		-	10% (ten per cent) to OVERLAND.

 

		5.02.	The BUYER, as soon as possible after the execution of this Agreement and in any event prior to
the CLOSING DATE, shall reasonably cooperate in good faith where requested and where possible in order to obtain the CONFIRMATION
LETTER from the bank.

 

ARTICLE 6

 

CLOSING

 

		6.01.	The CLOSING in relation to each SPV will be independent from the CLOSING of the other SPVs and
each CLOSING could occur on different CLOSING DATES; each CLOSING shall take place on each CLOSING DATE at the office of a notary
public chosen by the BUYER in Milan, but in any event by and not later than 30 (thirty) days from the last communication under
Article 4.03..

 

		6.02.	At CLOSING,

 

		a.	each SELLER shall:

 

		(i)	for each SPV, execute a notarial deed of transfer of the SHARES(hereinafter referred to as the
“DEED OF TRANSFER”), that shall be kept in trust by the Notary until payment of the ADJUSTED CLOSING PAYMENT
has been confirmed;

 

		(ii)	deliver to the BUYER the letters of resignation substantially in the form attached hereto as Exhibit
6.02.a.(ii) of all directors of each SPV with effect as of the CLOSING DATE; such resignations shall contain a clause in
which the resigning directors confirm that they have no claim against the relevant SPV, (except for the emolument/costs reimbursements
already resolved, accrued and still outstanding, if any, which amount shall have to be specifically indicated);

 

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		(iii)	cause the shareholders’ meeting
of each SPV to resolve upon the appointment as new directors of the relevant SPVs the individuals designated by the BUYER in a
written notice delivered to the SELLER at least 8 (eight) days before CLOSING; 

 

		b.	the BUYER shall:

 

		(i)	pay the CLOSING PAYMENT to the SELLER as set forth in Article 3.02. above;

 

		(ii)	deliver to the SELLERS the BlueSphere Corp. the Corporate Guarantee, duly executed;

 

		(iii)	execute the DEEDS OF TRANSFER;

 

		(iv)	deliver to the SELLER a letter whereby the BUYER and BlueSphere Corp. waive any and all claims
for any damage against both directors and, if applicable, auditors that have resigned from the SPV, in the form attached hereto
as Exhibit 6.02.b.;

 

		(v)	pay or cause to be paid the appropriate entities or persons and in the appropriate manner, any
stamp, transfer or similar taxes or charges however levied by any governmental authority on the transfer of the SHARES, to be incurred
in relation to such transfer.

 

		6.03.	At the CLOSING DATE, all rights and interests attached to the SHARES of each SPV shall be transferred
to the BUYER.

 

		6.04.	The PARTIES acknowledge that all the actions described in Article 6.02. above will be considered
as simultaneously undertaken and that each of them is of essence. Failure by one or more PARTIES to properly and fully accomplish
any of such actions will entitle the non-defaulting PARTY or PARTIES not to proceed with CLOSING, and to claim damages from the
defaulting PARTY or PARTIES.

 

ARTICLE 7

 

CLOSING PAYMENT ADJUSTMENT –
VAT CREDIT ADVANCE 

 

		7.01.	The SELLERS guarantee that:

 

		(a)	Each SPV at the CLOSING DATE will be in an “Ongoing Concern” situation as defined by
GAAP i.e. they will be regularly and continuously operating, capable of regularly and timely continuing to operate for one
year with the existing SPVs’ Working Capital;

		(b)	Each SPV at the CLOSING DATE will have NET ASSETS in line and compatible with the data contained
in the BASE MODEL (i.e. NET ASSETS at least equal to MINIMUM REQUIRED NET ASSETS for each SPV) (hereinafter referred to as the
“CLOSING NET ASSETS”).

 

		7.02.	In order to evidence the existence of the
requirements indicated in Article 7.01., SELLERS shall deliver to BUYER at
least 14 (fourteen) days prior to the CLOSING DATE a financial statements of each SPV as of the end of the month preceding the
CLOSING DATE (hereinafter referred to as the “PRE-CLOSING FINANCIAL STATEMENTS”). The PARTIES, on the basis
of the PRE-CLOSING FINANCIAL STATEMENTS, shall prepare, using the format attached hereto as Exhibit 7.02., the NET
ASSETS evaluation as of such reference date and the forecasted NET ASSETS evaluation as of the CLOSING DATE (hereinafter referred
to as the “PRE-CLOSING NET ASSETS CALCULATION”). The PRE-CLOSING NET ASSETS CALULATION shall also evidence the
difference, if any, between the PRE-CLOSING NET ASSETS and the MINIMUM REQUIRED NET ASSETs (hereinafter referred to as the “NET
ASSETS DIFFERENCE”). The amount of the CLOSING PAYMENT for each SPV shall be adjusted deducting to it the relevant NET
ASSETS DIFFERENCE (hereinafter referred to as “ADJUSTED CLOSING PAYMENT”) and paid to the SELLERS. 

 

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		7.03.	[INTENTIONALLY OMITTED]

 

		7.04.	The BUYER, no later than 15 (fifteen) days after the CLOSING DATE, shall prepare and deliver to
the SELLERS a NET ASSETS calculation for each SPV as of the CLOSING DATE, according to the format attached hereto as Exhibit
7.04. (hereinafter referred to as the “FINAL CLOSING NET ASSETS CALCULATION”) and based on the
Financial Statements as of the CLOSING DATE (hereinafter referred to as the “CLOSING DATE FINANCIAL STATEMENTS”)
for each SPVs and the final calculation of the amount of the ADJUSTED CLOSING PAYMENT based on the CLOSING NET ASSETS CALCULATION
(hereinafter referred to as the “FINAL ADJUSTED CLOSING PAYMENT”).

 

		7.05.	SELLERS have 5 (five) days from receipt of BUYER’S documents provided under Article 7.04.
to review the FINAL CLOSING NET ASSETS CALCULATION. In case of disagreement regarding the FINAL ADJUSTED CLOSING PAYMENT (to be
addressed in writing), the Parties in good faith will have additional 5 (five) days to find an agreement. In case the disagreement
cannot be resolved, a leading auditing company authorized to operate in Italy will be jointly appointed by the PARTIES to act as
arbitrator, as exclusive remedy, alternatively, in the event the PARTIES cannot agree on a designation, the arbitrator will designated
by the chairman of the “Ordine dei dottori commercialisti di Milano” in order to verify the CLOSING DATE FINANCIAL
STATEMENTS and determine the amount of the FINAL ADJUSTED CLOSING PAYMENT. The arbitrator’s conclusions (to be delivered
no later than 15 (fifteen) days from his appointment) will be binding for the PARTIES. The costs of the arbitrator will be equally
shared between SELLER and BUYER.

 

     The following
provisions shall apply to the performance of the decision by the arbitrator:

 

		(i)	the arbitrator shall be entitled to have access to the accounts books and other accounting documents
and other information of the relevant SPV and the Parties shall provide the arbitrator with all of the information reasonably requested
by the latter;

 

		(ii)	the arbitrator shall confine its examination to the disputed matters and review the abovementioned
data on the basis of the accounting standards consistently applied;

 

		(iii)	the arbitrator’s decision shall be final and binding upon the Parties and shall be deemed
to constitute the contractual intention of the Parties, within the meaning of articles 1349, paragraph 1 (excluding its “mero
arbitrio”), and 1473 of the Italian Civil Code;

 

		(iv)	if the arbitrator fails to notify his decision to the Parties within the above-mentioned time limit,
each of the Parties shall be entitled to ask the President of the Court of Milan to appoint a different arbitrator; this provision
shall also be applicable if the arbitrator refuses the assignment or resigns there from.

 

		7.06.	The PARTIES agree that in the event the FINAL ADJUSTED CLOSING PAYMENT evidences a negative or
positive adjustment with respect to the ADJUSTED CLOSING PAYMENT such amount will be either added to or deducted from the amount
of the DEFERRED PAYMENT and paid accordingly.

 

VAT CREDIT and VAT ADVANCE

 

		7.07.	The PARTIES agree that the VAT ADVANCE mechanism provided for in following Articles 7.10. -
7.15. will be triggered only in the event the aggregate ADJUSTED CLOSING PAYMENT amount for the 4 (four) SPV’s is lower
than EUR 2,140,000.00 (two million one hundred forty thousand/00) (hereinafter the “TRIGGERING AMOUNT ”).

 

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		7.08.	SELLERS represent and warrants that Exhibit 7.08. correctly represents (i)
the amount of the VAT credit for which reimbursement has been requested for each SPV, (ii) the amount of VAT bank loans
as well as the 2014 VAT credit for which the reimbursement still has to be requested and that all documents and surety necessary
to obtain the reimbursement have been properly filed. Furthermore, SELLERS represent and warrant that the 4 (four) SPVs shall have
an overall non-financed VAT credits for which reimbursement have to be requested, as specified in Exhibit 7.08. (hereinafter
referred to as the “EXCESS VAT CREDIT”). BUYER shall cause each SPV as soon as technically feasible to file
the reimbursement request for the EXCESS VAT CREDIT and procure the necessary surety to be filed together with the reimbursement
request and provide SELLERS with a copy of the EXCESS VAT CREDIT reimbursement requests once filed.

 

		7.09.	In light of the representation made in Article 7.08. above, the PARTIES agree that:

 

		(a)	As of the closing date each SPV will have a trade debt towards VOLTEO only for the outstanding
amount of VOLTEO’s trade receivables specified in the Exhibit 7.09.(a), (hereinafter referred to the “VOLTEO
OUTSTANDING TRADE RECEIVABLES”). On VOLTEO OUTSTANDING TRADE RECEIVABLES will mature interest at the same rate and calculation
method as the ones maturing on the EXCESS VAT CREDIT;

		(b)	the reimbursement of VOLTEO OUTSTANDING TRADE RECEIVABES is linked and subject to the reimbursement
of the EXCESS VAT CREDIT to each relevant SPV and the availability of said funds;

		(c)	taking into consideration that neither OVERLAND nor AGRIHOLDING have as of the CLOSING DATE any
outstanding trade receivables, apart from those indicated in Exhibit 8.01.10.c, the BUYER agrees to pay to OVERLAND and
to AGRIHOLDING as additional consideration for the sale of the SHARES an amount equal to the quota of the EXCESS VAT CREDIT to
be allocated to OVERLAND and AGRIHOLDING according to their respective shares participation in each SPV (hereinafter referred to
as the “MINORITY SHAREHOLDERS ADDITIONAL CONSIDERATION”) i.e., 1/3 of MINORITY SHAREHOLDERS ADDITIONAL CONSIDERATION
to OVERLAND and 2/3 of MINORITY SHAREHOLDER ADDITIONAL CONSIDERATION to AGIHOLDING;

		(d)	the payment by the BUYER of the MINORITY SHAREHOLDERS ADDITIONAL CONSIDERATION (i) is linked
and subject to the reimbursement of the EXCESS VAT CREDIT to each relevant SPV and the availability of said funds, (ii)
shall be made pro-rata and pari passu with the payment of VOLTEO OUTSTANDING TRADE RECEIVABES and (iii) according
to provisions of Article 7.10. to 7.14.

 

		7.10.	In case the VAT ADVANCE mechanism will be triggered, at CLOSING, BUYER shall:

 

		(i)	pay to VOLTEO, on top of VOLTEO’s 70% quota of the overall ADJUSTED CLOSING PAYMENT a further
amount not exceeding VOLTEO’s 70% quota of the TRIGGERING AMOUNT and in any event not higher than EUR 350,000.00 (three hundred
fifty thousand/00), as interest free anticipation on VOLTEO OUTSTANDING TRADE RECEIVABLES payment with the right of subrogation
towards the respective SPVs;

 

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		(ii)	pay to AGRIHOLDING, on top of ARGIHOLDING’s 20% quota of the overall ADJUSTED CLOSING PAYMENT
a further amount not exceeding ARGIHOLDING’s 20% quota of the TRIGGERING AMOUNT and in any event not higher than EUR 100,000.00
(one hundred thousand/00), as interest free anticipation on the MINORITY SHAREHOLDERS ADDITIONAL CONSIDERATION on top of
the aggregate ADJUSTED CLOSING PAYMENT of the four SPV and

		(iii)	pay to OVERLAND, on top of OVERLAND’s 10% quota of the overall ADJUSTED CLOSING PAYMENT a
further amount not exceeding OVERLAND’s 10% quota of the TRIGGERING AMOUNT and in any event not higher than EUR 50,000.00
(fifty thousand/00), as interest free anticipation on the MINORITY SHAREHOLDERS ADDITIONAL CONSIDERATION on top of the aggregate
ADJUSTED CLOSING PAYMENT of the four SPV

(all
the above payments hereinafter referred to as “VAT ADVANCE”).

 

It is also agreed that in the
event the difference between the aggregate ADJUSTED CLOSING PAYMENT amount for the 4 (four) SPV’s and the TRIGGERING AMOUNT
will be lower than 500k Euro, the Buyer will have to advance only the missing amount NECESSARY to reach the TRIGGERING AMOUNT.

 

		7.11.	The PARTIES agree, and BUYER undertakes to cause the SPVs to act accordingly, that VOLTEO OUTSTANDING
TRADE RECEIVABLES shall be reimbursed by the SPVs and the MINORITY SHAREHOLDERS ADDITIONAL CONSIDERATION shall be paid, complying
with the applicable commitments under the FINANCING DOCUMENTS, from the proceeds of the VAT credit reimbursements after payment
of (i) the VAT BANK LOANS (principal and interests matured thereon) and (ii) the reimbursement of the VAT ADVANCE.

 

		7.12.	In the event that EXCESS VAT CREDIT is not received by the SPVs before the DEFERRED PAYMENT MATURITY
DATE or if the amount of the reimbursement of the EXCESS VAT CREDIT received is not sufficient to cover the entire VAT ADVANCE,
the DEFFERED PAYMENT AMOUNT shall be reduced by the amount of the VAT ADVANCE still outstanding.

 

		7.13.	In the event all or part of VOLTEO OUTSTANDING TRADE RECEIVABLES and of MINORITY SHAREHOLDERS ADDITIONAL
CONSIDERATION have not been paid at DEFERRED PAYMENT MATURIY DATE, BUYER shall and, as applicable, it undertakes to cause the relevant
SPV to, pay the outstanding balance as soon the proceed from the reimbursement of the EXCESS VAT CREDIT are received and they become
available.

 

		7.14.	In the event that after DEFERRED PAYMENT MATURITY DATE there is still a balance of VOLTEO OUTSTANDING
TRADE RECEIVABLES and of MINORITY SHAREHOLDERS ADDITIONAL CONSIDERATION to be paid, the SELLERS undertake (i) to waive,
respectively and as applicable, any balance of VOLTE OUTSTANDING TRADE RECEIVABLES and MINORITY SHAREHOLDERS ADDITIONAL CONSIDERATION
if the EXCESS VAT CREDIT reimbursement is not sufficient to cover the outstanding balance of the VOLTEO OUTSTANDING TRADE RECEIVABLES
and MINORITY SHAREHOLDERS ADDITIONAL CONSIDERATION, provided that at SELLERS’ request and costs, BUYER undertakes to cause
any relevant SPV to challenge in the appropriate venues any Tax Authority ruling that reduces the amount of the EXCESS VAT CREDIT
reimbursed. In such case the SELLERS’s waiver will be made according to the decision, and (ii) to waive, respectively
and as applicable, any balance of VOLTEO OUTSTANDING TRADE RECEIVABLES and of the MINORITY SHAREHOLDERS ADDITIONAL CONSIDERATION
if the entire EXCESS VAT CREDIT has not been reimbursed within the seventh anniversary of the DEFERRED PAYMENT MATURITY DATE.

 

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ARTICLE 8

 

REPRESENTATIONS AND WARRANTIES

 

		8.01.	SELLERS hereby represent and warrant to the BUYER that each of the statements contained in this
Article 8.01. is true and correct as of the date hereof and will be so as of the CLOSING DATE as if such representation
and warranty had been given on such date (unless it is specifically provided for that a representation shall be made as of a different
date):

 

		8.01.1.	Authorization. Each SELLER has full power, authority and capacity to enter into and perform
this AGREEMENT;

 

		8.01.2.	Litigation. No injunction or definitive decision issued by any court or other judicial body
or governmental authority relating to the SPVs in order to, directly or indirectly, materially impedes the ongoing operations of
the SPVs or prohibiting, either in whole or in part, or making illegal the transaction contemplated herein, is presently in effect.

 

		8.01.3.	Existence of each SELLER. Each SELLER is duly organized, validly existing and in good standing
under Italian laws, and as set forth in its by-laws, as currently in force. All corporate actions and other proceedings required
to be taken to authorize it to enter into and to carry out this AGREEMENT have been duly and properly taken.

 

		8.01.4.	Existence of the SPVS. The SPVs are duly organized, validly existing and in good standing
under Italian laws and as set forth in their by-laws as currently in force. The SPVs have at all times carried out their business
and conducted their affairs in accordance with their by-laws in force at that time and has not entered into liquidation or any
other debtor relief proceeding under the Italian Law.

 

		8.01.5.	Capitalization. Each SPV: (i) is fully compliant with the capital requirement provided
for by Italian Law in order to regularly conduct its activity and (ii) has sufficient working capital to continue to operate
as a “Ongoing Concern” as defined in Article 7.01.(a) above. The SELLER nor any of its affiliates has received
any payment, for whichever reason, from any of the SPVs during the period from September 12th, 2014 until the CLOSING
DATE, with the exception for payments regarding the ordinary management of the SPVs, as indicated in Exhibit 8.01.5.

 

		8.01.6.	Ownership. Each SELLER is the owner of and has good and valid title to its respective part
of SHARES. Except as indicated in Exhibit 8.01.6, and except the right of first refusal provided by Article 8 of
the By-Laws of the SPVs, each SELLER has the full and unrestricted right, power and authority to validly sell, assign, transfer
and deliver, as of the CLOSING DATE, the SHARES.

 

		8.01.7.	Participations in other companies. The SPVs do not own any participation in other companies,
entities or joint-ventures, and are not be bound by any commitment to acquire any such participation or to invest in any companies,
entities or joint-venture.

 

		8.01.8.	Balance Sheets. The INTERIM FINANCIAL SITUATIONS and the BALANCE SHEETS are, as of their
respective dates, true, correct and complete, have been prepared from and are consistent with the books and records of each relevant
SPV and have been prepared in accordance with GAAP, consistently applied throughout the periods involved, the Italian Civil Code
and other applicable rules. The INTERIM FINANCIAL SITUATIONS and the BALANCE SHEETS give a true and fair view of the assets, liabilities,
any appropriate reserve requirements, financial condition and the results of operations and cash flow of the SPVs as of their respective
dates and for the periods indicated therein, all in accordance with GAAP, the Italian Civil Code and other applicable rules. The
INTERIM FINANCIAL SITUATIONS and the BALANCE SHEETS do not omit to state or reflect any fact concerning each relevant SPV, required
to be stated or reflected therein, or necessary to make the statements contained therein not misleading.

 

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		8.01.9.	Books and Accounts. The books of account of each SPV are complete and correct in all material
respect and reflect all transactions to which each relevant SPVs is a party.

 

		8.01.10.	Events Subsequent to the Reference Date. As of the REFERENCE DATE and through the CLOSING
DATE, the SPVs have not:

 

		a.	suffered any damage, destruction or loss by reason of fire, flood, accident, or other casualty,
of such character which, directly or indirectly, materially impedes the ongoing operations of the SPVs;

 

		b.	declared, set aside or paid any dividend or distribution of reserves;

 

		c.	entered into any new agreement with any of the SELLER and/or OVERLAND and/or AGRIHOLDING or with
any persons directly or indirectly controlling, controlled, or affiliated to such entities, except for the debts rescheduling agreements
enclosed as Exhibit 8.01.10.c. (whose outstanding balances shall be computed in the NET ASSETS calculation provided
for in Exhibit 1.01.c.;

 

		d.	entered into any transactions otherwise than in the ordinary course of business, nor otherwise
in the interest of the SPVs;

 

		e.	accrued or paid any fees or expenses for counsel, accountants or other experts, incident to the
negotiation, preparation or execution of this AGREEMENT, or consummation of the transactions contemplated hereby;

 

		f.	entered into any agreement or other commitment for any expenditures for capital assets, and other
than for ordinary and routine maintenance and repairs, which maintenance and repair expenditures are not required to be capitalized;

 

		g.	received any termination of, or receipt of notice of termination of any permits, licenses or other
administrative authorizations required in order to carry out the SPVs’ business in full compliance with applicable law, regulations
and administrative authorizations;

 

		h.	been affected by any conditions or circumstances which, directly or indirectly, materially impedes
the ongoing operations of the SPVs;

 

		i.	been affected by any material change in the SPVs’ relationship with customers, suppliers,
or other persons with whom the SPVs do business, or any material change in the manner in which the business is conducted;

 

		j.	carried out any sale or disposition of or undertaking to sell or dispose of any of its assets and
liabilities, related to the their business. The Parties agreed that for the purposes of this provision it shall be considered material
an asset having a value of more than EUR 50,000.00 (fifty thousand/00);

 

		k.	in general, consummated any action or omission whose effect has been, or may potentially be, that
of damaging the assets or the economic, financial, or legal situation of the SPVs.

 

		8.01.11.	Accounts receivable. All financial and trade accounts receivables and notes receivable reflected
in the INTERIM FINANCIAL STATEMENTS and all accounts receivable subsequently accrued between the REFERENCE DATE and the CLOSING
DATE as will result in the CLOSING DATE FINANCIAL STATEMENTS, are (i) valid, genuine and existing, (ii) not subject
to any defenses or counter-claims and (iii) fully collectable at their respective maturity date.

 

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		8.01.12.	Assets. Each SPV have good and valid title, or with respect to assets held under a lease,
rental or other leasing agreement, the valid right to use the soil, machinery, furniture, equipment and other tangible assets used
in connection with the business of each relevant SPVs and all other fixed assets referred to in the INTERIM FINANCIAL SITUATIONS
and any additions thereto made since the REFERENCE DATE. All assets, equipment and machinery are (except usual wear and tear) in
good operating condition and have been regularly and timely maintained in full compliance with manufacturer’s instructions.
Such assets comprise all the assets necessary for the continuation of each SPV activity as carried out at the date of this AGREEMENT.

 

		8.01.13.	Undisclosed liabilities. The SPVs have no liabilities or obligations whatsoever, either
accrued, absolute, contingent or otherwise, and there is no basis for any claim against them or any liability, except (i)
to the extent set forth on the INTERIM FINANCIAL SITUATIONS; (ii) to the extent specifically set forth in this AGREEMENT;
or (iii) with respect to liabilities or obligations incurred in the normal and ordinary course of business, none of which
will, or could, have a MATERIAL ADVERSE CHANGE effect.

 

		8.01.14.	TAXES. The SPVs have filed, or caused to be filed, all TAX returns required by any government
authority, including, but not limited to, income tax returns, real estate tax returns, value added tax returns and social security
declarations. Such tax returns are true, complete and correct.

 

			No TAX audit, TAX assessment or TAX claim is pending and no written notice of any such claim was
received as of the date of this AGREEMENT. As of the date of this AGREEMENT, there exists no unpaid income or other TAXES or any
TAX deficiency or any unpaid contribution or contribution deficiency assessed by any governmental authority.

 

			The SPVs have paid or have made the necessary provisions for the payment of all TAXES, the payment
of which was due, and will do so up to the CLOSING DATE; the SPVs have withheld, or (as the case may be) have made provisions for,
all TAXES required to be withheld and has timely paid such TAXES in accordance with applicable laws and regulations. Any amounts
set up for reserves for TAXES in the INTERIM FINANCIAL SITUATIONS are and will be sufficient for the payment of all unpaid TAXES,
whether or not such TAXES are disputed or are yet due and payable up to the CLOSING DATE.

 

			No relief from, against or in respect of any TAXES has been claimed and/or given to the SPVs which
could or might be effectively withdrawn, postponed, restricted, clawed back or otherwise lost.

 

		8.01.15.	Contracts. Except as set forth in Exhibit 8.01.15, the SPVs do not have outstanding:

 

		a.	any single contract providing for an expenditure in excess of EUR 500,000.00 (five hundred thousand/00)
per contract per year;

 

		b.	any contracts with the SELLERS or persons directly or indirectly controlling, controlled, or affiliated
to the SELLERS;

 

		c.	any guarantee, indemnity, or similar undertaking for any indebtedness of any other person;

 

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		d.	any contract or commitment not made in the ordinary course of business which is material to the
business, economic, financial condition or results of operations of the SPVs;

 

		e.	any contract or commitment from which each of the SPVs are not entitled to withdraw on 6 months’
notice or less with the application of any charges.

 

		8.01.16.	Validity of contracts. Each of the contracts and agreements to which the SPVs are a party
and which are listed under Exhibit 4.01.a. constitute a valid and binding obligation of the parties thereto in accordance
with their terms and conditions. Except as provided for in Exhibit 4.01.a., the consummation of the transaction contemplated
in this AGREEMENT shall not cause, pursuant to the relevant contractual provisions, the termination of any contract to which the
SPVs are a party, nor shall entitle any counterparty to withdraw or otherwise terminate such contract. There are no conditions
or circumstances that may result in or cause material default by the SPVs and no claim or request of fulfillment has been received
by the SPVs in connection with such agreements.

 

No party has given notice of termination
or cancellation of any contract that is material to the conduct of the SPVs’ business as conducted so far.

 

The SPVs and SELLERS are in full
compliance with all bank loan covenants.

 

No purchase commitment for materials,
supplies or other items to which the SPVs are a party is in excess of the current requirements of its business, or inconsistent
with past business practice.

 

The plants, building, structures,
fixtures and improvements on land owned by each SPV conform to all applicable laws and regulations including, without limitation,
zoning and building laws and regulations, environmental laws, and no notice of violation relating to the same has been threatened
to or received by any SPV and no grounds exist and there is no basis in fact for the assessment of any violation thereof.

 

		8.01.17.	Bank accounts. Exhibit 8.01.17 contains a list of all bank accounts maintained
by the SPVs, together with the names of authorized signatories on each such account.

 

		8.01.18.	Insurance. The SPVs maintain with reputable insurance companies insurance in at least such
amounts and against at least such risks as are usually insured against in the same general area by companies engaged in the same
or similar business. All insurance contracts concerning assets of the SPVs are and will remain valid and in force after the consummation
of the transaction contemplated in this AGREEMENT. The SPVs are not in breach of any insurance policy and may directly request
the insurance companies to perform payments of sums owed by them in connection with insured events suffered by the SPVs. All premiums
due with respect to each policy have been paid.

 

		8.01.19.	Health and Safety. The business of the SPVs, as well as the plants, building, structures,
fixtures and improvements on land owned by each SPV, has at all times been conducted in full compliance with all applicable legislation
concerning health and safety matters, including legislation on fire prevention, and all and any regulations or orders made or issued
under any such legislation (hereinafter referred to as the “HEALTH AND SAFETY LEGISLATION”).

 

All licenses, consents, permits,
registrations, filings, exemptions, approvals, authorizations or the like made or issued pursuant to or under, or required by,
HEALTH AND SAFETY LEGISLATION for the lawful carrying on of the business and/or the lawful use of the owned property (hereinafter
referred to as the “HEALTH AND SAFETY PERMITS”) have been obtained and are in full force and effect and the
terms and conditions have been complied with at all times.

 

    	17

    	 

    

 

There are no events, states of
affairs, conditions, circumstances, activities, practices, incidents or actions which have occurred and have not been remedied
or are occurring or are in existence in connection with the conduct of the business of the SPVs or use of the owned property which
are liable to give rise to liability under HEALTH AND SAFETY LEGISLATION.

 

No material work, repairs, construction,
remedial action or expenditure is required in relation to HEALTH AND SAFETY LEGISLATION in order to carry on lawfully the business
of the SPVs.

 

At no time the SPVs have received
any notice, claim, demand or other communication alleging any contravention of or actual or potential liability under HEALTH AND
SAFETY LEGISLATION.

 

		8.01.20.	Service contracts. Exhibit 4.01.a.contains a complete list of all the services
contracts executed by the SPVs and currently in force. All service contracts are fully compliant with applicable legislation on
the lending of workmanship (including, without limitation, Law No. 276 of September 10th, 2003), and have at all times
been performed in accordance with such legislation; the persons operating on behalf of the contractors are not entitled to be re-characterized
as employees of each relevant SPV.

 

		8.01.21.	Litigation. There is no claim, action, suit or arbitration, before any court, administrative
or regulatory body, arbitration panel, or any governmental agency, threatened or pending against any of the SPV. There is no claim,
action or proceeding now pending or threatened before any court, administrative or regulatory body, arbitration panel, or any governmental
agency, which will, or could, prevent or hamper the consummation of the transactions contemplated by this AGREEMENT.

 

		8.01.22.	Licenses and permits. The licenses, permits and authorizations held by the SPVs are valid
and in full force and effect, in compliance with all applicable laws. The SELLER is not aware of any reasons for the suspension,
revocation or cancellation, in whole or in part, of the licenses, permits and authorizations relating to the SPV plants. The SPVs
hold any and all licenses, permits and authorizations required for the lawful performance of their business and they are being
and have been complied with at all times. In particular, the SPVs are in compliance with all the requirements of the various permits
which were required to build, operate and sell the electricity produced.

 

		8.01.23.	Compliance. To the SELLER knowledge, the SPVs conduct and have conducted their business
and operations in full compliance with applicable mandatory laws, regulations and administrative authorizations. No crimes have
been committed nor conducts have been carried out by any persons, for the benefit or in the interest of the SPVs, as a consequence
of which the SPVs may incur any sanctions pursuant to Legislative Decree 231/2001.

 

		8.01.24.	Absence of employees. None of the SPV employs or has ever employed any individual.

 

		8.01.25.	Due Diligence information. The verbal and written information and documentation provided
by the SELLER with respect to the SPVs and the SPVs’ business for the purposes of the Due Diligence investigations conducted
on behalf of the BUYER, by its representatives and advisors is complete and does not contain untrue statements under any and all
relevant aspects. Exhibit 8.01.25 contains the documentation provided by the SELLER with respect to the SPV and the
SPVs’ business for the purposes of the Due Diligence investigations.

 

    	18

    	 

    

 

		8.01.26.	Farmland Lease Agreements. The lease agreements relating to the farmlands executed by each
SPV have been regularly terminated. The earlier terminations have been accepted by all relevant lessors and no notice of violation
relating to the farmland lease agreements, their performance and their earlier termination has been received by any relevant SPV
nor any claim to this regard has been threatened and there is no basis in fact for the assessment of any claim thereof.

 

		8.01.27.	Broker’s fees. Neither the SELLERS nor the SPVs have retained any broker, finder or
agent or agreed to pay any brokerage fees, finder’s fees or commissions with respect to the transactions contemplated in
this AGREEMENT.

 

		8.02.	The BUYER hereby makes the following representations and warranties to the SELLERS, each of which
is true and accurate as of the date hereof and will be so as of the CLOSING DATE as such representation and warranty had been given
on the such date (unless it is specifically provided for that a representation shall be made as of a different date).

 

		8.02.1.	Authorization. The BUYER has full power, authority and capacity to enter into and perform
this AGREEMENT. No injunction issued by any court or governmental authority relating to the BUYER in order to restrain or prohibit
the consummation of this transaction contemplated by this AGREEMENT is presently in effect, and no suit, action or other legal
or administrative proceeding relating to the BUYER is threatened or pending before any court or governmental agency in which it
is sought to restrain or prohibit or to obtain damages or other relief in connection with this AGREEMENT or the consummation of
the transactions contemplated herein.

 

		8.02.2.	Existence. The BUYER is duly organized, validly existing and in good standing under Italian
laws and as set forth in its by-laws as currently in force.

 

		8.02.3.	No Broker. The BUYER has not incurred any liability for any brokerage, finder’s or
similar fees or commissions in connection with the transactions contemplated hereby.

 

		8.02.4.	The BUYER is not insolvent, bankrupt or involved in insolvency, liquidation, bankruptcy or similar
proceedings and has never presented a motion to be included in such procedures. There are no bankruptcy proceedings or other insolvency
proceedings pending against the BUYER and no bankruptcy, liquidation or similar procedures pending against the BUYER;

 

		8.02.5.	All corporate acts and other proceedings required to be taken by or on behalf of the BUYER to authorize
the BUYER to enter into and to carry out this AGREEMENT have been duly and properly taken, and this AGREEMENT has been duly executed
and delivered by the BUYER and constitutes the valid and binding obligation of the BUYER enforceable against the BUYER in accordance
with its terms;

 

		8.02.6.	Debts rescheduling agreements. BUYER shall procure, after the CLOSING, exact performance
and payment by the SPVs of the debts rescheduling agreements enclosed as Exhibit 8.01.10.c.

 

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ARTICLE 9

 

INDEMNIFICATION OBLIGATIONS

 

		9.01.	With the exception of cases of fraud and bad faith, it is understood that after the CLOSING the
right to claim indemnification under this article excludes (also by express pactum de non petendo of the BUYER) any other
right, action, remedy, claim, exception or safeguard available to the BUYER in connection with the breach of any representation
and warranties set forth in Article 8 above and the BUYER hereby expressly waives said rights. In particular, after CLOSING,
the BUYER shall have no right to cancel, terminate or withdraw from the AGREEMENT, or to refuse to perform the AGREEMENT or fulfil
its obligations under the AGREEMENT, even if by way of exception, for any reason.

 

		9.02.	Each of the SELLER shall, severally, on BUYER’s demand, reimburse, indemnify and hold harmless
the BUYER and/or the SPVs (at the choice of the BUYER) for the Applicable Percentage of any LOSSES that the BUYER or the SPVs may
incur as a result of:

 

		(a)	infringement of any SELLERS’ representation or warranty contained in this AGREEMENT;

 

		(b)	any breach of the SELLERS’ obligations set forth in this AGREEMENT.

 

		9.03.	Expiration of the indemnification obligations of the SELLERS. The SELLERS shall be under
no liability in respect of any claim for infringement of any representation or warranty unless notice of such claim shall have
been served upon the SELLERS by the BUYER:

 

		(a)	prior to the expiration of the applicable statute of limitation for LOSSES deriving from the violation
of the representations and warranties under Articles 8.01.1 (Authorization), 8.01.3 (Existence of each SELLER), 8.01.6
(Ownership) and 8.01.14 (Taxes) above;

 

		(b)	by the eighteenth (18th) month since the CLOSING DATE for LOSSES deriving from the violation
of the representations and warranties under Articles 8.01.19 (Health and Safety), and 8.01.20 (Services contracts)
listed under Exhibit 4.01.a above and for any other LOSSES.

 

		9.04.	SELLERS’ obligation to indemnify the BUYER under this Article 9 shall arise
only if the aggregate amount actually indemnifiable with respect to each SPV by SELLERS to the BUYER under this AGREEMENT exceeds
in total an amount equal to EUR 100.000,00 (one hundred thousand/00) in relation to each SPV.

 

		9.05.	It being understood that if the threshold related to a specific SPV is exceeded, the SELLERS shall
indemnify the BUYER only for the excess of the amount indicated above.

 

		9.06.	Under no circumstances shall the aggregate total amount payable by SELLERS as indemnity under this
Article 9 in connection with each SPV exceed an amount equal to 10% (ten per cent) of the amount of the relevant PURCHASE
PRICE, as finally adjusted pursuant to Article 3.03. above.

 

		9.07.	Under no circumstances shall the SELLERS be liable to the BUYER under Article 9.03. above
in the event that an event triggering a claim for indemnification occurs after the terms provided for in Article 9.03., lett.
(a) and (b).

 

		9.08.	Under no circumstances shall the SELLERS be liable to the BUYER in the event that the claim for
indemnification is based on facts or circumstances which have been disclosed to the BUYER in the DISCLOSURE LETTER, on condition
that (i) the relevant facts or circumstances which have been disclosed are true and correct, (ii) the disclosure
has been made in a way which is not misleading and (iii) the LOSS arising from the facts or circumstances which have been
disclosed was foreseeable also considering the nature and extent of the relevant disclosure.

 

    	20

    	 

    

 

		9.09.	Any amount due by the SELLERS under this Article 9 in connection with a claim for indemnification
whenever possible pursuant to Article 3.03.3 above shall be set-off or reduced (i) by an amount equal to any amount
that the BUYER, and/or any relevant SPV have actually received from third parties (including insurance companies) in connection
with the circumstance constituting the subject matter of the claim for indemnification; and/or (ii) by any amounts for which
a specific or general provision is set aside in the reference accounts, in connection with the circumstances constituting the subject
matter of the claim for indemnification; and/or (iii) to take account of any possible tax benefit of the BUYER and/or the
relevant SPV in connection with the indemnification event or the LOSS, but in the latter case the amount due shall also be grossed
up to take into account any taxes payable by the BUYER on the indemnity amount received.

 

		9.10.	The BUYER shall use its reasonable endeavour to (i) attempt to mitigate any LOSS with respect
to which it may be entitled to seek indemnification pursuant to this AGREEMENT and (ii) obtain or cause to be obtained all
insurance proceeds or other payments from third parties, and all tax refunds or other tax benefits, that are available with respect
to any LOSS with respect to which it is entitled to indemnification under this AGREEMENT.

 

		9.11.	The BUYER shall send to the SELLERS written notice of any fact that could cause a LOSS for the
BUYER for which the SELLERS could be liable to indemnify the BUYER under this AGREEMENT within the 15 (fifteen) BUSINESS DAYS following
the BUYER’s knowledge of such event (hereinafter referred to as “NOTICE OF CLAIM”), indicating in reasonable
details the claims for indemnification that the BUYER intends to bring (hereinafter referred to as the “CLAIM”),
with all available supporting documentation to enable the SELLER, to make the opportune assessments in relation to the LOSS forming
the object of the CLAIM.

 

		9.12.	It is understood that the absence of a written reply from the SELLERS to a NOTICE OF CLAIM within
15 (fifteen) BUSINESS DAYS of receipt of the same shall be deemed an acceptance of the CLAIM set forth in the NOTICE OF CLAIM.

 

		9.13.	If any payment has to be made by the SELLERS to the BUYER within the ADJUSTMENT PERIOD as indemnification
under Article 9 in respect of any CLAIM for a breach of the representations and warranties set forth in Article 8,
the payment shall be made whenever possible, by way of adjustment of the AGREED CONSIDERATION to be paid by the BUYER under this
AGREEMENT and the AGREED CONSIDERATION shall eventually be deemed to have been reduced by the amount of such payment.

 

		9.14.	If any payment has to be made by the SELLERS to the BUYER after the ADJUSTMENT PERIOD as indemnification
under Article 9 in respect of any CLAIM for a breach of the representations and warranties set forth in Article 8,
the BUYER will not be entitled to set-off any payment due as DEFERRED PAYMENT with any amount to be paid by SELLERS under this
Article 9.

 

		9.15.	If the BUYER (or an SPV) receives from any third party a claim, including for avoidance of doubts
any tax audit from any tax authority (hereinafter referred to as the “THIRD PARTY CLAIM”), which may determine
a LOSS, the BUYER may inform the SELLERS and the following procedure shall apply:

 

		9.15.1	The BUYER shall give written notice to the SELLERS within (i) 15 (fifteen) BUSINESS DAYS
of the receipt of the THIRD PARTY CLAIM and shall provide the SELLERS with reasonable detailed documentation and information thereof,
or (ii) the shorter term provided by the nature of the claim, in order to allow the SELLERS to participate and, to the maximum
extent permitted by law, join, at its own cost, by counsel or counsels chosen by the SELLERS, in the defence against any THIRD
PARTY CLAIM at its sole costs and expenses and the BUYER shall provide the SELLERS with any reasonable assistance and information
in connection therewith.

 

		9.15.2	The BUYER shall in any case diligently defend, and shall cause the relevant SPV to diligently defend,
any claim, suit, action or proceeding however related to such THIRD PARTY CLAIM, and shall cause the relevant SPV not to make nor
to accept settlement of any THIRD PARTY CLAIM without the prior written consent of the SELLERS, which cannot be reasonably withheld.

 

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		9.15.3	If a firm offer is made to the relevant SPV or to the BUYER to settle any THIRD PARTY CLAIM which
the BUYER, but not the SELLERS, is willing to accept, the BUYER and/or the relevant SPV (as the case may be) shall be free to enter
into such settlement, at their own expense, it being understood that the SELLERS shall not be held liable for such settlement or
for any payment to be made thereunder without prejudice to its possible liability for the THIRD PARTY CLAIM which shall remain
subject to the provisions of this AGREEMENT.

 

		9.15.4	If a firm offer is made to relevant SPV or to the BUYER to settle any THIRD PARTY CLAIM which the
SELLERS, but not the BUYER, are willing to accept, the BUYER and/or the relevant SPV (as the case may be) shall be free not to
enter into such settlement and to commence or continue the relevant litigation, at their own expense, it being understood that
liability of the SELLERS under this Article 9 in connection thereof shall be limited to the amount of the proposed offer.

 

		9.16.	The BUYER undertakes to indemnify and hold the SELLERS harmless from and against any claims and/or
liabilities, damages, penalties, costs, losses, or expenses, including reasonable attorneys’ fees, actually suffered by SELLER
arising out of any inaccuracy or breach of one or more of the representations and warranties of the BUYER set forth in Article
8 been true and correct. The PARTIES agree that to any claim by the BUYER to the SELLERS under this Article 9, shall
be applied, mutatis mutandis, the same procedure set under Article 9.15. above.

 

ARTICLE 10

 

ACTIONS AND CONDUCT
OF THE SPVS UNTIL CLOSING

 

		10.01.	Operation of the Business. During the period from the execution of this AGREEMENT until
the CLOSING DATE, the SELLERS shall cause the SPVs to conduct its business in good faith, in compliance with all applicable laws,
regulations and administrative authorizations and only in the ordinary course of business. In particular, the SELLERS covenant
and agree that during such period the SPVs will not, without the BUYER’s previous written consent:

 

		(a)	increase or decrease the corporate capital, except for the necessity to meet minimum capital requirements
provided for by Italian law by utilizing SELLERS’ outstanding trade receivables towards each relevant SPV, for which BUYER’s
already expresses its consent;

 

		(b)	issue any debt instruments or execute any notes or other evidences of indebtedness;

 

		(c)	solicit or cause its representatives to solicit, directly or indirectly, any inquiries or proposals,
participate, directly or indirectly, in any negotiations or discussions, or provide, directly or indirectly, any information, concerning
the sale of any of the SHARES or of all or any portion of the SPVs’ business;

 

		(d)	cause or permit any change in the financial condition, properties, assets, obligations, commitments,
operations or prospects of the SPVs (other than changes in the ordinary course of business) or any other event or condition of
any nature that, individually or in the aggregate, has been or will be adverse to the financial condition, properties, assets,
obligations, commitments, operations or prospects of the COMPANY or to its business;

 

		(e)	cause or permit any change in the COMPANY’s accounting system employed in preparing its previous
financial statements;

 

		(f)	cause or permit the SPVs, directly or indirectly, to declare, reserve, set aside, or pay any dividend
or other distribution, or cause or permit any split, combination, reclassification, redemption, purchase or other acquisition with
respect to any SHARES or any option to purchase the SHARES;

 

    	22

    	 

    

 

		(g)	cause or permit any sale, transfer, or other disposition (including, without limitation, any direct
or indirect creation, assumption or permitting of the existence of any mortgage, pledge, deposit, conditional sale, lease or title
retention) including, without limitation, any sale, transfer or other disposition between any of the SPVs and the SELLERS or any
company participated by the SELLERS, other than:

 

		1)	purchases of materials in the ordinary course of business; and

		2)	contingent liabilities arising out of the endorsement in the ordinary and normal course of the
business of negotiable instruments in the course of collection;

 

		(h)	cause or permit any joint venture, merger or consolidation of the SPVs with any other company,
or any corporate action by the SPVs effecting a complete or partial liquidation or dissolution;

 

		(i)	cause or permit any amendment or modification (or agreement relating thereto) of the by-laws of
the SPVs;

 

		(k)	cause or permit any changes in the manner of conducting the SPVs’ business;

 

		(l)	grant a remuneration, or authorize or pay any bonus or other benefit or cause or permit any SPV
to make any loan or advance to any former or current consultants, director of the SPVs;

 

		(m)	make or enter into any agreement or other commitment for any expenditures for capital assets, in
excess of what is already reflected in the INTERIM FINANCIAL STATEMENTS and other than for ordinary and routine maintenance and
repairs, which maintenance and repair expenditures are not required to be capitalized;

 

		(n)	permit or cause any of the SPV to enter into any transaction not disclosed in, or contemplated
by, this AGREEMENT (including, without limitation, any contingent obligations of the SPVs by way of guaranty, endorsement, indemnity,
warranty or otherwise) other than in the ordinary and normal course of the business;

 

		(o)	make any payments to, or grant any future benefits to, or transfer any assets to, or assume any
liabilities for the benefit of the SELLERS;

 

		(p)	enter into any agreement or commitment to do any of the things set out in this Article 10.01.

 

ARTICLE 11

 

GENERAL PROVISIONS

 

		11.01.	Method of Payment. All payments to be made by one PARTY to the other pursuant to this Agreement
shall be made in immediately available funds by wire transfer to the bank account that has to indicated designated by the Party
entitled to receive the relevant payment at least 5 (five) BUSINESS DAYS prior to the date on which the payment is due.

 

		11.02.	Confidentiality. Each PARTY hereto will hold, and will use its commercially reasonable efforts
to cause its respective representatives and advisers to hold, in confidence from any person (other than its representatives or
advisers, in connection with this Agreement, and with a demonstrable need-to-know), (i) unless compelled to disclose by
judicial or administrative process or by other requirements of law or regulations derived there from (including without limitation
any disclosure required under applicable regulations in particular any stock exchange regulations), or (ii) unless disclosed
in an action or proceeding brought by a PARTY hereto in pursuit of its rights or in the exercise of its remedies hereunder, all
documents and information, whether oral or written, concerning the other PARTY or any of its affiliates furnished to it by such
PARTY or its representatives and advisers in connection with this AGREEMENT or the transactions contemplated hereby, except to
the extent that such documents or information can be shown to have been:

 

    	23

    	 

    

 

		(a)	previously known by the PARTY receiving such documents or information without an obligation of
confidentiality;

 

		(b)	in the public domain (either prior to or after the furnishing of such documents or information
hereunder) through no fault of such receiving PARTY;

 

		(c)	later acquired by the receiving PARTY from another source if the other source is not under an obligation
to another PARTY hereto to keep such documents and information confidential; or

 

		(d)	independently developed by the receiving PARTY without the use of the other PARTY’s confidential
information,

 

provided,
however, that following the CLOSING the foregoing restrictions will not apply to the BUYER’s use of documents and information
concerning the SPVs furnished by SELLER hereunder.

 

In the event the transactions
contemplated hereby are not consummated, upon the request of the other PARTY, each PARTY hereto will, and will cause its respective
representatives and advisers to, promptly (and in no event later than 5 (five) BUSINESS DAYS after such request) destroy or cause
to be destroyed (such destruction certified in writing) or return or cause to be returned all copies of documents and information
furnished by the other PARTY in connection with this AGREEMENT or the transactions contemplated hereby. As an exception to the
above, a copy of such documents and information may be kept to the extent required to comply with any applicable recording and/or
retention mandatory provisions of law.

 

In the event of any breach
of this Article, the Parties acknowledge that the non-breaching Party may suffer irreparable harm which is difficult to calculate
and therefore the relevant damages may be an inadequate remedy. Accordingly, the Parties agree that the non-breaching Party shall
be entitled to seek temporary and permanent injunctive relief which may be available against the breaching Party and its affiliates,
and the other rights and remedies to which the non-breaching Party may be entitled to at law, in equity and under this Agreement.

 

The foregoing confidentiality
obligations shall survive the termination or the consummation of the transactions contemplated hereby for a period of three (3)
years thereafter.

 

The PARTIES within 5 (five)
days from the execution of this AGREEMENT and, afterwards, from the CLOSING shall agree on a common text of a press release regarding
the transaction.

 

		11.03.	Costs and expenses. Except as otherwise provided in this AGREEMENT, each of the PARTIES
hereto shall pay its own expenses incident to the preparation, signature and performance of this AGREEMENT, whether or not the
transactions contemplated herein are consummated. Stamp duty and notarial fees and costs relating to the transfer of the SHARES
shall be borne by the BUYER.

 

		11.04.	Entire Agreement. This AGREEMENT, including the Deeds of Transfer, embodies the entire agreement
between the PARTIES hereto and supersedes all prior agreements, negotiations, offers and undertaking of the PARTIES with respect
to the transaction contemplated herein. Except for the Deed of Transfer, there have been and are no arrangements or warranties
between the PARTIES other than those set forth or provided for herein. This AGREEMENT may be amended only in writing through a
document duly signed by the BUYER and the SELLER.

 

		11.05.	Notices. All notifications to be made on the basis of this AGREEMENT must be sent in writing
by registered letter with return receipt anticipated by facsimile to the following addresses:

 

    	24

    	 

    

 

		·	If to the SELLERS:

 

VOLTEO ENERGIE S.P.A.

 

Via Giovanni Bensi 12/3 - 20152
Milano (MI), Italy

 

Fax: +39 0287211707

 

Mail PEC: volteoenergie@legalmail.it

 

OVERLAND S.R.L.

 

Via del Carmine, 2/A –
27029 Vigevano (PV), Italy

 

Fax: +39 038183698

 

Mail PEC: overlandsrl@legalmail.it

 

AGRIHOLDING S.R.L.

 

Via Durini, 27 – 20122
Milan (MI), Italy

 

Mail PEC: agriholdingsrl@legalmail.it

 

		·	If to the BUYER:

 

BLUESPHERE ITALY S.R.L.

 

Corso
G. Matteotti, 1 – 20122 – Milano (MI), Italy

 

Mail PEC:
bluesphereitalysrl@legalmail.it

 

or to the different addresses
subsequently communicated in writing by one PARTY to the other PARTY.

 

A PARTY may notify the other
PARTY of a change to its name, relevant addressee, address or fax number for the purposes of this clause, provided that such notice
shall only be effective on: (i) the date specified in the notification as the date on which the change is to take place;
or (ii) if no date is specified or the date specified is less than 5 (five) BUSINESS DAYS after the date on which notice
is given, the date following 5 (five) BUSINESS DAYS after notice of any change has been given.

 

Notices shall be deemed to
have been received on the date of transmission of the facsimile, as indicated in the facsimile confirmation report.

 

In proving service it shall
be sufficient to prove that the envelope containing such notice was properly addressed and delivered to the address shown thereon,
and that the facsimile transmission was made and a facsimile confirmation report was received, as the case may be.

 

		11.06.	Waiver. Any waiver by a PARTY at any moment or for any period of time of any provision of
this AGREEMENT shall not be construed by the other PARTIES as a renunciation of said provisions or rights, which may be enforced
at any subsequent moment.

 

		11.07.	Assignment. Neither PARTY may assign any of its rights, title or interest under this AGREEMENT
without the prior consent of the other parties, except that the BUYER shall always be entitled to assign, with no SELLER’s
consent being required, any of the BUYER’S rights arising out of this AGREEMENT (including those arising from the indemnification
provisions) to a company controlled by the BUYER. Subject to the preceding sentence, this AGREEMENT will apply to, be binding in
all respects upon, and incur to the benefit of the successors and permitted assignees of the PARTIES.

 

		11.08.	Governing Law and Language. The construction, validity and performance of this AGREEMENT
shall be governed by the laws of Italy. The AGREEMENT may be translated into any language other than the English language, provided,
however, that, for all purposes, the English language text of the AGREEMENT shall prevail.

 

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		11.09.	Arbitration. Any dispute arising from this AGREEMENT or originated from it, and/or related
to it, shall be resolved by a three-person arbitration panel pursuant to the National Arbitration Rules of the International and
National Chamber of Arbitration of Milan, Italy, which the PARTIES declare they know and accept in their entirety. The arbitration
panel shall decide according to the rules on judicial arbitration (“arbitrato rituale”) set forth under Italian
law. The place of arbitration shall be Milan. The arbitration shall be conducted in English. The decision of the arbitral tribunal
will be final and may not be appealed. The arbitral tribunal shall not act as ex aequo et bono (but as “arbitrato
secondo diritto”). The judgment on the arbitral award may be entered by any court or courts of competent jurisdiction
including, but not limited to, any court that has jurisdiction over either of the parties or any of their assets. For the purpose
of this arbitration procedure SELLERS shall be considered one sole party

 

		11.10.	Announcements. Each of the PARTIES to this AGREEMENT hereby agrees with the other PARTIES
that, except as required to comply with the requirements of mandatory provisions of law, no press release or similar public announcement
or communication will be made or caused to be made concerning the execution or performance of this AGREEMENT unless specifically
approved in advance by BUYER, in its sole discretion.

 

		11.11.	Several liability. Anything to the contrary in this AGREEMENT or in any applicable law notwithstanding,
SELLERS shall be severally (and not jointly amongst them) liable against BUYER under this AGREEMENT according to the APPLICABLE
PERCENTAGE.

 

IN WITNESS THEREOF, the PARTIES hereto
have signed this AGREEMENT and its Exhibits on May 14th, 2015 in Milan.

 

	/s/ Roy Amitzur	 	 
	          Blueshpere Italy S.r.l.	 	Volteo Energie S.p.A.
	 	 	 
	 	 	 
	 	 	Agriholding S.r.l.
	 	 	 
	 	 	 
	 	 	Overland S.r.l.

 

    	26

    	 

    

 

LIST OF EXHIBITS

 

		-	Exhibit 1.01.a. - BALANCE
SHEET

		-	Exhibit 1.01.b. - INTERIM
FINANCIAL STATEMENT

		-	Exhibit 1.01.c. –
NET ASSETS

		-	Exhibit 2.03. - CORPORATE
GUARANTEE 

		-	Exhibit 3.01.a - BASE MODEL

		-	Exhibit 3.01.b. - SELLERS
SHAREHOLDERS’ LOANS

		-	Exhibit 3.02.(b) - NOTE
FORM

		-	Exhibit 4.01.a - LIST OF
CHANGE OF CONTROL CONTRACTS

		-	Exhibit 4.01.b – WAIVER
REQUEST

		-	Exhibit 6.02.a.(ii) –
RESIGNATION LETTER

		-	Exhibit 6.02.b. - WAIVER
LETTER 

		-	Exhibit 7.02. - PRE-CLOSING
NET ASSETS CALCULATION

		-	Exhibit 7.04. – FINAL
CLOSING NET ASSET CALCULATION

		-	Exhibit 7.08.  - VAT REIMBURSEMENT

		-	Exhibit 7.09.(a) - VOLTEO
OUTSTANDING TRADE RECEIVABLES

		-	Exhibit 8.01.5 - CAPITALIZATION

		-	Exhibit 8.01.6 - OWNERSHIP

		-	Exhibit 8.01.10.c - DEBTS
RESCHEDULING AGREEMENTS

		-	Exhibit 8.01.15 – LIST
OF CONTRACTS

		-	Exhibit 8.01.17 - BANK ACCOUNTS

		-	Exhibit 8.01.25 - DUE DILIGENCE
INFORMATION

 

    	27

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