Document:

ISDA

International
Swaps and Derivatives Association, Inc.

2002
MASTER AGREEMENT

dated
as of June 13th, 2022

 

	SOCIETE
    GENERALE

    (“Party A”)	and	Each
    entity listed on Appendix I to the

    Schedule hereto, severally and not jointly 

(each such entity, “Party B”)
	 	 	 

have
entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this
2002 Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each
a “Confirmation”) exchanged between the parties or otherwise effective for the purpose of confirming or evidencing those
Transactions. This 2002 Master Agreement and the Schedule are together referred to as this “Master Agreement”.

Accordingly,
the parties agree as follows:—

	1.	Interpretation

(a)          
Definitions. The terms defined in Section 14 and elsewhere in this Master Agreement will have the meanings therein
specified for the purpose of this Master Agreement.

(b)          
Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions
of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and
this Master Agreement, such Confirmation will prevail for the purpose of the relevant Transaction.

 

(c)           Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations
form a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise
enter into any Transactions.

	2.	Obligations

	(a)	General
                                            Conditions.

(i)             Each
party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

(ii)           
Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the
relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments
in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on
the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere
in this Agreement.

 

Copyright © 2002 by International
Swaps and Derivatives Association, Inc.

    	 

    	 

    

(iii)           Each
obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event
of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early
Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other condition
specified in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii).

 

(b)          Change of Account. Either party may change its account for receiving a payment or delivery by giving notice to the
other party at least five Local Business Days prior to the Scheduled Settlement Date for the payment or delivery to which such change
applies unless such other party gives timely notice of a reasonable objection to such change.

 

	(c)	Netting
                                            of Payments. If on any date amounts would otherwise be payable:—

 

		(i)	in
                                            the same currency; and

 

		(ii)	in
                                            respect of the same Transaction,

 

by each
party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied
and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would
otherwise have been payable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have
been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount.

 

The parties
may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts
payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect
of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that “Multiple Transaction
Payment Netting” applies to the Transactions identified as being subject to the election (in which case clause (ii) above will
not apply to such Transactions). If Multiple Transaction Payment Netting is applicable to Transactions, it will apply to those Transactions
with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule
or such Confirmation, the starting date otherwise agreed by the parties in writing. This election may be made separately for different
groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries.

 

	(d)	Deduction
                                            or Withholding for Tax.

(i)           
Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account
of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental
revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will:—

 

 (1)            promptly notify the other party (“Y”) of such requirement;

 

(2)            pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be
deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that
such deduction or withholding is required or receiving notice that such amount has been assessed against Y;

 

(3)           
promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing
such payment to such authorities; and

     2

     

    

(4)           
if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement,
such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether
assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However,
X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:—

(A)         
the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

(B)         
the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have
occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is
entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax
Law.

		(ii)	Liability.
                                            If:—

(1)          X
is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction
or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4);

 

		(2)	X
                                            does not so deduct or withhold; and

 

		(3)	a
                                            liability resulting from such Tax is assessed directly against X,

then,
except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of
such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed
to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

 

	3.	Representations

 

Each
party makes the representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying,
3(g) to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered
into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any “Additional
Representation” is specified in the Schedule or any Confirmation as applying, the party or parties specified for such Additional
Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such
Additional Representation.

 

	(a)	Basic
                                            Representations.

(i)             Status.
It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant
under such laws, in good standing;

 

(ii)            Powers.
It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to
deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to
perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and
has taken all necessary action to authorise such execution, delivery and performance;

     3

     

    

(iii)           
No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable
to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to
it or any of its assets or any contractual restriction binding on or affecting it or any of its assets;

 

(iv)           Consents. All governmental and other consents that are required to have been obtained by it with respect to this
Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions
of any such consents have been complied with; and

(v)           
Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party
constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy,
reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability,
to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

 

(b)           Absence
of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to
it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations
under this Agreement or any Credit Support Document to which it is a party.

(c)           
Absence of Litigation. There is not pending or, to its knowledge, threatened against it, any of its Credit Support
Providers or any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal,
governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it
of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement
or such Credit Support Document.

 

(d)          
Accuracy of Specified Information. All applicable information that is furnished in writing by or on behalf of it
to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true,
accurate and complete in every material respect.

 

(e)            Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this
Section 3(e) is accurate and true.

 

(f)            Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of
this Section 3(f) is accurate and true.

 

(g)            No
Agency. It is entering into this Agreement, including each Transaction, as principal and not as agent of any person or entity.

 

	4.	Agreements

 

Each party agrees with the other
that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is
a party:—

 

	(a)	Furnish
                                            Specified Information. It will deliver to the other party or, in certain cases under
                                            clause (iii) below, to such government or taxing authority as the other party reasonably
                                            directs:—

		(i)	any forms, documents or certificates
relating to taxation specified in the Schedule or any Confirmation;

		(ii)	any
                                            other documents specified in the Schedule or any Confirmation; and

     4

     

    

(iii)           upon
reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow
such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without
any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion,
execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt
of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party
and to be executed and to be delivered with any reasonably required certification,

in each case by the date specified
in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.

 

(b)           Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of
any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document
to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future.

 

(c)           Comply
With Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure
so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which
it is a party.

 

(d)           Tax
Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly
upon learning of such failure.

 

(e)           Payment
of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance
of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or
where an Office through which it is acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”), and will
indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution
or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other
party.

	5.	Events
                                            of Default and Termination Events

 

(a)           Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider
of such party or any Specified Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv))
an event of default (an “Event of Default”) with respect to such party:—

(i)             Failure
to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i)
or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case
of any such payment or the first Local Delivery Day in the case of any such delivery after, in each case, notice of such failure is given
to the party;

 

		(ii)	Breach
                                            of Agreement; Repudiation of Agreement.

(1)            Failure
by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement
or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under
Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is
not remedied within 30 days after notice of such failure is given to the party; or

 

(2)            the
party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any Confirmation
executed and delivered by that party or any Transaction evidenced by
such a Confirmation (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);

     5

     

    

		(iii)	Credit
                                            Support Default.

 

(1)            Failure
by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or
performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed;

 

(2)            the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any
security interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document,
to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to the
satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written
consent of the other party; or

 

(3)            the
party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of,
such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);

 

(iv)         Misrepresentation. A representation (other than a representation under Section 3(e) or 3(f)) made or repeated or
deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support
Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated;

 

(v)          Default
Under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such
party:—

 

(1)            defaults
(other than by failing to make a delivery) under a Specified Transaction or any credit support arrangement relating to a Specified Transaction
and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration
of obligations under, or an early termination of, that Specified Transaction;

 

(2)            defaults,
after giving effect to any applicable notice requirement or grace period, in making any payment due on the last payment or exchange date
of, or any payment on early termination of, a Specified Transaction (or, if there is no applicable notice requirement or grace period,
such default continues for at least one Local Business Day);

 

(3)            defaults
in making any delivery due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction or any
credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace
period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, all transactions
outstanding under the documentation applicable to that Specified Transaction; or

 

(4)            disaffirms,
disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, a Specified Transaction or any credit support arrangement
relating to a Specified Transaction that is, in either case, confirmed or evidenced by a document or other confirming evidence executed
and delivered by that party, Credit Support Provider or Specified Entity (or such action is taken by any person or entity appointed or
empowered to operate it or act on its behalf);

     6

     

    

(vi)         Cross-Default.
If “Cross-Default” is specified in the Schedule as applying to the party, the occurrence or existence of:—

(1)            a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support
Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified
Indebtedness of any of them (individually or collectively) where the aggregate principal amount of such agreements or instruments, either
alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as specified
in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due
and payable under such agreements or instruments before it would otherwise have been due and payable; or

(2)            a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or
more payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement
or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause (1) above, of not less
than the applicable Threshold Amount;

(vii)        Bankruptcy.
The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:—

(1)            is
dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails
or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition
with or for the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official
with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or
the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any
bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or
liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment
of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’
rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a
person or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an
order for relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained
in each case within 15 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management
or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an
administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially
all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment,
sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party
maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter;
(8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect
to any of the events specified in clauses (1) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its
consent to, approval of, or acquiescence in, any of the foregoing acts; or

     7

     

    

(viii)       Merger
Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or
into, or transfers all or substantially all its assets to, or reorganises, reincorporates or reconstitutes into or as, another entity
and, at the time of such consolidation, amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution:—

(1)            the
resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this
Agreement or any Credit Support Document to which it or its predecessor was a party; or

 

(2)            the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such
resulting, surviving or transferee entity of its obligations under this Agreement.

 

(b)          Termination
Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or
any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is
specified in clause (i) below, a Force Majeure Event if the event is specified in clause (ii) below,
a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below,
and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to clause (v) below or an
Additional Termination Event if the event is specified pursuant to clause (vi) below:—

 

(i)           Illegality.
After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation
or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any Credit
Support Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable law (including
without limitation the laws of any country in which payment, delivery or compliance is required by either party or any Credit Support
Provider, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance were required on that
day (in each case, other than as a result of a breach by the party of Section 4(b)):—

 

(1)            for the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect
to such Transaction to perform any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, to
receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating
to such Transaction; or

 

(2)            for
such party or any Credit Support Provider of such party (which will be the Affected Party) to perform any absolute or contingent obligation
to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction,
to receive a payment or delivery under such Credit Support Document or to comply with any other material provision of such Credit Support
Document;

 

(ii)         Force
Majeure Event. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the
relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction is entered
into, on any day:—

(1)            the
Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such
Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of such
Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material provision
of this Agreement relating to such Transaction (or would be so prevented if such payment, delivery or compliance were required on
that day), or it becomes impossible or impracticable for such Office so to perform, receive or comply (or it would be impossible or
impracticable for such Office so to perform, receive or comply if such payment, delivery or compliance were required on that day);
or

     8

     

    

(2)            such
party or any Credit Support Provider of such party (which will be the Affected Party) is prevented from performing any absolute or contingent
obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to
such Transaction, from receiving a payment or delivery under such Credit Support Document or from complying with any other material provision
of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes
impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be impossible or
impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery or compliance were
required on that day),

 

so long
as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support Provider, as appropriate,
and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or
Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention, impossibility or impracticability;

 

(iii)           Tax
Event. Due to (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction
is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a Change in
Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding
Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section
2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted
or withheld for or on account of a Tax (except in respect of interest under Section 9(h)) and no additional amount is required to be
paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

 

(iv)           Tax
Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date will either
(1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest
under Section 9(h)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect
of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either
case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its
assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or
reorganising, reincorporating or reconstituting into or as, another entity (which will be the Affected Party) where such action does
not constitute a Merger Without Assumption;

 

(v)           Credit
Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, a Designated
Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity
of such party (in each case, “X”) and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness
of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document,
is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the occurrence of
such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the
Affected Party). A “Designated Event” with respect to X means that:—

 

(1)             X
consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial part of
the assets comprising the business conducted by X as of the date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes
into or as, another entity;

     9

     

    

(2)            any
person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the
power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise
control of X; or

 

(3)             X
effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of
(A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other
than corporations, any other form of ownership interest; or

(vi)           Additional
Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying,
the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such Additional Termination
Event in the Schedule or such Confirmation).

 

	(c)	Hierarchy
                                            of Events.

 

(i)             An
event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the case,
also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance
relates to the failure to make any payment or delivery or a failure to comply with any other material provision of this Agreement or
a Credit Support Document, as the case may be.

 

(ii)            Except
in circumstances contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to an Illegality
or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default
or such other Termination Event, as the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event.

 

(iii)           If
an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will
be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event.

 

(d)          Deferral
of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing with
respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred
to, and will not be due until:—

 

(i)             the
first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local Business
Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality
or Force Majeure Event) following the end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event, as the
case may be; or

 

(ii)            if
earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases to
exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that
is a Local Business Day or Local Delivery Day, as appropriate.

     10

     

    

(e)           Inability
of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or a Force Majeure Event occurs under Section
5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party’s head or home office, (ii) Section 10(a) applies,
(iii) the other party seeks performance of the relevant obligation or compliance with the relevant provision by the Affected
Party’s head or home office and (iv) the Affected Party’s head or home office fails so to perform or comply due to the
occurrence of an event or circumstance which would, if that head or home office were the Office through which the Affected Party
makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a
Force Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i)or 5(a)(iii)(1) with
respect to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the Office
referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home office, such
failure will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1).

	6.	Early
                                            Termination; Close-Out Netting

 

(a)          Right
to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”)
has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to
the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified
in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately
upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent
analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the
relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the
extent analogous thereto, (8).

 

	(b)	Right
                                            to Terminate Following Termination Event.

(i)             Notice.
If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify
the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such
other information about that Termination Event as the other party may reasonably require. If a Force Majeure Event occurs, each party
will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature of that Force Majeure
Event, and will also give the other party such other information about that Force Majeure Event as the other party may reasonably require.

 

(ii)            Transfer
to Avoid Termination Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs
and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination
Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental
expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement
in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist.

 

If the
Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon
the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i).

Any
such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party,
which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions
with the transferee on the terms proposed.

(iii)           Two
Affected Parties. If a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach
agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event.

     11

     

    

		(iv)	Right
                                            to Terminate.

		(1)	If:—

 

(A)           a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect
to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or

 

(B)           a
Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the
Affected Party,

 

the
Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event
if there are two Affected Parties, or the Non- affected Party in the case of a Credit Event Upon Merger or an Additional Termination
Event if there is only one Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice
to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all
Affected Transactions.

 

(2)           If
at any time an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has expired:—

 

(A)           Subject
to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not earlier than the day
on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in
that notice the Affected Transactions in respect of which it is designating the relevant day as an Early Termination Date, a day not
earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect
of less than all Affected Transactions. Upon receipt of a notice designating an Early Termination Date in respect of less than all Affected
Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated,
designate that same day as an Early Termination Date in respect of any or all other Affected Transactions.

 

(B)           An
Affected Party (if the Illegality or Force Majeure Event relates to performance by such party or any Credit Support Provider of such
party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit
Support Document) will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality
under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by the other party of an
Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions.

 

	(c)	Effect
                                            of Designation.

(i)             If
notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the date so
designated, whether or not the relevant Event of Default or Termination Event is then continuing.

 

(ii)            Upon
the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i)
in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement.
The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii).

     12

     

    

	(d)	Calculations;
                                            Payment Date.

 

(i)             Statement.
On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations
on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail,
such calculations (including any quotations, market data or information from internal sources used in making such calculations), (2)
specifying (except where there are two Affected Parties) any Early Termination Amount payable and (3) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation
from the source of a quotation or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation
or market data will be conclusive evidence of the existence and accuracy of such quotation or market data.

 

(ii)            Payment
Date. An Early Termination Amount due in respect of any Early Termination Date will, together with any amount of interest payable
pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early
Termination Date which is designated or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days
after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement
provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination
Date which is designated as a result of a Termination Event.

 

(e)            Payments
on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination Date
(the “Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to Section 6(f).

 

(i)             Events
of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount equal
to (1) the sum of (A) the Termination Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative)
determined by the Non- defaulting Party for each Terminated Transaction or group of Terminated Transactions, as the case may be, and
(B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination Currency
Equivalent of the Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount is a positive number, the Defaulting
Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of the
Early Termination Amount to the Defaulting Party.

 

		(ii)	Termination
                                            Events. If the Early Termination Date results from a Termination Event:—

 

(1)            One
Affected Party. Subject to clause (3) below, if there is one Affected Party, the Early Termination Amount will be determined in accordance
with Section 6(e)(i), except that references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references
to the Affected Party and to the Non-affected Party, respectively.

 

(2)            Two
Affected Parties. Subject to clause (3) below, if there are two Affected Parties, each party will determine an amount equal to
the Termination Currency Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for each
Terminated Transaction or group of Terminated Transactions, as the case may be, and the Early Termination Amount will be an amount
equal to (A) the sum of (I) one-half of the difference between the higher amount so determined (by party “X”) and the
lower amount so determined (by party “Y”) and (II) the Termination Currency Equivalent of the Unpaid Amounts owing to X
less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number,
Y will pay it to X; if it is a negative number, X will pay the absolute value of the Early Termination Amount to Y.

     13

     

    

(3)            Mid-Market
Events. If that Termination Event is an Illegality or a Force Majeure Event, then the Early Termination Amount will be determined
in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close-out Amount or Close-out
Amounts, the Determining Party will:—

(A)           if
obtaining quotations from one or more third parties (or from any of the Determining Party’s Affiliates), ask each third party or
Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document and
(II) to provide mid-market quotations; and

(B)           in
any other case, use mid-market values without regard to the creditworthiness of the Determining Party.

 

(iii)           Adjustment
for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic Early Termination applies in respect
of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect
any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from
the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii).

 

(iv)           Adjustment
for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to pay, when due,
any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to
the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a
Transaction, constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise
be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event of Default,
a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected
Transactions and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2).

 

(v)            Pre-Estimate.
The parties agree that an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty.
Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in
this Agreement, neither party will be entitled to recover any additional damages as a consequence of the termination of the Terminated
Transactions.

 

(f)           Set-Off.
Any Early Termination Amount payable to one party (the “Payee”) by the other party (the “Payer”), in
circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger
has occurred or any other Termination Event in respect of which all outstanding Transactions are Affected Transactions has occurred,
will, at the option of the Non-defaulting Party or the Non- affected Party, as the case may be (“X”) (and without prior notice
to the Defaulting Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts (“Other
Amounts”) payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent and irrespective
of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so set off, those
Other Amounts will be discharged promptly and in all respects. X will give notice to the other party of any set-off effected under this
Section 6(f).

 

For this
purpose, either the Early Termination Amount or the Other Amounts (or the relevant portion of such amounts) may be converted by X into
the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially
reasonable procedures, to purchase the relevant amount of such currency.

     14

     

    

If
an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant
party accounting to the other when the obligation is ascertained.

Nothing
in this Section 6(f) will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice and
in addition to any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement
to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise).

 

	7.	Transfer

 

Subject
to Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or under
this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the
other party, except that:—

 

(a)            a
party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer
of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement);
and

 

(b)            a party may make such a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting
Party, together with any amounts payable on or with respect to that interest and any other rights associated with that interest pursuant
to Sections 8, 9(h) and 11.

 

Any purported
transfer that is not in compliance with this Section 7 will be void.

 

	8.	Contractual
                                            Currency

 

(a)            Payment
in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement
for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments
under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual
Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in good faith
and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount
in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency
so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the
payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be
necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in
the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such
excess.

 

(b)           Judgments. To
the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is
rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any
early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any
amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which
such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of
any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will
refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the
Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate
of exchange at which such party is able, acting in good faith and using commercially reasonable procedures in converting the
currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the
judgment or order actually received by such party.

     15

     

    

(c)           Separate
Indemnities. To the extent permitted by applicable law, the indemnities in this Section 8 constitute separate and independent
obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply
notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this Agreement.

 

(d)          Evidence
of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss
had an actual exchange or purchase been made.

 

	9.	Miscellaneous

 

(a)           Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter.
Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written representation, warranty
or other assurance (except as provided for or referred to in this Agreement) and waives all rights and remedies which might otherwise
be available to it in respect thereof, except that nothing in this Agreement will limit or exclude any liability of a party for fraud.

 

(b)           Amendments.
An amendment, modification or waiver in respect of this Agreement will only be effective if in writing (including a writing evidenced
by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic
messages on an electronic messaging system.

 

(c)           Survival
of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will
survive the termination of any Transaction.

 

(d)           Remedies
Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are
cumulative and not exclusive of any rights, powers, remedies and privileges provided by law.

 

	(e)	Counterparts
                                            and Confirmations.

 

(i)             This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including
by facsimile transmission and by electronic messaging system), each of which will be deemed an original.

 

(ii)            The parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether
orally or otherwise). A Confirmation will be entered into as soon as practicable and may be executed and delivered in counterparts (including
by facsimile transmission) or be created by an exchange of telexes, by an exchange of electronic messages on an electronic messaging
system or by an exchange of e-mails, which in each case will be sufficient for all purposes to evidence a binding supplement to this
Agreement. The parties will specify therein or through another effective means that any such counterpart, telex, electronic message or
e-mail constitutes a Confirmation.

 

(f)           No
Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed
to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent
or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege.

 

(g)          Headings.
The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be
taken into consideration in interpreting this Agreement.

     16

     

    

	(h)	Interest
                                            and Compensation.

 

(i)             Prior
to Early Termination. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction:—

 

(1)            Interest
on Defaulted Payments. If a party defaults in the performance of any payment obligation, it will, to the extent permitted by applicable
law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in
the same currency as the overdue amount, for the period from (and including) the original due date for payment to (but excluding) the
date of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due
pursuant to clause (3)(B) or (A) below), at the Default Rate.

 

(2)            Compensation
for Defaulted Deliveries. If a party defaults in the performance of any obligation required to be settled by delivery, it
will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement
and (B) unless otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable
law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the fair market
value of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally
scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period in respect of which interest or
compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any obligation
referred to above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable
procedures, by the party that was entitled to take delivery.

 

		(3)	Interest
                                            on Deferred Payments. If:—

(A)           a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by
applicable law and subject to Section 6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount
to the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period from (and including)
the date the amount would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes payable,
at the Applicable Deferral Rate;

 

(B)           a payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to make that payment will,
to the extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default
with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the amount of the deferred
payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period
from (and including) the date the amount would, but for Section 5(d), have been payable to (but excluding) the earlier of the date the
payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential
Event of Default with respect to that party occurs, at the Applicable Deferral Rate; or

 

(C)           a
party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any deferral
period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long
as the event or circumstance giving rise to that Illegality or Force Majeure Event continues and no Event of Default or Potential Event
of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the overdue
amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the date the party
fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event (or, if later, the date the payment
is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance giving rise to that
Illegality or Force Majeure Event ceases to exist and the date during the period upon which an Event of Default or Potential Event of
Default with respect to that party occurs (and excluding any period in respect of which interest or compensation in respect of the overdue
amount is due pursuant to clause (B) above), at the Applicable Deferral Rate.

     17

     

    

		(4)	Compensation
                                            for Deferred Deliveries. If:—

 

(A)           a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery;

 

(B)           a
delivery is deferred pursuant to Section 5(d); or

 

(C)           a
party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable Waiting
Period has expired,

 

the
party required (or that would otherwise have been required) to make the delivery will, to the extent permitted by applicable law and
subject to Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such
delivery is required) if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

 

(ii)          Early Termination. Upon the occurrence or effective designation of an Early Termination Date in respect of a Transaction:—

 

(1)            Unpaid
Amounts. For the purpose of determining an Unpaid Amount in respect of the relevant Transaction, and to the extent permitted by applicable
law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any obligation required
to be settled by delivery included in such determination in the same currency as that amount, for the period from (and including) the
date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d)) required to have been performed to (but excluding)
the relevant Early Termination Date, at the Applicable Close-out Rate.

 

(2)            Interest
on Early Termination Amounts. If an Early Termination Amount is due in respect of such Early Termination Date, that amount will,
to the extent permitted by applicable law, be paid together with interest (before as well as after judgment) on that amount in the Termination
Currency, for the period from (and including) such Early Termination Date to (but excluding) the date the amount is paid, at the Applicable
Close-out Rate.

 

(iii)         Interest Calculation. Any interest pursuant to this Section 9(h) will be calculated on the basis of daily compounding
and the actual number of days elapsed.

     18

     

    

	10.	Offices;
                                            Multibranch Parties

 

(a)            If
Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head
or home office represents to and agrees with the other party that, notwithstanding the place of booking or its jurisdiction of incorporation
or organisation, its obligations are the same in terms of recourse against it as if it had entered into the Transaction through its head
or home office, except that a party will not have recourse to the head or home office of the other party in respect of any payment or
delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation and agreement will
be deemed to be repeated by each party on each date on which the parties enter into a Transaction.

 

(b)            If a party is specified as a Multibranch Party in the Schedule, such party may, subject to clause (c) below, enter into a Transaction
through, book a Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed in
respect of that party in the Schedule (but not any other Office unless otherwise agreed by the parties in writing).

 

(c)            The
Office through which a party enters into a Transaction will be the Office specified for that party in the relevant Confirmation or as
otherwise agreed by the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed
by the parties in writing, its head or home office. Unless the parties otherwise agree in writing, the Office through which a party enters
into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes and receives payments
and deliveries with respect to the Transaction. Subject to Section 6(b)(ii), neither party may change the Office in which it books the
Transaction or the Office through which it makes and receives payments or deliveries with respect to a Transaction without the prior
written consent of the other party.

 

	11.	Expenses

 

A Defaulting
Party will on demand indemnify and hold harmless the other party for and against all reasonable out-of- pocket expenses, including legal
fees, execution fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this
Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction,
including, but not limited to, costs of collection.

 

	12.	Notices

 

(a)          Effectiveness.
Any notice or other communication in respect of this Agreement may be given in any manner described below (except that a notice
or other communication under Section 5 or 6 may not be given by electronic messaging system or e-mail) to the address or number or in
accordance with the electronic messaging system or e- mail details provided (see the Schedule) and will be deemed effective as indicated:—

 

 (i)             if in writing and delivered in person or by courier, on the date it is delivered;

 

 (ii)            if sent by telex, on the date the recipient’s answerback is received;

 

(iii)           if sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being
agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s
facsimile machine);

 

(iv)           if
sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered
or its delivery is attempted;

 

 (v)            if sent by electronic messaging system, on the date it is received; or

 (vi)           if sent by e-mail, on the date it is delivered,

     19

     

    

unless
the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is
delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication
will be deemed given and effective on the first following day that is a Local Business Day.

 

(b)          Change
of Details. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system
or e-mail details at which notices or other communications are to be given to it.

 

	13.	Governing
                                            Law and Jurisdiction

 

(a)          Governing
Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule.

 

(b)          Jurisdiction.
With respect to any suit, action or proceedings relating to any dispute arising out of or in connection with this Agreement (“Proceedings”),
each party irrevocably:—

 

		(i)	submits:—

 

(1)            if
this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings
do not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention
Court; or

 

(2)            if
this Agreement is expressed to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts of the
State of New York and the United States District Court located in the Borough of Manhattan in New York City;

 

(ii)          waives
any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that
such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings,
that such court does not have any jurisdiction over such party; and

 

(iii)         agrees,
to the extent permitted by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not preclude the bringing
of Proceedings in any other jurisdiction.

 

(c)           Service of Process. Each party irrevocably appoints the Process Agent, if any, specified opposite its name in the
Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent
is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable
to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i),
12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted
by applicable law.

 

(d)          Waiver
of Immunities. Each party irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues
and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i)
suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or order for specific performance or recovery of property, (iv)
attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues
or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted
by applicable law, that it will not claim any such immunity in any Proceedings.

     20

     

    

	14.	Definitions

As used in this Agreement:—

“Additional Representation”
has the meaning specified in Section 3.

 

“Additional Termination
Event” has the meaning specified in Section 5(b).

 

“Affected Party”
has the meaning specified in Section 5(b).

 

“Affected
Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event, Tax Event
or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case of an Illegality
under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless the relevant Credit Support
Document references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes
a Confirmation for a Transaction, that Transaction) and (b) with respect to any other Termination Event, all Transactions.

 

“Affiliate”
means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any
entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For
this purpose, “control” of any entity or person means ownership of a majority of the voting power of the entity or person.

 

“Agreement”
has the meaning specified in Section 1(c).

 

“Applicable
Close-out Rate” means:—

 

	(a)	in
                                            respect of the determination of an Unpaid Amount:—

 

(i)             in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the
Default Rate;

 

(ii)            in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party,
the Non-default Rate;

 

(iii)           in respect of obligations deferred pursuant to Section 5(d), if there is no Defaulting Party and for so long as the deferral period
continues, the Applicable Deferral Rate; and

 

(iv)           in all other cases following the occurrence of a Termination Event (except where interest accrues pursuant to clause (iii) above),
the Applicable Deferral Rate; and

 

	(b)	in
                                            respect of an Early Termination Amount:—

 

(i)             for
the period from (and including) the relevant Early Termination Date to (but excluding) the date (determined in accordance with Section
6(d)(ii)) on which that amount is payable:—

 

		(1)	if
                                            the Early Termination Amount is payable by a Defaulting Party, the Default Rate;

 

(2)          if the Early Termination Amount is payable by a Non-defaulting Party, the Non-default Rate; and

 

		(3)	in
                                            all other cases, the Applicable Deferral Rate; and

     21

     

    

(ii)           for the period from (and including) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable
to (but excluding) the date of actual payment:—

 

(1)            if
a party fails to pay the Early Termination Amount due to the occurrence of an event or circumstance which would, if it occurred with
respect to a payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and for so long
as the Early Termination Amount remains unpaid due to the continuing existence of such event or circumstance, the Applicable Deferral
Rate;

(2)            if the Early Termination Amount is payable by a Defaulting Party (but excluding any period in respect of which clause (1) above
applies), the Default Rate;

 

(3)            if
the Early Termination Amount is payable by a Non-defaulting Party (but excluding any period in respect of which clause (1) above applies),
the Non-default Rate; and

 

(4)
           in all other
cases, the Termination Rate.

 

“Applicable Deferral
Rate” means:—

 

(a)            for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major
bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the
payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant
market;

 

(b)            for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate certified by
the relevant payer to be a rate offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable
currency, such bank to be selected in good faith by the payer after consultation with the other party, if practicable, for the purpose
of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; and

 

(c)            for
purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close-out Rate, a rate
equal to the arithmetic mean of the rate determined pursuant to clause (a) above and a rate per annum equal to the cost (without proof
or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount.

 

“Automatic Early Termination”
has the meaning specified in Section 6(a).

 

“Burdened Party”
has the meaning specified in Section 5(b)(iv).

 

“Change
in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law
(or in the application or official interpretation of any law) that occurs after the parties enter into the relevant Transaction.

 

“Close-out
Amount” means, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining Party,
the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed
as a positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed
as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material terms of that
Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i)
in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early
Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section
2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions.

     22

     

    

Any Close-out
Amount will be determined by the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures
in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated
Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated Transactions. Each Close-out
Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates
following the Early Termination Date as would be commercially reasonable.

Unpaid
Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and out- of-pocket expenses referred
to in Section 11 are to be excluded in all determinations of Close-out Amounts.

In
determining a Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one or more
of the following types of information: —

 

(i)             quotations
(either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness
of the Determining Party at the time the quotation is provided and the terms of any relevant documentation, including credit support
documentation, between the Determining Party and the third party providing the quotation;

 

(ii)            information
consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant
rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market data in the relevant market; or

 

(iii)           information
of the types described in clause (i) or (ii) above from internal sources (including any of the Determining Party’s Affiliates)
if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of similar
transactions.

 

The
Determining Party will consider, taking into account the standards and procedures described in this definition, quotations pursuant
to clause (i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good
faith that such quotations or relevant market data are not readily available or would produce a result that would not satisfy those
standards. When considering information described in clause (i), (ii) or (iii) above, the Determining Party may include costs of
funding, to the extent costs of funding are not and would not be a component of the other information being utilised. Third parties
supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation,
dealers in the relevant markets, end-users of the relevant product, information vendors, brokers and other sources of market
information.

 

Without
duplication of amounts calculated based on information described in clause (i), (ii) or (iii) above, or other relevant information, and
when it is commercially reasonable to do so, the Determining Party may in addition consider in calculating a Close-out Amount any loss
or cost incurred in connection with its terminating, liquidating or re- establishing any hedge related to a Terminated Transaction or
group of Terminated Transactions (or any gain resulting from any of them).

 

Commercially
reasonable procedures used in determining a Close-out Amount may include the following:—

 

(1)            application
to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause (iii)
above of pricing or other valuation models that are, at the time of the determination of the Close-out Amount, used by the Determining
Party in the regular course of its business in pricing or valuing transactions between the Determining Party and unrelated third parties
that are similar to the Terminated Transaction or group of Terminated Transactions; and

     23

     

    

(2)            application
of different valuation methods to Terminated Transactions or groups of Terminated Transactions depending on the type, complexity, size
or number of the Terminated Transactions or group of Terminated Transactions.

 

“Confirmation”
has the meaning specified in the preamble.

“consent”
includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent.

 

“Contractual Currency”
has the meaning specified in Section 8(a).

 

“Convention
Court” means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on
Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction
and the Enforcement of Judgments in Civil and Commercial Matters.

 

“Credit
Event Upon Merger” has the meaning specified in Section 5(b).

 

“Credit
Support Document” means any agreement or instrument that is specified as such in this Agreement.

 

“Credit
Support Provider” has the meaning specified in the Schedule.

 

“Cross-Default”
means the event specified in Section 5(a)(vi).

 

“Default Rate”
means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by
it) if it were to fund or of funding the relevant amount plus 1% per annum.

 

“Defaulting
Party” has the meaning specified in Section 6(a). 

“Designated Event” has the meaning specified
in Section 5(b)(v).

“Determining Party” means the party determining a Close-out Amount. 

“Early
Termination Amount” has the meaning specified in Section 6(e).

“Early
Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).

 

“electronic
messages” does not include e-mails but does include documents expressed in markup languages, and

“electronic
messaging system” will be construed accordingly.

 

“English law”
means the law of England and Wales, and “English” will be construed accordingly.

“Event
of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule. 

“Force Majeure Event”
has the meaning specified in Section 5(b).

“General
Business Day” means a day on which commercial banks are open for general business (including dealings in foreign exchange
and foreign currency deposits).

 

“Illegality”
has the meaning specified in Section 5(b).

     24

     

    

“Indemnifiable
Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present
or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment
or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being
or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business
in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding
a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a
payment under, or enforced, this Agreement or a Credit Support Document).

“law”
includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental
revenue authority), and “unlawful” will be construed accordingly.

“Local
Business Day” means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places
specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant
Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in writing or determined pursuant
to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires,
a General Business Day in the place where the event or circumstance that constitutes or gives rise to the Illegality or Force Majeure
Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the relevant account
is located and, if different, in the principal financial centre, if any, of the currency of such payment and, if that currency does not
have a single recognised principal financial centre, a day on which the settlement system necessary to accomplish such payment is open,
(d) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), a General Business Day (or
a day that would have been a General Business Day but for the occurrence of an event or circumstance which would, if it occurred with
respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event)
in the place specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b),
in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the
relevant locations for performance with respect to such Specified Transaction.

 

“Local
Delivery Day” means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to accomplish
the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary
market practice, in the place specified in the relevant Confirmation or, if not so specified, in a location as determined in accordance
with customary market practice for the relevant delivery.

 

“Master
Agreement” has the meaning specified in the preamble.

 

“Merger
Without Assumption” means the event specified in Section 5(a)(viii).

 

“Multiple
Transaction Payment Netting” has the meaning specified in Section 2(c).

 

“Non-affected
Party” means, so long as there is only one Affected Party, the other party.

 

“Non-default
Rate” means the rate certified by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by a major
bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the
Non-defaulting Party for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time
in that relevant market.

 

“Non-defaulting
Party” has the meaning specified in Section 6(a).

 

“Office”
means a branch or office of a party, which may be such party’s head or home office.

 

“Other
Amounts” has the meaning specified in Section 6(f).

     25

     

    

“Payee”
has the meaning specified in Section 6(f).

 

“Payer”
has the meaning specified in Section 6(f).

 

“Potential Event of
Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

 

“Proceedings”
has the meaning specified in Section 13(b).

 

“Process Agent”
has the meaning specified in the Schedule.

 

“rate of exchange”
includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into
the Contractual Currency.

 

“Relevant
Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed
and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is
located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made.

 

“Schedule”
has the meaning specified in the preamble.

 

“Scheduled
Settlement Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction.

 

“Specified
Entity” has the meaning specified in the Schedule.

 

“Specified Indebtedness”
means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal or surety or
otherwise) in respect of borrowed money.

 

“Specified
Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such
transaction) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of
such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but (i)
which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or
equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction,
floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit
protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction,
repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index
transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option
with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in
clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and
conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or
more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments,
economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b)
any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the
relevant confirmation.

 

“Stamp
Tax” means any stamp, registration, documentation or similar tax.

 

“Stamp
Tax Jurisdiction” has the meaning specified in Section 4(e).

     26

     

    

“Tax”
means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and
additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than
a stamp, registration, documentation or similar tax.

 

“Tax
Event” has the meaning specified in Section 5(b).

 

“Tax
Event Upon Merger” has the meaning specified in Section 5(b).

 

“Terminated
Transactions” means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force Majeure
Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination
Event, all Affected Transactions and (c) if resulting from an Event of Default, all Transactions in effect either immediately before
the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before
that Early Termination Date.

 

“Termination
Currency” means (a) if a Termination Currency is specified in the Schedule and that currency is freely available, that
currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement
is expressed to be governed by the laws of the State of New York.

 

“Termination
Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination Currency
amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”),
the amount in the Termination Currency determined by the party making the relevant determination as being required to purchase such amount
of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined as of a later date,
that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as
provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such
foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other
Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged
to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties.

 

“Termination
Event” means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable,
a Credit Event Upon Merger or an Additional Termination Event.

 

“Termination
Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to
each party (as certified by such party) if it were to fund or of funding such amounts.

 

“Threshold
Amount” means the amount, if any, specified as such in the Schedule.

 

“Transaction”
has the meaning specified in the preamble.

 

“Unpaid
Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all
Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due but for
Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such Early Termination Date and which remain unpaid
as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which
was (or would have been but for Section 2(a)(iii) or 5(d)) required to be settled by delivery to such party on or prior to such
Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value
of that which was (or would have been) required to be delivered and (c) if the Early Termination Date results from an Event of
Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected
Transactions, any Early Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early
Termination Date, in each case together with any amount of interest accrued or other compensation in respect of that obligation or
deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any
obligation referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and
using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each party is so
obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined by both
parties.

     27

     

    

“Waiting
Period” means:—

 

(a)            in
respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery
or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business
Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence
of that event or circumstance; and

 

(b)           in
respect of an event or circumstance under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment,
delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local
Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence
of that event or circumstance.

 

IN WITNESS WHEREOF the parties
have executed this document on the respective dates specified below with effect from the date specified on the first page of this document.

	SOCIETE GENERALE	 	Each entity listed
  on Appendix I to this
	(Party A)	 	Schedule, severally and not
  jointly
	 	 	(Party B)
	 	 	 
	By:	/s/ Jeff Rosen	 	By: _ United States Commodity Funds LLC,
	 	 	its General Partner
	 	 	            /s/
  John Love 
	Name: Jeff Rosen	 	Name: John Love
	Title: MD & COO 	 	Title: President & CEO
	Date: June 13, 2022 	 	Date: 6/13/22

 

     28

     

    
ISDA®

International
Swaps and Derivatives Association, Inc.

 

SCHEDULE

to
the

2002
Master Agreement

 

dated
as of June 13th, 2022

 

between

SOCIÉTÉ
GÉNÉRALE

(“Party
A”)

 

and

 

each
entity listed on Appendix I to the Schedule hereto, severally and not jointly (each such entity, “Party B”)

 

Each
party listed on Appendix I hereto, which may be amended from time to time, shall be referred to individually as “Party B”.
It is understood and agreed that this Agreement (the ISDA Master Agreement, Schedule and Credit Support Annex) shall take effect
as a separate agreement between Party A and each Party B in respect of Transactions entered into between them as if each Party
B had executed a separate document naming only itself as Party B (a “Separate Agreement”) and that no party listed
on this Appendix I shall have any liability under this document for the obligations of any other party so listed.

 

In
particular, without limitation, Section 1(c) shall take effect so that a single agreement shall be formed by the Agreement and
all Confirmations between Party A and each individual Party B and the provisions of Section 5 and 6 shall apply separately in
relation to each Party B so that an Event of Default in respect of one Party B shall not be treated as an Event of Default in
respect of any other Party B.

 

With
respect to any particular Party B, only Confirmations of Transactions between Party A and that particular Party B shall be part
of the Separate Agreement between Party A and that Party B, references in the Agreement to the Schedule shall be deemed to refer
to the Schedule as prepared for such party and the term “this Agreement” shall be construed accordingly.

     29

     

    

Part
1

 

Termination Provisions

 

	(a)	“Specified
                                         Entity” means in relation to Party A for the purpose of:―

 

Section
5(a)(v): Not applicable 

Section 5(a)(vi): Not applicable 

Section 5(a)(vii): Not applicable 

Section 5(b)(v): Not applicable

 

and
in relation to Party B for the purpose of:

 

Section
5(a)(v): Not applicable

 Section 5(a)(vi): Not applicable

 Section 5(a)(vii): Not applicable 

Section 5(b)(v): Not applicable

 

	(b)	Notwithstanding
                                            the provisions of Section 14, unless otherwise agreed to by the parties, the “Default
                                            Rate” shall be a rate per annum equal to the Federal Funds (Effective) rate in effect
                                            for such day as published in the most recent weekly statistical release designated as H.15(519)
                                            or any successor publication, published by the Board of Governors of the Federal Reserve
                                            System, plus 1%.

 

	(c)	“Specified
                                         Transaction” will have the meaning specified in Section 14 of this Agreement.

 

	(d)	The
                                         “Cross-Default” provisions of Section 5(a)(vi) will apply to
                                         Party A and to Party B, provided that (i) the phrase “or becoming capable at such
                                         time of being declared” shall be deleted from clause (1) of such Section 5(a)(vi);
                                         and (ii) the following language shall be added to the end thereof:—

 

“Notwithstanding
the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (i)the default was
caused solely by error or omission of an administrative or operational nature; (ii) funds were available to enable the party
to make the payment when due; and (iii) the payment is made within two Local Business Days of such party’s receipt of
written notice of its failure to pay.”

 

“Specified
Indebtedness” in relation to Party A, will have the meaning specified in Section 14 of this Agreement but shall exclude
indebtedness in respect of deposits received in the ordinary course of business.

 

“Threshold
Amount” means with respect to Party A, an amount equal to 3% of shareholder’s equity, and with respect to Party B:
3% of its Net Asset Value.

 

	(e)	The
                                         “Credit Event Upon Merger” provisions of Section 5(b)(v) will
                                         apply to Party A and Party B.

 

	(f)	The
                                         “Automatic Early Termination” provision of Section 6(a) will
                                         not apply to Party A and Party B.

 

	(g)	“Termination
                                         Currency” means USD.

 

	(h)	Additional
                                         Termination Event. The occurrence of the following event shall constitute an
                                         Additional Termination Event with respect to Party A, with Party A as the sole Affected
                                         Party and all Transactions as Affected Transactions:

     30

     

    

“Ratings Event”
means, with respect to Party A:

 

On any day during the
term hereof, the rating of the long-term, unsecured and unsubordinated indebtedness of Party A or its Credit Support Provider,
if any, is withdrawn, suspended or reduced below BBB-, if rated by Standard & Poor’s Ratings Group and Baa2, if rated
by Moody’s Investors Service, Inc., or if Party A’s aforementioned obligations do not have a rating by at least one
of these agencies. For the purpose of this event, Party A will be the sole Affected Party.

 

The occurrence of the following
event shall constitute an Additional Termination Event with respect to Party B with Party B as the sole Affected Party and all
Transactions as the Affected Transactions:

 

		(1)	“Total
                                         Net Assets (“TNA”) Decline Event” means, with respect to Party
                                         B, the TNA of Party B as of any date is less than $1.5 billion.

 

“Total Net
Assets” or “TNA” means, as used with respect to Party B, the total assets minus the total liabilities of
Party B, as indicated on Party B’s website or in any communication from Party B to Party A, or from Party B to any of
its investors, which statement of TNA shall be prepared in accordance with generally accepted accounting principles in the
United States of America for balance sheet purposes.

 

		(2)	“Material
                                         Amendment” means with respect to Party B, any of the constituent documents
                                         of Party B (including without limitation the investment restrictions of Party B) is amended
                                         or modified in a manner which, in the
reasonable judgment of Party A, materially and adversely affects Party A’s rights or remedies or the authority or ability
of Party B to perform timely and in full any of its obligations under this Agreement or any Transaction hereunder.

 

		(3)	“Key
                                         Person(s)/ General Partner Event” means with respect to Party B:
	 	 	 

United States Commodity
Funds LLC (or any successor or affiliate of United States Commodity Funds LLC) ceases to be the commodity pool operator or the
General Partner of Party B, and, in the reasonable judgment of Party A, such event materially and adversely affects Party A’s
rights or remedies or the authority or ability of Party B to perform timely and in full any of its obligations under this Agreement
or any Transaction hereunder.

 

		(4)	“Minimum
                                         Net Asset Value Event” means with respect to Party B:

 

During
any calendar month, the Net Asset Value of Party B (inclusive of shareholder redemptions and withdrawals) declines 35% or more
from the immediately preceding calendar month-end.

As
used in this Agreement, “Net Asset Value” means, as of the relevant date, the Total Assets of Party B minus the Total
Adjusted Liabilities of Party B (each valued at the market price therefor as of such date). “Total Assets” means all
assets, and “Total Adjusted Liabilities” means all liabilities, as would generally be classified as such in accordance
with generally accepted accounting principles in the United States of America for balance sheet purposes.

     31

     

    

Part
2

 

Tax
Representations

 

	(a)	Payer
                                         Representations. For the purpose of Section 3(e) of this Agreement:―

 

		(i)	Party
                                         A and Party B each make the following representation:―

 

It
is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant
Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section
9(h) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i)
the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the
agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by
the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other
party contained in Section 4(d) of this Agreement, except that it will not be a breach of this representation where reliance is
placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material
prejudice to its legal or commercial position.

 

	(b)	Payee
                                         Representations. For the purpose of Section 3(f) of this Agreement, Party A and
                                         Party B make the following representations:

 

It
is a “foreign person” within the meaning of United States Treasury Regulation sections 1.6041-4(a)(4) and a “non-U.S.
branch of a foreign person” within the meaning of United States Treasury regulation section 1.1441-4(a)(3)(ii); it is a
resident of France within the meaning of the Specified Treaty; it is fully eligible for the benefits of the “Business Profits”
or “Industrial and Commercial Profits” provision, as the case may be, the “Interest” provision or the
“Other Income” provision (if any) of the Specified Treaty with respect to any payment described in such provisions
and received or to be received by it in connection with this Agreement; no such payment is attributable to a trade or business
carried on by it through a permanent establishment in the United States of America; and such payment will not be effectively connected
with its conduct of a trade or business in the United States of America.

“Specified
Treaty” means the income tax convention between the United States of America and France.

 

For
the purposes of Section 3(f), Party B makes the following representations:

 

It is a “U.S. person”
(as that term is used in Section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for United States federal income tax
purposes.

 

	(c)	Withholding
                                         Tax imposed on payments to non-US counterparties under the United States Foreign Account
                                         Tax Compliance Act. “Tax” as used in Part 2(a) of this Schedule (Payer
                                         Tax Representation) and “Indemnifiable Tax” as defined in Section 14 of this
                                         Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant
                                         to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the
                                         “Code”), any current or future regulations or official interpretations thereof,
                                         any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or
                                         regulatory legislation, rules or practices adopted pursuant to any intergovernmental
                                         agreement entered into in connection with the implementation of such Sections of the
                                         Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA
                                         Withholding Tax is a Tax the deduction or withholding of which is required by applicable
                                         law for the purposes of Section 2(d) of this Agreement.

     32

     

    

Part
3

 

Agreement
to Deliver Documents

 

For the purpose
of Sections 4(a)(i) and 4(a)(ii) of this Agreement, each party agrees to deliver the following documents, as applicable:―

 

	(a)	Tax
                                         forms, documents or certificates to be delivered are:

 

	Party
    required to 

deliver document	Form/Document/Certificate	Date
    by which to be 

delivered
	Party
    A	An
    executed United States Internal Revenue Service Form W-8ECI (or any successor form)	(i)
Upon execution of this Agreement, (ii) every three years thereafter, and (iii) promptly upon learning that any form W-9 or any successor
thereto) previously provided by Party A has become obsolete or incorrect

	Party B	An
    executed United States Internal revenue Service Form W-9 (or any successor form) with respect to any payments received or
    to be received by Party B in connection with this Agreement.	(i)
Upon execution of this Agreement, (ii) every three years thereafter, and (iii) promptly upon learning that any form W-9 or any successor
thereto) previously provided by Party B has become obsolete or incorrect

 

	(b)	Other
                                         documents to be delivered are:

 

	Party
    Required to 

deliver Document	Form/Document/Certificate	Date
    by which to be

 Delivered	Covered
    by 

Section 3(d) Representation
	Party
    A and Party B	A
    copy of its most recent annual report containing audited financial statements.	Promptly
upon request, provided, however, if such information is available on a party’s website, then such information shall be deemed to
have been delivered
	Yes
	Party
    A And Party B	Executed
    copy of each Credit Support Document specified in Part 4 of the Schedule with respect to such party	Upon
    or prior to the execution hereof	Yes
	Party
    A And Party B	A
    Certificate of Authority and specimen signature of the persons authorized to execute this Agreement and each Confirmation
    on behalf of such party.	Upon
    execution of this Agreement and thereafter upon the reasonable request of the other party.	Yes
	Party
    B	A
    copy of those portions of the organizational documents, constituent documents, investment policies, procedures, restrictions,
    or guidelines or other documents evidencing the authority of Party B to enter into and to perform its obligations under this
    Agreement and each Transaction	Promptly
    upon request	Yes
	Party
    B	Monthly
    investment reports of Party B which outline Party B’s Net Asset Value (“Monthly NAV Reports”) as of the
    most recent calendar month end	Within
30 calendar of each calendar month end; provided, however, if such information is available on Party B’s website within such time
period, then such information shall be deemed to have been delivered.
	Yes

     33

     

    
Part
4

 

Miscellaneous

 

	(a)	Addresses for Notices.
For the purpose of Section 12(a) of this Agreement:

 

Address for notices or communications to Party A:

 

		(i)	With
                                         respect to notices pursuant to Section 5 and Section 6 of the Agreement:

 

Attention: Head of Market
Risk Management (RISQ/MAR)

Société
Générale, Tour Basalte, RISQ/MAR, 92987 PARIS LA DEFENSE 7 CEDEX 

Telephone n°: 33 (0)1 42 13 60 58

 

With a copy to:

 

Société
Générale New York Branch

 245 Park Avenue, 10th Floor 

Attention: Corporate Credit Group 

New York, NY 10167

Telephone
No.: 212-278-6000

 

and

Société
Générale, New York Branch 

245 Park Avenue

Attention: Legal
Group Head, Documentation

 New York, NY 10167

Telephone No.: 212
278-6000

E-mail: us-legal-nego@sgcib.com

     34

     

    

		(ii)	With respect to all other
notices or communications:

 

Société Générale, New York Branch

245 Park Avenue

Attention: Legal
Group Head, Documentation

New York, NY 10167

Telephone No.: 212 278-6000

E-mail: us-legal-nego@sgcib.com

 

Address for
notices or communications to Party B:

 

	Address:	United States Commodity Funds
	 	1850 Mt. Diablo Boulevard, Suite 640
	 	Walnut Creek, CA 94596
	Attention:	John Love
	Telephone No.:	(510) 522-9600
	E-mail:	trading@uscfinvestments.com
	 	 
	With a copy to:	 
	 	 
	Address:	United States Commodity Funds
	 	1850 Mt. Diablo Boulevard, Suite 640
	 	Walnut Creek, CA 94596
	Attention:	Daphne Frydman
	Telephone No.:	(510) 522-9600
	E-mail:	dfrydman@uscfinvestments.com

 

	(b)	Process
                                         Agent. For the purpose of Section 13(c) of this Agreement: 

 

Party A appoints
as its Process Agent:

 

Société
Générale, New York Branch 

245 Park Avenue, 11th Floor

New York, NY 10167

Attention: General Counsel’s
Office

 

Party B’s
Process Agent will be its legal officer at its address for notices or, in his or her absence, any other senior officer of Party
B at such address.

 

	(c)	Offices.
                                         The provisions of Section 10(a) will apply to this Agreement.

 

	(d)	Multibranch
                                         Party. For the purpose of Section 10(b) of this Agreement:

 

Party A is a Multibranch
Party and may act through its head Office in Paris and its branch Office in London.

 

Party B is not a Multibranch Party.

     35

     

    

	(e)	Calculation
                                         Agent. The Calculation Agent is Party A, unless otherwise specified in a Confirmation
                                         in relation to the relevant Transaction; provided, however, that if Party
                                         A is either (i) a Defaulting Party, or (ii) if the parties are unable to agree on a particular
                                         determination made by the Calculation Agent, the parties will designate a mutually acceptable
                                         leading dealer in the relevant market either in the case of (i) above, to be the Calculation
                                         Agent, or in the case of (ii) above, to make such determination (“Substitute Calculation
                                         Agent”) which determination shall be binding absent manifest error. If the parties
                                         are unable to agree on a Substitute Calculation Agent, each of the parties shall elect
                                         an independent dealer and such two dealers shall agree on a third party, who shall be
                                         deemed to be the Substitute Calculation Agent. The cost of the Substitute Calculation
                                         Agent shall be borne equally by both parties.

 

	(f)	Credit
                                         Support Document. Details of any Credit Support Document: Credit Support Annex
                                         forming a part of this Agreement, the terms of which are incorporated by reference herein.

 

	(g)	Credit
                                            Support Provider.

 

Credit
Support Provider means in relation to Party A, none.

 

Credit Support Provider means in relation to Party B, none.

 

	(h)	Governing
                                         Law; Jurisdiction. Sections 13(a) and (b) of the Agreement shall be deleted and
                                         replaced with the following:

 

		“(a)	Governing
                                         Law. This Agreement will be governed by and construed in accordance with the
                                         laws of the State of New York.

 

		(b)	Jurisdiction. With
respect to any suit, action, or proceedings relating to any dispute arising out of or connection with this Agreement (“Proceedings”),
each party irrevocably:

 

		(i)	submits
                                         to the exclusive jurisdiction of the courts of the State of New York and the United States
                                         District Court located in the Borough of Manhattan in New York City; and

 

		(ii)	waives
                                         any objection to which it may have at any time to the laying of venue of any Proceedings
                                         brought in any such court, waives any claim that such Proceedings have been brought in
                                         an inconvenient forum and further waives the right to object, with respect to such Proceedings,
                                         that such court does not have any jurisdiction over such party.”

 

	(i)	Netting
                                         of Payments. “Multiple Transaction Payment Netting” will apply for
                                         the purpose of Section 2(c) of this Agreement to any Transactions of the same product
                                         type (in each case starting from the date of this Agreement).”

 

	(j)	“Affiliate”
                                         will have the meaning specified in Section 14 of this Agreement.

 

	(k)	Absence
                                         of Litigation. For the purpose of Section 3(c):

 

“Specified
Entity” means in relation to Party A, None

“Specified
Entity” means in relation to Party B, None

 

	(l)	No
                                         Agency. The provisions of Section 3(g):

 

will
apply to this Agreement with respect to Party A.

 

will apply to this Agreement with respect to Party B.

     36

     

    

	(m)	Additional
                                         Representation will apply. For the purpose of Section 3 of this Agreement, the
                                         following will constitute an Additional Representation:

 

(i)            Relationship
Between Parties. Each party will be deemed to represent to the other party on the date on which it enters into a Transaction
that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):―

 

		(1)	Non-Reliance.
                                         It is acting for its own account, and it has made its own independent decisions to
                                         enter into that Transaction and as to whether that Transaction is appropriate or proper
                                         for it based upon its own judgment and upon advice from such advisers as it has deemed
                                         necessary. It is not relying on any communication (written or oral) of the other party
                                         as investment advice or as a recommendation to enter into that Transaction, it being
                                         understood that information and explanations related to the terms and conditions of a
                                         Transaction will not be considered investment advice or a recommendation to enter into
                                         that Transaction. No communication (written or oral) received from the other party will
                                         be deemed to be an assurance or guarantee as to the expected results of that Transaction.

 

		(2)	Assessment
                                         and Understanding. It is capable of assessing the merits of and understanding (on
                                         its own behalf or through independent professional advice), and understands and accepts,
                                         the terms, conditions and risks of that Transaction. It is also capable of assuming,
                                         and assumes, the risks of that Transaction.

 

		(3)	Status
                                         of Parties. The other party is not acting as a fiduciary for or an adviser to it
                                         in respect of that Transaction.

 

	(n)	Recording
                                         of Conversations. Each party (i) consents to the recording of telephone conversations
                                         between the trading, marketing and other relevant personnel of the parties in connection
                                         with this Agreement or any potential Transaction, (ii) agrees to obtain any necessary
                                         consent of, and give any necessary notice of such recording to, its relevant personnel
                                         and (iii) agrees, to the extent permitted by applicable law, that recordings may be submitted
                                         in evidence in any Proceedings.

 

Part
5

 

Other Provisions

 

	(a)	Section
                                         3(a) - Basic Representations - is amended to add the following new sub-section:

 

(vi)          Eligible Contract Participant. It is an “eligible contract participant” defined in the Commodity Exchange
Act, as amended.

 

	(b)	Confirmations.
                                         Any Specified Transaction (other than a repurchase transaction, reverse repurchase
                                         transaction, buy/sell-back transaction, securities lending transaction and without regard
                                         to the phrase “which is not a Transaction under this Agreement but” in the
                                         definition of Specified Transaction) into which the parties have entered or may enter
                                         and in respect of which confirming evidence does not expressly exclude the application
                                         of this Agreement shall be governed by this Agreement. Any such confirmation shall be
                                         a “Confirmation”, and any such transaction shall be deemed to constitute a
                                         Transaction for the purpose of this Agreement. In particular, it is agreed that where
                                         in terms of standard industry practice confirmation is by electronic messaging system
                                         or SWIFT, such confirmation shall serve as a Confirmation irrespective of whether reference
                                         is made to this Agreement in such Confirmation.

 

	(c)	Waiver
                                         of Trial by Jury. Each of the parties hereby irrevocably waives any and all right
                                         to a trial by jury with respect to any Proceeding arising out of or relating to this
                                         Agreement or any Transaction.

     37

     

    

	(d)	Incorporation
                                         of the ISDA 2002 Master Agreement Protocol. The parties agree that the definitions
                                         and provisions contained in Annexes 1 to 18 of the 2002 Master Agreement Protocol published
                                         by the International Swaps and Derivative Association, Inc. on July 15th 2003
                                         are incorporated and apply to this Agreement.

 

	(e)	Additional
                                         Representations of Party B and the General Partner. Party B and Party
                                         B’s general partner, the United States Commodity Funds LLC (the “General
                                         Partner”) each represent and warrant and shall be deemed to represent and warrant
                                         to Party A at all times until the termination of this Agreement that:

 

		(1)	Party
                                         A is entitled to rely conclusively upon and will incur no liability from operating pursuant
                                         to any request, instruction, certificate, representation or other document furnished
                                         to Party A, or action taken, by any employee or agent of the General Partner in connection
                                         with this Agreement and the Transactions thereunder, as though the same had been given
                                         or made by Party B, unless and until such time as Party B delivers written notice to
                                         Party A affirmatively revoking, terminating or modifying such authorization.

 

		(2)	None
                                         of the assets of Party B are, or will be at any time while any Transactions are outstanding
                                         hereunder, deemed to be the assets of any “employee benefit plan” that is
                                         subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended
                                         (“ERISA”) or Section 4975 of the Internal Revenue Code of 1986, as amended
                                         (the “Code”), or subject to any law, rule, regulation or binding policy which
                                         is materially similar to Section 406 of ERISA or Section 4975 of the Code, whether or
                                         not pursuant to United States Department of Labor regulation 29 C.F.R. § 2510.3-101,
                                         as modified by Section 3(42) of ERISA. In addition, each of Party B and the General Partner
                                         will promptly provide written notice to Party A in the event that it is aware that it
                                         is in breach of this representation or is aware that with the passing of time, giving
                                         of notice or expiry of any applicable grace period it will be in breach of this representation.

 

	(f)	Absence
                                         of Litigation. Section 3(c) is hereby amended by adding in the second
                                         line thereof after the word “governmental” the words “or regulatory.”

 

	(g)	Disclosures.
                                         Party A has made certain important information available at http://swapdisclosure.sgcib.com
                                         regarding Transactions that may be entered into from time to time under this Agreement.
                                         By entering into this Agreement, Party B hereby acknowledges that it has reviewed such
                                         information and agrees that this Agreement and each Transaction hereunder is subject
                                         thereto.

 

	(h)	EMIR
                                         FC Representation. Party B represents that it is a third country entity that
                                         would be characterized as a “Financial Counterparty” under Article 2(8) of the Regulation (EU) n° 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories (the so-called “European Market Infrastructure Regulation –EMIR”).

	(i)	ISDA
                                         2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol. The
                                         parties agree that the provisions set out in the Attachment to the ISDA 2013 EMIR Portfolio
                                         Reconciliation, Dispute Resolution and Disclosure Protocol published by the International
                                         Swaps and Derivatives Association, Inc. on 19 July 2013 (the “Portfolio Reconciliation
                                         Protocol”) are hereby deemed to apply to this Agreement as if the parties had adhered
                                         to the Portfolio Reconciliation Protocol without amendment and as if the references in
                                         the Portfolio Reconciliation Protocol to “Covered Master Agreement” were
                                         references to this Agreement.

 

	(j)	Contractual
                                         Recognition of Bail-in. The terms of the attachment (the “Attachment”)
                                         to the ISDA 2016 Bail-in Article 55 BRRD Protocol (Dutch/French/German/Irish/Italian/Luxembourg/Spanish/UK
                                         entity-in-resolution version) published by the International Swaps and Derivatives Association,
                                         Inc. on July 14, 2016 are incorporated into and form part of this Agreement. For the
                                         purposes of the Attachment, this Agreement shall be deemed a Protocol Covered Agreement
                                         and the Implementation Date shall be deemed to be the date of this Agreement. With the
                                         exception of the preceding sentence, in the event of any inconsistencies between the
                                         Attachment and the other provisions of this Agreement, the Attachment will prevail.

     38

     

    

	(k)	Contractual
                                         Recognition of Resolution Stays. The terms of the French Jurisdictional Module
                                         published by the International Swaps and Derivatives Association, Inc. on 16 November
                                         2018 and the ISDA Resolution Stay Jurisdictional Modular Protocol published by the International
                                         Swaps and Derivatives Association, Inc. on 3 May 2016 (together, the “French Jurisdictional
                                         Module”) are incorporated into and form part of this Agreement. For the purposes
                                         of the French Jurisdictional Module: (i) this Agreement shall be deemed to be a Covered
                                         Agreement; (ii) the Implementation Date shall be deemed to be the date of this Agreement; (iii) Party A shall be deemed to be a “Regulated
Entity Counterparty” and a “Regulated Entity”; and (iv) Party B shall be deemed to be a “Module Adhering Party”.
With the exception of the preceding sentence, in the event of any inconsistencies between the French Jurisdictional Module and
the other provisions of this Agreement, the French Jurisdictional Module will prevail.
	 	 

	(l)	Dodd-Frank
                                         Protocols. Party A and Party B agree that, notwithstanding any provision to the
                                         contrary in any documentation published by ISDA in relation to (i) the ISDA August 2012
                                         DF Protocol published on August 13, 2012 by ISDA, as amended, supplemented or restated
                                         from time to time, (the “August 2012 Protocol”), (ii) the ISDA March 2013
                                         DF Protocol published on March 22, 2013 by ISDA, as amended, supplemented or restated
                                         from time to time (the “March 2013 Protocol” and together with the August
                                         2012 Protocol, the “DF Protocols” and each a “DF Protocol”) or
                                         (iii) any of the Questionnaires for a DF Protocol exchanged by the parties, this Agreement
                                         shall be deemed to be a “Protocol Covered Agreement” as set forth in the
                                         DF Protocols. The parties acknowledge and agree that each of the DF Protocols, together
                                         with the Questionnaires to such DF Protocol exchanged between the parties (whether exchanged
                                         before, on or after the date of this Agreement) and the provisions of the DF Supplement
                                         for the related DF Protocol agreed upon by the parties in their Questionnaires to such
                                         DF Protocol, each supplement, and are incorporated into, the terms of this Agreement
                                         as of the date of this Agreement. Unless otherwise provided in this Agreement, any representation,
                                         warranty or agreement made by the parties in any such DF Supplement or Questionnaire
                                         shall be deemed to be made, in all material respects, as of the date of this Agreement.
                                         Defined terms used but not defined herein shall have the meaning provided in the DF Protocol
                                         Agreements.

 

	(m)	Limited
                                         Recourse. Except as otherwise stated in the Agreement or this Schedule, any amounts
                                         owed or liabilities incurred by Party B in respect of any Transaction entered into under
                                         this Agreement may be satisfied solely from the assets of Party B. Without limiting the
                                         generality of the foregoing, and except as otherwise stated above, in no event shall
                                         Party A have recourse under this Agreement, whether by set-off or otherwise, with respect
                                         to any such amounts owed or liabilities incurred to or against (i) any assets of any
                                         person or entity (including, without limitation, any person or entity whose account is
                                         under the management of the General Partner) other than Party B, (ii) any assets of any
                                         affiliate of Party B, or (iii) any assets of the General Partner or any affiliate of
                                         such General Partner.

 

	(n)	Condition
                                         End Date. Section 2 of the Agreement is amended to add at the end a new Section
                                         2(e), reading in its entirety as follows:

 

“(e)         Condition
End Date.

 

		(i)	If
                                         an Event of Default occurs, the Defaulting Party may, by notice to the Non-defaulting
                                         Party identifying the Event of Default and confirming its occurrence, specify that clause
                                         (iii) will apply to that Event of Default.

 

		(ii)	If
                                         a Potential Event of Default occurs with respect to a party, that party may, by notice
                                         to the other party identifying the Potential Event of Default and confirming its occurrence:

 

		(A)	waive
                                         any requirement that notice be given or that any period of time elapse, by virtue of
                                         which waiver the Potential Event of Default will become an Event of Default; and

 

		(B)	specify
                                         that clause (iii) will apply to that Event of Default.

     39

     

    

		(iii)	If
                                         this clause (iii) applies to an Event of Default, then the condition precedent specified
                                         in Section 2(a)(iii)(1) with respect to that Event of Default will cease to be a condition
                                         precedent to each obligation of the Non-defaulting Party on the relevant Condition End
                                         Date. Any obligation that would have been payable or deliverable by the Non-defaulting
                                         Party but for Section 2(a)(iii)(1) will become payable or deliverable on the first Local
                                         Business Day falling after the Condition End Date (together with interest payable on
                                         demand in accordance with Section 9(h)(i)(3)(A) or compensation and interest payable
                                         on demand in accordance with Section 9(h)(i)(4)(A), as the case may be).

 

		(iv)	Subject
                                         to clause (v) below, if, after a party has given a notice under clause (i) or (ii) above
                                         with respect to an Event of Default or Potential Event of Default, another Event of Default
                                         or Potential Event of Default occurs with respect to that party, then, with respect to
                                         the earlier Event of Default, no Condition End Date will occur and therefore clause (iii)
                                         will not apply. This will not affect the right of that party to give a notice under clause
                                         (i) in respect of the subsequent Event of Default or under clause (ii) in respect of
                                         the subsequent Potential Event of Default. This clause (iv) is without prejudice to the
                                         right of the Defaulting Party to give a new notice to the Non-defaulting Party under
                                         clause (i) with respect to the earlier Event of Default.

 

		(v)	If
                                         the Defaulting Party has given a notice under clause (i) above in respect of an Event
                                         of Default under Section 5(a)(vii), then clause (iv) will not apply.”

 

Section
14 of the Agreement is amended to add in the appropriate alphabetical position a new definition of “Condition End Date”,
reading in its entirety as follows:

 

““Condition
End Date” means, with respect to an Event of Default, the day falling 90 days after a notice given by the Defaulting
Party under Section 2(e)(i) or Section 2(e)(ii) is effective if the Event of Default is still continuing on that day.”

 

(Signature
page follows)

     40

     

    

IN WITNESS WHEREOF the
parties have executed this document on the respective dates specified below with effect from the date specified on the first page
of this document.

 

	Party A	 	Party B
	 	 	 	 
	Société Générale	 	 	 
	 	 	 	Each entity listed on Appendix I to this Schedule, severally and not jointly

	 	             	 	 	 
	 	 	 	By: United States Commodity Funds LLC, its General Partner
	 

        By: 
	/s/ Jeff Rosen	 	 

        By:
	/s/
    John Love       
	Name:	Jeff Rosen	 	Name:  	John Love
	Title:	MD & COO	 	Title:	President & CEO
	Date:	June 13, 2022	 	Date:	6/13/22

     41

     

    

Appendix
I

 

United States Natural
Gas Fund, L.P

 

United States Oil Fund, L.P.

     42

     

    

	(Bilateral Form)	 	(ISDA Agreements Subject
    to New York Law Only)

 

 

International
Swaps and Derivatives Association, Inc.

 

2016
CREDIT SUPPORT ANNEX FOR VARIATION MARGIN (VM)

dated
as of

 

to
the Schedule to the

 

ISDA Master Agreement 

 

dated as of

 

	 	between	 
	 	 	 
	Societe
    Generale	And	Each
        Party B specified on Appendix A to this Agreement, severally and not jointly

        (each
        a “Party B”)

 

This Annex supplements,
forms part of, and is subject to, the above-referenced Agreement, is part of its Schedule and is a Credit Support Document under
this Agreement with respect to each party.

 

Accordingly, the parties
agree as follows:—

 

Paragraph 1.Interpretation

 

(a)           Definitions
and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere in this Agreement have the meanings specified
pursuant to Paragraph 12, and all references in this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any
inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency
between Paragraph 13 and the other provisions of this Annex, Paragraph 13 will prevail.

 

 (b)           Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to either party when acting in that capacity and all corresponding references to the “Pledgor” will be to the other party when acting in that capacity; provided, however, that if Other Posted Support (VM) is held by a party to this Annex, all references herein to that party as the Secured Party with respect to that Other Posted Support (VM) will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.

 

(c)           Scope
of this Annex and the Other CSA. The only Transactions which will be relevant for the purposes of determining “Exposure”
under this Annex will be the Covered Transactions specified in Paragraph 13. Each Other CSA, if any, is hereby amended such that
the Transactions that will be relevant for purposes of determining “Exposure” thereunder, if any, will exclude the
Covered Transactions. Except as provided in Paragraphs 8(a), 8(b) and 11(j), nothing in this Annex will affect the rights and
obligations, if any, of either party with respect to “independent amounts” or initial margin under each Other CSA,
if any, with respect to Transactions that are Covered Transactions.

 

Copyright
© 2016 by International Swaps and Derivatives Association, Inc.

     Page 1 of 22

     

    

Paragraph 2.        Security
Interest

 

Each
party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security for its Obligations, and grants to
the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral
(VM) Transferred to or received by the Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted
Collateral (VM), the security interest and lien granted hereunder on that Posted Collateral (VM) will be released immediately
and, to the extent possible, without any further action by either party.

 

Paragraph 3.        Credit
Support Obligations

 

(a)           Delivery
Amount (VM). Subject to Paragraphs 4 and 5, upon a demand made by the Secured Party on or promptly following a Valuation
Date, if the Delivery Amount (VM) for that Valuation Date equals or exceeds the Pledgor’s Minimum Transfer Amount, then
the Pledgor will Transfer to the Secured Party Eligible Credit Support (VM) having a Value as of the date of Transfer at least
equal to the applicable Delivery Amount (VM) (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the
“Delivery Amount (VM)” applicable to the Pledgor for any Valuation Date will equal the amount by which:

 

		(i)	the
                                            Secured Party’s Exposure

                                                                                 

                                                                                

	 	exceeds	 
	 	 	 
		(ii)	the
                                            Value as of that Valuation Date of all Posted Credit Support (VM) held by the Secured Party.

 

(b)           Return
Amount (VM). Subject to Paragraphs 4 and 5, upon a demand made by the Pledgor on or promptly following a Valuation Date,
if the Return Amount (VM) for that Valuation Date equals or exceeds the Secured Party’s Minimum Transfer Amount, then the
Secured Party will Transfer to the Pledgor Posted Credit Support (VM) specified by the Pledgor in that demand having a Value as
of the date of Transfer as close as practicable to the applicable Return Amount (VM) (rounded pursuant to Paragraph 13). Unless
otherwise specified in Paragraph 13, the “Return Amount” applicable to the Secured Party for any Valuation
Date will equal the amount by which:

 

(i)            the
Value as of that Valuation Date of all Posted Credit Support (VM) held by the Secured Party

 

exceeds

 

(ii)           the
Secured Party’s Exposure.

 

Paragraph 4.        Conditions
Precedent, Transfer Timing, Calculations and Substitutions

 

(a)           Conditions
Precedent. Unless otherwise specified in Paragraph 13, each Transfer obligation of the Pledgor under Paragraphs 3, 5 and
6(d) and of the Secured Party under Paragraphs 3, 4(d)(ii), 5, 6(d) and 11(h) is subject to the conditions precedent that:

 

(i)            no
Event of Default, Potential Event of Default or Specified Condition has occurred and is continuing with respect to the other party;
and

 

(ii)           no
Early Termination Date for which any unsatisfied payment obligations exist has occurred or been designated as the result of an
Event of Default or Specified Condition with respect to the other party.

 

(b)           Transfer
Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified in Paragraph 13, if a demand for the Transfer
of Eligible Credit Support (VM) or Posted Credit Support (VM) is made by the Notification Time, then the relevant Transfer will
be made not later than the close of business on the Regular Settlement Day; if a demand is made after the Notification Time, then
the relevant Transfer will be made not later than the close of business on the next Local Business Day following the Regular Settlement
Day.

     Page 2 of 22

     

    

(c)            Calculations.
All calculations of Value and Exposure for purposes of Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the Valuation
Time; provided that the Valuation Agent may use, in the case of any calculation of (i) Value, Values most recently reasonably
available for close of business in the relevant market for the relevant Eligible Credit Support (VM) as of the Valuation Time
and (ii) Exposure, relevant information or data most recently reasonably available for close of business in the relevant market(s)
as of the Valuation Time. The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) of
its calculations not later than the Notification Time on the Local Business Day following the applicable Valuation Date (or in
the case of Paragraph 6(d), following the date of calculation).

 

	(d)	Substitutions.

 

(i)            Unless
otherwise specified in Paragraph 13, upon notice to the Secured Party specifying the items of Posted Credit Support (VM) to be
exchanged, the Pledgor may, on any Local Business Day, Transfer to the Secured Party substitute Eligible Credit Support (VM) (the
“Substitute Credit Support (VM)”); and

 

(ii)            subject
to Paragraph 4(a), the Secured Party will Transfer to the Pledgor the items of Posted Credit Support (VM) specified by the Pledgor
in its notice not later than the Local Business Day following the date on which the Secured Party receives the Substitute Credit
Support (VM), unless otherwise specified in Paragraph 13 (the “Substitution Date”); provided that
the Secured Party will only be obligated to Transfer Posted Credit Support (VM) with a Value as of the date of Transfer of that
Posted Credit Support (VM) equal to the Value as of that date of the Substitute Credit Support (VM).

 

Paragraph
5. Dispute Resolution

 

If
a party (a “Disputing Party”) disputes (I) the Valuation Agent’s calculation of a Delivery Amount (VM)
or a Return Amount (VM) or (II) the Value of any Transfer of Eligible Credit Support (VM) or Posted Credit Support (VM), then:

 

(i)           the
Disputing Party will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later
than the close of business on (X) the date that the Transfer is due in respect of such Delivery Amount (VM) or Return Amount (VM)
in the case of (I) above, or (Y) the Local Business Day following the date of Transfer in the case of (II) above,

 

(ii)          subject
to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to the other party not later than the close of business
on (X) the date that the Transfer is due in respect of such Delivery Amount (VM) or Return Amount (VM) in the case of (I) above,
or (Y) the Local Business Day following the date of Transfer in the case of (II) above,

 

		(iii)	the
                                         parties will consult with each other in an attempt to resolve the dispute, and

 

		(iv)	if
                                         they fail to resolve the dispute by the Resolution Time, then:

 

(A)          In
the case of a dispute involving a Delivery Amount (VM) or Return Amount (VM), unless otherwise specified in Paragraph 13, the
Valuation Agent will recalculate the Exposure and the Value as of the Recalculation Date by:

 

(1)            utilizing
any calculations of Exposure for the Covered Transactions that the parties have agreed are not in dispute;

 

(2)            (I)
if this Agreement is a 1992 ISDA Master Agreement, calculating the Exposure for the Covered Transactions in dispute by seeking four actual
quotations at mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average
of those obtained, or (II) if this Agreement is an ISDA 2002 Master Agreement or a 1992 ISDA Master Agreement in which the definition
of Loss and/or Market Quotation has been amended (including where such amendment has occurred pursuant to the terms of a separate agreement
or protocol) to reflect the definition of Close-out Amount from the pre-printed form of the ISDA 2002 Master Agreement as published by
ISDA, calculating the Exposure for the Covered Transactions in dispute by seeking four actual quotations at mid-market from third parties
for purposes of calculating the relevant Close-out Amount, and taking the arithmetic average of those obtained; provided that,
in either case, if four quotations are not available for a particular Covered Transaction, then fewer than four quotations may be used
for that Covered Transaction, and if no quotations are available for a particular Covered Transaction, then the Valuation Agent’s
original calculations will be used for that Covered Transaction; and

     Page 3 of 22

     

    

(3)            utilizing
the procedures specified in Paragraph 13 for calculating the Value, if disputed, of Posted Credit Support (VM).

 

(B)           In
the case of a dispute involving the Value of any Transfer of Eligible Credit Support (VM) or Posted Credit Support (VM), the Valuation
Agent will recalculate the Value as of the date of Transfer pursuant to Paragraph 13.

 

Following
a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the other party, if the Valuation Agent
is a party) not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party
will, upon demand following that notice by the Valuation Agent or a resolution pursuant to (iii) above and subject to Paragraphs
4(a) and 4(b), make the appropriate Transfer.

 

Paragraph
6. Holding and Using Posted Collateral (VM)

 

(a)            Care
of Posted Collateral (VM). Without limiting the Secured Party’s rights under Paragraph 6(c), the Secured Party will
exercise reasonable care to assure the safe custody of all Posted Collateral (VM) to the extent required by applicable law, and
in any event the Secured Party will be deemed to have exercised reasonable care if it exercises at least the same degree of care
as it would exercise with respect to its own property. Except as specified in the preceding sentence, the Secured Party will have
no duty with respect to Posted Collateral (VM), including, without limitation, any duty to collect any Distributions, or enforce
or preserve any rights pertaining thereto.

 

	(b)	Eligibility
                                            to Hold Posted Collateral (VM); Custodians (VM).

 

(i)            General.
Subject to the satisfaction of any conditions specified in Paragraph 13 for holding Posted Collateral (VM), the Secured Party will
be entitled to hold Posted Collateral (VM) or to appoint an agent (a “Custodian (VM)”) to hold Posted Collateral
(VM) for the Secured Party. Upon notice by the Secured Party to the Pledgor of the appointment of a Custodian (VM), the Pledgor’s
obligations to make any Transfer will be discharged by making the Transfer to that Custodian (VM). The holding of Posted Collateral (VM)
by a Custodian (VM) will be deemed to be the holding of that Posted Collateral (VM) by the Secured Party for which the Custodian (VM)
is acting.

 

(ii)           Failure
to Satisfy Conditions. If the Secured Party or its Custodian (VM) fails to satisfy any conditions for holding Posted Collateral
(VM), then upon a demand made by the Pledgor, the Secured Party will, not later than five Local Business Days after the demand, Transfer
or cause its Custodian (VM) to Transfer all Posted Collateral (VM) held by it to a Custodian (VM) that satisfies those conditions or
to the Secured Party if it satisfies those conditions.

 

(iii)          Liability.
The Secured Party will be liable for the acts or omissions of its Custodian (VM) to the same extent that the Secured Party would
be liable hereunder for its own acts or omissions.

 

(c)           Use
of Posted Collateral (VM). Unless otherwise specified in Paragraph 13 and without limiting the rights and obligations of the
parties under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an Affected Party with respect
to a Specified Condition and no Early Termination Date has occurred or been designated as the result of an Event of Default or Specified
Condition with respect to the Secured Party, then the Secured Party will, notwithstanding Section 9-207 of the New York Uniform Commercial
Code, have the right to:

 

(i)             sell,
pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Posted Collateral
(VM) it holds, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption
by the Pledgor; and

(ii)            register
any Posted Collateral (VM) in the name of the Secured Party, its Custodian (VM) or a nominee for either.

     Page 4 of 22

     

    

For purposes
of the obligation to Transfer Eligible Credit Support (VM) or Posted Credit Support (VM) pursuant to Paragraphs 3 and 5 and any
rights or remedies authorized under this Agreement, the Secured Party will be deemed to continue to hold all Posted Collateral
(VM) and to receive Distributions made thereon, regardless of whether the Secured Party has exercised any rights with respect
to any Posted Collateral (VM) pursuant to (i) or (ii) above.

 

	(d)	Distributions,
                                            Interest Amount (VM) and Interest Payment (VM).

 

(i)            Distributions.
Subject to Paragraph 4(a), if the Secured Party receives or is deemed to receive Distributions on a Local Business Day, it will Transfer
to the Pledgor not later than the following Local Business Day any Distributions it receives or is deemed to receive to the extent that
a Delivery Amount (VM) would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation
will be deemed to be a Valuation Date for this purpose).

 

(ii)           Interest
Amount (VM) and Interest Payment (VM). Unless otherwise specified in Paragraph 13 and subject to Paragraph 4(a), in lieu of any
interest, dividends or other amounts paid or deemed to have been paid with respect to Posted Collateral (VM) in the form of Cash (all
of which may be retained by the Secured Party),

 

(A)          if
“Interest Transfer” is specified as applicable in Paragraph 13, the Interest Payer (VM) will Transfer to the Interest
Payee (VM), at the times specified in Paragraph 13, the relevant Interest Payment (VM); provided that if “Interest
Payment Netting” is specified as applicable in Paragraph 13:

 

(1)            if
the Interest Payer (VM) is entitled to demand a Delivery Amount (VM) or Return Amount (VM), in respect of the date such Interest
Payment (VM) is required to be Transferred:

 

(a)            such
Delivery Amount (VM) or Return Amount (VM) will be reduced (but not below zero) by such Interest Payment (VM); provided that,
in case of such Return Amount (VM), if the amount of Posted Collateral (VM) which is comprised of Cash in the Base Currency is
less than such Interest Payment (VM), such reduction will only be to the extent of the amount of such Cash which is Posted Collateral
(VM) (the “Eligible Return Amount (VM)”); and

 

(b)           the
Interest Payer (VM) will Transfer to the Interest Payee (VM) the amount of the excess, if any, of such Interest Payment (VM) over
such Delivery Amount (VM) or Eligible Return Amount (VM), as applicable; and

 

(2)            if
under Paragraph 6(d)(ii)(A)(I)(a) a Delivery Amount (VM) is reduced (the amount of such reduction, the “Delivery Amount
Reduction (VM)”) or a Return Amount (VM) is reduced (the amount of such reduction, the “Return Amount
Reduction (VM)”), then for purposes of determining Posted Collateral (VM), the Secured Party (a) will be deemed to
have received an amount in Cash in the Base Currency equal to any Delivery Amount Reduction (VM), and such amount will constitute
Posted Collateral (VM) in such Cash and will be subject to the security interest granted under Paragraph 2 or (b) will be deemed
to have Transferred an amount in Cash in the Base Currency equal to any Return Amount Reduction (VM), as applicable, in each case
on the day on which the relevant Interest Payment (VM) was due to be Transferred, as applicable; and

 

(B)           if
“Interest Adjustment” is specified as applicable in Paragraph 13, the Posted Collateral (VM) will be adjusted by the
Secured Party, at the times specified in Paragraph 13, as follows:

     Page 5 of 22

     

    

(1)            if
the Interest Amount (VM) for an Interest Period is a positive number, the Interest Amount (VM) will constitute Posted Collateral
(VM) in the form of Cash in the Base Currency and will be subject to the security interest granted under Paragraph 2; and

 

(2)            if
the Interest Amount (VM) for an Interest Period is a negative number and any Posted Collateral (VM) is in the form of Cash in
the Base Currency, the Interest Amount (VM) will constitute a reduction of Posted Collateral (VM) in the form of such Cash in
an amount (such amount, the “Interest Adjustment Reduction Amount (VM)”) equal to the absolute value of
the Interest Amount (VM); provided that if the amount of Posted Collateral (VM) which is comprised of such Cash is less
than the Interest Adjustment Reduction Amount (VM), such reduction will only be to the extent of the amount of such Cash which
is Posted Collateral (VM) and the Pledgor will be obligated to Transfer the remainder of the Interest Adjustment Reduction Amount
(VM) to the Secured Party on the day that such reduction occurred.

 

Paragraph 7.         Events
of Default

 

For purposes of Section
5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if:

 

(i)             that
party fails (or fails to cause its Custodian (VM)) to make, when due, any Transfer of Eligible Collateral (VM), Posted Collateral
(VM) or the Interest Payment (VM), as applicable, required to be made by it and that failure continues for two Local Business
Days after notice of that failure is given to that party;

 

(ii)            that
party fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified
in Paragraph 6(c) and that failure continues for five Local Business Days after notice of that failure is given to that party;
or

 

(iii)           that
party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii) and
that failure continues for 30 days after notice of that failure is given to that party.

 

Paragraph 8.        Certain
Rights and Remedies

 

(a)           Secured
Party’s Rights and Remedies. If at any time (1) an Event of Default or Specified Condition with respect to the Pledgor
has occurred and is continuing or (2) an Early Termination Date has occurred or been designated as the result of an Event of Default
or Specified Condition with respect to the Pledgor, then, unless the Pledgor has paid in full all of its Obligations that are
then due, the Secured Party may exercise one or more of the following rights and remedies:

 

(i)            all
rights and remedies available to a secured party under applicable law with respect to Posted Collateral (VM) held by the Secured
Party;

 

(ii)           any
other rights and remedies available to the Secured Party under the terms of Other Posted Support (VM), if any;

 

(iii)          the
right to Set-off (A) any amounts payable by the Pledgor with respect to any Obligations and (B) any Cash amounts and the
Cash equivalent of any non-Cash items posted to the Pledgor by the Secured Party as margin under any Other CSA (other than any
Other CSA Excluded Credit Support) the return of which is due to the Secured Party against any Posted Collateral (VM) or the Cash
equivalent of any Posted Collateral (VM) held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted
Collateral (VM)); and

 

(iv)          the
right to liquidate any Posted Collateral (VM) held by the Secured Party through one or more public or private sales or other dispositions
with such notice, if any, as may be required under applicable law, free from any claim or right of any nature whatsoever of the
Pledgor, including any equity or right of redemption by the Pledgor (with the Secured Party having the right to purchase any or
all of the Posted Collateral (VM) to be sold) and to apply the proceeds (or the Cash equivalent thereof) from the liquidation
of the Posted Collateral (VM) to (A) any amounts payable by the Pledgor with respect to any Obligations and (B) any Cash
amounts and the Cash equivalent of any non-Cash items posted to the Pledgor by the Secured Party as margin under any Other CSA
(other than any Other CSA Excluded Credit Support) the return of which is due to the Secured Party in that order as the Secured
Party may elect.

     Page 6 of 22

     

    

Each
party acknowledges and agrees that Posted Collateral (VM) in the form of securities may decline speedily in value and is of a
type customarily sold on a recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any sale of that
Posted Collateral (VM) by the Secured Party, except any notice that is required under applicable law and cannot be waived.

 

(b)            Pledgor’s
Rights and Remedies. If at any time an Early Termination Date has occurred or been designated as the result of an Event of Default
or Specified Condition with respect to the Secured Party, then (except in the case of an Early Termination Date relating to fewer than
all Transactions where the Secured Party has paid in full all of its obligations that are then due under Section 6(e) of this Agreement):

 

(i)            the
Pledgor may exercise all rights and remedies available to a pledgor under applicable law with respect to Posted Collateral (VM)
held by the Secured Party;

 

(ii)           the Pledgor
may exercise any other rights and remedies available to the Pledgor under the terms of Other Posted Support (VM), if any;

 

(iii)          the
Secured Party will be obligated immediately to Transfer all Posted Collateral (VM) and, if the Secured Party is an Interest Payer
(VM), the Interest Payment (VM) to the Pledgor; and

 

(iv)          to
the extent that Posted Collateral (VM) or the Interest Payment (VM) is not so Transferred pursuant to (iii) above, the Pledgor
may:

 

(A)           Set-off
any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral (VM) or the Cash equivalent of
any Posted Collateral (VM) held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral
(VM));

 

(B)           Set-off, net,
or apply credit support received under any Other CSA or the proceeds thereof against any Posted Collateral (VM) or the Cash equivalent
of any Posted Collateral (VM) held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral
(VM)); and

 

(C)           to
the extent that the Pledgor does not Set-off under (iv)(A) or (iv)(B) above, withhold payment of any remaining amounts payable
by the Pledgor with respect to any Obligations, up to the Value of any remaining Posted Collateral (VM) held by the Secured Party,
until that Posted Collateral (VM) is Transferred to the Pledgor.

 

(c)           Deficiencies
and Excess Proceeds. The Secured Party will Transfer to the Pledgor any proceeds and Posted Credit Support (VM) remaining after
liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts payable by the Pledgor
with respect to any Obligations; and the Pledgor in all events will remain liable for any amounts remaining unpaid after any liquidation,
Set-off and/or application under Paragraphs 8(a) and 8(b).

 

(d)          Final
Returns. When no amounts are or thereafter may become payable by the Pledgor with respect to any Obligations (except for any
potential liability under Section 2(d) of this Agreement, any obligation to Transfer any Interest Payment (VM) under this Paragraph 8(d)
or any obligation to transfer any interest payment under any Other CSA), (i) the Secured Party will Transfer to the Pledgor all Posted
Credit Support (VM), and (ii) the Interest Payer (VM) will Transfer to the Interest Payee (VM) any Interest Payment (VM).

     Page 7 of 22

     

    

Paragraph 9.        Representations

 

Each party represents
to the other party (which representations will be deemed to be repeated as of each date on which it, as the Pledgor, Transfers
Eligible Collateral (VM)) that:

 

 (i)             it has the power to grant a security interest in and lien on any Eligible Collateral (VM) it Transfers as the Pledgor and has taken all necessary actions to authorize the granting of that security interest and lien;

 

(ii)            it
is the sole owner of or otherwise has the right to Transfer all Eligible Collateral (VM) it Transfers to the Secured Party hereunder,
free and clear of any security interest, lien, encumbrance or other restrictions other than the security interest and lien granted
under Paragraph 2;

 

(iii)           upon
the Transfer of any Eligible Collateral (VM) to the Secured Party under the terms of this Annex, the Secured Party will have a
valid and perfected first priority security interest therein (assuming that any central clearing corporation or any third-party
financial intermediary or other entity not within the control of the Pledgor involved in the Transfer of that Eligible Collateral
(VM) gives the notices and takes the action required of it under applicable law for perfection of that interest); and

 

(iv)           the
performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other
encumbrance on any Posted Collateral (VM) other than the security interest and lien granted under Paragraph 2.

 

Paragraph 10.      Expenses

 

(a)           General.
Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing
its obligations under this Annex and neither party will be liable for any costs and expenses incurred by the other party in connection
herewith.

 

(b)
         Posted Credit Support (VM). The Pledgor will promptly pay when due
all taxes, assessments or charges of any nature that are imposed with respect to Posted Credit Support (VM) held by the Secured Party
upon becoming aware of the same, regardless of whether any portion of that Posted Credit Support (VM) is subsequently disposed of under
Paragraph 6(c), except for those taxes, assessments and charges that result from the exercise of the Secured Party’s rights under
Paragraph 6(c).

 

(c)           Liquidation/Application
of Posted Credit Support (VM). All reasonable costs and expenses incurred by or on behalf of the Secured Party or the Pledgor
in connection with the liquidation and/or application of any Posted Credit Support (VM) under Paragraph 8 will be payable, on demand
and pursuant to the Expenses Section of this Agreement, by the Defaulting Party or, if there is no Defaulting Party, equally by the parties.

 

Paragraph 11.      Miscellaneous

 

(a)           Default
Interest. A Secured Party that fails to make, when due, any Transfer of Posted Collateral (VM) will be obligated to pay the Pledgor
(to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the Value of the items of
property that were required to be Transferred, from (and including) the date that Posted Collateral (VM) was required to be Transferred
to (but excluding) the date of Transfer of that Posted Collateral (VM). This interest will be calculated on the basis of daily compounding
and the actual number of days elapsed. An Interest Payer (VM) that fails to make, when due, any Transfer of an Interest Payment (VM)
will be obligated to pay the Interest Payee (VM) (to the extent permitted under applicable law) an amount equal to interest at the Default
Rate (and for such purposes, if the Default Rate is less than zero, it will be deemed to be zero) multiplied by that Interest Payment
(VM), from (and including) the date that Interest Payment (VM) was required to be Transferred to (but excluding) the date of Transfer
of that Interest Payment (VM). This interest will be calculated on the basis of daily compounding and the actual number of days elapsed.

 

(b)
         Further Assurances. Promptly following a demand made by a party,
the other party will execute, deliver, file and record any financing statement, specific assignment or other document and take any other
action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security
interest or lien granted under Paragraph 2, to enable that party to exercise or enforce its rights under this Annex with respect to Posted
Credit Support (VM) or an Interest Payment (VM) or to effect or document a release of a security interest on Posted Collateral (VM) or
an Interest Payment (VM).

     Page 8 of 22

     

    

(c)           Further
Protection. The Pledgor will promptly give notice to the Secured Party of, and defend against, any suit, action, proceeding or
lien that involves Posted Credit Support (VM) Transferred by the Pledgor or that could adversely affect the security interest and lien
granted by it under Paragraph 2, unless that suit, action, proceeding or lien results from the exercise of the Secured Party’s
rights under Paragraph 6(c).

 

(d)           Good
Faith and Commercially Reasonable Manner. Performance of all obligations under this Annex, including, but not limited to, all
calculations, valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner.

 

(e)           Demands
and Notices. All demands and notices made by a party under this Annex will be made as specified in the Notices Section of this
Agreement, except as otherwise provided in Paragraph 13.

 

(f)           Specifications
of Certain Matters. Anything referred to in this Annex as being specified in Paragraph 13 also may be specified in one or more
Confirmations or other documents and this Annex will be construed accordingly.

 

(g)           Legally
Ineligible Credit Support (VM). Unless otherwise specified in Paragraph 13, upon delivery of a Legal Ineligibility Notice by
a party, each item of Eligible Credit Support (VM) (or a specified amount of such item) identified in such notice (i) will cease to be
Eligible Credit Support (VM) for purposes of Transfers to such party as the Secured Party hereunder as of the applicable Transfer Ineligibility
Date, (ii) will cease to be Eligible Credit Support (VM) for the other party as the Pledgor for all purposes hereunder as of the Total
Ineligibility Date and (iii) will have a Value of zero on and from the Total Ineligibility Date.

 

“Legal
Ineligibility Notice” means a written notice from the Secured Party to the Pledgor in which the Secured Party (i)
represents that the Secured Party has determined that one or more items of Eligible Credit Support (VM) (or a specified amount
of any such item) either has ceased to satisfy, or as of a specified date will cease to satisfy, collateral eligibility requirements
under law applicable to the Secured Party requiring the collection of variation margin (the “Legal Eligibility Requirements”),
(ii) lists the item(s) of Eligible Credit Support (VM) (and, if applicable, the specified amount) that have ceased to satisfy,
or as of a specified date will cease to satisfy, the Legal Eligibility Requirements, (iii) describes the reason(s) why such item(s)
of Eligible Credit Support (VM) (or the specified amount thereof) have ceased to satisfy, or will cease to satisfy, the Legal
Eligibility Requirements and (iv) specifies the Total Ineligibility Date and, if different, the Transfer Ineligibility Date.

 

“Total
Ineligibility Date” means the date on which the relevant item of Eligible Credit Support (VM) (or a specified amount
of such item) has ceased to satisfy, or will cease to satisfy, the Legal Eligibility Requirements applicable to the Secured Party
for all purposes hereunder; provided that, unless otherwise specified in Paragraph 13, if such date is earlier than the fifth
Local Business Day following the date on which the Legal Ineligibility Notice is delivered, the Total Ineligibility Date will
be the fifth Local Business Day following the date of such delivery.

 

“Transfer
Ineligibility Date” means the date on which the relevant item of Eligible Credit Support (VM) (or a specified amount
of such item) has ceased to satisfy, or will cease to satisfy, the Legal Eligibility Requirements for purposes of Transfers to
the Secured Party hereunder; provided that, unless otherwise specified in Paragraph 13, if such date is earlier than the fifth
Local Business Day following the date on which the Legal Ineligibility Notice is delivered, the Transfer Ineligibility Date will
be the fifth Local Business Day following the date of such delivery.

 

 (h)          Return of Posted Credit Support (VM) with a Value of Zero. Subject to Paragraph 4(a), the Secured Party will, promptly upon demand (but in no event later than the time at which a Transfer would be due under Paragraph 4(b) with respect to a demand for the Transfer of Eligible Credit Support (VM) or Posted Credit Support (VM)), Transfer to the Pledgor any item of Posted Credit Support (VM) (or the specified amount of such item) that as of the date of such demand has a Value of zero; provided that the Secured Party will only be obligated to Transfer any Posted Credit Support (VM) in accordance with this Paragraph 11(h), if, as of the date of Transfer of such item, the Pledgor has satisfied all of its Transfer obligations under this Annex, if any.

 

(i)           Reinstatement
of Credit Support Eligibility. Upon a reasonable request by the Pledgor, the Secured Party will determine whether an
item (or a specified amount of such item) of Eligible Credit Support (VM) that was the subject of a prior Legal Ineligibility
Notice would currently satisfy the Legal Eligibility Requirements applicable to the Secured Party. If the Secured Party
determines that as of such date of determination such item (or specified amount of such item) satisfies the Legal Eligibility
Requirements applicable to the Secured Party, the Secured Party will promptly following such determination rescind the
relevant Legal Ineligibility Notice with respect to such item (or specified amount of such item) by written notice to the
Pledgor. Upon the delivery of such notice, the relevant item (or specified amount of such item) will constitute Eligible
Credit Support (VM) hereunder.

     Page 9 of 22

     

    

(j)            Credit
Support Offsets. If the parties specify that “Credit Support Offsets” is applicable in Paragraph 13, and on any date:

 

(i)            a
Transfer of Eligible Credit Support (VM) is due under this Annex to satisfy a Delivery Amount (VM) or a Return Amount (VM) obligation,
and a transfer of credit support (other than any Other CSA Excluded Credit Support) is also due under any Other CSA;

 

(ii)           the
parties have notified each other of the credit support that they intend to Transfer under this Annex and transfer under such Other
CSA (other than any Other CSA Excluded Credit Support) to satisfy their respective obligations; and

 

(iii)           in
respect of Paragraph 11(j)(ii), each party intends to transfer one or more types of credit support that is fully fungible with
one or more types of credit support the other party intends to transfer (each such credit support, a “Fungible Credit
Support Type”),

 

then,
on such date and in respect of each such Fungible Credit Support Type, each party’s obligation to make a transfer of any such
Fungible Credit Support Type hereunder or under such Other CSA will be automatically satisfied and discharged and, if the aggregate
amount that would have otherwise been transferred by one party exceeds the aggregate amount that would have otherwise been transferred
by the other party, replaced by an obligation hereunder or under such Other CSA, as applicable, upon the party by which the larger
aggregate amount would have been transferred to transfer to the other party the excess of the larger aggregate amount over the
smaller aggregate amount. If a party’s obligation to make a transfer of credit support under this Annex or an Other CSA is automatically
satisfied and discharged pursuant to this Paragraph 11(j), then, for purposes of this Annex or the Other CSA, as applicable, the
other party will be deemed to have received credit support of the applicable Fungible Credit Support Type in the amount that would
otherwise have been required to be transferred, in each case on the day on which the relevant transfer was due.

 

Paragraph
12. Definitions

 

As
used in this Annex:—

 

“Base
Currency” means the currency specified as such in Paragraph 13.

 

“Base
Currency Equivalent” means, with respect to an amount on a Valuation Date, in the case of an amount denominated in
the Base Currency, such Base Currency amount and, in the case of an amount denominated in a currency other than the Base Currency
(the “Other Currency”), the amount of Base Currency required to purchase such amount of the Other Currency
at the spot exchange rate on such Valuation Date as determined by the Valuation Agent.

 

“Cash”
means, respectively, the Base Currency and each other Eligible Currency.

 

“Covered Transaction” has the
meaning specified in Paragraph 13.

 

“Credit
Support Eligibility Condition (VM)” means, with respect to any item specified for a party as Eligible Collateral
(VM) in Paragraph 13, any condition specified for that item in Paragraph 13.

 

“Custodian
(VM)” has the meaning specified in Paragraphs 6(b)(i) and Paragraph 13.

 

“Delivery Amount (VM)”
has the meaning specified in Paragraph 13.

 

“Delivery
Amount Reduction (VM)” has the meaning specified in Paragraph 6(d)(ii)(A)(II).

 

“Disputing Party”
has the meaning specified in Paragraph 5.

     Page 10 of 22

     

    

“Distributions”
means with respect to Posted Collateral (VM) other than Cash, all principal, interest and other payments and distributions of
cash or other property with respect thereto, regardless of whether the Secured Party has disposed of that Posted Collateral (VM)
under Paragraph 6(c). Distributions will not include any item of property acquired by the Secured Party upon any disposition or
liquidation of Posted Collateral (VM) or, with respect to any Posted Collateral (VM) in the form of Cash, any distributions on
that collateral, unless otherwise specified herein.

 

“Eligible
Collateral (VM)” has the meaning specified in Paragraph 13.

 

“Eligible
Credit Support (VM)” means Eligible Collateral (VM) and Other Eligible Support (VM).

 

“Eligible
Currency” means each currency specified as such in Paragraph 13, if such currency is freely available.

 

“Eligible
Return Amount (VM)” has the meaning specified in Paragraph 6(d)(ii)(A)(I)(a).

 

“Exposure”
means, unless otherwise specified in Paragraph 13, for any Valuation Date or other date for which Exposure is calculated and subject
to Paragraph 5 in the case of a dispute:

 

 (i)             if this Agreement is a 1992 ISDA Master Agreement, the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(2)(A) of this Agreement as if all Covered Transactions were being terminated as of the relevant Valuation Time on the basis that the Base Currency is the Termination Currency; provided that Market Quotation will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the amounts that would be paid for Replacement Transactions (as that term is defined in the definition of “Market Quotation”); and

 

(ii)            if
this Agreement is an ISDA 2002 Master Agreement or a 1992 ISDA Master Agreement in which the definition of Loss and/or Market
Quotation has been amended (including where such amendment has occurred pursuant to the terms of a separate agreement or protocol)
to reflect the definition of Close-out Amount from the pre-printed form of the ISDA 2002 Master Agreement as published by ISDA,
the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number)
or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(1) (but
without reference to clause (3) of Section 6(e)(ii)) of this Agreement as if all Covered Transactions were being terminated as
of the relevant Valuation Time on the basis that the Base Currency is the Termination Currency; provided that the Close-
out Amount will be determined by the Valuation Agent on behalf of that party using its estimates at mid- market of the amounts
that would be paid for transactions providing the economic equivalent of (X) the material terms of the Covered Transactions, including
the payments and deliveries by the parties under Section 2(a)(i) in respect of the Covered Transactions that would, but for the
occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions
precedent in Section 2(a)(iii)), and (Y) the option rights of the parties in respect of the Covered Transactions.

 

“Fungible
Credit Support Type” has the meaning specified in Paragraph 11(j)(iii).

 

“FX
Haircut Percentage” means, for any item of Eligible Collateral (VM), the percentage specified as such in Paragraph
13.

 

“Interest
Adjustment Reduction Amount (VM)” has the meaning specified in Paragraph 6(d)(ii)(B)(II).

 

“Interest
Amount (VM)” means, with respect to an Interest Period, the aggregate sum of the Base Currency Equivalents of the
amounts of interest determined for each relevant currency and calculated for each day in that Interest Period on any Posted Collateral
(VM) in the form of Cash in such currency held by the Secured Party on that day, determined by the Secured Party for each such
day as follows:

 

 (i)             the amount of Cash in such currency on that day plus, only if “Daily Interest Compounding” is specified as applicable in Paragraph 13, the aggregate of each Interest Amount (VM) in respect of such currency determined for each preceding day, if any, in that Interest Period; multiplied by

     Page 11 of 22

     

    

 (ii)            the Interest Rate (VM) in effect for that day; divided by

 

(iii)           360
(or, in the case of pounds sterling or any other currency specified as an “A/365 Currency” in Paragraph 13, 365);

 

provided
that, unless “Negative Interest” is specified as applicable in Paragraph 13, if the Interest Amount (VM) for an
Interest Period would be a negative amount, it will be deemed to be zero.

 

“Interest
Payee (VM)” means, in relation to an Interest Payer (VM), the other party.

 

“Interest
Payer (VM)” means the Secured Party; provided that if “Negative Interest” is specified as applicable
in Paragraph 13 and an Interest Payment (VM) is determined in respect of a negative Interest Amount (VM), the Interest Payer (VM)
in respect of such Interest Payment (VM) will be the Pledgor.

 

“Interest
Payment (VM)” means, with respect to an Interest Period, the Interest Amount (VM) determined in respect of such Interest
Period; provided that in respect of any negative Interest Amount (VM), the Interest Payment (VM) will be the absolute value
of such negative Interest Amount (VM).

 

“Interest
Period” means the period from (and including) the last day on which (i) a party became obligated to Transfer an Interest
Payment (VM) or (ii) an Interest Amount (VM) was included or otherwise became constituted as part of Posted Collateral (VM) (or,
if no Interest Payment (VM) or Interest Amount (VM) has yet fallen due or been included or otherwise became constituted as a part
of Posted Collateral (VM), respectively, the day on which Eligible Credit Support (VM) in the form of Cash was Transferred to
or received by the Secured Party) to (but excluding) the day on which (i) a party is obligated to Transfer the current Interest
Payment (VM) or (ii) the current Interest Amount (VM) is included or otherwise becomes constituted as a part of Posted Collateral
(VM).

 

“Interest
Rate (VM)” means, with respect to an Eligible Currency, the rate specified in Paragraph 13 for that currency.

 

“Legal
Eligibility Requirements” has the meaning specified in Paragraph 11(g).

 

“Legal Ineligibility Notice”
has the meaning specified in Paragraph 11(g).

 

“Local Business Day”, unless otherwise specified in Paragraph
13, means:

 

(i)             in
relation to a Transfer of cash or other property (other than securities) under this Annex, a day on which commercial banks are
open for business (including dealings in foreign exchange and foreign currency deposits) in the place where the relevant account
is located and, if different, in the principal financial center, if any, of the currency of such payment;

 

(ii)            in
relation to a Transfer of securities under this Annex, a day on which the clearance system agreed between the parties for delivery
of the securities is open for the acceptance and execution of settlement instructions or, if delivery of the securities is contemplated
by other means, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency
deposits) in the place(s) agreed between the parties for this purpose;

 

(iii)           in
relation to the Resolution Time, a day on which commercial banks are open for business (including dealings in foreign exchange
and foreign currency deposits) in at least one Valuation Date Location for Party A and at least one Valuation Date Location for
Party B; and

 

(iv)           in
relation to any notice or other communication under this Annex, a day on which commercial banks are open for business (including
dealings in foreign exchange and foreign currency deposits) in the place specified in the address for notice most recently provided
by the recipient.

 

“Minimum
Transfer Amount” means, with respect to a party, the amount specified as such for that party in Paragraph 13; if
no amount is specified, zero.

 

“Notification
Time” has the meaning specified in Paragraph 13.

     Page 12 of 22

     

    

“Obligations”
means, with respect to a party, all present and future obligations of that party under this Agreement and any additional obligations
specified for that party in Paragraph 13.

 

“Other
CSA” means, unless otherwise specified in Paragraph 13, any other credit support annex or credit support deed that
is in relation to, or that is a Credit Support Document in relation to, this Agreement.

 

“Other
CSA Excluded Credit Support” means, with respect to an Other CSA, any amounts and items posted as margin under such
Other CSA, which, pursuant to the terms of such Other CSA, Party A and Party B have agreed must be segregated in an account maintained
by a third-party custodian or for which offsets are prohibited.

 

“Other
Eligible Support (VM)” means, with respect to a party, the items, if any, specified as such for that party in Paragraph
13.

 

“Other
Posted Support (VM)” means all Other Eligible Support (VM) Transferred to the Secured Party that remains in effect
for the benefit of that Secured Party.

 

“Pledgor”
means either party, when that party (i) receives a demand for or is required to Transfer Eligible Credit Support (VM) under Paragraph
3(a) or (ii) has Transferred Eligible Credit Support (VM) under Paragraph 3(a).

 

“Posted
Collateral (VM)” means all Eligible Collateral (VM), other property, Distributions, and all proceeds thereof that have
been Transferred to or received by the Secured Party under this Annex and not Transferred to the Pledgor pursuant to Paragraph 3(b),
4(d)(ii), 6(d)(i) or 11(h) or released by the Secured Party under Paragraph 8.With respect to any Interest Amount (VM) in
respect of any Interest Payment (VM) or relevant part thereof not Transferred pursuant to Paragraph 6(d)(ii)(A) or Paragraph
6(d)(ii)(B), as applicable, if such Interest Amount (VM) is a positive number, such Interest Amount (VM) will constitute Posted
Collateral (VM) in the form of Cash in the Base Currency.

 

“Posted
Credit Support (VM)” means Posted Collateral (VM) and Other Posted Support (VM).

 

“Recalculation
Date” means the Valuation Date that gives rise to the dispute under Paragraph 5; provided, however,
that if a subsequent Valuation Date occurs under Paragraph 3 prior to the resolution of the dispute, then the “Recalculation
Date” means the most recent Valuation Date under Paragraph 3.

 

“Regular
Settlement Day,” means, unless otherwise specified in Paragraph 13, the same Local Business Day on which a demand
for the Transfer of Eligible Credit Support (VM) or Posted Credit Support (VM) is made.

 

“Resolution
Time” has the meaning specified in Paragraph 13.

 

“Return Amount (VM)” has the meaning specified
in Paragraph 3(b).

 

“Return Amount
Reduction (VM)” has the meaning specified in Paragraph 6(d)(ii)(A)(II).

 

“Secured
Party” means either party, when that party (i) makes a demand for or is entitled to receive Eligible Credit Support
(VM) under Paragraph 3(a) or (ii) holds or is deemed to hold Posted Credit Support (VM).

 

“Set-off”
means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement (whether
arising under this Agreement, another contract, applicable law or otherwise) and, when used as a verb, the exercise of any such
right or the imposition of any such requirement.

 

“Specified
Condition” means, with respect to a party, any event specified as such for that party in Paragraph 13.

 

“Substitute
Credit Support (VM)” has the meaning specified in Paragraph 4(d)(i).

 

“Substitution
Date” has the meaning specified in Paragraph 4(d)(ii).

 

“Total
Ineligibility Date” has the meaning specified in Paragraph 11(g) unless otherwise specified in Paragraph 13.

     Page 13 of 22

     

    

“Transfer”
means, with respect to any Eligible Credit Support (VM), Posted Credit Support (VM) or Interest Payment (VM), and in accordance
with the instructions of the Secured Party, Pledgor or Custodian (VM), as applicable:

 

 (i)             in the case of Cash, payment or delivery by wire transfer into one or more bank accounts specified by the recipient;

 

(ii)            in
the case of certificated securities that cannot be paid or delivered by book-entry, payment or delivery in appropriate physical
form to the recipient or its account accompanied by any duly executed instruments of transfer, assignments in blank, transfer
tax stamps and any other documents necessary to constitute a legally valid transfer to the recipient;

 

(iii)           in
the case of securities that can be paid or delivered by book-entry, causing the relevant depository institution(s) or other securities
intermediaries to make changes to their books and records sufficient to result in a legally effective transfer of the relevant
interest to the recipient or its agent; and

 

 (iv)           in the case of Other Eligible Support (VM) or Other Posted Support (VM), as specified in Paragraph 13.

 

“Transfer
Ineligibility Date” has the meaning specified in Paragraph 11(g) unless otherwise specified in Paragraph 13.

 

“Valuation
Agent” has the meaning specified in Paragraph 13.

 

“Valuation
Date” means, unless otherwise specified in Paragraph 13, each day from, and including, the date of this Annex, that
is a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits)
in at least one Valuation Date Location for Party A and at least one Valuation Date Location for Party B.

 

“Valuation
Date Location” has the meaning specified in Paragraph 13.

 

“Valuation
Percentage” means, for any item of Eligible Collateral (VM), the percentage specified as such in Paragraph 13.

 

“Valuation
Time” means, unless otherwise specified in Paragraph 13, the time as of which the Valuation Agent computes its end
of day valuations of derivatives transactions in the ordinary course of its business (or such other commercially reasonable convenient
time on the relevant day as the Valuation Agent may determine).

 

“Value”
means for any Valuation Date or other date for which Value is calculated and subject to Paragraph 5 in the case of a dispute,
with respect to:

 

		(i)	Eligible
                                         Collateral (VM) or Posted Collateral (VM) that is:

 

(A)         an
amount of Cash, the Base Currency Equivalent of such amount multiplied by (VP – HFX); and

 

(B)         a security,
the Base Currency Equivalent of the bid price obtained by the Valuation Agent multiplied by (VP – HFX), where:

 

VP equals the applicable
Valuation Percentage; and

 

HFX equals the applicable FX Haircut Percentage;

 

(ii)            Posted
Collateral (VM) that consists of items that are not Eligible Collateral (VM) (including any item or any portion of any item that
fails to satisfy any (A) Credit Support Eligibility Condition (VM) applicable to it or (B) applicable Legal Eligibility Requirements),
zero; and

 

 (iii)           Other Eligible Support (VM) and Other Posted Support (VM), as specified in Paragraph 13.

     Page 14 of 22

     

    

Paragraph 13. Elections
and Variables

 

	(a)	Base
                                            Currency and Eligible Currency.

 

		(i)	“Base
                                         Currency” means United States Dollars (“USD”).

 

		(ii)	“Eligible
                                         Currency” means the Base Currency.

 

	(b)	Covered
                                            Transactions; Security Interest for Obligations; Exposure.

 

		(i)	The
                                         term “Covered Transactions” as used in this Annex includes
                                         any Transaction under this Agreement.

 

For
purposes of the foregoing, “Covered Transactions” include any transaction that is a Transaction under
this Agreement except Spot FX Transactions.

 

“Spot
FX Transaction” means any foreign exchange transaction that settles in an actual delivery of the relevant currencies
within two Local Business Days (as defined in Section 14 of this Agreement) of the day on which the parties entered into such
foreign exchange transaction or within the customary timeline of the relevant spot market for those currencies.

 

		(ii)	The
                                         term “Obligations” as used in this Annex includes the following
                                         additional obligations: None specified.

 

		(iii)	“Exposure”
                                         has the meaning specified in Paragraph 12.

 

	(c)	Credit
                                            Support Obligations.

 

		(i)	Optional Addition of
Independent Amounts.If specified here as applicable, the following amendments and additional terms for inclusion of
Independent Amounts will apply: Applicable

		(A)	Notwithstanding
                                         Paragraph 3(a), the “Delivery Amount (VM)” applicable to the Pledgor
                                         for any Valuation Date will equal the amount by which:

(1)           the
Credit Support Amount (VM/IA)

exceeds

 

		(2)	the Value as of that Valuation
Date of all Posted Credit Support (VM) held by the Secured Party.

		(B)	Notwithstanding
                                         Paragraph 3(b), the “Return Amount (VM)” applicable to the Secured
                                         Party for any Valuation Date will equal the amount by which:
	 	 	 

		(1)	the Value as of that Valuation
Date of all Posted Credit Support (VM) held by the Secured Party

exceeds

 (2)            the Credit Support Amount (VM/IA).

		(C)	“Credit
                                         Support Amount (VM/IA)” means for any Valuation Date (i) the Secured Party’s
                                         Exposure for that Valuation Date plus (ii) the aggregate of all Independent Amounts applicable
                                         to the Pledgor, if any, minus (iii) all Independent Amounts applicable to the Secured
                                         Party, provided however, that the Credit Support Amount (VM/IA) will be deemed
                                         to be zero whenever the calculation of Credit Support Amount (VM/IA) yields a number
                                         less than zero.

     Page 15 of 22

     

    

		(D)	“Independent
                                         Amount” means,

		(1)	with
                                         respect to Party A: zero

		(2)	with
                                         respect to Party B: zero

 

		(ii)	Other
                                         Amendments to Delivery Amount (VM), Return Amount (VM) and Exposure. If the amendments
                                         in Paragraph 13(c)(i) are not applicable Delivery Amount (VM) and Return
                                         Amount (VM).

 

		(A)	“Delivery
                                         Amount (VM)” has the meaning specified in Paragraph 3(a).

 

		(B)	“Return
                                         Amount (VM)” has the meaning specified in Paragraph 3(b).

 

		(iii)	Eligible
                                         Collateral (VM). Subject to Paragraph 11(g), if applicable, ), if applicable,
                                         the following items will qualify as “Eligible Collateral (VM)” for
                                         each party (as the Pledgor) specified here:

 

	 	 

        Asset:
	 

        Rating range
	 

        Valuation
        Percentage
	 

        Party A
	 

        Party B

	(A)
	Cash
    in an Eligible     Currency	N/A	100%	X	X
	(B)
	“UST”,
        being debt securities issued by the

        U.S.
        Department of the Treasury and as further defined below.
	AAA/Aaa to
        AA-

        / Aa3 (inclusive)
	Residual
        Maturity in years:

        < 1:99%

        1-5:98%

        >5-10:
        96%
	X	X
	 	 	 	>10-20:93%	 	 
	 	 	 	>20-30:89%	 	 
	 	 	A+/A1
    to BBB- /	Residual
    Maturity	 	 
	 	 	Baa3
    (inclusive)	in
    years:	 	 
	 	 	 	<
    1:99%	 	 
	 	 	 	1-5:97%	 	 
	 	 	 	>5-10:  94%	 	 
	 	 	 	>10-20:93%	 	 
	 	 	 	>20-30:89%	 	 

 

provided
that:

 

“UST”
means negotiable debt obligations issued by the U.S. Treasury Department and will not include Ineligible Securities. “Ineligible
Securities” means any obligations, securities, certificates or instruments that (i) are denominated in a currency other than U.S.
Dollars, (ii) are issued other than in Federal Reserve book entry form, or (iii) constitute or include structured notes or other structured
debt instruments, real estate mortgage investment conduits, collateralized mortgage obligations, guaranteed mortgage certificates, interest-only
securities, principal-only securities or any securities representing interests in, or are composed in whole or in part of, residual or
high risk mortgage derivatives or other derivatives, callable bonds, or inflation-indexed bonds, certificates or instruments. 

     Page 16 of 22

     

    
		(iv)	Legally
                                         Ineligible Credit Support (VM). The provisions of Paragraph 11(g) will apply.

 

		(A)	“Total
                                         Ineligibility Date” has the meaning specified in Paragraph 11(g).

		(B)	“Transfer
                                         Ineligibility Date” has the meaning specified in Paragraph 11(g).

 

		(v)	Credit
                                         Support Eligibility Conditions (VM). The following conditions will each be a
                                         “Credit Support Eligibility Condition (VM)”: Not applicable.

 

		(vi)	“Valuation
                                            Percentage”; “FX Haircut Percentage”

 

		(A)	“Valuation
                                         Percentage” means, with respect to each party (as the Pledgor) and item
                                         of] Eligible Collateral (VM), the percentage specified in Paragraph 13(c)(iii).

 

If
at any time the Valuation Percentage assigned to an item of Eligible Collateral (VM) with respect to a party (as the Pledgor)
under this Annex is greater than the maximum permitted valuation percentage (prescribed or implied) for such item of collateral
under any law requiring the collection of variation margin applicable to the other party (as the Secured Party), then the Valuation
Percentage with respect to such item of Eligible Collateral (VM) and such party will be such maximum permitted valuation percentage.

 

		(B)	“FX
                                         Haircut Percentage” means, with respect to each party (as the Pledgor)
                                         and any item of Eligible Collateral (VM), 0%, unless the Eligible Collateral (VM) is
                                         in the form of securities denominated in a currency that does not match any Eligible
                                         Currency, in which case 8%.

 

		(vii)	Other
                                         Eligible Support (VM). The following items will qualify as “Other
                                         Eligible Support (VM)” for the party specified (as the Pledgor): not applicable.

 

		(viii)	Minimum
                                            Transfer Amount.

 

		(A)	“Minimum
                                         Transfer Amount” means with respect to Party A: USD 250,000; provided,
                                         however, that the Minimum Transfer Amount for such party shall be zero upon the occurrence
                                         and during the continuance of an Event of Default, Termination Event (where all Transactions
                                         are Affected Transactions), or Specified Condition with respect to such party.

 

“Minimum
Transfer Amount” means with respect to Party B: USD 250,000; provided, however, that the Minimum Transfer
Amount for such party shall be zero upon the occurrence and during the continuance of an Event of Default, Termination Event (where
all Transactions are Affected Transactions), or Specified Condition with respect to such party.

 

		(B)	Rounding.
                                         The Delivery Amount (VM) and the Return Amount (VM) will be rounded up and down respectively
                                         to the nearest integral multiple of USD 10,000.

 

		(ix)	Transfer
                                         Timing. “Regular Settlement Day” has the meaning specified in Paragraph
                                         12.

 

	(d)	Valuation
                                            and Timing.

 

		(i)	“Valuation
                                         Agent” means, for purposes of Paragraphs 3 and 5, the party making the
                                         demand under Paragraph 3, and, for purposes of Paragraph 6(d), the Secured Party, as
                                         applicable, unless there has occurred and is continuing any Event of Default, Potential
                                         Event of Default or an Early Termination Date with respect to a party, in which case
                                         the other party shall be the Valuation Agent.

     Page 17 of 22

     

    

		(ii)	“Valuation
                                         Date” has the meaning specified in Paragraph 12.

 

For
purposes of determining the Valuation Date and clause (iii) of the definition of “Local Business Day” in Paragraph
12, “Valuation Date Location” means, with respect to each party, each city, region, or country specified
below:

 

Party
A: New York

 

Party
B: Walnut Creek, CA

 

		(iii)	“Valuation
                                         Time” has the meaning specified in Paragraph 12.

 

		(iv)	“Notification
                                         Time” means 10:00 a.m., New York time, on a Local Business Day.

 

	(e)	Conditions
                                            Precedent and Secured Party’s Rights and Remedies.

 

		(i)	The
                                         provisions of Paragraph 4(a) will apply.

 

		(ii)	For
                                         all purposes of this Annex, each Termination Event (except Tax Event and Tax Event Upon
                                         Merger), with respect to which all Transactions are Affected Transactions, shall be a
                                         “Specified Condition” with respect to a party (that party being
                                         the Affected Party if the Termination Event occurs with respect to such party).

 

	(f)	Substitution.

 

		(i)	“Substitution
                                         Date” has the meaning specified in Paragraph 4(d)(ii).

 

		(ii)	Consent.
                                         If specified here as applicable, then the Pledgor must obtain the Secured Party’s
                                         consent for any substitution pursuant to Paragraph 4(d): Applicable

 

	(g)	Dispute
                                            Resolution.

 

		(i)	“Resolution
                                         Time” means 1:00 p.m., New York time, on the Local Business Day following
                                         the date on which the notice is given that gives rise to a dispute under Paragraph 5.

 

		(ii)	Value.
                                         For the purpose of Paragraphs 5(iv)(A)(3) and 5(iv)(B), the Value of Posted Collateral
                                         (VM) will be calculated as follows:

 

		(A)	with
                                         respect to cash, the face value thereof multiplied by (VP – HFX); and

 

		(B)	with
                                         respect to USTs, the arithmetic mean of the bid prices for the relevant UST obtained
                                         by the Valuation Agent from Reference Dealers selected by it in accordance with the second
                                         sentence of Section 4.14 of the 2006 ISDA Definitions as published by the International
                                         Swaps and Derivatives Association, Inc. multiplied by (VP – HFX). For these purposes,
                                         “Reference Dealers” means three leading dealers in the principal market for
                                         the relevant kind of security.

 

		(iii)	Alternative.
                                         The provisions of Paragraph 5 will apply.

 

	(h)	Holding
                                            and Using Posted Collateral (VM).

 

		(i)	Eligibility
                                         to Hold Posted Collateral (VM); Custodians (VM). Party A will be entitled to
                                         hold Posted Collateral (VM) pursuant to Paragraph 6(b) through Party B’s Custodian
                                         pursuant to Paragraph 6(b) and subject to the Collateral Account Control Agreement between
                                         Party A, Party B and the Bank of New York Mellon.

     Page 18 of 22

     

    

Party B and its Custodian
(VM) will be entitled to hold Posted Collateral (VM) pursuant to Paragraph 6(b); provided that the following conditions applicable
to it are satisfied:

 

		(A)	Party
                                         B is not a Defaulting Party;

 

		(B)	Posted
                                         Collateral (VM) may be held only in the following jurisdiction: the State of New York;

 

		(C)	The
                                         long-term unsubordinated, unsecured debt of the Custodian (VM) for Party B is rated at
                                         least in the “A” category by S&P or by Moody’s.

 

Initially, the Custodian
(VM) for Party A is: Not applicable.

 

Initially, the Custodian
(VM) for Party B is: The Bank of New York Mellon.

 

(ii)
Use of Posted Collateral (VM). The provisions of Paragraph 6(c) will not apply to Party A and Party B.

 

	(i)	Distributions
                                            and Interest Payment (VM).

 

		(i)	Interest
                                         Rate (VM). (A) With respect to Party B as Pledgor, the “Interest
                                         Rate (VM)” will be zero; and (B) with respect to Party A as Pledgor, the
                                         “Interest Rate (VM)” in relation to each Eligible Currency
                                         specified below will be:

 

	Eligible
    Currency	Interest
    Rate (VM)	A/365
    Currency
	USD	The “Interest
                                                                                                                        Rate (VM)” will be, for any day, the Effective rate for Federal Funds as published on Reuters under
                                                                                                                        FEDFUNDS1.
	No

 

		(ii)	Transfer
                                            of Interest Payment (VM) or application of Interest Amount (VM).

 

Interest Transfer: Applicable

 

Interest Payment Netting:
Not applicable

 

The Transfer of an Interest
Payment (VM) by the Interest Payer (VM) will be made by the third Local Business Day of each calendar month in respect of the
preceding calendar month.

 

Interest Adjustment: Not
applicable

 

		(iii)	Other
                                            Interest Elections.

 

Negative Interest: Not
applicable

 

Daily Interest Compounding:
Not Applicable

 

		(iv)	Alternative
                                         to Interest Amount (VM) and Interest Payment (VM). The provisions of Paragraph
                                         6(d)(ii) will apply.

 

	(j)	Credit
                                            Support Offsets.

 

If specified here
as applicable, then the “Credit Support Offsets” provisions in Paragraph 11(j) of this Annex will apply:
Not applicable.

     Page 19 of 22

     

    

	(k)	Additional
                                         Representation(s). None specified.

 

	(l)	Other
                                            Eligible Support (VM) and Other Posted Support (VM).

 

		(i)	“Value”
                                         with respect to Other Eligible Support (VM) and Other Posted Support (VM) means:
                                         Not applicable.

 

		(ii)	“Transfer”
                                         with respect to Other Eligible Support (VM) and Other Posted Support (VM) means: Not
                                         applicable.

 

	(m)	Demands
                                            and Notices.

 

All demands, specifications
and notices under this Annex will be made as specified here:

 

Demands and Notices
for Party A:

 

Société
Générale, New York Branch

480 Washington Boulevard

Jersey City, NJ 07310

Attention: Collateral
Management Team

Telephone: (201) 839-1940

Facsimile: (201) 839-8126

E-mail: collateral-ny@sgcib.com

 

Demands and
Notices for Party B:

 

As specified in Part
4 of the Schedule to the Master Agreement

 

	(n)	Addresses
                                            for Transfers.

 

Transfer instructions
for Party A:

 

Posted Collateral
(VM) in the form of cash:

 

FEDWIRE
PAYMENTS

ABA No. 026004226

Bank: Société
Générale, New York

SWIFT Code: SOGEUS33

Account No.: 00187011

In favor of: OPER/CLM
NY – Collateral Department

Posted Collateral (VM) in the form of securities:

To be advised.

 

Transfer instructions
for Party B:

 

Posted Collateral
(VM) in the form of cash:

 

As specified by Party
B from time to time.

 

Posted Collateral (VM)
in the form of securities:

please provide

     Page 20 of 22

     

    

	(o)	“Other
                                         CSA” has the meaning as specified in Paragraph 12.

 

	(p)	Other
                                            Provisions.

 

		(i)	Form
                                         of Annex; Applicable Law. The parties hereby agree that the text of the body
                                         of this Annex is intended to be the printed form of the ISDA 2016 Credit Support Annex
                                         for Variation Margin (VM) (Bilateral Form – ISDA Agreements Subject to New York
                                         Law Only version) as published and copyrighted by the International Swaps and Derivatives
                                         Association, Inc., and that each provision of this Annex shall be subject to applicable
                                         law.

 

(Signature
page follows)

     Page 21 of 22

     

    

IN WITNESS WHEREOF
the parties have executed this document on the respective dates specified below with effect from the date specified on the first
page of this document.

 

	SOCIÉTÉ GÉNÉRALE	 	Each entity specified on Appendix A attached hereto, severally and not jointly

                                                                      

By: United States Commodity Funds LLC, its General Partner

	 

        

        By:
	/s/
    Jeff Rosen                    	 	 

        

        By:
	/s/ John Love
	Name:  	Jeff Rosen	 	Name:  	John Love
	Title:	MD & COO	 	Title:	President & CEO
	Date:	June 13, 2022	 	Date:	6/13/22

 Page 22 of 22ex_387056.htm

 

Exhibit 10.1

 

THIS EXECUTIVE SEPARATION AGREEMENT (this “Agreement”) is entered into as of the date indicated on the signature page hereto (the “Effective Date”) by and between Mitesco, Inc., a Delaware Company with principal place of business at 1660 Highway 100 South, Suite 432, St. Louis Park MN 55416 (the “Company”), and Phillip Keller residing at 401 South First Street Minneapolis, MN 55401, an individual (“Executive” and together with the Company, the “Parties” and each, a “Party”).

 

WHEREAS, Executive is currently employed by the Company as its Chief Financial Officer pursuant to the terms of that certain Employment Agreement by and between the Company and Executive, dated March 14, 2021 (the Employment Agreement”); and

 

WHEREAS, Executive and the Company have come to a mutual agreement regarding the Executive’s and the Company’s desire for Executive to leave his position as Chief Financial Officer (the “Separation”).

 

NOW THEREFORE, the Parties, who have had the opportunity to receive independent legal advice in this matter, in consideration of the mutual covenants and agreements set forth hereinafter, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

 

	 	
			1.

				
			Executive's Separation.

			

 

(a)    Executive’s employment with the Company and any subsidiaries and affiliated entities will be irrevocably terminated on June 12, 2022 (the “Separation Date”). As of the Separation Date, Executive shall no longer be an officer, or employee of the Company, or an officer, employee, or member of the board of directors of any subsidiary or affiliated entity of the Company, and Executive agrees he shall execute any and all documents necessary or advisable, as requested by the Company, to effect Executive’s Separation as an officer, employee of the Company, or an officer, employee, or member of the board of directors of any subsidiary or affiliated entity of the Company. The Company agrees that Executive shall have the opportunity to consult with his own counsel prior to executing any documents referenced in this paragraph.

 

(b)    Executive shall take any and all actions as reasonably requested by the Company in order to immediately and efficiently effect the Separation contemplated hereby, including, but not limited to, returning to the Company any and all files, records, credit cards, keys, equipment, and any and all other Company property or documents maintained by Executive, at a time and location directed by the Company. This includes, but is not limited to, (i) the transfer of any passwords and data required for Company to have a working and secure IT system, (ii) the return of any and all Company documents and files that are in Executive’s personal possession, and (iii) providing the Company with the passwords and code to the Company’s bank accounts. Executive shall, on and after the Effective Date, continue to cooperate with the Company in providing any additional documents and information that the Company reasonably requests in connection with the Company’s ongoing business activities.

 

(c)    Executive shall cooperate in handover and transitioning of his duties, to

 

 

 

 

the extent reasonably requested by the Company.

 

2.    Consideration. As consideration for Executive’s promises and obligations under this Agreement, and provided that you sign and do not revoke or rescind this Agreement as provided in below, the Company will provide you with the following:

(a)     with a payment equal to four weeks of salary (calculated as salary from June 10, 2022 through July 8, 2022), less applicable withholdings and deductions (the “Separation Payment”). The Separation Payment will be paid in a lump sum on the first regular payroll date following the expiration of the revocation and rescission periods outlined below.

(b)    Payout of accrued and unused PTO through the date of termination.

(c)    Executive will maintain any health insurance benefits directly sponsored and paid for by the Company through June 30, 2022.

(d)    Executive shall retain all stock and options currently held as of the Separation Date that previously vested; subject to the terms and conditions of the Stock Option Grants and Plan.

(e)    The Company and Executive will cooperate in the preparation of any public disclosure by the Company related to the existence or the terms and conditions of the Employment Agreement, or the termination of the Employment Agreement in connection with the Separation, the content of which shall be subject to the review and comment of Executive, which shall not be unreasonably withheld, conditioned or delayed. In no event shall Executive’s rights under this subsection prevent the Company from fulfilling its obligations under applicable securities laws and regulations. The Company and the Executive agree that the Company may make the following statement in response to any inquiries regarding his separation from the Company: “Phillip Keller has tendered his resignation to the Company effective June 12, 2022 for personal reasons.” The Company entered into a Separation Agreement and wishes him the best in his next endeavors.”

 

It is expressly acknowledged and agreed that the consideration provided in this Section 2 shall constitute the full consideration to be paid in connection with this Agreement, the Employment Agreement or any other agreement, document, written or verbal understanding or otherwise between the Company and Executive. No additional consideration (including, but not limited to, cash, common or preferred stock or and equity-linked securities for consideration) whatsoever shall be owing by the Company or any subsidiaries or affiliated entities of the Company to Executive by virtue of severance, salary, credit earned for vacation, or any other reason. This Agreement is a full and complete settlement of any and all amounts claimed to be due and owing by the Company and any subsidiaries or affiliated entities of the Company to Executive. The Company shall promptly provide Executive, via U.S. mail to his address listed in the first paragraph of this agreement, with all payroll and tax documents related to the consideration set forth in this Section, including, but not limited to, W-2s, 1099’s and payroll slips for the applicable time periods.

 

3.    Representations. Executive and the Company make the following representations, each of which is an important consideration to the other party's willingness to enter into this Agreement:

 

(i)    Executive understands and agrees that he has been advised to consult with an attorney of his choice concerning the legal consequences of this Agreement. Executive hereby acknowledges that prior to signing this Agreement, he had the opportunity to

 

 

 

 

consult, and did consult, with an attorney of his choosing regarding the effect of each and every provision of this Agreement.

 

(ii)    Executive acknowledges and agrees that he knowingly and voluntarily entered into this Agreement with complete understanding of all relevant facts, and that he was neither fraudulently induced nor coerced to enter into this Agreement.

 

(iii)    Each of the Parties represent and warrant to the other that they have the capacity and authority to enter into this Agreement and be bound by its terms and that, when executed, this Agreement will constitute a valid and binding agreement of such Party enforceable against such Party in accordance with its terms.

 

(iv)    The Company has sufficient reserves for the payment of its obligations under this Agreement, and the Company shall make such payments as agreed herein.

 

(v)    Executive has not taken any action or actions prior to the Effective Date that would result in the Company being subject to aggregate monetary liability in excess of $1,000, of which the Company is not aware.

 

	 	
			4.

				
			Covenants of Confidentiality and Nondisclosure.

			

 

(a)    Executive acknowledges that, as a result of Executive’s past association with the Company, Executive has access to and holds confidential or proprietary information of special and material value to the Company. Executive covenants and agrees that he shall not, directly or indirectly, disclose, reveal, divulge or communicate to any person other than authorized officers, directors, employees, and professional advisors of the Company, or use or otherwise exploit for Executive’s own benefit or for the benefit of anyone other than the Company, any Confidential Information (as defined below). Executive shall not have any obligation to keep confidential any Confidential Information if and to the extent disclosure thereof is specifically required by applicable law; provided, however, that in the event disclosure is required by applicable law, Executive shall, to the extent reasonably possible and legally permissible, provide the Company with prompt notice of such requirement prior to making any disclosure so that the Company may seek an appropriate protective order, at the Company’s sole cost and expense. “Confidential Information” means any confidential information with respect to the Company, including, without limitation, methods of operation, customer lists, products, prices, fees, costs, technology, formulas, inventions, trade secrets, know-how, proprietary software, marketing methods, plans, suppliers, competitors, markets or other specialized information or proprietary matters that is not otherwise in the public domain or available to the public upon request or through publicly available research and discovery.

 

(b)    The negotiations in connection with this Agreement were and are intended by Executive and the Company to be confidential. Neither the Company nor Executive shall disclose or make any statements regarding such negotiations or the circumstances surrounding this Agreement, or the terms and conditions hereof; provided, however, that the Parties agree and acknowledge that the Company may, in its sole discretion, file this Agreement with the U.S. Securities and Exchange Commission and that any legally required disclosure with respect to

 

 

 

 

information contained in this Agreement shall be permissible.

 

(c)    Executive agrees that he will use his best efforts to do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the Company may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement, including with respect to agreements, certificates, instruments and documents that Executive was required to deliver prior to, or in connection with, the closing of the Transaction in his capacity as an officer or director of the Company or any of its subsidiaries as of such date. However, the Company agrees that Executive shall have the opportunity to consult with counsel prior to signing any instrument or document or other deliverable contemplated in this paragraph.

 

5.    Release of Claims.

(a)    I, Phillip Keller, in consideration of and subject to the performance by the Company, of its obligations under this agreement, do hereby release and forever discharge as of the date hereof the Company and its respective Affiliates, and their respective subsidiaries and direct or indirect parent entities and all present, former and future directors, officers, agents, representatives, employees, successors and assigns of any of them (collectively, the “Released Parties”) to the extent provided below (this “General Release”). The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement.

 

(b)    I understand that any payment paid or granted to me under this Agreement represents, in part, consideration for signing this General Release and is not salary, wages or benefits to which I was otherwise entitled. I understand and agree that I will not receive benefits under this Agreement unless I execute this General Release and do not revoke or rescind this General Release, in whole or in part, within the time period permitted hereafter.

 

(c)    Except as provided in paragraphs (d) through (f) below and except for the provisions of the Agreement which expressly survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I or any of my heirs, executors, administrators or assigns, may have, by reason of any matter, cause, or thing whatsoever, from the beginning of my initial dealings with the Company to the date of this General Release, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to my employment relationship with the Company, the terms and conditions of that employment relationship, and the termination of that employment relationship, if such termination has occurred, including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of

 

 

 

 

1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; the Families First Coronavirus Response Act; any applicable Executive Order; the Minnesota Human Rights Act; the Women’s Economic Security Act; the Minnesota Equal Pay for Equal Work Law, Minn. Stat. §§ 181.66–181.71; Minn. § 181.81; Minn. Stat. § 176.82; Minn. Stat. §§ 181.931, 181.932, 181.935; Minn. Stat. §§ 181.940–181.944; Minn. Stat. §§ 181.950–181.957; Minn. Stat. §§ 181.961–181.966; or under any other federal, state or local civil or human rights law; or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or any other claim arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters; or any other Claim under any theory, whether legal or equitable, including, but not limited to, any claims for damages or declaratory or injunctive relief of any kind (all of the foregoing collectively referred to herein as the “Claims”).

 

(d)    I understand and acknowledge that nothing in this General Release is intended to: (1) constitute an unlawful waiver of any of my rights under any laws; (2) waive any vested benefits under the Company’s benefits policies or plans; (3) waive my right to indemnification under applicable law or the Company’s bylaws; (4) waive certain continuing provisions of my Employment Agreement, as specifically set forth in this Agreement; (5) waive my right to file an administrative charge with the Equal Employment Opportunity Commission or any other administrative agency under applicable law, or participate in any agency investigation, although I do hereby waive and release my right to recover any monetary or other damages under such applicable law, including but not limited to compensatory, liquidated or punitive damages or attorneys’ fees and costs; or (6) prevent or interfere with my right to provide truthful testimony, if under subpoena or court order to do so, or respond as otherwise provided by law.

 

(e)    I further understand and acknowledge that this General Release does not prohibit me from reporting possible violations of federal or state law or regulation to any governmental agency or entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission (“SEC”), or any federal or state administrative agency, or making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation. Nothing in this General Release or any other agreement between me and the Company requires me to seek prior authorization of the Company to make any such reports or disclosures and I do not need and am not required to notify the Company that I have made any such reports or disclosures. This Agreement is not intended to and does not restrict me from seeking or obtaining an SEC whistleblower award.

 

(f)    I further understand and acknowledge that under the U.S. Defend Trade Secrets Act of 2016, I will not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret that is made in confidence to government officials, either directly or indirectly, or to an attorney, in each case solely for the purpose of reporting or investigating a suspected violation of law, or in a complaint or other document filed in a lawsuit or other proceeding, provided such filing is made under seal. I hereby represents that I am not aware of any violation of law as outlined in paragraphs 4 or 5 of this General Release.

 

(g)    I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph (c) above. I represent that I am not aware of any Claim that I may have against the Company or any facts that give rise to any Claim. I acknowledge that I may

 

 

 

 

hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph (c) above and which, if known or suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it, but I nonetheless agree to the terms of this General Release.

 

(h)    I represent and warrant that I am not aware of any facts or circumstances that might justify a claim against the Company or any of the Released Parties for any violation of the Family and Medical Leave Act (“FMLA”), the Fair Labor Standards Act (“FLSA”), the Families First Coronavirus Response Act (“FFCRA”) or comparable state statutes, or any state or local sick or safe leave law. I further represent and warrant that I have received any and all wages and/or other compensation for work performed by me for the Company, and any and all protected leave to which I have been entitled (if any) under the FMLA or any other federal, state or local law or regulation.

 

(i)    I have been informed of my right to review and consider this General Release for 21 calendar days, if I choose. I further agree and acknowledge that (a) my waiver of rights under this Agreement is knowing and voluntary as required under the Age Discrimination in Employment Act (“ADEA”); (b) I understand the terms of this Agreement; (c) the Company advises me to consult with an attorney prior to executing this Agreement; (d) I may rescind or revoke this Agreement insofar as it extends to potential claims under the ADEA or the Minnesota Human Rights Act (“MHRA”) by providing written notice to the Company within fifteen (15) calendar days after the date of my signature below. To be effective, the rescission or revocation must be in writing and delivered to the Company either by hand or by mail within the 15-day period. If delivered by mail, the rescission must be: (i) postmarked within the 15-day period; properly addressed to Mitesco, Inc., Highway 100 South, Suite 432, St. Louis Park MN 55416, Attention: Jenny Lindstrom, Chief Legal Officer; and (iii) sent by certified mail, return receipt requested. If I timely exercise my right to rescind my release of claims under the ADEA or the MHRA, I understand the Company will have no obligations to me under this Agreement.

 

(j)    In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law.

 

(k)    I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company or any Released Party of any improper or unlawful conduct.

 

(l)    I agree that if I violate this General Release by suing the Company or the other Released Parties related to any Claims, I will pay all reasonable costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees.

 

 

 

 

(m)    I agree that this General Release and the Agreement are confidential and, subject to the provisions of paragraphs (e) and (f), agree not to disclose any information regarding the terms of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel that I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone.

 

(n)    Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date of my signature below.

 

(o)    I represent and warrant that in the course of the performance of my duties for the Company, I have not committed, and I further agree and represent that, as of the date of my signature below, I am not aware of, any violations of federal, state or local law, rule or regulation, or any Company policy, by the Company or any of its current or former employees, representatives or agents, and that I am not aware of any facts which would constitute a violation of any federal, state or local law, rule or regulation or any Company policy.

 

(p)    Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

6.    Time To Accept. You will have twenty-one (21) calendar days from the date on which you received this Agreement to consider whether to sign it. You acknowledge that 21 days is a reasonable and sufficient period of time to consider whether to sign the Agreement. Changes to this Agreement, whether material or immaterial, will not restart the 21-day consideration period. During this time, Mitesco advises you to consult with an attorney of your choice. To receive the consideration described in Section 2, you must sign this Agreement and return the signed original to: Mitesco, Inc., attention: Jenny Lindstrom, Chief Legal Officer, 1660 Highway 100 South, Suite 432, St. Louis Park MN 55416.

 

7.    Right to Revoke and Rescind. You are hereby informed of your right to revoke your release of claims, insofar as it extends to potential claims under the Age Discrimination in Employment Act, by providing Mitesco with written notice of your intent to do so within seven (7) calendar days following your signing of this Agreement. You are also informed of your right to rescind your release of claims, insofar as it extends to potential claims under the Minnesota Human Rights Act, by delivering a written rescission to Mitesco within fifteen (15) calendar days following your signing of this Agreement. These revocation and rescission periods will run concurrently. You understand that any such revocation or rescission must be made in writing and delivered by hand or by certified mail, return receipt requested, postmarked on or before the last day within the applicable revocation or rescission period to the individual identified in Section 6.

 

If you exercise your right to revoke or rescind any portion of your release of claims, Mitesco may, at its option, either nullify this Agreement in its entirety, or keep it in

 

 

 

 

effect in all respects other than as to that portion of your release of claims that you have revoked or rescinded. You agree and understand that if Mitesco chooses to nullify the Agreement in its entirety, Mitesco will have no obligations under this Agreement.

 

8.    No Admission of Liability. Executive understands and acknowledges that this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Executive. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Executive or to any third party.

 

9.    No Action. Executive affirms as of the date hereof, by executing this Agreement, that he has not filed and will not file any actions or charges, against the Company or the Releasees with any federal, state or local agency. Executive further agrees that, upon payment of the consideration provided in this Agreement, he will not personally recover or attempt to recover monies from the Company or the Releasees regarding the employment or Separation in the future.

 

10.    Notices. All notices and other communications hereunder shall be in writing and shall be deemed given when delivered by an internationally recognized overnight courier to the respective Party at the addresses specified in the first paragraph of this Agreement (or at such other address for a Party as shall be specified by like notice, provided that a notice of change of address(es) shall be effective only from the date of its receipt by the other Party):

 

11.    Internal Revenue Code Section 409A. It is the intent of the Parties that any compensation and benefits payable or provided to Executive under this Agreement be paid or provided in compliance with Section 409A of the Code and all regulations, guidance, and other interpretative authority issued thereunder (collectively, “Section 409A”) or in accordance with any applicable exemption from Section 409A. Unless otherwise provided herein, the Parties acknowledge and agree that all compensation and benefits payable or provided to Executive under Agreement are paid and provided in compliance with Section 409A, and therefore, the Company shall not report any of such compensation or benefits in Box 12 of Executive’s Form W-2 using code “Z.” Notwithstanding anything to the contrary in this Agreement, Executive has been determined to be a "specified employee" within the meaning of Section 409A at the time of Executive's separation from service (other than due to death), therefore, the payments of "nonqualified deferred compensation" subject to Section 409A, that are payable within the first six months following Executive's separation from service, will be paid on the first date of the seventh (7th) month following the date of Executive's separation from service. Notwithstanding anything herein to the contrary, in the event of Executive's death following Executive's separation from service, but before the six month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive's death and all other deferred compensation payments will be payable in accordance with the payment schedule applicable to each payment or benefit. For purposes of Section 409A, Executive's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “within sixty (60) days following the date of

 

 

 

 

 termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company, but shall not exceed the maximum days allotted (e.g. “within sixty (60) days”).

 

12.    Governing Law. The laws of the State of Minnesota govern the interpretation, validity and effect of this Agreement without regard to principles of conflicts of law, the place of execution or the place for performance thereof. The parties hereto hereby irrevocably and unconditionally each submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the State of Minnesota and its courts and the courts of the United States of America; consents that any such action or proceeding shall be brought in such courts, and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; and agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law.

 

13.    Interpretation.This Agreement shall be construed as if the Parties jointly prepared this Agreement and any uncertainty or ambiguity shall not be interpreted against any Party.

 

14.    Entire Agreement. This Agreement contains the entire understanding by and between the Parties and supersedes any and all prior agreements and understandings between the Parties and the Company, including the Employment Agreement, whether such agreements or understandings were oral or written, and all of which prior agreements and understandings are hereby definitively terminated and of no further force or effect, unless otherwise provided herein. The Parties acknowledge and represent that they have not relied on any statements, agreements, representations, promises, warranties, or other assurances, oral or written, other than those contained herein. Each Party agrees that this Agreement is intended to cover any and all matters and claims (including possible and contingent claims) arising out of or related to any and all prior agreements or understandings and this Agreement shall not be limited in scope to cover any and all prior matters, whether any such matters are known, unknown or hereafter discovered or ascertained. Executive covenants and agrees that he will not, at any time hereafter, either directly or indirectly, initiate, assign, maintain or prosecute, or in any way knowingly aid or assist in the initiation, maintenance or prosecution of any claim, demand or cause of action at law or otherwise against the Releasees or any of them, as applicable, for damages, loss or injury of any kind arising from, related to, or in any way connected to any activity with respect to which a release has been given pursuant to this Agreement, except to enforce this Agreement or unless otherwise provided for herein.

 

15.    Modification. This Agreement shall not and cannot be modified by any Party by any oral promise or representation made before or after the execution of this Agreement, and may only be modified by a writing signed by all Parties. This Agreement shall be binding upon and inure to the benefit of the Releasees.

 

16.    Construction. The headings of sections and paragraphs are used for convenience only and shall not affect the meaning or construction of the contents of this Agreement. Should

 

 

 

 

 any portion (e.g., word, clause, phrase, sentence, paragraph or section) of this Agreement be declared void or unenforceable, such portion shall be considered independent and severable from the remainder, the validity of which shall remain unaffected. This Agreement shall survive indefinitely, except as otherwise provided for herein. The terms and conditions of this Agreement have been, or will deemed to be, jointly negotiated by the Parties, and in the event of any ambiguity or controversy it shall not be construed against either Party as the draftsperson. For purposes of this Agreement, “Company” shall include any of the Company’s parents, subsidiaries, affiliates, or any other entity in which it holds a 50% or greater equity interest.

 

17.    Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed one and the same instrument. This Agreement may be executed in counterparts and may be delivered via fax or scan which shall have the same full force and effect as an original.

 

18.    Advice of Counsel. Each Party has had ample opportunity to consult with counsel and has independently determined to proceed with this Agreement with or without such counsel. Executive has not relied upon Company counsel with respect to any advice of any nature or kind regarding this Agreement, and Executive acknowledges and agrees that Company counsel does not represent Executive individually or as an officer or director of the Company. Executive further acknowledges that the only consideration for signing this Agreement is the terms stated in this Agreement, and that no other promise or agreements of any kind have been made to him or with him by any person or entity whatsoever to cause him to sign this Agreement; that he is competent to execute this Agreement; that he has been afforded sufficient and reasonable time to consider the Agreement and has been advised in writing and given the opportunity to consult advisors, legal and otherwise, of his own choosing; that the consideration received for executing this Agreement is greater than that ordinarily provided by the Company under any severance plan, policy or practice; and that he fully understands the meaning and intent of this Agreement.

 

19.    Successors and Assigns. This Agreement shall be assigned to the Company’s successors and assigns, including, without limitation, successors and assigns through merger, name change, consolidation, liquidation, or sale of a majority of the Company’s stock or assets, and shall be binding upon such successors and/or assigns. In addition, the Parties agree that the benefits provided to Executive shall survive his death and inure to the benefit of Executive’s estate, heirs, and assigns.

 

20.    Testimony. Notwithstanding anything to the contrary in this Agreement, including, but not limited to, Sections 4 and 7, this Agreement shall not be interpreted to preclude the Parties from making truthful statements to any court or government agency pursuant to an official request by such government agency, court order, or legally enforceable subpoena.

 

BY SIGNING THIS AGREEMENT AND GENERAL RELEASE, I REPRESENT AND AGREE THAT:

	 	
			o

				
			I HAVE READ IT CAREFULLY;

			

	 	
			o

				
			I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

			

 

 

 

 

	 	
			o

				
			I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

			

	 	
			o

				
			I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

			

	 	
			o

				
			I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS GENERAL RELEASE TO CONSIDER IT, AND THE CHANGES MADE SINCE MY RECEIPT OF THIS GENERAL RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD;

			

	 	
			o

				
			I UNDERSTAND THAT I HAVE FIFTEEN (15) DAYS AFTER THE EXECUTION OF THIS GENERAL RELEASE TO REVOKE IT BY PROVIDING WRITTEN NOTICE OF REVOCATION TO THE VICE PRESIDENT OF HUMAN RESOURCES OF THE COMPANY AT THE ADDRESS SET FORTH ABOVE, AND THAT THIS GENERAL RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

			

	 	
			o

				
			I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

			

	 	
			o

				
			I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

			

 

[Signature Page Follows]

 

 

 

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year indicated below.

 

 

MITESCO, INC

 

By:  /s/ Lawrence Diamond                                       

Name: Lawrence Diamond

Title: CEO

Date: June 12, 2022

 

 

 

PHILLIP KELLER

 

By:  /s/ Phillip Keller                                                         

Phillip Keller, an individual

Date: June 12, 2022

 

 

 

THIS IS A LEGAL AGREEMENT, RELEASE AND COVENANT  NOT TO SUE. READ CAREFULLY BEFORE SIGNING.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Executive Separation Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]