Document:

vtvt-ex102_29.htm

Exhibit 10.2

Execution Version

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of November 24, 2020, by and between VTV THERAPEUTICS INC., a Delaware corporation (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC, an Illinois limited liability company (together with its permitted assigns, the “Buyer”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement by and between the parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”).

 

WHEREAS:

 

The Company has the right, upon the terms and subject to the conditions of the Purchase Agreement, to sell to the Buyer up to Forty Seven Million Dollars ($47,000,000) of Purchase Shares and to induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the “Securities Act”), and applicable state securities laws.

 

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

1.DEFINITIONS.

 

As used in this Agreement, the following terms shall have the following meanings:

 

a.“Investor” means the Buyer, any transferee or assignee thereof to whom the Buyer assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions of this Agreement, and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions of this Agreement.

 

b.“Person” means any individual or entity including but not limited to any corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

 

c.“Register,” “registered,” and “registration” refer to a registration effected by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the “SEC”).

 

d.“Registrable Securities” means all of the Commitment Shares and all of the Purchase Shares (including the Initial Purchase Shares) that may, from time to time, be issued or become issuable to the Investor under the Purchase Agreement (without regard to any limitation or restriction on purchases), and any and all shares of capital stock issued or issuable with respect to the Purchase Shares or the Commitment Shares or the Purchase Agreement as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitation on purchases under the Purchase Agreement.

 
 

 

 

e.“Registration Statement” means one or more registration statements of the Company covering only the resale of the Registrable Securities.

 

2.REGISTRATION.

 

a.Mandatory Registration.  The Company shall, as soon as practicable and in no case later than November 30, 2020, file with the SEC an initial Registration Statement covering the maximum number of Registrable Securities (including in any case all of the Commitment Shares and all of the Initial Purchase Shares) as shall be permitted to be included thereon in accordance with applicable SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor under Rule 415 under the Securities Act at then prevailing market prices (and not fixed prices), as mutually determined by both the Company and the Investor in consultation with their respective legal counsel, subject to the aggregate number of authorized shares of the Company’s Common Stock then available for issuance in its Certificate of Incorporation. The initial Registration Statement shall register only the Registrable Securities. The Investor and its counsel shall have a reasonable opportunity to review and comment upon such Registration Statement and any amendment or supplement to such Registration Statement and any related prospectus prior to its filing with the SEC, and the Company shall give due consideration to all such comments.  The Investor acknowledges that it will be identified in the initial Registration Statement as an underwriter within the meaning of Section 2(a)(11) of the Securities Act and shall furnish all information reasonably requested by the Company for inclusion therein. The Company shall use its reasonable best efforts to have the Registration Statement and any amendment declared effective by the SEC at the earliest possible date. The Company shall use reasonable best efforts to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities Act and available for the resale by the Investor of all of the Registrable Securities covered thereby at all times until the date on which the Investor shall have resold all the Registrable Securities covered thereby and no Available Amount remains under the Purchase Agreement (the “Registration Period”). The Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not misleading.

 

b.Rule 424 Prospectus.  The Company shall, as required by applicable securities regulations, from time to time file with the SEC, pursuant to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used in connection with sales of the Registrable Securities under the Registration Statement.  The Investor and its counsel shall have a reasonable opportunity to review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give due consideration to all such comments.  The Investor shall use its reasonable best efforts to comment upon such prospectus within one (1) Business Day from the date the Investor receives the final pre-filing version of such prospectus. 

 

c.Sufficient Number of Shares Registered.  In the event the number of shares available under the Registration Statement is insufficient to cover all of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration Statement (a “New Registration Statement”), so as to cover all of such Registrable Securities (subject to the limitations set forth in Section 2(a)) as soon as reasonably practicable, but in any event not later than ten (10) Business Days after the necessity therefor arises, subject to any limits that may be imposed by the SEC pursuant to Rule 415 under the Securities Act.  The Company shall use its commercially reasonable efforts to cause such amendment and/or New Registration Statement to become effective as soon as reasonably practicable following the filing thereof.

 

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  d.           Offering.  If the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and not fixed prices), or if after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), the Company is otherwise required by the Staff or the SEC to reduce the number of Registrable Securities included in such initial Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such initial Registration Statement (with the prior consent, which shall not be unreasonably withheld, delayed or conditioned, of the Investor and its legal counsel as to the specific Registrable Securities to be removed therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement to become effective and be used as aforesaid.  In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall file one or more New Registration Statements in accordance with Section 2(c) until such time as all Registrable Securities have been included in Registration Statements that have been declared effective and the prospectuses contained therein is available for use by the Investor.  Notwithstanding any provision herein or in the Purchase Agreement to the contrary, the Company’s obligations to register Registrable Securities (and any related conditions to the Investor’s obligations) shall be qualified as necessary to comport with any requirement of the SEC or the Staff as addressed in this Section 2(d).

 

3.RELATED OBLIGATIONS.

 

With respect to the Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2 including on any New Registration Statement, the Company shall use its commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

 

a.The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any Registration Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any New Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the Investor as set forth in such Registration Statement.

 

b.The Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments and supplements thereto  at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to which Investor reasonably objects.  The Investor shall use its commercially reasonable efforts to comment upon the Registration Statement or any New Registration Statement and any amendments or supplements thereto within two (2) Business Days from the date the Investor receives the final version thereof.  The Company shall furnish to the Investor, without charge any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to the Registration Statement or any New Registration Statement.

 

c.Upon request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any Registration 

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Statement, a copy of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the SEC’s live EDGAR system shall be deemed “furnished to the Investor” hereunder.

 

d.The Company shall use commercially reasonable efforts to (i) register and qualify the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be reasonably necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.  The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

 

e.As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the happening of any event or existence of such facts as a result of which the prospectus included in any Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, non-public information regarding the Company), and promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request).  The Company shall also promptly notify the Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to the Investor by email or facsimile on the same day of such effectiveness), (ii) of any request by the SEC for amendments or supplements to any Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.

 

f.The Company shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of any Registration Statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

g.The Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange, or 

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(ii) secure designation and quotation of all the Registrable Securities on the Principal Market.  The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(g).

 

h.The Company shall cooperate with the Investor to facilitate the timely preparation and delivery of DWAC Shares (not bearing any restrictive legend other than as set forth in the Purchase Agreement) representing the Registrable Securities to be offered pursuant to any Registration Statement and enable such DWAC Shares to be in such denominations or amounts as the Investor may reasonably request and registered in such names as the Investor may request.

 

i.The Company shall at all times provide a transfer agent and registrar with respect to its Common Stock.

 

j.If reasonably requested by the Investor, the Company shall (i) as soon as practicable after receipt of written notice from the Investor, incorporate in a prospectus supplement or post-effective amendment such information as the Investor reasonably believes is necessary to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement or post-effective amendment as soon as practicable upon notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement.

 

k.The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by any Registration Statement to be registered with or approved by such other governmental agencies or authorities in the United States as may be necessary to consummate the disposition of such Registrable Securities.

 

l.On or before the date the Registration Statement is declared effective by the SEC, the Company shall issue to the Transfer Agent the Commencement Irrevocable Transfer Agent Instructions in the form attached hereto as Exhibit A, and on the date any Registration Statement which includes the Registrable Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the Transfer Agent for such Registrable Securities (with copies to the Investor) confirmation that such Registration Statement has been declared effective by the SEC in the form attached as an exhibit to the Commencement Irrevocable Transfer Agent Instructions attached hereto as Exhibit A or such other form acceptable to the Transfer Agent.  Thereafter, if reasonably requested by the Buyer at any time, the Company shall require its legal counsel to deliver to the Buyer a written confirmation whether or not the effectiveness of such Registration Statement has lapsed at any time for any reason (including, without limitation, the issuance of a stop order) and whether or not the Registration Statement is current and available to the Buyer for sale of all of the Registrable Securities.

 

m.The Company shall take all other reasonable actions necessary and reasonably requested by the Investor in writing to expedite and facilitate disposition by the Investor of the Registrable Securities pursuant to any Registration Statement.

 

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4.OBLIGATIONS OF THE INVESTOR.

 

	
a.
	
The Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection with any Registration Statement hereunder.  The Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.

 

b.The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder and any amendments and supplements thereof.

 

c.The Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described in Section 3(f) or the first sentence of 3(e), the Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(f) or the first sentence of 3(e).  Notwithstanding anything to the contrary, the Company shall cause its transfer agent to promptly deliver DWAC Shares without any restrictive legend (other than as set forth in the Purchase Agreement) in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor has not yet settled.

 

5.EXPENSES OF REGISTRATION.

 

All reasonable expenses of the Company, other than sales or brokerage commissions and fees and disbursements of counsel for the Investor, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

 

6.INDEMNIFICATION.

 

a.To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person, if any, who controls the Investor, the members, the directors, officers, partners, employees, agents, members, managers, representatives of the Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”)  (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement (with the consent of the Investor, such consent not to be unreasonably withheld) or reasonable expenses, (collectively, “Claims”) reasonably incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of 

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any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement or any New Registration Statement  or (iv) any material violation by the Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”).  The Company shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable and documented legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.  Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by the Investor or such Indemnified Person expressly for use in connection with the preparation of the Registration Statement, any New Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superseded prospectus, shall not inure to the benefit of any such Person from whom the Person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any other Indemnified Person) if the untrue statement or omission of material fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e); and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld.  Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.

 

b.In connection with the Registration Statement or any New Registration Statement or prospectus, the Investor agrees to indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement or any New Registration Statement, each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information about the Investor set forth on Exhibit B attached hereto or updated from time to time in writing by the Investor and furnished to the Company by the Investor expressly for use in connection with such Registration Statement or any New Registration Statement or prospectus, or from the failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company; and, subject to Section 6(d), the Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 

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6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld, delayed or conditioned; provided, further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement.  Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9. 

 

c.Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding.  The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or claim.  The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto.  No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent.  No indemnifying party shall, without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or litigation.  Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made.  The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

d.The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

e.The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to applicable law.

 

7.CONTRIBUTION.

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To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

 

8.REPORTS AND DISCLOSURE UNDER THE SECURITIES ACT.

 

With a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”), the Company agrees, at the Company’s sole expense, so long as the Investor owns Registrable Securities, to:

 

a.make and keep public information available, as those terms are understood and defined in Rule 144;

 

b.file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144;

 

c.furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration; and

 

d.take such additional action as is reasonably requested by the Investor to enable the Investor to sell the Registrable Securities pursuant to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the Company’s Transfer Agent as may be reasonably requested from time to time by the Investor and otherwise fully cooperate with Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

 

The Company agrees that damages may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Investor shall, whether or not it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary or permanent injunction, without having to post any bond or other security, upon any breach or threatened breach of any such terms or provisions.

 

	
 
	
9.
	
ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor.  The Investor may not assign its rights under this Agreement without the written consent of the Company, other than to an affiliate of the Investor controlled by Jonathan Cope or Josh Scheinfeld, in which case the assignee must agree in writing to be bound by the terms and conditions of this Agreement.

 

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10.AMENDMENT OF REGISTRATION RIGHTS.

 

No provision of this Agreement may be amended or waived by the parties from and after the date that is one (1) Business Day immediately preceding the filing of the initial Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

11.MISCELLANEOUS.

 

a.A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities.  If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities.

 

	
b.
	
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered:  (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same.  The addresses for such communications shall be:

 

If to the Company:

vTv Therapeutics Inc.

3980 Premier Drive, Suite 310

High Point, NC 27265

Telephone:336-841-0300

Facsimile:336-841-0310

E-mail:RHoward@vtvtherapeutics.com

Attention:  Rudy C. Howard

 

With a copy to (which shall not constitute notice or service of process):

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Telephone:(212) 373-3309

Facsimile:(212) 492-0309

E-mail:rrusso@paulweiss.com

Attention:Raphael M. Russo 

 

If to the Investor:

Lincoln Park Capital Fund, LLC

440 North Wells, Suite 410

Chicago, Illinois 60654

Telephone:312.822.9300

Facsimile:312.822.9301

E-mail:jscheinfeld@lpcfunds.com/jcope@lpcfunds.com

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Attention:Josh Scheinfeld/Jonathan Cope

 

With a copy to (which shall not constitute notice or service of process):

K&L Gates, LLP

200 S. Biscayne Boulevard, Suite 3900

Miami, Florida 33131

Telephone:305.539.3306

Facsimile: 305.358.7095

E-mail:              clayton.parker@klgates.com

Attention:Clayton E. Parker, Esq.

or at such other address, email address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each other party at least three (3) Business Days prior to the effectiveness of such change.  Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or email account containing the time, date, recipient facsimile number or email address, as applicable, or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile, email or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

c.  All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.  Each party hereby irrevocably submits to the exclusive jurisdiction and venue in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

d.This Agreement, the Purchase Agreement and the other Transaction Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof.  There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.  This Agreement and the Purchase Agreement and the other Transaction Documents supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof.

11

 

 

 

e.Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties hereto.

 

f.The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

g.This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement.  This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission or by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

h.Each party shall 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 other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

i.The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party.

 

j.This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

k.The obligations of the Company contained in Sections 2, 3, 5 and 9 of this Agreement shall terminate in their entirety upon the earlier of (i) the date on which the Investor shall have sold all the Securities and no Available Amount remains under the Purchase Agreement and (ii) 90 days following the earlier of (A) the Maturity Date and (B) the date of termination of the Purchase Agreement; provided that as long as any Securities remain unsold by the Investor, the Company must make available “current public information” pursuant to Rule 144 promulgated under the Securities Act until the Investor may sell the Securities thereunder without any restrictions (including any restrictions under Rule 144(c) or Rule 144(i)).

 

 

 

* * * * * *

12

 

 

 

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

 

 

 

THE COMPANY:

 

VTV THERAPEUTICS INC.

 

		
	
By:
	
/s/ Rudy C. Howard

	
Name:
	
Rudy C. Howard

	
Title:
	
Chief Financial Officer

 

 

BUYER:

 

LINCOLN PARK CAPITAL FUND, LLC

BY: LINCOLN PARK CAPITAL, LLC

BY: ALEX NOAH INVESTORS INC.

 

 

		
	
By:
	
/s/ Jonathan Cope

	
Name:
	
Jonathan Cope

	
Title:
	
President

 

 

 

 

 

 

 

 

 

 

13

 

 

EXHIBIT A

 

FORM OF 

TRANSFER AGENT INSTRUCTIONS

 

 

 

 

[________], 2020

 

VIA EMAIL TO: [________]

 

American Stock Transfer & Trust Company 

[________]

[________]

Telephone: [________]

 

Attention:[________]

 

Re:VTV THERAPEUTICS INC.

 

Ladies and Gentlemen:

 

Reference is made to that certain Purchase Agreement (the “Purchase Agreement”), dated as of November 24, 2020, by and between VTV THERAPEUTICS INC., a Delaware corporation (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC (the “Investor”), pursuant to which the Company may sell to the Investor up to Forty Seven Million Dollars ($47,000,000) of the Company’s Class A common stock, par value $0.01 per share (the “Common Stock”).  In connection with the transactions contemplated by the Purchase Agreement, the Company has filed a registration statement on Form S-1 (File no. 333-[__________]) (the “Registration Statement”) (with the U.S. Securities & Exchange Commission (the “SEC”)) to register for resale under the Securities Act of 1933, as amended, the following shares of Common Stock:

 

	
 
	
(1)
	
  [__________] shares of Common Stock which have been issued to the Investor as a commitment fee (the “Initial Purchase Shares”);

 

	
 
	
(2)
	
Up to [__________] shares of Common Stock to be issued upon purchase from the Company by the Investor from time to time (the “Purchase Shares”); and

 

	
 
	
(3)
	
[__________] shares of Common Stock which have been issued to the Investor as a commitment fee (the “Commitment Shares”).

 

We have delivered to you herewith a true and correct copy of resolutions adopted by the Company’s Board of Directors authorizing the issuances of Common Stock described herein.  No further consent or authorization is required by the Company, its Board of Directors or its stockholders in connection with the transactions contemplated by the Purchase Agreement. 

 

Promptly after the SEC declares effective the Registration Statement, the Company’s counsel shall deliver to you a notice that the Registration Statement has been declared effective by the SEC in the form of Exhibit I hereto (the “Notice of Effectiveness”). Provided that the Company’s counsel has delivered to you the Notice of Effectiveness set forth in Exhibit I attached hereto, this letter shall serve as our irrevocable authorization and direction to:

 

 

	
 
	
(1)
	
remove any restricted stock transfer legend on the Commitment Shares and the Initial Purchase Shares and credit via the Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, [__________] shares of Common Stock to the Investor’s balance account with DTC through its Deposit Withdrawal At Custodian (“DWAC”)

 

The information that shall be used for the transfer of shares is as follows:

 

	
 
	
•
	
Broker Name: [__________]

	
 
	
•
	
Broker DTC Participant Code: [__________]

	
 
	
•
	
Account Number: [__________]

	
 
	
•
	
Account Name:  [__________]

 

	
 
	
(2)
	
issue Purchase Shares without any restricted stock transfer legend, to the Investor from time to time upon surrender to you of a properly completed and duly executed Purchase Confirmation, in the form attached hereto as Exhibit II.

 

Specifically, upon receipt by the Company of a copy of a Purchase Confirmation, the Company shall as soon as practicable, but in no event later than one (1) Business Day (as defined below) after receipt of such Purchase Confirmation, send, via facsimile, a copy of the Purchase Confirmation to you, which Purchase Confirmation shall constitute an irrevocable instruction to you to process such Purchase Confirmation in accordance with the terms of these instructions and the Purchase Confirmation.  Upon your receipt of a copy of the executed Purchase Confirmation, you shall use your best efforts to, within one (1) Business Day following the date of your receipt of the Purchase Confirmation, credit via the DTC Fast Automated Securities Transfer Program, upon the request of the Investor, such aggregate number of shares of Common Stock to which the Investor shall be entitled to the Investor’s balance account with DTC through its DWAC system for the number of shares of Common Stock to which the Investor shall be entitled as set forth in the Purchase Confirmation provided the Investor causes its bank or broker to initiate the DWAC transaction.  (“Business Day” shall mean any day on which the Company’s principle trading market is open for customary trading.) 

 

Provided that the Company’s counsel has delivered to you the Notice of Effectiveness set forth in Exhibit I attached hereto, the Company hereby confirms to you and the Investor that the Initial Purchase Shares, the Purchase Shares and the Commitment Shares shall not bear any legend restricting transfer of the Initial Purchase Shares, the Purchase Shares and Commitment Shares thereby and should not be subject to any stop-transfer restrictions and shall otherwise be freely transferable on the books and records of the Company; provided however, that if for any reason the Company is required to issue Purchase Shares and Commitment Shares which have not been registered under the Securities Act of 1933, as amended, then the certificates for such Purchase Shares and Commitment Shares shall bear the following legend and no other legend whatsoever:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, UNLESS SOLD PURSUANT TO: (1) RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (2) AN OPINION OF HOLDER’S COUNSEL, IN A CUSTOMARY FORM, THAT REGISTRATION IS 

 

 
 

 

NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS.

 

The Company hereby confirms to you and the Investor that no instructions other than as contemplated herein will be given to you by the Company with respect to the Purchase Shares and the Commitment Shares.

 

Please be advised that the Investor is relying upon this letter as an inducement to purchase shares of Common Stock under the Purchase Agreement and, accordingly, the Investor is a party to the agreements set forth in this letter.

 

*     *     *     *     *

 

 
 

 

 

 

 

Very truly yours,

 

 

VTV THERAPEUTICS INC.

 

 

By:_______________________

Name: 

Title: 

 

 

ACKNOWLEDGED AND AGREED:

 

AMERICAN STOCK TRANSFER & TRUST COMPANY

 

By:

Name:

Title:

 

 

 

LINCOLN PARK CAPITAL FUND, LLC

By: LINCOLN PARK CAPITAL, LLC

By: 

 

By:_______________________

Name: 

Title: President

 

 

 

 
 

 

EXHIBIT I

 

FORM OF 

NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

[________], 2020

 

 

VIA EMAIL TO: [________]

 

American Stock Transfer & Trust Company 

[________]

[________]

Telephone: [________]

 

Attention:[________]

 

Re:VTV THERAPEUTICS INC.

 

Ladies and Gentlemen:

 

We are counsel to VTV THERAPEUTICS INC., a Delaware corporation (the “Company”), and have represented the Company in connection with that certain Purchase Agreement, dated as of November 24, 2020, (the “Purchase Agreement”), entered into by and between the Company and Lincoln Park Capital Fund, LLC (the “Investor”) pursuant to which the Company has agreed to issue to the Investor shares of the Company’s Class A Common Stock, par value $0.01 per share (the “Common Stock”), in an amount up to Forty Seven Million Dollars ($47,000,000) in accordance with the terms of the Purchase Agreement.  Pursuant to the Purchase Agreement, the Company also has entered into a Registration Rights Agreement, dated as of November [__], 2020, with the Investor (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”) the shares of Common Stock described below.

 

On [_______], 2020, the Company filed a Registration Statement (File No. 333-[_______]) (the “Registration Statement”) with the SEC to register for resale the following securities:  

 

	
 
	
(4)
	
  [__________] shares of Common Stock which have been issued to the Investor as a commitment fee (the “Initial Purchase Shares”);

 

	
 
	
(5)
	
Up to [__________] shares of Common Stock to be issued upon purchase from the Company by the Investor from time to time (the “Purchase Shares”); and

 

	
 
	
(6)
	
[__________] shares of Common Stock which have been issued to the Investor as a commitment fee (the “Commitment Shares”).

 

In connection with the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered an order declaring the Registration Statement effective under the Securities Act at [_____] [A.M./P.M.] on [__________], 2020 and we have no knowledge, based solely on our review of the Commission’s “Stop Orders” web  page  (http://sec.gov/litigation/stoporders.shtml), 

 

 

that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Purchase Shares and the Commitment Shares are available for resale under the Securities Act pursuant to the Registration Statement and may be issued without any restrictive legend.

 

Very truly yours,

[Company Counsel]

 

 

By:____________________

 

 

CC:Lincoln Park Capital Fund, LLC

 

 

 

 

 

 

EXHIBIT II

FORM OF PURCHASE CONFIRMATION

 

Reference is made to the Purchase Agreement (the “Purchase Agreement”) between VTV THERAPEUTICS INC. (the “Company”) and LINCOLN PARK CAPITAL FUND, LLC (“LPC”) dated November 24, 2020.  In accordance with and pursuant to the Purchase Agreement, LPC hereby purchases shares of Class A common stock, $0.01 par value per share (the “Common Stock”), of the Company for the Purchase Amount indicated below as of the date specified below.

 

		
	
Regular, Accelerated or Additional Accelerated Purchase

Purchase Date:                                                                                       
	
_____________________

	
Purchase Amount:
	
$____________________

	
Price: ___ Low Sale Price on date hereof

          ___ Average of the lowest 3 Closing Sale Prices 

                for the previous 10 Trading Days

 

Accelerated Purchase Price

           _   97% of Applicable VWAP

                                

           ___ Closing Sale Price

          

Additional Accelerated Purchase Price

           _   97% of Applicable VWAP

                                

           ___ Closing Sale Price

 

 
	
$____________________

	
Purchase Amount (No. Shares):
	
_____________________

	
 

TOTAL SHARES TO BE ISSUED:
	
_____________________

	
 
	
 

	
After this purchase:
	
 

	
Aggregate Purchase Shares purchased to date:
	
___________________

	
Remaining Registered Purchase Shares:
	
___________________

	
Aggregate Purchase Amount for all purchases to date:                                  
	
$____________________

	
Remaining Available Amount:                                              
	
$____________________

 

 

The above referenced shares shall not bear any legend restricting transfer and should be immediately sent to LPC via:

 

_  __ DWAC (Broker DTC Participant Code: _______, LPC’s Account Number __________)

____ Physical delivery of Certificate via overnight delivery

 

Issue to:Lincoln Park Capital Fund, LLC

440 North Wells, Suite 410

Chicago, IL 60654

Attention: Josh Scheinfeld/Jonathan Cope

 

Lincoln Park Capital Fund, LLC                 

 

 

 

Authorized Signature: ______________________________

Name:______________________________                      

 

Confirmation of Purchase by Company:

 

The undersigned, on behalf of the Company, hereby confirms the information set forth herein and hereby authorizes the issuance of shares of Common Stock to LPC in accordance with the information set forth above and further confirms:

 

	
 
	
(i)
	
As of the date hereof, (a) the Registration Statement does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, (b) the Prospectus does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (c) no event has occurred as a result of which it is necessary to amend or supplement the Registration Statement or the Prospectus in order to make the statements therein not untrue or misleading for clauses (a) and (b) above, respectively, to be true and correct.

 

	
 
	
(ii)
	
The effectiveness of the Registration Statement has not lapsed, and the Registration Statement and the Prospectus are current and available to LPC for the resale of any or all of the Purchase Shares and Commitment Shares to be issued to LPC under the Purchase Agreement.

 

	
 
	
(iii)
	
The Company confirms that neither it nor any other person acting on its behalf has provided LPC or its agents or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic information.

 

 

VTV THERAPEUTICS INC.

                                                                       

Authorized Signature: _____________________

Name:     _______________________________

Title:       _______________________________ 

             Phone #:  _______________________________

 

 

EXHIBIT B

 

TO REGISTRATION RIGHTS AGREEMENT

 

Information About The Investor Furnished To The Company By The Investor 

Expressly For Use In Connection With The Registration Statement

 

 

Information With Respect to Lincoln Park Capital

 

As of the date of the Purchase Agreement, Lincoln Park Capital Fund, LLC, beneficially owned 0 shares of vTv Therapeutics Inc. common stock.  Josh Scheinfeld and Jonathan Cope, the Managing Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed to be beneficial owners of all of the shares of common stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared voting and investment power over the shares being offered under the prospectus to be filed with the SEC in connection with the transactions contemplated under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an affiliate of a licensed broker dealer.Exhibit 4.1

 

 

 

The
Allstate Corporation

 

to

 

U.S.
Bank National Association,

as Trustee

 

Twenty-Fourth
Supplemental Indenture to

Indenture Dated December 16, 1997

(Senior Debt Securities)

 

Dated as of November 24, 2020

 

0.750%
Senior Notes due 2025

 

 

 

     

     

    

 

Table
of Contents

 

Page

 

	ARTICLE
    I RELATION TO INDENTURE; DEFINITIONS	1
	SECTION
    1.01.   	Relation to
    Indenture	1
	SECTION
    1.02.   	Definitions	1
	ARTICLE
    II THE SERIES OF SECURITIES	2
	SECTION
    2.01.   	Title of the Securities	2
	SECTION
    2.02.   	Limitation on Aggregate
    Principal Amount	2
	SECTION
    2.03.   	Principal Payment Date	2
	SECTION
    2.04.   	Interest and Interest Rates	2
	SECTION
    2.05.   	Place of Payment	3
	SECTION
    2.06.   	Optional Redemption	3
	SECTION
    2.07.   	Denomination	5
	SECTION
    2.08.   	Currency	5
	SECTION
    2.09.   	Form of Securities	5
	SECTION
    2.10.   	Securities Registrar and
    Paying Agent	5
	SECTION
    2.11.   	Sinking Fund Obligations	5
	SECTION
    2.12.   	Defeasance and Covenant
    Defeasance	5
	SECTION
    2.13.   	Immediately Available Funds	5
	ARTICLE
    III EXPENSES	5
	SECTION
    3.01.   	Payment of Expenses	5
	SECTION
    3.02.   	Payment Upon Resignation
    or Removal	6
	ARTICLE
    IV MISCELLANEOUS PROVISIONS	6
	SECTION
    4.01.   	Trustee Not Responsible
    for Recitals	6
	SECTION
    4.02.   	Adoption, Ratification and
    Confirmation	6
	SECTION
    4.03.   	Counterparts; Electronic
    Signature	6
	SECTION
    4.04.   	Governing Law	6
	SECTION
    4.05.   	Notice	7

 

    i

     

    

 

Twenty-Fourth
Supplemental Indenture, dated as of November 24, 2020, between The Allstate Corporation, a Delaware corporation (the “Company”),
and U.S. Bank National Association, a national banking association, organized under the laws of the United States, as successor
in interest to State Street Bank and Trust Company, a trust company organized under the laws of the Commonwealth of Massachusetts,
as Trustee (the “Trustee”).

 

R
e c i t a l s

 

Whereas,
the Company has heretofore executed and delivered to the Trustee an Indenture for Senior Debt Securities, dated as of December
16, 1997, as amended by the Third Supplemental Indenture dated as of July 23, 1999 and the Sixth Supplemental Indenture dated
as of June 12, 2000 (the “Indenture”), providing for the issuance from time to time of series of the Company’s
Securities;

 

Whereas,
Section 301 of the Indenture provides for various matters with respect to any series of Securities issued under the Indenture
to be established in an indenture supplemental to the Indenture;

 

Whereas,
Section 901(7) of the Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Indenture
to establish the form or terms of Securities of any series as provided by Sections 201 and 301 of the Indenture;

 

Now,
Therefore, this Twenty-Fourth Supplemental Indenture
witnesseth:

 

For and in
consideration of the premises and the issuance of the series of Securities provided for herein, it is mutually agreed, for the
equal and proportionate benefit of all Holders of the Securities of such series, as follows:

 

ARTICLE
I

RELATION TO INDENTURE; DEFINITIONS

 

SECTION
1.01.                  Relation
to Indenture

 

This Twenty-Fourth
Supplemental Indenture constitutes an integral part of the Indenture.

 

SECTION
1.02.                  Definitions

 

For all purposes
of this Twenty-Fourth Supplemental Indenture:

 

(a)           Capitalized terms used herein without definition shall have the meanings specified in the Indenture;

 

(b)           All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections
of this Twenty-Fourth Supplemental Indenture; and

 

(c)           The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to
this Twenty-Fourth Supplemental Indenture.

 

    - 1 -

     

    

 

ARTICLE
II

THE SERIES OF SECURITIES

 

SECTION
2.01.                  Title
of the Securities

 

There shall
be a series of Securities designated the “0.750% Senior Notes due 2025” (the “Securities”).

 

SECTION
2.02.                  Limitation
on Aggregate Principal Amount

 

The aggregate
principal amount of the Securities shall initially be limited to $600,000,000. The Company may, without giving notice to or seeking
the consent of the Holders of the Securities, issue additional Securities having the same terms (except for the issue date and,
in some cases, the public offering price and the first interest payment date) as, and ranking equally and ratably with, the Securities.
Any additional Securities, together with the Securities offered by the related prospectus supplement, will constitute a single
series of Securities under the Indenture provided that the additional Securities constitute “additional debt instruments”
as defined in U.S. Treasury Regulation Section 1.1275-2(k)(2)(ii) issued in a “qualified reopening” of the original
issuance of such Securities, as defined in Treasury Regulation Section 1.1275-2(k)(3) or are otherwise treated as part of the
same issue of the previously issued Securities for U.S. federal income tax purposes. No additional Securities may be issued if
an Event of Default under the Indenture has occurred and is continuing with respect to the Securities.

 

SECTION
2.03.                  Principal
Payment Date

 

The principal
amount of the Securities outstanding (together with any accrued and unpaid interest) shall be payable in a single installment
on December 15, 2025, which date shall be the Stated Maturity of the Securities Outstanding.

 

SECTION
2.04.                  Interest
and Interest Rates

 

The rate
of interest on each Security shall be 0.750% per annum, accruing from November 24, 2020, or from the most recent interest payment
date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for, payable
semi-annually in arrears on June 15 and December 15 of each year commencing June 15, 2021 until the principal thereof shall have
become due and payable, and until the principal thereof is paid or duly provided for or made available for payment. The amount
of interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months. The
amount of interest payable for any partial period shall be computed on the basis of the actual number of days elapsed in a 360-day
year of twelve 30-day months. In the event that any date on which interest is payable on any Security is not a Business Day, then
payment of interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay). A “Business Day” shall mean any day, other than a Saturday
or Sunday, on which banks in the City of New York are not required by law to close. The interest installment so payable in respect
of any Security, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be
paid to the person in whose name such Security (or one or more Predecessor Securities) is registered at 

 

    - 2 -

     

    

 

the close of business
on June 1 or December 1 prior to such Interest Payment Date. Any such interest installment not punctually paid or duly provided
for in respect of any Security shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may
either be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date to be fixed by the Trustee for the payment of such Defaulted Interest, notice whereof shall
be given to the Holders of this series of Securities not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

SECTION
2.05.                  Place
of Payment

 

The Place
of Payment where the Securities may be presented or surrendered for payment, where the Securities may be surrendered for registration
of transfer or exchange and where notices and demand to or upon the Company in respect of the Securities and the Indenture may
be served shall be the Corporate Trust Office of the Trustee.

 

SECTION
2.06.                  Optional
Redemption

 

(a)           The Company may redeem the Securities, in whole or in part, at any time and from time to time prior to November 15, 2025
(one month prior to the Stated Maturity of the Securities) (the “Par Call Date”) at a redemption price equal
to the greater of (i) 100% of the principal amount of the Securities to be redeemed and (ii) as determined by an Independent Investment
Banker, the sum of the present values of the remaining scheduled payments of principal of and interest on the securities to be
redeemed (not including any portion of such payments of interest accrued to the date of redemption) from the redemption date to
the Par Call Date discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Adjusted Treasury Rate, plus 7.5 basis points.

 

At any time
and from time to time on or after the Par Call Date, the Securities will be redeemable at the Company’s option, in whole
or in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed.

 

In each case,
the Company will pay accrued and unpaid interest on the principal amount being redeemed to the redemption date.

 

(b)           For the purposes of this Section 2.6,

 

“Adjusted
Treasury Rate” means, with respect to any redemption date:

 

(i)              the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15” published by the Board of Governors of the Federal Reserve System
(or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity) under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue. If no

 

    - 3 -

     

    

 

maturity is within three months before
or after the Remaining Life, yields (determined as described above) for the two published maturities most closely corresponding
to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from
such yields (determined as described above) on a straight line basis, rounding to the nearest month; or

 

(ii)             if such release (or any successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

 

The Adjusted
Treasury Rate shall be calculated on the third Business Day preceding the redemption date.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Securities to be redeemed that would be used, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
term of such Securities (assuming, for this purpose, that the Securities matured on the Par Call Date) (“Remaining Life”).

 

“Comparable
Treasury Price” means (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations.

 

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

 

“Reference
Treasury Dealer” means a primary U.S. Government securities dealer in the United States (a “Primary Treasury
Dealer”) appointed by each of Loop Capital Markets LLC, Academy Securities, Inc., Samuel A. Ramirez & Company, Inc.
and Siebert Williams Shank & Co., LLC or their respective successors, provided, however, if any of the foregoing refuse
to act as treasury dealer for this purpose or cease to be a Primary Treasury Dealer, any other Primary Treasury Dealers specified
by us for these purposes.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York
City Time, on the third Business Day preceding such redemption date.

 

The Company
will mail a notice of redemption at least 30 days but not more than 60 days before the redemption date to each Holder of the securities
to be redeemed. If less than all of the securities are to be redeemed, the trustee will select, by such method as it will deem
fair and appropriate, including pro rata or by lot, the securities to be redeemed in whole or in part; 

 

    - 4 -

     

    

 

provided that with respect
to Securities issued in the form of Global Securities, the method for allocating a partial redemption will be selected by the
Depository in accordance with its applicable procedures.

 

Unless the
Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Securities
or portions thereof called for redemption.

 

SECTION
2.07.                  Denomination

 

The Securities
of this series shall be issuable only in registered form without coupons and in denominations of $2,000 and integral multiples
of $1,000 in excess thereof.

 

SECTION
2.08.                  Currency

 

Principal
and interest on the Securities shall be payable in such coin or currency of the United States of America that at the time of payment
is legal tender for payment of public and private debts.

 

SECTION
2.09.                  Form
of Securities

 

The Securities
shall be substantially in the form attached as Exhibit A hereto.

 

SECTION
2.10.                  Securities
Registrar and Paying Agent

 

The Trustee
shall serve initially as Securities Registrar and Paying Agent.

 

SECTION
2.11.                  Sinking
Fund Obligations

 

The Company
has no obligation to redeem or purchase any Securities pursuant to any sinking fund or analogous requirement or upon the happening
of a specified event or at the option of a Holder thereof.

 

SECTION
2.12.                  Defeasance
and Covenant Defeasance

 

The Company
has elected to have both Section 1302 (relating to defeasance) and Section 1303 (relating to covenant defeasance) applied to the
Securities.

 

SECTION
2.13.                  Immediately
Available Funds

 

All payments
of principal and interest shall be made in immediately available funds.

 

ARTICLE
III

EXPENSES

 

SECTION
3.01.                  Payment
of Expenses

 

In connection
with the offering, sale and issuance of the Securities, the Company, in its capacity as borrower with respect to the Securities,
shall pay all costs and expenses relating to

 

    - 5 -

     

    

 

 the offering, sale and issuance of the Securities, including commissions to the underwriters
payable pursuant to the Underwriting Agreement, dated November 19, 2020, and compensation and expenses of the Trustee under the
Indenture in accordance with the provisions of Section 607 of the Indenture.

 

SECTION
3.02.                  Payment
Upon Resignation or Removal

 

Upon termination
of this Twenty-Fourth Supplemental Indenture or the Indenture or the removal or resignation of the Trustee, unless otherwise stated,
the Company shall pay to the Trustee all amounts accrued to the date of such termination, removal or resignation.

 

ARTICLE
IV

MISCELLANEOUS PROVISIONS

 

SECTION
4.01.                  Trustee
Not Responsible for Recitals

 

The recitals
herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representation as to the validity or sufficiency of this Twenty-Fourth Supplemental Indenture.

 

SECTION
4.02.                  Adoption,
Ratification and Confirmation

 

The Indenture,
as supplemented and amended by this Twenty-Fourth Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

 

SECTION
4.03.                  Counterparts;
Electronic Signature

 

This Twenty-Fourth
Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument. Delivery of this Twenty-Fourth Supplemental Indenture by one party
to the other may be made by facsimile, electronic mail or other transmission method as permitted by applicable law, and the parties
hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes. A party’s electronic signature (complying with the New York Electronic Signatures and Records Act (N.Y.
State Tech. §§ 301-309), as amended from time to time, or other applicable law) on this Twenty-Fourth Supplemental Indenture
or on the Securities shall have the same validity and effect as a signature affixed by the party’s hand.

 

SECTION
4.04.                  Governing
Law

 

THIS TWENTY-FOURTH
SUPPLEMENTAL INDENTURE AND EACH SECURITY SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES
THEREOF.

 

    - 6 -

     

    

 

SECTION
4.05.                  Notice

 

For purposes
of the Securities, Section 105 of the Indenture is deleted in its entirety and replaced with the following:

 

Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with,

 

(1) the Trustee
by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
(provided that any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or by
way of a digital signature provided by Docusign or Adobe (or such other digital signature provider as specified in writing to
the Trustee by the Company), in English to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Manager
The Allstate Corporation Indenture, or

 

(2) the Company
by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if
in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified
in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company.

 

The Company
agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.

 

For purposes
of the Securities, Section 106 of the Indenture is deleted in its entirety and replaced with the following:

 

“Where
this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and transmitted by mail, e-mail or facsimile to each Holder affected by such event, at the applicable
postal, e-mail or facsimile address as it appears in the Security Register, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived
in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent
of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver. In case by reason of the suspension of regular mail, e-mail
or facsimile service or by reason of any other cause it shall be impracticable to give such notice by mail, e-mail or facsimile,
then such notification as 

 

    - 7 -

     

    

 

shall be made with the written approval of the Trustee shall constitute a sufficient notification for
every purpose hereunder.”

 

    - 8 -

     

    

 

 

In
Witness Whereof, the parties hereto have caused this Twenty-Fourth Supplemental Indenture to be duly executed on the date
or dates indicated in the acknowledgments and as of the day and year first above written.

 

	 	The Allstate Corporation
	 	 	 
	 	 	 
		By:	/s/
                                         Michael A. Pedraja

                                                                  

                                                                  

	 	 	Name: Michael A.
Pedraja
	 	 	Title: Senior Vice President and Treasurer

 

Attest:

 

 

	By:	/s/ Daniel G. Gordon

                                                              
	 	 
	 	Name: Daniel G. Gordon	 	      
	 	Title:
Vice President, Assistant	 	 
	 	General Counsel and Assistant Secretary	 	 

 

[Signature Page to Twenty-Fourth Supplemental Indenture]

 

     

     

    

 

	 	U.S. Bank National Association,
	 	as Trustee
	 	 	 
		By:	/s/ Carolina D. Altomare

                                                                  

	 	 	Name: Carolina D.
Altomare
	 	 	Title: Vice President

 

[Signature Page to Twenty-Fourth Supplemental Indenture]

 

     

     

    

 

EXHIBIT A

 

(FORM OF FACE OF SECURITY)

 

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

 

UNLESS THIS SECURITY IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]

 

	No.	Principal Amount: $

 

CUSIP No. 020002 BH3

 

ISIN No. US020002BH30

 

The
Allstate Corporation

 

0.750%
Senior Notes due 2025

 

The Allstate Corporation, a Delaware corporation
(the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to),
for value received, hereby promises to pay to CEDE & CO. or its registered assigns, the principal sum of $on December 15,
2025. The Company further promises to pay interest on said principal sum outstanding from November 24, 2020, or from the most recent
interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided
for, semi-annually in arrears on June 15 and December 15 of each year commencing June 15, 2021 at the rate of 0.750% per annum,
until the principal hereof shall have become due and payable and, until the principal hereof is paid or duly provided for or made
available for payment. The amount of interest payable on any Interest Payment Date shall be computed on the basis of a 360-day
year of twelve 30-day months. The amount of interest payable for any partial period shall be computed on the basis of the number
of actual days elapsed in a 360-day year of twelve

 

     

     

    

 

30-day months. In the event that any date on which interest is payable on this
Security is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such delay). A “Business Day” shall
mean any day, other than a Saturday or Sunday, on which banks in the City of New York are not required by law to close. The interest
installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on June 1 or December 1 prior to such Interest Payment Date. Any such interest installment not punctually paid or duly provided
for shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date to be fixed by the Trustee for the payment of such Defaulted Interest, notice whereof shall be given to the Holder of this
Security not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which this Security may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in the Indenture.

 

The principal of (and premium, if any) and
the interest on this Security shall be payable at the office or agency of the Company maintained for that purpose in the United
States in such coin or currency of the United States of America that at the time of payment is legal tender for payment of public
and private debts; provided, however, that payment of interest may be made at the option of the Company by check
mailed to the registered Holder at such address as shall appear in the Security Register. Notwithstanding the foregoing, so long
as the Holder of this Security is Cede & Co., the payment of the principal of (and premium, if any) and interest on this Security
will be made at such place and to such account as may be designated by Cede & Co. All payments of principal and interest hereunder
shall be made in immediately available funds.

 

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

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be executed.

 

	 	The Allstate Corporation
	 	 	 
	 	By:	 
			Name: Michael A. Pedraja

                                                                   

	 	 	Title: Senior Vice President and Treasurer

 

Attest:

 

 

	By:	 	 
		Name: Daniel G. Gordon

                                                                
	 
	 	Title: Vice President, Assistant General Counsel 	 
	 	and Assistant Secretary	 

 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

Dated: November 24, 2020

 

	 	U.S. Bank National Association,
	 	as Trustee
	 	
	 	By:	            
	 	Name:
	 	Title:

 

     

     

    

 

(FORM OF REVERSE OF SECURITY)

 

This Security is one of a duly authorized
issue of securities of the Company, designated as its 0.750% Senior Notes due 2025 (herein referred to as the “Securities”),
issued under and pursuant to an Indenture, dated as of December 16, 1997 between the Company and U.S. Bank National Association,
successor in interest to State Street Bank and Trust Company, as Trustee (herein called the “Trustee,” which
term includes any successor trustee under the Indenture), as amended by the Third Supplemental Indenture dated as of July 23, 1999
and the Sixth Supplemental Indenture dated as of June 12, 2000 and as supplemented by the Twenty-Fourth Supplemental Indenture,
dated as of November 24, 2020, between the Company and the Trustee (the Indenture as so amended and supplemented, the “Indenture”),
to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities, and of
the terms upon which the Securities are, and are to be, authenticated and delivered.

 

All terms used in this Security that are
defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

The Company may redeem the Securities, in
whole or in part, at any time and from time to time prior to November 15, 2025 (one month prior to the Stated Maturity of the Securities)
(the “Par Call Date”) at a redemption price equal to the greater of (i) 100% of the principal amount of the
Securities to be redeemed and (ii) as determined by an Independent Investment Banker, the sum of the present values of the remaining
scheduled payments of principal of and interest on the securities to be redeemed (not including any portion of such payments of
interest accrued to the date of redemption) from the redemption date to the Par Call Date discounted to the redemption date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 7.5 basis
points.

 

At any time and from time to time on or
after the Par Call Date, the Securities will be redeemable at the Company’s option, in whole or in part, at a redemption
price equal to 100% of the principal amount of the Securities to be redeemed.

 

In each case, the Company will pay accrued
and unpaid interest on the principal amount being redeemed to the redemption date.

 

“Adjusted Treasury Rate”
means, with respect to any redemption date:

 

(i)                
the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15” published by the Board of Governors of the Federal Reserve System (or
any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity) under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue. If no maturity is within three months before
or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue
shall

 

     

     

    

 

be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis,
rounding to the nearest month; or

 

(ii)             
if such release (or any successor release) is not published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated
using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for such redemption date.

 

The Adjusted Treasury Rate shall be calculated
on the third Business Day preceding the redemption date.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining
term of the Securities to be redeemed that would be used, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming, for
this purpose, that the Securities matured on the Par Call Date) (“Remaining Life”).

 

“Comparable Treasury Price”
means (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest
Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.

 

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

 

“Reference Treasury Dealer”
means a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) appointed
by each of Loop Capital Markets LLC, Academy Securities, Inc., Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank
& Co., LLC or their respective successors, provided, however, if any of the foregoing refuse to act as treasury dealer
for this purpose or cease to be a Primary Treasury Dealer, any other Primary Treasury Dealers specified by us for these purposes.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City Time, on the third Business Day preceding
such redemption date.

 

The Company will mail a notice of redemption
at least 30 days but not more than 60 days before the redemption date to each Holder of the securities to be redeemed. If less
than all of the securities are to be redeemed, the Trustee will select, by such method as it will deem fair and appropriate, including
pro rata or by lot, the securities to be redeemed in whole or in part; provided that with respect to Securities issued in the form
of Global Securities, the method for allocating a partial redemption will be selected by the Depository in accordance with its
applicable procedures.

 

     

     

    

 

Unless the Company defaults in payment of
the redemption price, on and after the redemption date, interest will cease to accrue on the Securities or portions thereof called
for redemption.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner, with the effect and subject to the conditions provided in the Indenture.

 

The Indenture contains provisions for satisfaction,
discharge and defeasance at any time of the entire indebtedness of this Security upon compliance by the Company with certain conditions
set forth in the Indenture.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in principal amount of the Securities of each series at the time Outstanding of each series
to be affected. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security. No reference herein to the Indenture and no provision of this Security or
of the Indenture (other than Section 1302 and Section 1303 of the Indenture) shall alter or impair the obligation of the Company
to pay the principal and interest on the Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Securities Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company maintained under Section 1002 of the Indenture
duly endorsed by, or accompanied by a written instrument of transfer, in form satisfactory to the Company and the Securities Registrar,
duly executed by the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Securities
of this series, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee
or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary. This Global Security is exchangeable for Securities
in definitive form only under certain limited circumstances set forth in the Indenture. Securities of this series so issued are
issuable only in registered form without coupons in denominations of $2,000 and any integral

 

     

     

    

 

multiples of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations herein and therein set forth, Securities of this series so issued
are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same.

 

The Company and, by its acceptance of this
Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, this Security
agree that for United States federal, state and local tax purposes it is intended that this Security constitute indebtedness.

 

THE INTERNAL LAWS OF THE STATE OF NEW YORK
SHALL GOVERN THE INDENTURE AND THE SECURITIES WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

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