Document:

Exhibit 4.2

 

This FIRST SUPPLEMENTAL INDENTURE (this “First
Supplemental Indenture”), dated as of May 31, 2018, between INTERNATIONAL SEAWAYS, INC., a corporation duly organized
and existing under the laws of the Republic of The Marshall Islands (the “Company”), and THE BANK OF NEW YORK
MELLON, a New York corporation, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company and the Trustee have heretofore
executed and delivered an indenture, dated as of May 31, 2018 (the “Indenture”), providing for the issuance
by the Company from time to time of its Securities to be issued in one or more series;

 

WHEREAS, Sections 2.1, 3.1 and 9.1 of the Indenture
provide, among other things, that the Company and the Trustee may, without the consent of Holders, enter into indentures supplemental
to the Indenture to provide for specific terms applicable to any series of Securities;

 

WHEREAS, the Company intends by this First Supplemental
Indenture to create and provide for the issuance of a new series of Securities to be designated as the “8.50% Senior Notes
due 2023” (the “Notes”);

 

WHEREAS, pursuant to Section 9.1(7) of
the Indenture, the Trustee and the Company are authorized to execute and deliver this First Supplemental Indenture to amend or
supplement the Indenture, without the consent of any Holder of Securities; and

 

WHEREAS, all things necessary to make the Notes,
when executed by the Company and authenticated and delivered by the Trustee, issued upon the terms and subject to the conditions
set forth hereinafter and in the Indenture and delivered as provided in the Indenture against payment therefor, valid, binding
and legal obligations of the Company according to their terms, and all actions required to be taken by the Company under the Indenture
to make this First Supplemental Indenture a valid, binding and legal agreement of the Company, have been done.

 

NOW, THEREFORE, in consideration of the premises
and for other good and valuable consideration, the sufficiency and adequacy of which are hereby acknowledged, the parties hereto
hereby agree as follows:

 

ARTICLE
I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01. Definitions.

 

(a)       All
capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Indenture.

 

     

     

    

 

(b)       The
following are definitions used in this First Supplemental Indenture, and to the extent that a term is defined both herein and in
the Indenture, the definition in this First Supplemental Indenture shall govern with respect to the Notes.

 

“Cash and Cash Equivalents”
means, as of a given date, the Company’s cash and cash equivalents as determined in accordance with U.S. GAAP.

 

“Continuing Director” means
a director who either was a member of the Board of Directors on the issue date of the Notes or who becomes a member of the Board
of Directors subsequent to that date and whose election, appointment or nomination for election by the Company’s stockholders
is duly approved by a majority of the continuing directors on the Board of Directors at the time of such approval, either by a
specific vote or by approval of the proxy statement issued by the Company on behalf of the entire Board of Directors in which such
individual is named as nominee for director.

 

“Credit Facility” means,
with respect to the Company or any Subsidiary, any debt or commercial paper facilities with banks or other lenders providing for
revolving credit or term loans or any agreement treated as a finance or capital lease in accordance with U.S. GAAP.

 

“Cross Default” means, a
default by the Company under any Credit Facility if such default:

 

(a) is caused by a failure to pay principal
of, or interest or premium, if any, on outstanding indebtedness under such Credit Facility (other than non-recourse indebtedness
of any Subsidiary) prior to the expiration of the grace period for payment of such indebtedness set forth in such Credit Facility
(“payment default”); or

 

(b) results in the acceleration of such indebtedness
prior to its maturity;

 

and, in each case, the principal amount of any
such indebtedness, together with the principal amount of any other such indebtedness under which there has been a payment default
or the maturity of which has been so accelerated, aggregates $35 million or more.

 

“Default” means any event
that is, or after notice or passage of time or both would be, an Event of Default.

 

“Immaterial Subsidiary” means
any Subsidiary of the Company that is not a Significant Subsidiary.

 

“Intangible Assets” means,
in respect of the Company as of a given date, the intangible assets of the Company of the types, if any, presented in the Company’s
consolidated balance sheet.

 

“Net Worth” means, as of
a given date, the result of, without duplication:

 

(a) Total Assets, less

 

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(b) Intangible Assets, less

 

(c) Total Borrowings (without giving effect
to any fair value adjustments pursuant to FASB’s Accounting Standards Codification 820).

 

“Non-Recourse Liabilities”
means, in respect of the Company or any Subsidiary thereof as of a given date, the non-recourse liabilities as described in subparts
(a)-(h) of the definition of Total Borrowings which neither the Company nor any other Subsidiary thereof provides any credit support
of any kind to or is directly or indirectly liable as a guarantor or otherwise, other than a pledge of the equity interests in
the Non- Recourse Subsidiary.

 

“Non-Recourse Subsidiary”
means any Subsidiary of the Company that has only Non-Recourse Liabilities.

 

“Restricted Payment” means
any dividend or other distribution (whether in cash, securities or other property) with respect to any shares of any class of capital
stock of or other ownership interests in the Company or any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such shares of capital stock of or other ownership interests in the Company or any Subsidiary or any option,
warrant or other right to acquire any such shares of capital stock of or other ownership interests in the Company or any Subsidiary.

 

“Significant Subsidiaries”
or “Significant Subsidiary” means the “significant subsidiaries” or any “significant subsidiary”
of the Company, as defined in Rule 1-02(w) of Regulation S-X under the Securities Act of 1933, as amended.

 

“Total Assets” means, in
respect of the Company on a consolidated basis, as of a given date the aggregate of the following, without duplication:

 

		(a)	all of the assets of the Company of the types presented on its consolidated balance sheet; less

 

		(b)	Cash and Cash Equivalents; less

 

		(c)	Non-Recourse Liabilities; and less

 

		(d)	assets under any vessel construction or ship purchase agreement (including novation and assignment and assumption agreements)
that the Company is required to record on its books under U.S. GAAP even though the Company is no longer the legal owner of the
vessel or legally obligated to take delivery of the vessel.

 

“Total Borrowings” means,
in respect of the Company on a consolidated basis, as of a given date the aggregate of the following, without duplication:

 

		(a)	the outstanding principal amount of any moneys borrowed; plus

 

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		(b)	the outstanding principal amount of any acceptance under any acceptance credit; plus

 

		(c)	the outstanding principal amount of any bond, note, debenture or other similar instrument; plus

 

		(d)	the book values of indebtedness under a lease, charter, hire purchase agreement or other similar arrangement which would, in
accordance with U.S. GAAP, be treated as a finance or capital lease; plus

 

		(e)	the outstanding principal amount of all moneys owing in connection with the sale or discounting of receivables (otherwise than
on a non-recourse basis or which otherwise meet any requirements for de-recognition under U.S. GAAP); plus

 

		(f)	the outstanding principal amount of any indebtedness arising from any deferred payment agreements arranged primarily as a method
of raising finance or financing the acquisition of an asset (except trade payables); plus

 

		(g)	any fixed or minimum premium payable on the repayment or redemption of any instrument referred to in clause (c) above; plus

 

		(h)	the outstanding principal amount of any indebtedness of any person of a type referred to in the above clauses of this definition
which is the subject of a guarantee given by the Company to the extent that such guaranteed indebtedness is determined and given
a value in respect of the Company on a consolidated basis in accordance with U.S. GAAP; less

 

		(i)	Cash and Cash Equivalents; less

 

		(j)	Non-Recourse Liabilities.

 

Notwithstanding the foregoing, “Total
Borrowings” shall not include any of the following:

 

		(a)	indebtedness or obligations arising from derivative transactions, such as protecting against interest rate or currency fluctuations;

 

		(b)	indebtedness under any vessel construction or ship purchase agreement (including novation and assignment and assumption agreements)
that the Company is required to record on its books under U.S. GAAP even though the Company is no longer the legal owner of the
vessel or legally obligated to take delivery of the vessel;

 

		(c)	preferred or prepaid revenues;

 

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		(d)	purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed
obligations of the seller of such asset; and

 

		(e)	any obligations constituting the exercise of appraisal rights and settlements of any claim of actions (whether actual, contingent
or potential) with respect thereto.

 

“U.S. GAAP” means generally
accepted accounting principles in the United States of America.

 

“Voting Stock” of any specified
Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of
the board of directors of such Person.

 

For purposes of the foregoing definitions and
the covenants set forth in Article V of this First Supplemental Indenture, any accounting term, phrase, calculation, determination
or treatment used, required or referred to is to be construed in accordance with U.S. GAAP in effect as of March 31, 2018.

 

Section 1.02. Other Definitions.

 

	
        Term
	
	
        Defined in Section

	“Additional Amounts”	 	7.01(a)
	 	 	 
	“Change of Control”	 	4.01(a)
	 	 	 
	“Change of Control Purchase Date”	 	4.01(a)
	 	 	 
	“Change of Control Purchase Price”	 	4.01(a)
	 	 	 
	“Interest Payment Date”	 	2.04(c)
	 	 	 
	“Maturity Date”	 	2.04(b)
	 	 	 
	“Regular Record Date”	 	2.04(c)
	 	 	 
	“Specified Tax Jurisdiction”	 	7.01(a)
	 	 	 
	“Taxes”	 	7.01(a)

 

Section 1.03. Incorporation by Reference
of Trust Indenture Act.

 

This First Supplemental Indenture is subject
to the mandatory provisions of the Trust Indenture Act, which are incorporated by reference in and made a part of this First Supplemental
Indenture. The following Trust Indenture Act terms have the following meanings:

 

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“Commission” means the SEC.

 

“indenture securities” means the
Notes.

 

“indenture security holder” means
a Holder.

 

“indenture to be qualified” means
this First Supplemental Indenture.

 

“indenture trustee” or “institutional
trustee” means the Trustee.

 

“obligor” on the indenture securities
means the Company and any other obligor on the indenture securities.

 

All other Trust Indenture Act terms used in
this First Supplemental Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by Commission rules promulgated under the Trust Indenture Act have the meanings assigned to them by such definitions.

 

ARTICLE
II

APPLICATION OF SUPPLEMENTAL INDENTURE

AND CREATION, FORMS, TERMS AND CONDITIONS OF NOTES

 

Section 2.01. Application
of this First Supplemental Indenture. Notwithstanding any other provision of this First Supplemental Indenture, the provisions
of this First Supplemental Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the
Holders of the Notes. The Notes constitute a separate series of Securities as provided in Section 3.1 of the Indenture.

 

Section 2.02. Creation
of the Notes. In accordance with Section 3.1 of the Indenture, the Company hereby creates the Notes as a separate series of
its Securities issued pursuant to the Indenture. The Notes shall be issued initially in an aggregate principal amount of up to
$28,750,000.

 

Section 2.03. Global
Notes. The Notes shall each be issued in the form of a global Security, duly executed by the Company and authenticated by the
Trustee, which shall be deposited with the Trustee as custodian for the Depository and registered in the name of “Cede &
Co.,” as the nominee of the Depository. The Depository Trust Company initially shall serve as Depository for the Notes. So
long as the Depository, or its nominee, is the registered owner of a global Security, the Depository or its nominee, as the case
may be, shall be considered the sole owner or Holder of the Notes represented by such global Security for all purposes under the
Indenture and under such Notes. Ownership of beneficial interests in such global Security shall be shown on, and transfers thereof
will be effective only through, records maintained by the Depository or its nominee (with respect to beneficial interests of participants)
or by participants or Persons that hold interests through participants (with respect to beneficial interests of beneficial owners).

 

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Section 2.04. Terms
and Conditions of the Notes.

 

The Notes shall be governed by all the terms
and conditions of the Indenture, as supplemented by this First Supplemental Indenture. In particular, the following provisions
shall be terms of the Notes:

 

(a)       Title
and Conditions of the Notes. The title of the Notes shall be as specified in the Recitals; and the aggregate principal amount
of the Notes shall be unlimited.

 

(b)       Stated
Maturity. The Notes shall mature, and the principal of the Notes shall be due and payable in U.S. dollars to the Holders thereof,
together with all accrued and unpaid interest thereon, on June 30, 2023 (the “Maturity
Date”).

 

(c)       Payment
of Principal and Interest; Additional Amounts. The Notes shall bear interest at 8.50% per
annum, from and including May 31, 2018, or from the most recent Interest Payment Date (as
defined hereafter) on which interest has been paid or provided for until the principal thereof becomes due and payable, and on
any overdue principal. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Interest
on the Notes shall be payable quarterly in arrears in U.S. dollars on March 30, June 30, September 30 and December 30 of
each year, commencing on September 30, 2018 (each such date, an “Interest Payment
Date” for the purposes of the Notes issued under this First Supplemental Indenture). Payments of interest shall be made
to the Person in whose name a Note (or predecessor Note) is registered at the close of business on March 15, June 15, September
15 or December 15 (whether or not that date is a Business Day), as the case may be, immediately
preceding such Interest Payment Date (each such date, a “Regular Record Date” for the purposes of the Notes
issued under this First Supplemental Indenture). All payments in respect of the Notes shall include Additional Amounts as and to
the extent set forth in Article VII of this First Supplemental Indenture. 

 

(d)       Registration
and Form; Denomination. The Notes shall be issuable as registered securities as provided in Section 2.03 of this Article II.
The form of the Notes shall be as set forth in Exhibit A attached hereto, which is incorporated herein by reference.
The Notes shall be issued and may be transferred only in minimum denomination of $25.00 and integral multiples of $25.00 in excess
thereof. 

 

(e)       Defeasance
and Discharge; Covenant Defeasance. The provisions for defeasance and discharge in Section 13.2 of the Indenture, and
the provisions for covenant defeasance in Section 13.3 of the Indenture, shall be applicable to the Notes. If the Company
shall effect a covenant defeasance of the Notes pursuant to Section 13.3 of the Indenture, (1) the Company shall cease to have
any obligation to comply with the covenants and agreements set forth in Articles IV and V of this First Supplemental Indenture
and Section 7.4 of the Indenture and (2) the Events of Default set forth in Sections 5.1(5) and 5.1(6) of the Indenture (but
only with respect to Significant Subsidiaries), the Event of Default set forth in Section 6.01(c) of this First Supplemental Indenture
and the Event of Default set forth in Section 5.1(7) of the Indenture, shall no longer constitute Events of Default for purposes
of the Notes.

 

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(f)       Further
Issuance. Notwithstanding anything to the contrary contained herein or in the Indenture, the Company may, from time to time,
without the consent of or notice to the Holders, create and issue further securities having the same interest rate, maturity and
other terms (except for the issue date, the public offering price and the first Interest Payment Date) as, ranking equally and
ratably with, the Notes. Additional Notes issued in this manner shall be issued under a separate
CUSIP or ISIN number unless such additional Notes are issued pursuant to a “qualified reopening” of the original Notes,
are otherwise treated as part of the same “issue” of debt instruments as the original Notes or both the original Notes
and the additional Notes are issued with no more than a de minimis amount of original discount, in each case for
United States federal income tax purposes. No such additional securities may be issued if an Event of Default has occurred and
is continuing with respect to the Notes.

 

(g)       Redemption.
The Notes will be redeemable by the Company at its option prior to maturity as set forth in Sections 3.01 and 3.02
of this First Supplemental Indenture.

 

(h)       Sinking
Fund. The Notes are not entitled to any sinking fund.

 

(i)       Other
Terms and Conditions. The Notes shall have such other terms and conditions as provided in the form thereof attached as Exhibit A
hereto.

 

ARTICLE
III

REDEMPTION

 

Section 3.01. Optional
Redemption for Changes in Withholding Taxes. The Company may redeem the Notes, at its option, at any time in whole but not
in part, upon not less than 30 nor more than 60 days’ notice (which notice will be irrevocable), at a Redemption Price equal
to 100% of the outstanding principal amount of Notes, plus accrued and unpaid interest (if any) to, but not including, the applicable
Redemption Date and all Additional Amounts (if any) then due and which will become due on the applicable Redemption Date (subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date and
Additional Amounts (if any) in respect thereof), in the event that the Company determines in good faith that the Company has become
or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, Additional Amounts
and such obligation cannot be avoided by taking reasonable measures available to the Company (including making payment through
a Paying Agent located in another jurisdiction), as a result of:

 

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(a)       a
change in or an amendment to the laws (including any regulations or rulings promulgated thereunder) of any Specified Tax Jurisdiction
affecting taxation, which change or amendment is announced or becomes effective on or after the date of the Indenture; or

 

(b)       any
change in or amendment to any official position of a taxing authority in any Specified Tax Jurisdiction regarding the application,
administration or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent
jurisdiction), which change or amendment is announced or becomes effective on or after the date of the Indenture.

 

Notwithstanding the foregoing, no such notice
of redemption for changes in withholding taxes may be given earlier than 60 days prior to the earliest date on which the Company
would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due. Before the Company publishes,
mails or delivers notice of redemption of the Notes, the Company will deliver to the Trustee and Paying Agent (a) an Officers’
Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts showing that
the conditions precedent to the right of the Company to so redeem have occurred and (b) an opinion of independent legal counsel
of recognized standing that the Company has or will become obligated to pay Additional Amounts as a result of the circumstances
referred to in clause (1) or (2) of the preceding paragraph.

 

The Trustee and Paying Agent will accept and
will be entitled to conclusively rely upon the Officers’ Certificate and opinion as sufficient evidence of the satisfaction
of the conditions precedent described above, in which case they will be conclusive and binding on the Holders.

 

Except to the extent inconsistent with the foregoing,
all provisions of Article XI of the Indenture shall apply to any redemption pursuant to this Section 3.01.

 

Section 3.02. Optional
Redemption. The Company may redeem the Notes at its option, in whole or in part, at any time on or after June 30, 2020, upon
not less than 30 nor more than 60 days’ prior notice, at a Redemption Price equal to 100% of their principal amount, plus
accrued and unpaid interest to, but not including, the Redemption Date. Article XI of the Indenture shall apply to any such redemption
of the Notes.

 

Section 3.03. Partial
Optional Redemption. If fewer than all of the Notes are to be redeemed, the particular Notes to be redeemed shall be selected
(i) on a pro rata basis or such other method as required by the applicable procedures of the depositary (if the Notes are
global Securities), or (ii) if there are no such requirements of the depositary, on a pro rata basis or such other method
as may be required by applicable stock exchange rules.

 

Section 3.04. Open
Market Repurchases. Notwithstanding any provision hereunder or in the Indenture to the contrary, the Company and its Affiliates
may purchase Notes from investors who are willing to sell from time to time, either in the open market at prevailing prices or
in private transactions at negotiated prices. Notes that the Company or any of its Affiliates purchase may, at the Company’s
discretion, be held, resold or canceled.

 

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ARTICLE
IV

CHANGE OF CONTROL

 

Section 4.01. Change
of Control.

 

(a)       If
a Change of Control occurs at any time, Holders will have the right, at their option, to require the Company to purchase for cash
any or all of the Notes, or any portion of the principal amount thereof, that is equal to $25 or an integral multiple of $25. The
price the Company is required to pay (the “Change of Control Purchase Price”) is equal to 101% of the principal
amount of the Notes to be purchased plus accrued and unpaid interest to but excluding the Change of Control Purchase Date (unless
the Change of Control Purchase Date is after a record date and on or prior to the interest payment date to which such record date
relates, in which case the Company will instead pay the full amount of accrued and unpaid interest to the Holder on such record
date and the Change of Control Purchase Price will be equal to 101% of the principal amount of the Notes to be purchased). The
“Change of Control Purchase Date” will be a date specified by the Company that is not less than 20 or more than
35 calendar days following the date of the Change of Control notice as described below. Any Notes purchased by the Company will
be paid for in cash. A “Change of Control” will be deemed to have occurred at the time after the Notes are originally
issued if

 

		(1)	any “Person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), is or becomes the “Beneficial
Owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (1) such Person
shall be deemed to have “Beneficial Ownership” of all shares that any such Person has the right to acquire, whether
such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total
voting power of the Voting Stock of the Company;

 

		(2)	the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company,
or the sale of all or substantially all the assets of the Company (determined on a consolidated basis) to another Person other
than a transaction following which, in the case of a merger or consolidation transaction, holders of securities that represented
100% of the Voting Stock of the Company immediately prior to such transaction (or other securities into which such securities are
converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power
of the Voting Stock of the surviving Person in such merger or consolidation transaction immediately after such transaction and
in substantially the same proportion as before the transaction;

 

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		(3)	Continuing Directors cease to constitute at least a majority of the Board of Directors; or

 

		(4)	after the Notes are initially listed on the New York Stock Exchange or another national securities exchange, the Notes fail,
or at any point cease, to be listed on the New York Stock Exchange or such other national securities exchange. For the avoidance
of doubt, it shall not be a Change of Control if after the Notes are initially listed on the New York Stock Exchange or another
national securities exchange, such Notes are subsequently listed on a different national securities exchange and the prior listing
is terminated.

 

(b)       On
or before the 20th day after the occurrence of a Change of Control, the Company will provide to all Holders and the Trustee and
Paying Agent a notice of the occurrence of the Change of Control and of the resulting purchase right. Such notice shall state,
among other things: (i) the events causing a Change of Control; (ii) the date of the Change of Control; (iii) the last date on
which a Holder may exercise the repurchase right; (iv) the Change of Control Purchase Price; (v) the Change of Control Purchase
Date; (vi) the name and address of the Paying Agent; and (vii) the procedures that Holders must follow to require the Company to
purchase their Notes.

 

(c)       Simultaneously
with providing such notice, the Company will publish a notice containing this information in a newspaper of general circulation
in The City of New York or publish the information on the Company’s website or through such other public medium as the Company
may use at that time.

 

(d)       To
exercise the Change of Control purchase right, Holders must deliver, on or before the Business Day immediately preceding the Change
of Control Purchase Date, the Notes to be purchased, duly endorsed for transfer, together with a written purchase notice and the
form entitled “Option of Holder to Elect Purchase” on the reverse side of the Notes duly completed, to the Paying Agent.
The purchase notice must state: (i) if certificated, the certificate numbers of the Notes to be delivered for purchase or if not
certificated, the notice must comply with appropriate Depository procedures; (ii) the portion of the principal amount of Notes
to be purchased, which must be $25 or a multiple thereof; and (iii) that the Notes are to be purchased by the Company pursuant
to the applicable provisions of the Notes and the Indenture.

 

(e)       Holders
may withdraw any purchase notice (in whole or in part) by a written notice of withdrawal delivered to the Paying Agent prior to
the close of business on the Business Day immediately preceding the Change of Control Purchase Date. The notice of withdrawal shall
state: (i) the principal amount of the withdrawn Notes; (ii) if certificated Notes have been issued, the certificate numbers of
the withdrawn Notes, or if not certificated, the notice must comply with appropriate Depository procedures; and (iii) the principal
amount, if any, which remains subject to the purchase notice.

 

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(f)       On
each Change of Control Purchase Date, the Company will, to the extent lawful, (i) accept for payment all Notes or portions of Notes
properly tendered pursuant to the applicable Change of Control offer made by the Company, (ii) deposit with the Paying Agent at
least one Business Day prior to an amount equal to the Change of Control Purchase Price in respect of all Notes or portions of
Notes properly tendered pursuant to the applicable Change of Control offer made by the Company and (iii) deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal
amount of Notes or portions of Notes being repurchased. If the Paying Agent holds money or securities sufficient to pay the Change
of Control Purchase Price of the Notes on the Change of Control Purchase Date, then: (i) the Notes will cease to be outstanding
and interest, including any Additional Amount, if any, will cease to accrue (whether or not book-entry transfer of the Notes is
made or whether or not the Notes are delivered to the Paying Agent); and (ii) all other rights of the Holder will terminate (other
than the right to receive the Change of Control Purchase Price).

 

(g)       In
connection with any purchase offer pursuant to a Change of Control purchase notice, the Company will, if required, comply with
the provisions of the tender offer rules under the Exchange Act that may then be applicable. To the extent that the provisions
of any such securities laws or regulations conflict with the Change of Control provisions of the Notes, the Company will comply
with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of
Control provisions of the Notes by virtue of such conflicts.

 

(h)       No
Notes may be purchased at the option of Holders upon a Change of Control if the principal amount of the Notes has been accelerated,
and such acceleration has not been rescinded, on or prior to such date.

 

ARTICLE
V

COVENANTS

 

The covenants set forth in this Article V
shall be applicable to the Company in addition to the covenants in Article X of the Indenture, which shall in all respects
be applicable in respect of the Notes.

 

Section 5.01. Limitation
on Borrowings.

 

The Company shall not permit Total Borrowings
to equal or exceed 70% of Total Assets.

 

Section 5.02. Limitation on Minimum Net Worth.

 

The Company shall ensure that its Net Worth
always exceeds six hundred million U.S. dollars ($600,000,000).

 

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Section 5.03. Reports.

 

During the period that any Cross Default exists,
at the request of any Holder, the Company shall provide, to the extent that it is not prevented or restricted from doing so by
the provisions of any relevant Credit Facility, to such Holder any report or other information that is provided to any lender or
other financier under the Credit Facility giving rise to the Cross Default. As a condition to the receipt of such report or other
information, such Holder must agree not to disclose such report or information to any third party or to purchase or sell any of
the Company’s securities on the basis of any material, nonpublic information included in such report or other information.

 

Section 5.04. Restricted Payments.

 

The Company will not, nor will the Company permit
any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a)
the Company may make Restricted Payments payable solely in equity interests issued by the Company and not in cash, (b) a Subsidiary
of the Company may make Restricted Payments in cash to the Company or another Subsidiary of the Company and in each case to other
owners of the equity of such Subsidiary on a pro rata basis and (c) the Company may make any other Restricted Payments in cash
in accordance with applicable law so long as after giving effect thereto no Default has occurred and is continuing and no Default
will result therefrom.

 

Section 5.05. Line
of Business.

 

The primary business of the Company and its
Subsidiaries, taken as a whole, shall be the direct or indirect ownership, management, operation, leasing or chartering of vessels
for the transportation or storage of crude oil, refined petroleum products, chemicals and liquefied natural gas, for use for floating
production, storage and offtake or floating storage and offtake and for any business incidental thereto

 

Section 5.06. Fundamental
Changes.

 

The Company will not, nor will the Company permit
any of its Subsidiaries (other than an Immaterial Subsidiary) to, merge into or consolidate with any other Person, or permit any
other Person to merge into or consolidate with the Company or its Subsidiaries, or sell, transfer, lease (other than leases and
charters in the ordinary course of business) or otherwise dispose of (in one transaction or in a series of transactions) all or
any substantial part of the assets of the Company, or all or any substantial part of the stock of any of its Subsidiaries (in each
case, whether now owned on the date of the Indenture or thereafter acquired), or liquidate or dissolve, except that, if at the
time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing:

 

		(1)	any Subsidiary may merge into the Company in a transaction in which the Company is the surviving corporation;

 

    	 	13	 

     

    

 

		(2)	any Subsidiary may merge into any other Subsidiary in a transaction in which the Company’s consolidated ownership interest
percentage in the surviving Subsidiary is no less than the Company’s consolidated ownership interest percentage in either
predecessor entity;

 

		(3)	any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Company or to another Subsidiary;

 

		(4)	any Subsidiary may liquidate or dissolve if the Board of Directors determines in good faith that such liquidation or dissolution
is in the best interest of the Company and is not materially disadvantageous to the Holders;

 

		(5)	the Company and any Subsidiary may sell, transfer or otherwise dispose of any of the Company or its Subsidiaries’ assets,
including equity interests in any of its Subsidiaries, (in the ordinary course of business or otherwise) in any transaction or
series of transactions so long as (A) the aggregate market value of all assets so sold, transferred, leased or otherwise disposed
of under this clause (5) during any fiscal year does not exceed 25% of the aggregate market value of all of the Company and its
Subsidiaries’ assets on the last day of the immediately preceding fiscal year and (B) the Company receives, or the relevant
Subsidiary receives, consideration at the time of such sale, transfer, lease or other disposition at least equal to the fair market
value (including as to the value of all non-cash consideration), as determined in good faith by the Board of Directors, of the
assets subject to such sale, transfer, lease or other disposition;

 

		(6)	the Company and any of its Subsidiaries may enter into any sale, transfer or disposition that is followed by the leasing back
of the asset sold, transferred or disposed of; and

 

		(7)	so long as no Default or Change of Control would result therefrom, the Company and any of its Subsidiaries may acquire the
assets or interests of any Person, by way of merger or consolidation, so long as, after taking into account such acquisition, the
transportation or storage of crude oil, refined petroleum products, chemicals and liquefied natural gas, for use for floating production,
storage and offtake or floating storage and offtake and for any business incidental thereto constitute at least 51% of the Company’s
consolidated total assets.

 

Section 5.07. Compliance Measurement.

 

Compliance with the covenants in this Article V
shall be measured on the last day of each of the Company’s fiscal quarters, commencing June 30, 2018. Within 60 days after
the end of the first three fiscal quarters each fiscal year and within 120 days after the end of each fiscal year, the Company
shall deliver to the Trustee an Officers’ Certificate confirming compliance with each of the covenants in this Article V.
Each such Officers’ Certificate will be made available to the Holders of the Notes upon request to the Trustee. The Company
shall mail, within 10 Business Days of the discovery thereof, to all Holders of the Notes and Trustee, notice of any Default in
compliance with the covenants in this Article V.

 

    	 	14	 

     

    

 

ARTICLE
VI

EVENTS OF DEFAULT

 

Section 6.01. Additional
Events of Default. In addition to the Events of Default in Article V of the Indenture, the following shall be Events of
Default with respect to the Notes:

 

(a)       failure
by the Company to perform or comply with the provisions of Article VIII of the Indenture (as amended by Article VIII of this First
Supplemental Indenture) relating to mergers and similar events;

 

(b)       failure
by the Company to provide notice of a Change of Control or to repurchase Notes tendered for repurchase following the occurrence
of a Change of Control in conformity with the covenant set forth in Article IV of this First Supplemental Indenture; and

 

(c)       one
or more judgments, decrees, verdicts, consent orders, consent decrees, writs, declarations or injunctions (“Orders”)
for the payment of money in an aggregate amount of $35.0 million or more that are not covered by insurance from an unaffiliated
insurance company with an A.M. Best financial strength rating of at least A- (it being understood that even if such amounts are
covered by insurance from such an insurance company, such amounts shall count if responsibility for such amounts has been denied
by such insurance company or such insurance company has not been properly notified of such amounts) shall be rendered against the
Company or any subsidiary and remains undischarged, unvacated or unbonded for a period of 60 consecutive days during which execution
shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon properties of the Company
or any subsidiary to enforce any such Order.

 

Section 6.02. Default Rate. After the
occurrence of (i) any Default with respect to clause (1) or (2) of the definition of “Events of Default” in Section
5.1 of the Indenture or (ii) any Event of Default, Holders will have the right to receive additional interest on the Notes at an
annual rate equal to 2.00% per annum (the “Default Rate”) of the outstanding principal amount of the Notes for
each day beginning on, and including, the date on which such Default or Event of Default, as applicable, first occurs and on which
such Default or Event of Default, as applicable, is continuing. This additional interest will be payable in arrears on the same
dates and in the same manner as regular interest on the Notes.

 

    	 	15	 

     

    

 

Section 6.03. Reporting Default. At the
Company’s election, the sole remedy under the Indenture for an Event of Default relating to (i) the Company’s failure
to file with the Trustee pursuant to Section 314(a)(1) of the Trust Indenture Act any documents or reports that it is required
to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or (ii) the failure to comply with its annual and
quarterly reporting obligations to the Trustee and the Commission, as described in, will, after the occurrence of such an Event
of Default, consist exclusively of the right to receive additional interest on the Notes at an annual rate equal to (i) 0.25% per
annum of the outstanding principal amount of the Notes for each day during the 90-day period beginning on, and including, the date
on which such Event of Default first occurs and on which such Event of Default is continuing; and (ii) 0.50% per annum of the outstanding
principal amount of the Notes for each day during the 90-day period beginning on, and including, the 91st day following, and including
the date on which such Event of Default first occurs and on which such Event of Default is continuing. In the event the Company
do not elect to pay the additional interest upon an Event of Default in accordance with this paragraph, the Notes will be subject
to acceleration as provided in Section 5.2 of the Indenture. This additional interest will be payable in arrears on the same dates
and in the same manner as regular interest on the Notes. On the 181st day after such Event of Default first occurs (if not waived
or cured prior to such 181st day), such additional interest will cease to accrue and the Notes will be subject to acceleration
as provided above. The provisions of this Section 6.03 will not affect the rights of Holders in the event of the occurrence of
any other Events of Default.

 

In order to elect to pay additional interest
as the sole remedy during the first 180 days after the occurrence of an Event of Default relating to the failure to comply with
the reporting obligations in accordance with the immediately preceding paragraph, the Company must notify all Holders and the Trustee
and Paying Agent of such election on or before the close of business on the fifth Business Day prior to the date on which such
Event of Default would otherwise occur. Upon the Company’s failure to timely give such notice or pay additional interest,
the Notes will be immediately subject to acceleration as provided in Section 5.2 of the Indenture.

 

ARTICLE
VII

 

ADDITIONAL AMOUNTS

 

Section 7.01. Additional Amounts.

 

(a)       All
payments made by or on behalf of the Company under or with respect to the Notes will be made free and clear of and without withholding
or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including
penalties, interest and other liabilities related thereto) (hereinafter “Taxes”) unless the withholding or deduction
of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or
on behalf of the government of the Republic of the Marshall Islands or any political subdivision or any authority or agency therein
or thereof having power to tax, or any other jurisdiction in which the Company (including any successor entity) is organized or
is otherwise resident for tax purposes, or any jurisdiction from or through which payment is made by the Company or its agent (including,
without limitation, the jurisdiction of each Paying Agent) (each a “Specified Tax Jurisdiction”), will at any
time be required to be made from any payments made under or with respect to the Notes. The Company will pay such additional amounts
(the “Additional Amounts”) as may be necessary so that the net amount received in respect of such payments by
a Holder (including Additional Amounts) after such withholding or deduction will not be less than the amount such Holder would
have received if such Taxes had not been withheld or deducted; provided, however, that the foregoing obligation to
pay Additional Amounts does not apply to:

 

    	 	16	 

     

    

 

(1)       any
Taxes that would not have been so imposed but for the Holder or beneficial owner of the Notes having any present or former connection
with the Specified Tax Jurisdiction including any such connection arising as a result of such Holder or beneficial owner (i) being
organized under the laws of, or otherwise being or having been a domiciliary, citizen, resident or national thereof, (ii) being
or having been engaged in a trade or business therein, (iii) having or having had its principal office located therein, (iv) maintaining
a permanent establishment therein, (v) being or having been physically present therein, or (vi) otherwise having or having had
some connection with the Specified Tax Jurisdiction (other than, in each case, any present or former connection arising as a result
of the mere acquisition, ownership, holding, enforcement or receipt of payment in respect of the Notes);

 

(2)       any
estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, assessment or governmental charge;

 

(3)       any
Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes;

 

(4)       any
Taxes imposed that would not have been imposed but for a failure of the Holder or beneficial owner to comply with a written request
of the Company or its agent addressed to the Holder to timely provide any applicable certification, documentation, information
or other reporting requirement concerning the nationality, residence, identity or connection with the relevant Specified Tax Jurisdiction
of the Holder or beneficial owner of a Note if such compliance is required as a precondition to relief or exemption from such Taxes;

 

(5)       any
Taxes that would not have been so imposed but for the beneficiary of the payment having presented a Note for payment (in cases
in which presentation is required) more than 30 days after the date on which such payment or such Note became due and payable or
the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder would have been
entitled to Additional Amounts had the Note been presented on the last day of such 30-day period);

 

    	 	17	 

     

    

 

(6)       any
Taxes imposed on or with respect to any payment by the Company to the Holder if such Holder is a fiduciary or partnership or Person
other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary,
a member of such partnership or the beneficial owner of such payment would not have been entitled to Additional Amounts had such
beneficiary, settlor, member or beneficial owner been the actual Holder of such Note;

 

(7)       any
Taxes imposed under Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”),
as of the issue date of the Notes (or any amended or successor version that is substantively comparable and not materially more
onerous to comply with), or any U.S. Treasury Regulations promulgated thereunder or official administrative interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code or any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the
Code; or

 

(8)       any
combination of items (1) through (7) above.

 

(b)       If
the Company becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect
to the Notes, the Company will deliver to the Trustee and Paying Agent at least 30 days prior to the date of that payment (unless
the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Company will notify
the Trustee and Paying Agent promptly thereafter but in no event later than two Business Days prior to the date of payment) an
Officers’ Certificate stating the fact that Additional Amounts will be payable and the amount so payable. The Officers’
Certificate shall also set forth any other information necessary to enable the Paying Agent to pay Additional Amounts to Holders
on the relevant payment date. The Trustee and Paying Agent will be entitled to rely solely on such Officers’ Certificate
as conclusive proof that such payments are necessary. The Company will provide the Trustee and Paying Agent with documentation
reasonably satisfactory to the Trustee and Paying Agent evidencing the payment of Additional Amounts.

 

(c)       The
Company will make all withholdings and deductions required by law and will remit the full amount deducted or withheld to the relevant
governmental authority on a timely basis in accordance with applicable law. As soon as practicable, the Company will provide the
Trustee and Paying Agent with an official receipt or, if official receipts are not obtainable, other documentation reasonably satisfactory
to the Trustee and Paying Agent evidencing the payment of the Taxes so withheld or deducted. Upon written request, copies of those
receipts or other documentation, as the case may be, will be made available by the Trustee and Paying Agent to the Holders of the
Notes.

 

    	 	18	 

     

    

 

(d)       Whenever
in the Indenture, this First Supplemental Indenture or the Notes there is referenced, in any context, the payment of amounts based
upon the principal amount of the Notes or of principal, interest or any other amount payable under, or with respect to, the Notes,
such reference will be deemed to include payment of Additional Amounts as described under this heading to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof.

 

(e)       The
Company will pay any present or future stamp, court, issuer, registration or documentary taxes or any other excise or property
taxes, charges or similar levies that arise in any Specified Tax Jurisdiction from the execution, delivery, enforcement or registration
of the Notes, the Indenture or any other document or instrument in relation thereof, or the receipt of any payments with respect
to the Notes, and the Company will indemnify the Holders for any such taxes paid by such Holders.

 

Section 7.02. Obligations to Survive.
The obligations described in Section 7.01 of this First Supplemental Indenture will survive any termination, defeasance or
discharge of the Indenture and will apply mutatis mutandis to any jurisdiction in which any successor person to the Company
is organized or any political subdivision or authority or agency thereof or therein.

 

ARTICLE
VIII

 

Consolidation,
Merger, Conveyance, transfer or lease

 

Section 8.01. Company May Consolidate, Etc.
Only on Certain Terms. Solely for purposes of the Notes, the following shall replace in its entirety clause (1) of Section 8.1
of the Indenture:

 

“(1)the successor Person is a corporation
organized and existing under the laws of the Republic of the Marshall Islands, the Cayman Islands, the United States, any State
of the United States or the District of Columbia, the Commonwealth of the Bahamas, the Commonwealth of Bermuda, the British Virgin
Islands or any Member State of the European Union and expressly assumes, by supplemental indenture, executed and delivered to the
Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on
all the Notes and the performance or observation of every covenant of this First Supplemental Indenture and the Indenture on the
part of the Company to be performed or observed;”

 

    	 	19	 

     

    

 

ARTICLE
IX

 

MISCELLANEOUS

 

Section 9.01. Ratification
of Indenture.

 

This First Supplemental Indenture is executed
and shall be constructed as an indenture supplement to the Indenture, and as supplemented and modified hereby, the Indenture is
in all respects ratified and confirmed, and the Indenture and this First Supplemental Indenture shall be read, taken and constructed
as one and the same instrument.

 

Section 9.02. Conflict
with Trust Indenture Act.

 

If any provision of this First Supplemental
Indenture limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part
of and govern this First Supplemental Indenture, the latter provision shall control. If any provision of this First Supplemental
Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, such provision shall
be deemed to apply to this First Supplemental Indenture as so modified or to be excluded, as the case may be.

 

Section 9.03. Notices,
Etc. to Trustee and Company; Notice to Holders; Waiver.

 

All notices and other communications shall be
given as provided in Section 1.5 and 1.6 of the Indenture.

 

Section 9.04. Governing
Law; Waiver of Jury Trial; Consent to Jurisdiction.

 

This First Supplemental Indenture and the Notes
shall be governed by and construed in accordance with the laws of the State of New York (including but not limited to N.Y. General
Obligations Law Section 5-1401 and any successor statute thereto).

 

Each of the Company and the Trustee, and each
Holder by its acceptance thereof, hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right
it may have to trial by jury in any legal proceeding directly or indirectly arising out of or relating to the Indenture, this First
Supplemental Indenture, the Notes or the transactions contemplated hereby or thereby.

 

Each of the Company and the Trustee irrevocably
consents and submits, for itself and in respect of any of its assets or property, to the nonexclusive jurisdiction of any court
of the State of New York or any United States court sitting, in each case, in the Borough of Manhattan, The City of New York, New
York, United States of America, and of any appellate court in respect thereof in any suit, action or proceeding that may be brought
in connection with the Indenture, this First Supplemental Indenture or the Notes, and waives any immunity from the jurisdiction
of such courts. Each of the Company and the Trustee irrevocably waives, to the fullest extent permitted by law, any objection to
any such suit, action or proceeding that may be brought in such courts whether on the grounds of venue, residence or domicile or
on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. Each of the Company and the Trustee
agrees, to the fullest extent that it lawfully may do so, that final judgment in any such suit, action or proceeding brought in
such a court shall be conclusive and binding upon the Company and the Trustee, respectively, and the Company waives, to the fullest
extent permitted by law, any objection to the enforcement by any competent court in the Company’s jurisdiction of organization
of judgments validly obtained in any such court in New York on the basis of such suit, action or proceeding.

 

    	 	20	 

     

    

 

Section 9.05. Successors
and Assigns.

 

All covenants and agreements in this First Supplemental
Indenture and the Notes by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 9.06. Separability
Clause. 

 

In case any provision in this First Supplemental
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired by such invalid, illegal, or unenforceable provision.

 

Section 9.07. Counterparts.

 

This First Supplemental Indenture may be executed
in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

 

Section 9.08. Effect
of Headings.

 

The Article and Section headings of this First
Supplemental Indenture are for convenience only and shall not affect the construction of this First Supplemental Indenture.

 

Section 9.09. Trustee
Not Responsible for Recitals or Issuance of Notes.

 

The recitals contained herein and in the Notes,
except the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee or any
Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this First Supplemental Indenture or of the Notes. The Trustee or any Authenticating Agent shall not be accountable
for the use or application by the Company of Notes or the proceeds from such Notes. The Trustee shall not be responsible to make
any calculation with respect to any matter under this First Supplemental Indenture. The Trustee shall have no duty to monitor or
investigate the Company’s compliance with or the breach of, or cause to be performed or observed, any representation, warranty,
or covenant, or agreement of any Person, other than the Trustee, made in this First Supplemental Indenture.

 

    	 	21	 

     

    

 

IN WITNESS WHEREOF, the parties have caused this First Supplemental
Indenture to be duly executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	INTERNATIONAL SEAWAYS, INC.
	 	 
	 	By: 	/s/ James D. Small III
	 	 	Name:	James D. Small III
	 	 	Title:	Chief Administrative Officer, Senior Vice President, Secretary and General Counsel

 

 

 

     

     

    

 

	 	TRUSTEE:
	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 
	 	By: 	/s/ Laurence J. O’Brien
	 	 	Name:	Laurence J. O’Brien
	 	 	Title:	Vice President

 

 

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS
NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITORY
TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP NO. 46032V 106

ISIN NO. US46032V1061

 

INTERNATIONAL SEAWAYS, INC.

8.50% SENIOR NOTE DUE 2023

	$	No.:        

 

INTERNATIONAL SEAWAYS, INC., a Marshall Islands
corporation (hereinafter called the “Company”, which term includes any successor corporation under the Indenture
referred to below), for value received, hereby promises to pay to [●] / [insert if Global Security: Cede & Co.], or registered
assigns, the principal sum [of $[●] ([●] DOLLARS)] [insert if Global Security: set forth on Schedule I annexed hereto]
on June 30, 2023, and to pay interest thereon from May 31, 2018 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, quarterly on March 30, June 30, September 30 and December 30 of each year, commencing on September
30, 2018, at the rate of 8.50% per annum, until the principal hereof is paid or made available for payment. Interest on this Note
shall be computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or the Maturity Date falls
on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date
such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment
Date or the Maturity Date, as the case may be, to such next Business Day. The interest 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 Note (or one or more
predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be March 15,
June 15, September 15 or December 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest which is payable but not punctually paid or duly provided for on any Interest Payment Date shall forthwith
cease to be payable to the registered Holder hereof on the relevant Regular Record Date by virtue or having been such Holder, and
may be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on
a subsequent special record date (which shall be at least 10 days before the payment date) for the payment of such defaulted
interest to be fixed by the Company, notice whereof shall be given to the Holders of Notes of this series not less than 10 days
prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture.

 

    	 	Exhibit A - Page 1	 

     

    

 

Payment of the principal of and interest on
this Note (including, without limitation, any purchase price relating to a Change of Control) will be made at the office or agency
of the Company maintained for that purpose in The Borough of Manhattan, The City of New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that, at the option of the Company, interest may be paid by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register; provided, further, that payment to DTC or any successor depository
may be made by wire transfer to the account designated by DTC or such successor depository in writing.

 

This Note is one of a duly authorized issue
of securities of the Company designated as its 8.50% Senior Notes due 2023 (herein called the “Notes”), issued
and to be issued in one or more series under an Indenture, dated as of May 31, 2018 (the “Base Indenture”),
between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes
any successor trustee under the Indenture), as supplemented by the First Supplemental Indenture, dated May 31, 2018, between the
Company and the Trustee (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and of the terms upon which
the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof.

 

    	 	Exhibit A - Page 2	 

     

    

 

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

 

The Notes are redeemable by the Company at
its option prior to maturity as set forth in Sections 3.01 and 3.02 of the First Supplemental Indenture.

 

The Notes are not subject to any sinking fund.

 

Upon the occurrence of a Change of Control,
each Holder of Notes will have the right to require the Company to purchase all or a portion of such Holder’s Notes at a
purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date
of purchase.

 

The Indenture contains provisions permitting,
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 Notes of each series issued under the Indenture at any time by the Company and the Trustee
with the written consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding
of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate
principal amount of the Notes of any series at the time Outstanding, on behalf of the Holders of all Notes 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 Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note, at the times, place and rate, and in the coin or currency, herein and in the
Indenture prescribed.

 

As provided in the Indenture and subject to
certain limitations set forth therein and in this Note, the transfer of this Note may be registered on the Security Register upon
surrender of this Note for registration of transfer at the office or agency of the Company maintained for that purpose in any place
where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized
in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable only in registered form
in the denominations of $25 or any integral multiple thereof. As provided in the Indenture and subject to certain limitations set
forth in the Indenture, and in this Note, the Notes are exchangeable for a like aggregate principal amount of Notes of this series
in different authorized denominations, as requested by the Holders surrendering the same.

 

    	 	Exhibit A - Page 3	 

     

    

 

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, other than in certain cases provided in the Indenture.

 

Prior to due presentment of this Note 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 Note
is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

 

The Indenture contains provisions whereby (i) the
Company may be discharged from its obligations with respect to the Notes (subject to certain exceptions) or (ii) the Company
may be released from its obligations under specified covenants and agreements in the Indenture, in each case if the Company irrevocably
deposits with the Trustee money or U.S. Government Obligations, or a combination thereof, in an amount sufficient, without consideration
of any reinvestment, to pay and discharge the entire indebtedness on all Notes of this series, and satisfies certain other conditions,
all as more fully provided in the Indenture.

 

This Note shall be governed by and construed
in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case,
performed in said State.

 

All terms used in this Note without definition
that are defined in the Indenture or the First Supplemental Indenture shall have the meanings assigned to them in the Indenture
or the First Supplemental Indenture, respectively.

 

[Remainder of Page Intentionally
Left Blank]

 

    	 	Exhibit A - Page 4	 

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Note to be duly executed as of the date set forth below.

 

	Date:	 
	 	 
	 	INTERNATIONAL SEAWAYS, INC.
	 	 
	 	By:	      
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	    
	 	 	Name:
	 	 	Title:

 

    	 	Exhibit A - Page 5	 

     

    

 

Trustee’s Certificate of Authentication

 

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

 

	Dated:	 
	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	Exhibit A - Page 6	 

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

	 	 
	 	 
	 	 

 

the within Security and all rights thereunder, hereby irrevocably
constituting and appointing attorney to transfer said Security on the books of the Company, with full power of substitution in
the premises.

 

	Dated:	 	 

 

	Signature:	 	 

 

		NOTICE:	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    	 	Exhibit A - Page 7	 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Company pursuant to Section 4.01 of the First Supplemental Indenture, check the box:

 ̈

 

If you want to elect to have only part of this
Note purchased by the Company pursuant to Section 4.01 of the First Supplemental Indenture, state the amount in principal
amount: $_______________

 

	Dated:  	  	 	Your Signature:  	 
	 	 	 	 	(Sign exactly as your name appears

 on the other side of this Note.)

 

	Signature Guarantee:	    
	 	(Signature must be guaranteed)

 

Signatures must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	Exhibit A - Page 8	 

     

    

 

Schedule I

 

SCHEDULE OF TRANSFERS AND EXCHANGES

 

The initial principal amount of this Global
Security is $[●] [(● DOLLARS)]. The following increases or decreases in principal amount of this Global Security have
been made:

 

	
        Date of
        

Exchange
	 	
        Amount
        of

        Decrease in

        Principal 

Amount of this 

Global Security
	 	
        Amount
        of

        Increase in

        Principal Amount

        of this Global

        Security
	 	
        Principal
        Amount

        of this Global

        Security following

        such Decrease or

        Increase
	 	
        Signature
        of

        Authorized

        Signatory of

        trustee or

        Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Exhibit A - Schedule IExhibit 10.38

 

	 	 

 

	To:	
        Tiffany & Co.

        200 Fifth Avenue

        New York, New York  10010

        United States of America

	 	 
	From:	
        MUFG Securities EMEA plc

        Ropemaker Place, 25 Ropemaker Street

        London EC2Y 9AJ

        United Kingdom

	 	 
	Re:	Accelerated Stock Repurchase
	 	 
	Ref. No:	As provided in the Supplemental Confirmation
	 	 
	Date:	May 31, 2018
	 	 

This master
confirmation (this “Master Confirmation”), dated as of May 31, 2018 is intended to set forth certain
terms and provisions of certain Transactions (each, a “Transaction”) entered into from time to time between
MUFG Securities EMEA plc (“Dealer”) and Tiffany & Co. (“Counterparty”). This Master
Confirmation, taken alone, is neither a commitment by either party to enter into any Transaction nor evidence of a Transaction.
The additional terms of any particular Transaction shall be set forth in a Supplemental Confirmation substantially in the form
of Schedule A hereto (a “Supplemental Confirmation”), which shall reference this Master Confirmation and supplement,
form a part of, and be subject to this Master Confirmation. This Master Confirmation and each Supplemental Confirmation together
shall constitute a “Confirmation” as referred to in the Agreement specified below.

The definitions
and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc., are incorporated into this Master Confirmation. This Master Confirmation
and each Supplemental Confirmation evidence a complete binding agreement between Counterparty and Dealer as to the subject matter
and terms of each Transaction to which this Master Confirmation and such Supplemental Confirmation relate and shall supersede all
prior or contemporaneous written or oral communications with respect thereto.

This Master
Confirmation and each Supplemental Confirmation supplement, form a part of, and are subject to an agreement in the form of the
ISDA 2002 Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed the Agreement on the
date of this Master Confirmation (but without any Schedule except for (i) the election of the law of the State of New York
as the governing law and US Dollars (“USD”) as the Termination Currency, (ii) the election that Multiple
Transaction Payment Netting will apply to any Transaction that constitutes an Equity Contract (as defined in Section 14 below)
and (iii) the election that the “Cross Default” provisions of Section 5(a)(vi) shall apply to Dealer and Counterparty,
with (a) the “Threshold Amount” with respect to the Dealer equal to two percent of Dealer’s shareholders’
equity on a consolidated basis as specified in its latest publicly available financials (or its equivalent in another currency)
and the “Threshold Amount” with respect to the Counterparty equal to USD 40 million and (b) the deletion of the words
“, or becoming capable at such time of being declared,” from clause (1) of Section 5(a)(vi).

 

     1

    

    

The Transactions
shall be the sole Transactions under the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or
any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist
between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation
or agreement or any other agreement to which Dealer and Counterparty are parties, the Transactions shall not be considered Transactions
under, or otherwise governed by, such existing or deemed ISDA Master Agreement.

All provisions
contained or incorporated by reference in the Agreement shall govern this Master Confirmation and each Supplemental Confirmation
except as expressly modified herein or in the related Supplemental Confirmation.

If, in relation
to any Transaction to which this Master Confirmation and a Supplemental Confirmation relate, there is any inconsistency between
the Agreement, this Master Confirmation, any Supplemental Confirmation and the Equity Definitions, the following will prevail for
purposes of such Transaction in the order of precedence indicated: (i) such Supplemental Confirmation; (ii) this Master
Confirmation; (iii) the Equity Definitions; and (iv) the Agreement.

1.                  
Each Transaction constitutes a Share Forward Transaction for the purposes of the Equity Definitions. Set forth below are
the terms and conditions that, together with the terms and conditions set forth in the Supplemental Confirmation relating to any
Transaction, shall govern such Transaction.

General Terms:

	 	Trade
Date:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 	 
		Buyer:	Counterparty
	 	 	 
	 	Seller:	Dealer
	 	 	 
	 	Shares:	Common stock, par value $0.01 per share, of Counterparty (Ticker: “TIF”).
	 	 	 
	 	Exchange:	The New York Stock Exchange 
	 	 	 
	 	Related
Exchange(s):	All Exchanges.
	 	 	 
	 	Prepayment/Variable	 
	 	Obligation:	Applicable
	 	 	 
	 	Prepayment
Amount:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 	 
	 	Prepayment
Date:	For each Transaction, as set forth in the related Supplemental Confirmation.

Valuation:

		VWAP Price:	For any Calculation Date,
subject to “Valuation Disruption” below, the Rule 10b-18 volume-weighted average price per Share for the regular trading
session (including any extensions thereof) of the Exchange on such Calculation Date (without regard to pre-open or after hours
trading outside of such regular trading session for such Calculation Date), as published by Bloomberg at 4:15 p.m. New York City
time (or 15 minutes following the end of any extension of the regular trading session) on such Calculation Date, on Bloomberg
page “TIF US <Equity> AQR_SEC” (or any successor thereto), or if such price is not so reported on such Calculation
Date for any reason or is, in the Calculation Agent’s commercially reasonable determination, manifestly erroneous, as determined
by the Calculation Agent in a commercially reasonable manner. For purposes of calculating the VWAP Price, the Calculation Agent
will include only those trades that are reported during the period of time during which

 

     2

    

    
		 	Counterparty could
purchase its own shares under Rule 10b-18(b)(2) and are effected pursuant to the conditions of Rule 10b-18(b)(3), each under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) (such trades, “Rule 10b-18 eligible
transactions”).
	 	 	 
	 	Forward
Price:	The arithmetic average of the VWAP Prices for the Calculation Dates in the Calculation Period, subject to “Valuation
Disruption” below.

	 	Calculation
Date:	For each Transaction, any date that is both an Exchange Business Day and is set forth as a Calculation Date in the related
Supplemental Confirmation.
	 	 	 
	 	Forward
Price	 
	 	Adjustment
Amount:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 	 
	 	Calculation
Period:	The period from and including the Calculation Period Start Date to and including the Termination Date.
	 	 	 
	 	Calculation
Period Start Date:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 	 
	 	Termination
Date:	The Scheduled Termination Date; provided that Dealer shall have the right to designate any Calculation Date on
or after the First Acceleration Date to be the Termination Date (the “Accelerated Termination Date”) for the
entire remaining Prepayment Amount or a portion thereof equal to no less than 25% of the initial Prepayment Amount, in either case
by delivering notice to Counterparty of any such designation prior to 8:00 p.m. New York City time on the Calculation Date immediately
following the designated Accelerated Termination Date; provided, however, that Dealer may designate no more than four (4)
Accelerated Termination Dates in respect of a single Transaction.
	 	 	 
	 	 	In
the case of any acceleration of the Termination Date in part for any Transaction (a “Partial Acceleration”),
(i) Dealer shall specify in its written notice to Counterparty accelerating the Termination Date the portion of the Prepayment
Amount for such Transaction that is subject to valuation on such Termination Date and (ii) the Calculation Agent shall make appropriate
technical adjustments in a commercially reasonable manner to the terms of such Transaction to reflect the partial settlement of
the Prepayment Amount (including cumulative adjustments to take into account all Partial Accelerations that occur during the term
of such Transaction).
	 	 	 
	 	Scheduled
Termination Date:	For each Transaction, as set forth in the related Supplemental Confirmation, subject to postponement as provided
in “Valuation Disruption” below.
	 	 	 
	 	First
Acceleration Date:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 	 
	 	Valuation
Disruption:	The definition of “Market Disruption Event” in Section 6.3(a) of the Equity Definitions is hereby amended
by deleting the words “at any time during the one-hour period that ends at the relevant Valuation Time, Latest Exercise Time,
Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” and inserting the words “at any time on any
Scheduled Trading Day during the Calculation Period or Settlement Valuation Period” after the word “material,”
in the third line thereof.
	 	 	 
	 	 	Section
6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled
Closing Time” in the fourth line thereof.

 

     3

    

    

	 	 	 
	 	 	Notwithstanding
anything to the contrary in the Equity Definitions, whenever a Disrupted Day occurs on a Calculation Date (i) in the Calculation
Period, the Calculation Agent may, in its good faith and commercially reasonable discretion, postpone the First Acceleration Date
and the Scheduled Termination Date, or (ii) in the Settlement Valuation Period, the Calculation Agent may extend the Settlement
Valuation Period, in each case, by one Calculation Date by delivering notice in writing to Counterparty of such postponement or
extension and any related adjustments within two (2) Scheduled Trading Days of such Disrupted Day or, if earlier, the previously
scheduled Scheduled Termination Date or last day of the Settlement Valuation Period, as applicable. If any such Disrupted Day is
a Disrupted Day because of a Market Disruption Event (or a deemed Market Disruption Event as provided herein), the Calculation
Agent shall determine whether (i) such Disrupted Day is a Disrupted Day in full, in which case the VWAP Price for such Disrupted
Day shall not be included for purposes of determining the Forward Price or the Settlement Price, as the case may be, or (ii) such
Disrupted Day is a Disrupted Day only in part, in which case the VWAP Price for such Disrupted Day shall be determined by the Calculation
Agent based on Rule 10b-18 eligible transactions in the Shares on such Disrupted Day effected before the relevant Market Disruption
Event occurred and/or after the relevant Market Disruption Event ended, and the weighting of the VWAP Price for the relevant Calculation
Dates during the Calculation Period or the Settlement Valuation Period, as the case may be, shall be adjusted in a commercially
reasonable manner by the Calculation Agent for purposes of determining the Forward Price or the Settlement Price, as the case may
be, with such adjustments based on, among other factors, the duration of any Market Disruption Event and the volume, historical
trading patterns and price of the Shares, and the Calculation Agent shall provide Counterparty notice of any such adjustments promptly
following such partially Disrupted Day. Any Calculation Date on which the Exchange is scheduled to close prior to its normal close
of trading shall be deemed to be a Disrupted Day in full.
	 	 	 
	 	 	If a
Disrupted Day occurs on a Calculation Date during the Calculation Period or the Settlement Valuation Period, as the case may be,
and each of the four immediately following Calculation Dates is a Disrupted Day, then the Calculation Agent, in its good faith
and commercially reasonable discretion, may deem such fourth Calculation Date to be a Calculation Date that is not a Disrupted
Day and determine the VWAP Price for such Calculation Date using its good faith and commercially reasonable estimate of the value
of the Shares on such Calculation Date based on the volume, historical trading patterns and price of the Shares and such other
commercially reasonable factors as it deems reasonably appropriate.

 

Settlement
Terms:

	 	Settlement
Procedures:	If the Number of Shares to be Delivered is positive, Physical Settlement shall be applicable; provided that
Dealer does not, and shall not, make the agreement or the representations set forth in Section 9.11 of the Equity Definitions related
only to the restrictions imposed by applicable securities laws with respect to any Shares delivered by Dealer to Counterparty under
any Transaction by virtue of Counterparty being the Issuer. If the Number of Shares to be Delivered is negative, then the Counterparty
Settlement Provisions in Annex A shall apply.
	 	 	 
	 	Number
of Shares	 
	 	to be
Delivered:	For each Transaction, a number of Shares equal to (x)(a) the Prepayment Amount divided by (b) the Divisor
Amount minus (y) the Initial Shares. Notwithstanding Section 9.2 of the Equity Definitions, the Number of Shares to 

 

     4

    

    
	 	 	be Delivered
shall be rounded to the nearest whole number of Shares and no Fractional Share Amount shall be delivered.
	 	 	 
	 	Divisor
Amount:	The greater of (i) the Forward Price minus the Forward Price Adjustment Amount and (ii) $1.00. Notwithstanding
anything to the contrary herein, in the Equity Definitions, in a Supplemental Confirmation or in the Agreement, in no event shall
(a) the Forward Price Adjustment Amount be less than zero or (b) clause (ii) of this definition of Divisor Amount be adjusted except
due to Potential Adjustment Event that has a dilutive or concentrative effect on the theoretical value of a Share.
	 	 	 

	 	Excess
Dividend Amount:	For the avoidance of doubt, all references to the Excess Dividend Amount shall be deleted from Section 9.2(a)(iii)
of the Equity Definitions.
	 	 	 
	 	Settlement
Date:	If the Number of Shares to be Delivered is positive, the date that is one Settlement Cycle immediately following the Termination
Date.
	 	 	 
	 	Settlement
Currency:	USD
	 	 	 
	 	Initial
Share Delivery:	For each Transaction, Dealer shall deliver a number of Shares equal to the Initial Shares to Counterparty on
the Initial Share Delivery Date in accordance with Section 9.4 of the Equity Definitions, with the Initial Share Delivery Date
deemed to be a “Settlement Date” for purposes of such Section 9.4.
	 	 	 
	 	Initial
Share Delivery Date:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 	 
	 	Initial
Shares:	For each Transaction, as set forth in the related Supplemental Confirmation.

 Share
Adjustments:

 

	 	Potential
Adjustment Event:	Notwithstanding anything to the contrary in Section 11.2(e) of the Equity Definitions, neither an Excess Dividend
or an Extraordinary Dividend nor any repurchases of Shares pursuant to the Other Specified Repurchase Agreement (as defined below)
shall constitute a Potential Adjustment Event.
	 	 	 
	 	 	It shall constitute an additional
Potential Adjustment Event if the Scheduled Termination Date for the relevant Transaction is postponed pursuant to “Valuation
Disruption” above, in which case the Calculation Agent shall, in a commercially reasonable manner and to maintain or unwind
a commercially reasonable hedge position, adjust any relevant terms of such Transaction as necessary to preserve as nearly as practicable
the fair value of such Transaction to the parties prior to such postponement.
	 	 	 
	 	Excess
Dividend:	For any calendar quarter, any dividend or distribution on the Shares with an ex-dividend date occurring during such
calendar quarter (other than any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A)
of the Equity Definitions or any Extraordinary Dividend) (a “Dividend”) the amount or value of which per Share
(as determined by the Calculation Agent), when aggregated with the amount or value (as determined by the Calculation Agent) of
any and all previous Dividends with ex-dividend dates occurring in the same calendar quarter, exceeds the Ordinary Dividend Amount.
	 	 	 
	 	Extraordinary
Dividend:	A per Share cash dividend or distribution, or a portion thereof, declared by Counterparty on the Shares that is classified
by the board of directors of Counterparty as an “extraordinary” dividend.
	 	 	 

 

     5

    

    

	 	Consequences
of Excess	 
	 	Dividend:	The declaration by the Issuer of any Excess Dividend, the ex-dividend date for which occurs or is scheduled to occur during the Relevant Dividend Period for any Transaction, shall constitute an Additional Termination Event in respect of such Transaction, with Counterparty as the sole Affected Party and such Transaction as the sole Affected Transaction. For the avoidance of doubt, upon the occurrence of an Additional Termination Event pursuant to the immediately preceding sentence, the economic effect of such change in amount or timing of a regular or expected dividend shall not be taken into account when calculating the Early Termination Amount. 
	 	 	 
	 	Ordinary
Dividend Amount:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 	 
	 	Method
of Adjustment:	Calculation Agent Adjustment
	 	 	 
	 	Early
Ordinary Dividend	 
	 	Payment: 	If an ex-dividend date for any Dividend that is not an Excess Dividend or Extraordinary Dividend occurs during any calendar quarter occurring (in whole or in part) during the Relevant Dividend Period (as defined below) and is prior to the Scheduled Ex-Dividend Date for such calendar quarter, the Calculation Agent shall make such commercially reasonable adjustment to the exercise, settlement, payment or any other terms of the relevant Transaction as the Calculation Agent determines appropriate to preserve the fair value of such Transaction to the parties after taking into account the timing of such Dividend. 
	 	 	 
	 	Scheduled
Ex-Dividend	 
	 	Dates:	For each Transaction for each calendar quarter, as set forth in the related Supplemental Confirmation.

Extraordinary
Events:

Consequences
of

Merger
Events:

		(a)	Share-for-Share:	Modified Calculation Agent Adjustment
	 	 	 	 
	 	(b)	Share-for-Other:	Cancellation and Payment
	 	 	 	 
	 	(c)	Share-for-Combined	Component Adjustment

 

	 	Tender
Offer:	Applicable; provided that Section 12.1(d) of the Equity Definitions shall be amended by replacing “10%”
in the third line thereof with “25%”.

Consequences
of

Tender
Offers:

 

		(a)	Share-for-Share:	Modified Calculation Agent Adjustment;
provided that, unless the Supplemental Confirmation provides that Regulatory Event is not applicable, in the event that
Dealer concludes, in its good faith and commercially reasonable discretion, upon advice of counsel that adjustment or continuance
of the Transaction is not appropriate following such Tender Offer as a result of any legal, regulatory or self-regulatory requirements
or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily
adopted by Dealer, but provided that such policies or procedures are related to legal, regulatory or self-regulatory issues

 

     6

    

    

		 	 	and are generally applicable
in similar situations and applied to any Transaction hereunder in a non-discriminatory manner) (a “Regulatory Event”),
Cancellation and Payment shall apply.
	 	 	 	 
	 	(b)	Share-for-Other:	Modified Calculation Agent Adjustment; provided that, unless the Supplemental Confirmation provides that Regulatory Event is not applicable, in the case of a Regulatory Event, Cancellation and Payment shall apply. 
	 	 	 	 
	 	(c)	Share-for-Combined:	Modified Calculation Agent Adjustment; provided that, unless the Supplemental Confirmation provides that Regulatory Event is not applicable, in the case of a Regulatory Event, Cancellation and Payment shall apply.  

 

Any adjustment
to the terms of any Transaction hereunder and the determination of any amounts due upon termination of any Transaction hereunder
as a result of a Merger Event, Tender Offer shall be made without duplication in respect of any prior adjustment hereunder (including,
without limitation, any prior adjustment pursuant to Section 9 below).

 

		Nationalization,	
	 	Insolvency
or Delisting:	Cancellation and Payment; provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity
Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately
re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market
(or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation
system, such exchange or quotation system shall be deemed to be the Exchange.

Additional
Disruption Events:

		(a)	Change in Law:	Applicable; provided that Section 12.9(a)(ii)
of the Equity Definitions is hereby amended by (i) replacing the parenthetical beginning after the word “regulation”
in the second line thereof with the phrase “(including, for the avoidance of doubt and without limitation, (x) any tax law
or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)”, (ii) replacing the phrase
“the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal
interpretation”, (iii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge
Positions”, and (iv) adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date” immediately
following the word “Transaction” in clause (X) thereof; provided further that any determination as to whether
(A) the adoption of or any change in any applicable law or regulation or (B) the promulgation of or any change in the interpretation
by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action
taken by a taxing authority), in each case, constitutes a “Change in Law” shall be made without regard to Section 739
of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation
enacted, or rule or

 

     7

    

    

		 	 	regulation
promulgated, on or after the Trade Date and (iv) deleting clause (Y) thereof. 
	 	 	 	 
	 	(b)	Hedging Disruptions:	Applicable  
	 	 	 	 
	 	(c)	Increased Cost of Hedging:	Not applicable  
	 	 	 	 
	 	(d)	Failure to Deliver:	Applicable  
	 	 	 	 
	 	(e)	Insolvency Filing:	Applicable  
	 	 	 	 
	 	(f)	Loss of Stock Borrow:	Applicable  

	 	 	Maximum
Stock Loan Rate:	200 basis points per annum
	 	 	 	 
		(g)	Increased Cost of Stock Borrow:	Applicable
	 	 	 	 
	 	 	Initial
Stock Loan Rate:	25 basis points per annum
	 	 	 	 
	 	 	Hedging
Party:	Dealer
	 	 	 	 
	 	 	Determining
Party:	Dealer; provided that following any determination or calculation by the Determining Party hereunder, upon a written
request by Counterparty, the Determining Party will promptly (but in any event within three Scheduled Trading Days) provide to
Counterparty reasonable details regarding the basis for such determination or calculation, as the case may be, it being understood
that the Determining Party shall not be obligated to disclose any proprietary or confidential models or other information that
is proprietary or that it is under contractual, legal or regulatory obligations not to disclose.

 

	Relevant
Dividend Period:	The period from and including the Calculation Period Start Date to and including the Relevant Dividend Period
End Date.
	 	 
	Relevant Dividend
Period	 
	End Date:	If
Annex A applies, the last day of the Settlement Valuation Period; otherwise, the Termination Date (or, if any Partial Acceleration
occurs, the Termination Date corresponding to the last Partial Acceleration of the relevant Transaction).
	 	 
	Non-Reliance/Agreements
and	 
	Acknowledgements Regarding	 
	Hedging Activities/Additional	 
	Acknowledgements:	Applicable
	 	 
	Transfer:	Notwithstanding anything to the contrary in the Agreement, Dealer may assign, transfer and set over all rights, title and interest, powers, privileges and remedies of Dealer under any Transaction, in whole or in part, to an affiliate of Dealer, with the prior written consent of Counterparty, which consent will not be unreasonably withheld or delayed. 
	 	 
	Counterparty’s
Payment and	 
	Delivery
Instructions:	To be advised 
	 	 
	Dealer’s
Payment and	 
	Delivery
Instructions:	To be provided by Dealer
	 	 
	Counterparty’s
Contact Details	 
	for Purpose
of Giving Notice:	Tiffany & Co.

 

     8

    

    
	 	200 Fifth
Avenue
	 	New York,
New York 10010
	 	Attn: Vice
President – Treasurer
	 	Telephone:
973-254-7612
	 	Email: Jason.Wong@Tiffany.com
	 	 
	 	With a copy
to:
	 	 
	 	Tiffany &
Co.
	 	200 Fifth
Avenue
	 	New York,
New York 10010
	 	Attn: Senior
Vice President, Secretary & General Counsel
	 	Telephone:
212-230-6863
	 	Email: Leigh.Harlan@Tiffany.com
	Dealer’s
Contact Details for	 
	Purpose of
Giving Notice:	MUFG Securities EMEA plc
	 	Ropemaker Place
	 	25 Ropemaker Street London EC2Y 9AJ
	 	 
	 	Group:           Derivative
Confirmations
	 	Facsimile:     +44 207 577 2898 / 2875
	 	Telephone:   +44 207 577 2669 / 2640
	 	Email:             docsconfirms@int.sc.mufg.jp
	 	 
	 	With a copy
to:
	 	EquitySolutions-Notifications@int.sc.mufg.jp;
	 	Michael.Gordon@mufgsecurities.com;
	 	Kathleen.Considine@mufgsecurities.com;
and
	 	Mayank.Mohan@mufgsecurities.com

2.                  
Calculation Agent.Dealer. Whenever the Calculation Agent is required to act or to exercise judgment in any way
with respect to any Transaction hereunder, it will do so in good faith and in a commercially reasonable manner. For the avoidance
of doubt, whenever the Calculation Agent is required to make an adjustment pursuant to the terms of this Master Confirmation or
the Equity Definitions to take into account the effect of an event, the Calculation Agent shall make such adjustment by reference
to the effect of such event on a hypothetical equity derivatives dealer, assuming that such hypothetical equity derivatives dealer
maintains a commercially reasonable Hedge Position.

Following any
adjustment, determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty, the Calculation
Agent will promptly (but in any event within three Scheduled Trading Days) provide to Counterparty reasonable details regarding
the basis for such adjustment, determination or calculation, as the case may be, it being understood that the Calculation Agent
shall not be obligated to disclose any proprietary or confidential models or other information that is proprietary or that it is
under contractual, legal or regulatory obligations not to disclose.

Notwithstanding
anything to the contrary in this Master Confirmation or any Supplemental Confirmation, the Calculation Agent shall not adjust the
dates identified as Calculation Dates in the relevant Supplemental Confirmation for any Transaction.

3.                  
Additional Mutual Representations, Warranties and Covenants of Each Party. In addition to the representations, warranties
and covenants in the Agreement, each party represents, warrants and covenants to the other party that:

(a)    
   Eligible Contract Participant. It is an “eligible contract participant”, as defined in the U.S. Commodity
Exchange Act (as amended), and is entering into each Transaction hereunder as principal (and not as agent or in any other capacity,
fiduciary or otherwise) and not for the benefit of any third party.

 

     9

    

    

(b)   
    Accredited Investor. Each party acknowledges that the offer and sale of each Transaction to it is intended to be
exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section
4(a)(2) thereof. Accordingly, each party represents and warrants to the other that (i) it has the financial ability to bear the
economic risk of its investment in each Transaction and is able to bear a total loss of its investment, (ii) it is an “accredited
investor” as that term is defined under Regulation D under the Securities Act and (iii) the disposition of each Transaction
is restricted under this Master Confirmation, the Securities Act and state securities laws.

4.                  
Additional Representations, Warranties and Covenants of Counterparty. In addition to the representations, warranties
and covenants in the Agreement, Counterparty represents, warrants and covenants to Dealer on the Trade Date for each Transaction
hereunder, that:

(a)      It
is not and, during the term of the Transaction, will not be, engaged in any “issuer tender offer” within the meaning
of Rule 13e-4 under the Exchange Act and it is not aware of any third party tender offer with respect to the Shares within the
meaning of Rule 13e-1 under the Exchange Act.

(b)      It
is not entering into any Transaction (i) on the basis of, and is not aware of, any material non-public information with respect
to the Shares (or, if applicable, any material non-public information with respect to any Alternative Delivery Property or the
issuer of any Alternative Delivery Property), (ii) in anticipation of, in connection with, or to facilitate, a distribution of
its securities, a self-tender offer or a third-party tender offer in violation of the Exchange Act or (iii) to create actual or
apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress
or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares), in each case
in violation of the Exchange Act.

(c)      Each
Transaction is being entered into pursuant to a publicly disclosed Share buy-back program and its Board of Directors has approved
the use of accelerated share repurchase or other structured repurchase transactions to effect the Share buy-back program.

(d)      Without
limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its
affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment
of any Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging,
or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s
Own Equity.

(e)      As
of the Trade Date for each Transaction hereunder, Counterparty’s most recent Annual Report on Form 10-K, together with all
reports subsequently filed by it pursuant to the Exchange Act, taken together and as amended and supplemented to the date of this
representation, do not, as of their respective filing dates, contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

(f)       Counterparty
shall report each Transaction it determines, based on advice of counsel, is required under the Exchange Act and the rules and regulations
thereunder.

(g)      The
Shares are not, and Counterparty will not cause the Shares to be, subject to a “restricted period” (as defined in Regulation
M promulgated under the Exchange Act) at any time during any Regulation M Period (as defined below) for any Transaction unless
Counterparty has provided written notice to Dealer of such restricted period not later than the Scheduled Trading Day immediately
preceding the first day of such “restricted period”; Counterparty acknowledges that any such notice may cause a Disrupted
Day to occur pursuant to Section 5 below; accordingly, Counterparty acknowledges that its delivery of such notice must comply with
the standards set forth in Section 6 below; “Regulation M Period” means, for any Transaction, (i) the Relevant
Period (as defined below) and (ii) the Settlement Valuation Period, if any, for such Transaction. “Relevant Period”
means, for any Transaction, the period commencing on the Calculation Period Start Date for such Transaction and ending on the

 

     10

    

    
earlier
of (i) the Scheduled Termination Date and (ii) the last Additional Relevant Day (as specified in the related Supplemental Confirmation)
for such Transaction, or such earlier day as elected by Dealer and communicated to Counterparty on such day (or, if later, the
First Acceleration Date without regard to any acceleration thereof pursuant to “Special Provisions for Acquisition Transaction
Announcements” below).

(h)      As
of the Trade Date, the Prepayment Date, the Initial Share Delivery Date (if applicable) and any Cash Settlement Payment Date with
respect to which Cash Settlement is applicable, Counterparty is not “insolvent” (as such term is defined under Section
101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and, as of
the Trade Date, Counterparty would be able to purchase a number of Shares with a value equal to the Prepayment Amount in compliance
with the laws of the jurisdiction of Counterparty’s incorporation.

(i)       Counterparty
is not and, after giving effect to any Transaction, will not be, required to register as an “investment company” as
such term is defined in the Investment Company Act of 1940, as amended.

(j)       Counterparty
has not and will not enter into agreements, other than with Dealer or an affiliate of Dealer or an Other Specified Repurchase Agreement,
relating to any transactions similar to the Transactions described herein where any initial hedge period, calculation period, relevant
period or settlement valuation period (each however defined) in such other transaction will overlap at any time (including as a
result of extensions in such initial hedge period, calculation period, relevant period or settlement valuation period as provided
in the relevant agreements) with any Relevant Period or, if applicable, any Settlement Valuation Period under this Master Confirmation.
In the event that the initial hedge period, calculation period, relevant period or settlement valuation period in any such other
similar transaction overlaps with any Relevant Period or, if applicable, Settlement Valuation Period under this Master Confirmation
as a result of any postponement of the Scheduled Termination Date or extension of the Settlement Valuation Period pursuant to “Valuation
Disruption” above, Counterparty shall as promptly as practicable under the circumstances amend such transaction to avoid
any such overlap. “Other Specified Repurchase Agreement” means, for any Transaction, any other prepaid variable
share repurchase agreement that is entered into on the Trade Date for such Transaction and the calculation dates or valuation dates
for the transaction under such agreement do not occur on any Calculation Date hereunder.

(k)      Counterparty
owns or controls cash, cash equivalents and securities of unaffiliated issuers in excess of USD 100 million.

(l)       Counterparty
is not relying, and has not relied upon, Dealer or any of its affiliates with respect to the legal, accounting, tax or other implications
of this Agreement and the Transaction and it has conducted its own analyses of the legal, accounting, tax and other implications
of this Agreement and the Transaction (including, without limitation, the treatment of the Transaction under any accounting standards).
Further, it acknowledges and agrees that neither Dealer nor any affiliate of Dealer has acted as its advisor in any capacity in
connection with this Agreement or the transactions contemplated hereby. The Counterparty is entering into this Agreement with a
full understanding of all of the terms and risks hereof (economic and otherwise), has adequate expertise in financial matters to
evaluate those terms and risks and is capable of assuming (financially and otherwise) those risks.

Additional
Representations, Warranties and Covenants of Dealer. In addition to the representations, warranties and covenants in the Agreement,
Dealer represents, warrants and covenants to Counterparty that:

 

		(i)	Dealer agrees that, with respect to purchases of Shares by Dealer or any
of its affiliates in connection with its hedging activities in relation to any Transaction, Dealer or such affiliate will use commercially
reasonable efforts, during any Settlement Valuation Period for any Transaction, to make all purchases of Shares in connection with
such Transaction in a manner that would comply with the limitations set forth in clauses (b)(1), (b)(2), (b)(3) and (b)(4) and
(c) of Rule 10b-18, as if such rule were applicable to such purchases and taking into account any applicable Securities and Exchange
Commission no-action letters as appropriate, and subject to any delays between the execution and reporting of a trade of the Shares
on the Exchange and other circumstances reasonably beyond Dealer’s control.

     11

    

    

		(ii)	Dealer and its affiliates have implemented reasonable policies and procedures,
taking into consideration the nature of their business, designed to ensure that individuals making investment decisions related
to each Transaction do not violate laws prohibiting trading on the basis of material non-public information.

		(iii)	On the last day of the Relevant Period or, if applicable, the Settlement
Valuation Period of a Transaction, Dealer shall send a notice to the Designated Dealer as specified in the Supplemental Confirmation,
with a copy to Counterparty, notifying the Designated Dealer that any Dealer purchase activity in connection with the Transaction
has been completed.

5.                  
Regulatory Disruption. In the event that Dealer concludes, in its good faith and commercially reasonable discretion,
upon advice of counsel that it is appropriate with respect to any legal, regulatory or self-regulatory requirements or related
policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted
by Dealer, but provided that such policies or procedures are related to legal, regulatory or self-regulatory issues and are generally
applicable in similar situations and applied to any Transaction hereunder in a non-discriminatory manner), for it to refrain from
or decrease any market activity in which it would otherwise engage in order to establish or maintain a commercially reasonable
Hedge Position in connection with a Transaction on any Scheduled Trading Day or Days during the Calculation Period or, if applicable,
the Settlement Valuation Period, Dealer may by written notice to Counterparty elect to deem that a Market Disruption Event has
occurred and will be continuing on such Scheduled Trading Day or Days, subject to the other provisions under “Valuation Disruption”
under Section 1 above; provided that if such deemed Market Disruption Event is deemed to have occurred solely in response
to any requirements, policies or procedures that have been voluntarily adopted by Dealer, such Scheduled Trading Day or Days will
each be a Disrupted Day in full.

6.                  
10b5-1 Plan. Counterparty represents, warrants and covenants to Dealer that:

(a)            Counterparty
is entering into this Master Confirmation and each Transaction hereunder in good faith and not as part of a plan or scheme to evade
the prohibitions of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) or any other antifraud or anti-manipulation
provisions of the federal or applicable state securities laws and that it has not entered into or altered and will not enter into
or alter any corresponding or hedging transaction or position with respect to the Shares. Counterparty acknowledges that it is
the intent of the parties that each Transaction entered into under this Master Confirmation comply with the requirements of paragraphs
(c)(1)(i)(A) and (B) of Rule 10b5-1 and each Transaction entered into under this Master Confirmation shall be interpreted to comply
with the requirements of Rule 10b5-1(c).

(b)            Counterparty
will not seek to control or influence Dealer’s decision over how, when or whether to make any “purchases or sales”
(within the meaning of Rule 10b5-1(c)(1)(i)(B)(3)) under any Transaction entered into under this Master Confirmation, including,
without limitation, the price paid per Share pursuant to such purchases, whether such purchases are made on any securities exchange
or privately, or Dealer’s decision to enter into any hedging transactions. Counterparty represents and warrants that it has
consulted with its own advisors as to the legal aspects of its adoption and implementation of this Master Confirmation and each
Supplemental Confirmation under Rule 10b5-1.

(c)            Counterparty
acknowledges and agrees that any amendment, modification or waiver of this Master Confirmation or the relevant Supplemental Confirmation
must be effected in accordance with the requirements for the amendment of a “plan” as defined in Rule 10b5-1(c). Without
limiting the generality of the foregoing, any such amendment, modification or waiver shall be made in good faith and not as part
of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment, modification or waiver shall be made at any
time at which Counterparty is aware of any material non-public information regarding Counterparty or the Shares.

7.                  
Counterparty Purchases. Counterparty (or any “affiliated purchaser” as defined in Rule 10b-18) shall
not, without the prior written consent of Dealer, directly or indirectly purchase any Shares (including by means of a derivative
instrument), listed contracts on the Shares or securities that are convertible into, or exchangeable or exercisable for Shares
(including, without limitation, any Rule 10b-18 purchases of blocks (as defined in Rule 10b-

 

     12

    

    
18)) during any Relevant Period or,
if applicable, Settlement Valuation Period, except through Dealer or an affiliate of Dealer or pursuant to any Other Specified
Repurchase Agreement; provided that this Section 7 shall not apply to any (i) privately negotiated, unsolicited or off-market
purchase of Shares (or any security convertible into or exchangeable or exercisable for Shares); (ii) purchase of Shares pursuant
to the exercise of any stock option or employee benefit or similar arrangement granted to former or current employees, officers,
directors, or other affiliates of Counterparty, including the withholding and/or purchase of Shares from holders of such options
or other employee benefits or similar arrangements to satisfy payment of the option exercise price (or similar obligation) and/or
satisfy tax withholding requirements in connection with the exercise of such option or other employee benefits or similar arrangements;
(iii) purchase of Shares from holders of performance shares or units or restricted shares or units to satisfy tax withholding requirements
in connection with vesting; (iv) the conversion or exchange by holders of any convertible or exchangeable securities of the Counterparty
previously issued; or (v) purchase of Shares effected by or for a plan by an agent independent of Counterparty, in each case, to
the extent that such transaction or event does not constitute a “Rule 10b-18 purchase” (as defined in Rule 10b-18).

8.                  
Special Provisions for Merger Transactions. Notwithstanding anything to the contrary herein or in the Equity Definitions:

(a)            Counterparty
agrees that it:

(i)              
will not during the period commencing on the Trade Date through the end of the Relevant Period or, if applicable, the Settlement
Valuation Period for any Transaction make, or, to the extent within its control, permit to be made, any public announcement (as
defined in Rule 165(f) under the Securities Act) of any Merger Transaction or potential Merger Transaction unless such public announcement
is made prior to the opening or after the close of the regular trading session on the Exchange for the Shares;

(ii)               
shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) notify Dealer
following any such announcement that such announcement has been made; and

(iii)               
shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange following such
announcement) provide Dealer with written notice specifying (i) Counterparty’s average daily Rule 10b-18 Purchases (as defined
in Rule 10b-18) during the three full calendar months immediately preceding the announcement date that were not effected through
Dealer or its affiliates and (ii) the number of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange
Act for the three full calendar months preceding the announcement date. Such written notice shall be deemed to be a certification
by Counterparty to Dealer that such information is true and correct. In addition, Counterparty shall promptly after the earlier
to occur of the completion of such transaction and the completion of the vote by target shareholders notify Dealer of such occurrence.
Counterparty acknowledges that any such notice may cause a Disrupted Day to occur pursuant to Section 5; accordingly, Counterparty
acknowledges that its delivery of such notice must comply with the standards set forth in Section 6 above.

“Merger
Transaction” means any merger, acquisition or similar transaction involving a recapitalization as contemplated by Rule
10b-18(a)(13)(iv) under the Exchange Act, other than, solely for purposes of this Section 8, any such transaction in which the
consideration consists solely of cash and there is no valuation period.

9.                  
Special Provisions for Acquisition Transaction Announcements. (a) Without prejudice to the provisions in Sections
12.2 and 12.3 of the Equity Definitions relating to the occurrence of a Merger Event or Tender Offer, (i) if an Acquisition
Transaction Announcement occurs after the Trade Date and on or prior to any Settlement Date, Cash Settlement Payment Date or other
date of payment or delivery in the case of an early termination or cancellation of a Transaction or any portion thereof for any
Transaction, then the Number of Shares to be Delivered for such Transaction shall each be determined by making a commercially reasonable
adjustment to the Forward Price Adjustment Amount solely to account for the economic effect of such Acquisition Transaction Announcement,
provided that the Forward Price Adjustment Amount shall not be less than zero and (ii) if an Acquisition

 

     13

    

    
Transaction
Announcement occurs after the Trade Date, but prior to the First Acceleration Date of any Transaction, the First Acceleration Date
shall be the date of such Acquisition Transaction Announcement.

(b)            “Acquisition
Transaction Announcement” means (i) the announcement of an event that, if consummated, would result in an Acquisition
Transaction, (ii) an announcement that Issuer or any of its subsidiaries has entered into an agreement, a letter of intent or an
understanding that, if consummated, would result in an Acquisition Transaction, (iii) the announcement of the intention to solicit
or enter into, or to explore strategic alternatives or other similar undertaking that includes (as stated in such announcement),
an Acquisition Transaction, (iv) any other announcement that in the reasonable judgment of the Calculation Agent is reasonably
likely to result in an Acquisition Transaction, or (v) any announcement of any change or amendment to any previous Acquisition
Transaction Announcement (including any announcement of the abandonment of any such previously announced Acquisition Transaction,
letter of intent, understanding or intention). For the avoidance of doubt, announcements as used in the definition of Acquisition
Transaction Announcement refer to any public announcement, made by the Issuer or other party to the Acquisition Transaction.

(c)            “Acquisition
Transaction” means (i) any Merger Event (for purposes of this definition, the definition of Merger Event shall be read
with the references therein to “100%” being replaced by “25%” and references to “50%” being
replaced by “66.7%” and without reference to the clause beginning immediately following the definition of Reverse Merger
therein to the end of such definition), Tender Offer or Merger Transaction (provided that, for purposes of this Section 9, the
Merger Transaction involves consideration (x) valued in excess of 30% of the market capitalization of Counterparty measured immediately
prior to the relevant time of such announcement or (y) consisting of a number of Shares that exceeds 30% of the number of outstanding
Shares on the relevant date and immediately prior to such announcement) or any other transaction involving the merger of Issuer
with or into any third party, (ii) the sale or transfer of all or substantially all of the assets of Issuer, (iii) any acquisition,
lease, exchange, transfer, disposition (including by way of spin-off or distribution) of assets (including any capital stock or
other ownership interests in subsidiaries) or other similar event by Issuer or any of its subsidiaries where the aggregate consideration
transferable or receivable by or to Issuer or its subsidiaries exceeds 30% of the market capitalization of Issuer measured immediately
prior to the relevant time of such announcement and (v) any transaction in which Issuer or its board of directors has a legal obligation
to make a recommendation to its shareholders in respect of such transaction (whether pursuant to Rule 14e-2 under the Exchange
Act or otherwise); provided that, notwithstanding the foregoing, it shall not constitute an Acquisition Transaction if the
relevant transaction or event is solely between Counterparty and one or more of Counterparty’s wholly owned subsidiaries,
or solely between one or more wholly owned subsidiaries of Counterparty and one or more of Counterparty’s wholly owned subsidiaries.

		10.	Acknowledgments.

(a)            The
parties hereto intend for:

(i)           
each Transaction to be a “securities contract” as defined in Section 741(7) of the Bankruptcy Code, a “swap
agreement” as defined in Section 101(53B) of the Bankruptcy Code and a “forward contract” as defined in Section
101(25) of the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections
362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 555, 556, 560 and 561 of the Bankruptcy Code;

(ii)           
the Agreement to be a “master netting agreement” as defined in Section 101(38A) of the Bankruptcy Code;

(iii)           
a party’s right to liquidate, terminate or accelerate any Transaction, net out or offset termination values or payment
amounts, and to exercise any other remedies upon the occurrence of any Event of Default or Termination Event under the Agreement
with respect to the other party or any Extraordinary Event that results in the termination or cancellation of any Transaction to
constitute a “contractual right” (as defined in the Bankruptcy Code); and

 

     14

    

    

(iv)           
all payments for, under or in connection with each Transaction, all payments for the Shares (including, for the avoidance
of doubt, payment of the Prepayment Amount) and the transfer of such Shares to constitute “settlement payments” and
“transfers” (as defined in the Bankruptcy Code).

(b)           
Counterparty acknowledges that:

(i)       during
the term of any Transaction, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures
contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect
to such Transaction;

(ii)       Dealer
and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than in connection
with hedging activities in relation to any Transaction, including acting as agent or as principal and for its own account or on
behalf of customers;

(iii)       Dealer
shall make its own determination as to whether, when or in what manner any hedging or market activities in Counterparty’s
securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect
to the Forward Price and the VWAP Price;

(iv)       any
market activities of Dealer and its affiliates with respect to the Shares may affect the market price and volatility of the Shares,
as well as the Forward Price and VWAP Price, each in a manner that may be adverse to Counterparty; and

(v)       each
Transaction is a derivatives transaction in which it has granted Dealer an option; Dealer may purchase shares for its own account
at an average price that may be greater than, or less than, the price paid by Counterparty under the terms of the related Transaction.

11.               
Capacity of Dealer. The parties acknowledge and agree that Dealer is not a U.S. registered broker-dealer, and that
its participation in this Agreement and any Transaction is pursuant and subject to Rule 15a-6. The parties acknowledge and agree
that Dealer’s U.S. registered broker-dealer affiliate, MUFG Securities Americas Inc. (its “U.S. Affiliate”),
will act as Dealer’s chaperone for purposes of the activities contemplated in this Agreement, and that any reference to any
obligation of Dealer in this Agreement, shall – to the extent that such obligations are required to be carried out by a registered
broker or dealer under Rule 15a-6 – be deemed to be a requirement that Dealer procure that U.S. Affiliate perform such obligations.
Such obligations include but are not limited to effecting transactions, issuing confirmations, maintaining books and records, participating
in oral communications, and obtaining certain representations and consents.

12.               
Amendments to Equity Definitions.

		(i)	Section 11.2(a) of the Equity Definitions is hereby amended by deleting the words “a diluting
or concentrative effect on the theoretical value of the relevant Shares” and replacing them with the words “a material
economic effect on the relevant Transaction”;

		(ii)	Section 11.2(c) of the Equity Definitions is hereby amended by (i) replacing the words “a diluting or concentrative effect
on the theoretical value of the relevant Shares” with “a material economic effect on the relevant Transaction”
in the fifth line thereof, (ii) replacing the words “diluting or concentrative” in the sixth to last line thereof with
“material economic”, and (iii) deleting the phrase “(provided that no adjustments will be made to account solely
for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)” and replacing
such latter phrase with the words “(and, for the avoidance of doubt, adjustments may be made to account solely for changes
in volatility, stock loan rate or liquidity relative to the relevant Shares)”;

		(iii)	Section 11.2(e)(vii) of the Equity Definitions is hereby amended by (i) deleting the word “event”
and replacing it with the words “corporate action by the Issuer” and (ii) deleting the words

 

     15

    

    

	 	 	 “diluting or concentrative
effect on the theoretical value of the relevant Shares” and replacing them with the words “material economic effect
on the relevant Transaction”;
	 	 	 
		(iv)	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line
thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected
by such Hedging Disruption”; and

		(v)	Section 12.9(b)(iv) of the Equity Definitions is hereby amended by (A) deleting (1) subsection
(A) in its entirety, (2) the phrase “or (B)” following subsection (A) and (3) the phrase “in each case”
in subsection (B); and (B) deleting the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares in the amount
of the Hedging Shares or” in the penultimate sentence.

13.               
No Collateral. The parties hereto acknowledge that no Transaction hereunder is secured by any collateral that would
otherwise secure the obligations of Counterparty herein or pursuant to the Agreement.

14.               
No Set-off or Netting. Except to the extent that “Multiple Transaction Payment Netting” applies pursuant
to Section 2(c) of the Agreement, obligations under the Transactions shall not be netted, recouped or set off (including pursuant
to Section 6 of the Agreement) against any other obligations of the parties, whether arising under the Agreement, this Master Confirmation
or any Supplemental Confirmation, or under any other agreement between the parties hereto, by operation of law or otherwise, and
no obligations of the parties other than under the Transactions shall be netted, recouped or set off (including pursuant to Section
6 of the Agreement) against obligations under any Transaction, whether arising under the Agreement, this Master Confirmation or
any Supplemental Confirmation, or under any other agreement between the parties hereto, by operation of law or otherwise, and each
party hereby waives any such right of set-off, netting or recoupment.

 

“Equity Contract” means any transaction or instrument
that does not convey to Dealer rights, or the ability to assert claims, that are senior to the rights and claims of common stockholders
in the event of Counterparty’s bankruptcy.

15.               
Delivery of Shares. Notwithstanding anything to the contrary herein, Dealer may, by prior notice to Counterparty,
satisfy its obligation to deliver any Shares or other securities on any date due (an “Original Delivery Date”)
by making separate deliveries of Shares or such securities, as the case may be, at more than one time on or prior to such Original
Delivery Date, so long as the aggregate number of Shares and other securities so delivered on or prior to such Original Delivery
Date is equal to the number required to be delivered on such Original Delivery Date. For the avoidance of doubt, in no event shall
Counterparty be obligated to return any Shares delivered by Dealer pursuant to this provision.

16.               
Early Termination. In the event that (i) an Early Termination Date (whether as a result of an Event of Default or
a Termination Event) occurs or is designated with respect to any Transaction (except as a result of a Merger Event in which the
consideration or proceeds to be paid to all holders of Shares consists solely of cash) or (ii) the Transaction is cancelled or
terminated upon the occurrence of an Extraordinary Event, if either party would owe any amount to the other party pursuant to Section
6(e) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment
Amount”), then, in lieu of any payment of such Payment Amount, unless Counterparty makes an election that the provisions
of this Section 16 providing for the delivery of Shares or Alternative Delivery Units, as the case may be, shall not apply (such
election to be made no later than the Early Termination Date or the date on which such Transaction is terminated or cancelled),
Counterparty or Dealer, as the case may be, shall deliver to the other party a number of Shares (or, in the case of a Merger Event,
a number of units, each comprising the number or amount of the securities or property that a hypothetical holder of one Share would
receive in such Merger Event, as the case may be (each such unit, an “Alternative Delivery Unit” and, the securities
or property comprising such unit, “Alternative Delivery Property”)) with a value equal to the Payment Amount,
as determined by the Calculation Agent over a commercially reasonable period of time (and the parties agree that, in making such
determination of value, the Calculation Agent may take into account a number of factors, including the market price of the Shares
or Alternative Delivery Property on the date of early termination and, if such delivery is made by Dealer, the prices at which
Dealer purchases in a commercially reasonable manner Shares or Alternative Delivery Property to fulfill its delivery obligations
under this Section 16); provided that in determining the composition of any Alternative Delivery Unit, if

 

     16

    

    
the relevant Merger
Event involves a choice of consideration to be received by all holders, such holder shall be deemed to have elected to receive
the maximum possible amount of cash; and provided further that Counterparty shall make the representation in Section 4(b) as of
the date of such election. If such delivery is made by Counterparty, paragraphs 2 through 7 of Annex A shall apply as if such delivery
were a settlement of the Transaction to which Net Share Settlement applied, (i) the Settlement Method Election Date and the Cash
Settlement Payment Date were the Early Termination Date or the date on which such Transaction is terminated or cancelled, as applicable,
(ii)the Forward Cash Settlement Amount were zero (0) minus the Payment Amount owed by Counterparty (and, for the avoidance
of doubt, the definitions of Settlement Price and Settlement Valuation Period shall not apply) and (iii) in the case of a Merger
Event, references to “Shares” shall be references to “Alternative Delivery Units”.

17.               
Payment Date upon Early Termination. Notwithstanding anything to the contrary in Section 6(d)(ii) of the Agreement,
if Counterparty is entitled to receive or obligated to deliver Shares or Alternative Delivery Property in accordance with Section
16, such Shares or Alternative Delivery Property shall be delivered on the date selected by the Calculation Agent as promptly as
practicable.

18.               
Automatic Termination Provisions. Notwithstanding anything to the contrary in Section 6 of the Agreement, if a Termination
Price and an Automatic Termination Trigger are specified in any Supplemental Confirmation, then an Additional Termination Event
with Counterparty as the sole Affected Party and the Transaction to which such Supplemental Confirmation relates as the sole Affected
Transaction will automatically occur without any notice or action by Dealer or Counterparty if the closing price per Share on the
Exchange for a number of consecutive Exchange Business Days equal to the Automatic Termination Trigger during the period from,
but excluding, the Trade Date to, and including, the First Acceleration Date is below such Termination Price. In such an instance,
the last Exchange Business Day of the Automatic Termination Trigger will be the “Early Termination Date” for purposes
of the Agreement.

19.               
Delivery of Cash. For the avoidance of doubt, nothing in this Master Confirmation shall be interpreted as requiring
Counterparty to deliver cash in respect of the settlement of the Transactions contemplated by this Master Confirmation following
payment by Counterparty of the relevant Prepayment Amount, except in circumstances where the required cash settlement thereof is
permitted for classification of the contract as equity by ASC 815-40, Derivatives and Hedging – Contracts in Entity’s
Own Equity, as in effect on the relevant Trade Date (including, without limitation, where Counterparty so elects to deliver
cash or fails timely to elect to deliver Shares or Alternative Delivery Property in respect of the settlement of such Transactions).

20.               
Extraordinary Dividend. If Counterparty declares any Extraordinary Dividend that has an ex-dividend date during the period
commencing on the Trade Date for any Transaction and ending of the last day of the Relevant Dividend Period for such Transaction,
then prior to or on the date on which such Extraordinary Dividend is paid by Counterparty to holders of record, Counterparty shall
pay to Dealer, for each Transaction under this Master Confirmation, an amount in cash equal to the product of (i) the amount of
such Extraordinary Dividend and (ii) the theoretical short delta number of shares, if any, as of the opening of business on the
related ex-dividend date, as determined by the Calculation Agent, required for Dealer to hedge its exposure to such Transaction.

21.               
Claim in Bankruptcy. Dealer acknowledges and agrees that this Master Confirmation is not intended to convey to it
rights with respect to the Transactions that are senior to the claims of common stockholders in the event of Counterparty’s
bankruptcy.

22.              
Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall Street Transparency and
Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation
under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair either party’s
otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Master Confirmation, any Supplemental Confirmation
or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change
or similar event under this Master Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not
limited to, rights arising from Change in Law or Illegality (as defined in the Agreement)).

23.               
Tax 

 

     17

    

    

(a)       Payer
Tax Representations. For the purpose of Section 3(e) of this Agreement, Counterparty will make the following representation
and Dealer will make the following representation:

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

(b)        Payee
Tax Representations. For the purpose of Section 3(f) of the Agreement, Counterparty and Dealer make the representations specified
below:

Counterparty
makes the following representations:

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

Dealer makes
the following representations:

Dealer
is a “non-U.S. branch of a foreign person” as that term is used in Section 1.1441-4(a)(3)(ii) of the Regulations, and
it is a “foreign person” as that term is used in Section 1.6041-4(a)(4) of the Regulations.

Dealer
is a “Qualified Derivatives Dealer”, as defined for purposes of Chapter 3 of the United States Internal Revenue Code
of 1986, as amended, and is acting as a principal with respect to any Transaction under this Master Confirmation.

(c)        Tax
Documents. Section 4(a)(iii) of the Agreement is hereby amended by adding prior to the existing text: “upon the earlier
of learning that any such form or document is required or”.

(d)       Change
of Account. Section 2(b) of the Agreement is hereby amended by the addition of the following after the word “delivery”
in the first line thereof: “to another account in the same legal and tax jurisdiction”.

(e)       ISDA
2015 Section 871(m) Protocol. The parties agree that the definitions and provisions contained in the Attachment to the ISDA
2015 Section 871(m) Protocol, as published by the International Swaps and Derivatives Association, Inc., are incorporated into
and apply to this Master Confirmation and any Transaction hereunder as if set forth in full herein.

(f)       Foreign
Account Tax Compliance Act. The parties agree that the definitions and provisions contained in the ISDA 2012 FATCA Protocol
as published by the International Swaps and Derivatives Association, Inc. on August 15, 2012, are incorporated into and apply to
the Agreement as if set forth in full herein.

(g)       Tax
Forms. Counterparty shall provide to Dealer a valid U.S. Internal Revenue Service Form W-9, or any successor thereto, (i) on
or before the date of execution of this Master Confirmation and (ii) promptly upon learning that any such tax form previously provided
by Counterparty has become obsolete or incorrect.  The Dealer shall provide to Counterparty a valid United States Internal
Revenue Service Form W-8IMY (including, if required, a withholding statement identifying this Agreement) certifying that the Dealer
is a “Qualified Derivatives Dealer” (i) upon the execution of this Master Confirmation, (ii) promptly upon reasonable
demand by

 

     18

    

    
Counterparty and (iii) promptly upon learning that any such form previously provided by the Dealer has become invalid,
obsolete or incorrect

24.               
EMIR Portfolio Reconciliation and NFC Representation Protocol

(a)    
2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol. The parties agree that the terms
of the Attachment to the 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol published by ISDA on July
19, 2013 (“Protocol”) apply to this Agreement as if the parties had adhered to the Protocol without amendment.
In respect of the Attachment to the Protocol, (i) the definition of “Adherence Letter” shall be deemed to be deleted
and references to “Adherence Letter” shall be deemed to be to this Section 24(a) (and references to “such party’s
Adherence Letter” and “its Adherence Letter” shall be read accordingly), (ii) references to “adheres to
the Protocol” shall be deemed to be “enters into this Agreement”, (iii) references to “Protocol Covered
Agreement” shall be deemed to be references to this Agreement (and each “Protocol Covered Agreement” shall be
read accordingly), and (iv) references to “Implementation Date” shall be deemed to be references to the date of this
Agreement. For the purposes of this Section 24(a):

(i) Dealer is a Portfolio Data Sending Entity and
Counterparty is a Portfolio Data Receiving Entity.

(ii) Dealer and Counterparty may
use a Third Party Service Provider, and each of Dealer and Counterparty consents to such use including the communication of the
relevant data in relation to Dealer and Counterparty to such Third Party Service Provider for the purposes of the reconciliation
services provided by such entity.

(iii) The Local Business Days for such purposes in
relation to Dealer are London, and in relation to Counterparty are New York.

(iv) The provisions in this paragraph shall survive
the termination of this Agreement.

(v) The following are the applicable email addresses.

Portfolio Data:

Dealer: OPS-ClientValuations@int.sc.mufg.jp

Counterparty: To be provided by
Counterparty

Notice of discrepancy:

Dealer: OPS-ClientValuations@int.sc.mufg.jp

Counterparty: To be provided by
Counterparty

Dispute Notice:

Dealer: OPS-ClientValuations@int.sc.mufg.jp

Counterparty: To be provided by
Counterparty

(b)   
 NFC Representation Protocol. The parties agree that the provisions set out in the Attachment to the ISDA 2013 EMIR
NFC Representation Protocol published by ISDA on March 8, 2013 (the “NFC Representation Protocol”) shall apply
to this Agreement as if each party were an Adhering Party under the terms of the NFC Representation Protocol. In respect of the
Attachment to the Protocol, (i) the definition of “Adherence Letter” shall be deemed to be deleted and references to
“Adherence Letter” shall be deemed to be to this paragraph 24(b) (and references to “the relevant Adherence Letter”
and “its Adherence Letter” shall be read accordingly), (ii) references to “adheres to the Protocol” shall
be “enters into this Agreement”, (iii) references to “Covered Master Agreement” shall be deemed to be references
to this Agreement (and each “Covered Master Agreement” shall be read accordingly), and (iv) references to “Implementation
Date” shall be deemed to be references to the date of this Agreement. The Counterparty confirms that it enters into this
Agreement as a party making the NFC Representation (as such term is defined in the NFC Representation Protocol). The Counterparty
shall promptly send any required

 

     19

    

    
notification under the NFC Representation Protocol to Dealer (with a copy to MUSICMP.EMIREnquiries@int.sc.mufg.jp).

25.               
Transaction Reporting - Consent for Disclosure of Information. 

Notwithstanding anything to the
contrary herein or in the Agreement or any non-disclosure, confidentiality or other agreements entered into between the parties
from time to time, each party hereby consents to the Disclosure of information (the “Reporting Consent”):

		(i)	to the extent required by, or necessary in order to comply with, any applicable law, rule or regulation
which mandates Disclosure of transaction and similar information or to the extent required by, or necessary in order to comply
with, any order, request or directive regarding Disclosure of transaction and similar information issued by any relevant authority
or body or agency (“Reporting Requirements”); or

		(ii)	to and between the other party’s head office, branches or affiliates; to any person, agent,
third party or entity who provides services to such other party or its head office, branches or affiliates; to a Market; or to
any trade data repository or any systems or services operated by any trade repository or Market, in each case, in connection with
such Reporting Requirements.

“Disclosure”
means disclosure, reporting, retention, or any action similar or analogous to any of the aforementioned.

“Market”
means any exchange, regulated market, clearing house, central clearing counterparty or multilateral trading facility.

Disclosures made pursuant to
this Reporting Consent may include, without limitation, Disclosure of information relating to disputes over transactions between
the parties, a party’s identity, and certain transaction and pricing data and may result in such information becoming available
to the public or recipients in a jurisdiction which may have a different level of protection for personal data from that of the
relevant party’s home jurisdiction.

This Reporting Consent shall
be deemed to constitute an agreement between the parties with respect to Disclosure in general and shall survive the termination
of this Master Confirmation. No amendment to or termination of this Reporting Consent shall be effective unless such amendment
or termination is made in writing between the parties and specifically refers to this Reporting Consent.

26.               
Contractual Recognition of Bail-In (United Kingdom)

(1)
Notwithstanding anything to the contrary in the Agreement or in any other agreement, arrangement or understanding among the parties,
each party acknowledges and accepts that liabilities arising under the Agreement (other than Excluded Liabilities) may be subject
to the exercise of the UK Bail-in Power by the relevant resolution authority and agrees and consents to, and acknowledges and accepts
to be bound by, any Bail-in Action and the effects thereof (including any variation, modification and/or amendment to the terms
of the Agreement as may be necessary to give effect to any such Bail-in Action), which if the Bail-in Termination Amount is payable
by the BRRD Party to the Creditor Counterparty may include, without limitation:

		(i)	a reduction, in full or in part, of the Bail-in Termination Amount; and/or

		(ii)	a conversion of all, or a portion of, the Bail-in Termination Amount into shares or other instruments
of ownership, in which case the Creditor Counterparty acknowledges and accepts that any such shares or other instruments of ownership
may be issued to or conferred upon it as a result of the Bail-in Action.

 

     20

    

    

(2)
Each party acknowledges and accepts that this provision is exhaustive on the matters described herein to the exclusion of any other
agreements, arrangements or understanding between the parties relating to the subject matter of the Agreement and that no further
notice shall be required between the parties pursuant to the Agreement in to order to give effect to the matters described herein.

(3)
The acknowledgements and acceptances contained in paragraphs (1) and (2) above will not apply if:

		(i)	the relevant resolution authority determines that the liabilities arising under the Agreement may
be subject to the exercise of the UK Bail-in Power pursuant to the law of a third country governing such liabilities or a binding
agreement concluded with such third country and in either case the UK Regulations have been amended to reflect such determination;
and/or

		(ii)	the UK Regulations have been repealed or amended in such a way as to remove the requirement for
either party to give or obtain the acknowledgements and acceptances contained in paragraphs (1) and (2).

(4)
Definitions.

“Bail-in
Action” means the exercise of the UK Bail-in Power by the relevant resolution authority in respect of any transaction
under the Agreement.

“Bail-in
Termination Amount” means the early termination amount or early termination amounts (howsoever described), together with
any accrued but unpaid interest thereon, in respect of all transactions (or if the Bail-in Action is exercised only with respect
to transactions in one or more netting sets, all transactions relating to such netting set(s), as applicable) under the Agreement
(before, for the avoidance of doubt, any such amount is written down or converted by the relevant resolution authority).

“BRRD”
means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms.

“BRRD
Party” means the party in respect of which the UK Bail-in Power has been exercised by the relevant resolution authority.

“Creditor
Counterparty” means the party which is not the BRRD Party.

“Excluded
Liabilities” means liabilities excluded from the scope of the contractual recognition of bail-in requirement pursuant
to the UK Regulations.

“UK
Bail-in Power” means any write-down or conversion power existing from time to time (including, without limitation, any
power to amend or alter the maturity of eligible liabilities of an institution under resolution or amend the amount of interest
payable under such eligible liabilities or the date on which interest becomes payable, including by suspending payment for a temporary
period) under, and exercised in compliance with, the UK Regulations.

“UK
Regulations” means any laws, regulations, rules or requirements in effect in the United Kingdom relating to the transposition
of the BRRD as amended from time to time, including but not limited to, the Banking Act 2009 as amended from time to time, and
the instruments, rules and standards created thereunder, pursuant to which the obligations of a regulated entity (or other affiliate
of a regulated entity) can be reduced (including to zero), cancelled or converted into shares, other securities, or other obligations
of such regulated entity or any other person.

A reference
to a “regulated entity” is to any BRRD Undertaking as such term is defined under the PRA Rulebook promulgated by the
United Kingdom Prudential Regulation Authority or to any person falling within IFPRU 11.6, of the FCA Handbook promulgated by the
United Kingdom Financial Conduct Authority, both as amended from time to time, which includes, certain credit institutions, investment
firms, and certain of their parent or holding companies.

     21

    

    

27.               
Special Resolution Regime Termination Right

	(i).	Upon the occurrence of a Crisis Prevention Measure, Crisis Management Measure or a Recognised Third-Country
Resolution Action (each as defined in section 48Z(1) of the UK Banking Act 2009) and/or any Bail-in Action in relation to Dealer,
Counterparty shall be entitled to exercise termination rights under, or rights to enforce its rights, in connection with this Agreement,
to the extent that it would be entitled to do so under the Special Resolution Regime (as defined in the UK Banking Act 2009) if
this Agreement were governed by the laws of any part of the United Kingdom.

	(ii).	For the purposes of clause (i) above, Section 48Z of the U.K. Banking Act 2009 is to be disregarded
to the extent that it relates to a Crisis Prevention Measure other than the making of a "mandatory reduction instrument"
by the Bank of England under section 6B of the U.K. Banking Act 2009.

28.               
Governing Law. The Agreement, this Master Confirmation, each Supplemental Confirmation, and all matters arising in
connection with the Agreement, this Master Confirmation and each Supplemental Confirmation shall be governed by, and construed
and enforced in accordance with, the laws of the State of New York (without reference to its choice of laws doctrine other than
Title 14 of Article 5 of the New York General Obligations Law).

		29.	Offices.

 

		(a)	The Office of Dealer for each Transaction is: Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AJ United Kingdom

 

		(b)	The Office of Counterparty for each Transaction is: Not applicable

30.               
Waiver of Jury Trial. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS MASTER
CONFIRMATION, ANY SUPPLEMENTAL CONFIRMATION, ANY TRANSACTION HEREUNDER AND/OR ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT,
THIS MASTER CONFIRMATION, ANY SUPPLEMENTAL CONFIRMATION AND/OR ANY TRANSACTION HEREUNDER. 

31.               
Submission to Jurisdiction. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL
AND STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK, IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING
TO THE AGREEMENT, THIS MASTER CONFIRMATION, ANY SUPPLEMENTAL CONFIRMATION AND/OR ANY TRANSACTION HEREUNDER.

32.               
Counterparts.This Master Confirmation may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Master Confirmation by signing and delivering one or more counterparts.

[signature
page to follow]

 

     22

    

    

Counterparty
hereby agrees (a) to check this Master Confirmation carefully and promptly upon receipt so that errors or discrepancies can be
promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth
the terms of the agreement between Dealer and Counterparty with respect to any particular Transaction to which this Master Confirmation
relates, by manually signing this Master Confirmation or this page hereof as evidence of agreement to such terms and providing
the other information requested herein and promptly returning an executed copy to Dealer.

 

	 	 	Yours faithfully,	 
	 	 	 	 
	 	 	 	 
	 	 	MUFG SECURITIES EMEA PLC	 
	 	 	 	 
	 	 	 	 
	 	 	 	By:  	/s/ Michael O’Donovan	 
	 	 	Name:  Michael O’Donovan	 
	 	 	Title:    Authorized Signatory	 
	 	 	 	 
	Agreed and Accepted By:	 	 	 
	 	 	 	 
	 	 	 	 
	Tiffany
& Co.	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	By:  	 /s/ Mark J. Erceg, CFA 	 	 	 
	Name: Mark J. Erceg	 	 	 
	Title:   Authorized Signatory	 	 	 

 

 

      

    

    

 

	 	 

SCHEDULE A

SUPPLEMENTAL CONFIRMATION

 

	To:	
        Tiffany & Co.

        200 5th Avenue

        New York, New York 10010

        United States of America

	 	 
	From:	
        MUFG Securities EMEA plc

        Ropemaker Place, 25 Ropemaker Street

        London EC2Y 9AJ

        United Kingdom

	 	 
	Re:	Accelerated Stock Repurchase
	 	 
	Ref. No:	[Insert Reference No.]
	 	 
	Date:	[Insert Date]
	 	 

The purpose
of this Supplemental Confirmation is to confirm the terms and conditions of the Transaction entered into between MUFG Securities
EMEA plc (“Dealer”) and Tiffany & Co. (“Counterparty”) (together, the “Contracting
Parties”) on the Trade Date specified below. This Supplemental Confirmation is a binding contract between Dealer and
Counterparty as of the relevant Trade Date for the Transaction referenced below.

1.       This
Supplemental Confirmation supplements, forms part of, and is subject to the Master Confirmation dated as of May 31, 2018 (the
“Master Confirmation”) between the Contracting Parties, as amended and supplemented from time to time. All
provisions contained in the Master Confirmation govern this Supplemental Confirmation except as expressly modified below.

2.       The
terms of the Transaction to which this Supplemental Confirmation relates are as follows:

	Trade Date:	[●]
	 	 
	Forward Price Adjustment Amount:	An amount in USD equal to [●]% multiplied by the Forward Price.
	 	 
	Calculation Period Start Date:	[●]
	 	 
	Calculation Dates: 	See Exhibit A attached hereto; provided that, if the Scheduled Termination Date is postponed in accordance
with the terms of the Master Confirmation or if there is a Settlement Valuation Period, the Calculation Agent shall add additional
Calculation Dates as necessary, beginning with [●] and continuing with every other Scheduled Trading Day thereafter.
	 	 
	Scheduled Termination Date:	[●]
	 	 
	First Acceleration Date:	[●]
	 	 

 

A member of MUFG, a global financial group

Registered in England No: 1698498, Registered
Office: Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AJ

Authorised by the Prudentia l Regulation Authority and regulated
by the Financial Conduct Authority and the Prudential Regulation Authority.

      

    

    

	Prepayment Amount:	USD [●]
	 	 
	Prepayment Date:	The Initial Share Delivery Date.
	 	 
	Initial Shares: 	[●] Shares
	 	 
	Initial Share Delivery Date:	[●]
	 	 
	Ordinary Dividend Amount:	For any calendar quarter, USD [●]
	 	 
	Scheduled Ex-Dividend Dates:	[●]
	 	 
	Termination Price:	USD [●] per Share
	 	 
	Additional Relevant Days:	The three Exchange Business Days immediately following the Calculation Period.
	 	 
	Regulatory Event:	[Applicable / Not applicable]
	 	 
	Automatic Termination Trigger:	[●] Exchange Business Days 
	 	 
	Other Provisions:	[●]
	 	 
	Designated Dealer:	[●]. All notices to the Designated Dealer shall be sent to [●].
	 	 
	Reserved Shares: 	[●] Shares

3.       Counterparty
represents and warrants to Dealer that neither it nor any “affiliated purchaser” (as defined in Rule 10b-18 under the
Exchange Act) has made any purchases of blocks pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act during either
(i) the four full calendar weeks immediately preceding the Trade Date or (ii) during the calendar week in which the Trade Date
occurs.

4.       This
Supplemental Confirmation may be executed in any number of counterparts, all of which shall constitute one and the same instrument,
and any party hereto may execute this Supplemental Confirmation by signing and delivering one or more counterparts.

 

[signature
page to follow]

 

    Schedule A– 2

    

    
 

Counterparty
hereby agrees (a) to check this Supplemental Confirmation carefully and promptly upon receipt so that errors or discrepancies
can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly
sets forth the terms of the agreement between Dealer and Counterparty with respect to the Transaction to which this Supplemental
Confirmation relates, by manually signing this Supplemental Confirmation or this page hereof as evidence of agreement to such terms
and providing the other information requested herein and promptly returning an executed copy to Dealer.

 

	 	 	Yours sincerely,	 
	 	 	 	 
	 	 	 	 
	 	 	MUFG SECURITIES EMEA PLC	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	By:  		 
	 	 	 Authorized Signatory	 
	 	 		 
	 	 	 	 
	Agreed and Accepted By:	 	 	 
	 	 	 	 
	 	 	 	 
	Tiffany
& Co.	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	By:  	 	 	 	 
	Name: 	 	 	 
	Title:   	 	 	 

 

     

    

    
EXHIBIT A TO SUPPLEMENTAL CONFIRMATION

[insert Calculation Dates]

 

     

    

    

ANNEX A

COUNTERPARTY
SETTLEMENT PROVISIONS

1.       The
following Counterparty Settlement Provisions shall apply to the extent indicated under the Master Confirmation:

 

	 	Settlement
Currency:	USD
	 	 	 
	 	Settlement
Method Election:	Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting
the word “Physical” in the sixth line thereof and replacing it with the words “Net Share” and (ii) the
Electing Party acknowledges its responsibilities under the federal securities laws and, in particular, Sections 9 and 10(b) of
the Exchange Act and the rules and regulations thereunder, in respect of any Settlement Method Election.
	 	 	 
	 	Electing
Party:	Counterparty
	 	 	 
	 	Settlement
Method	 
	 	Election
Date:	The first day of the Settlement Valuation Period.
	 	 	 
	 	Default
Settlement Method:	Net Share Settlement
	 	 	 
	 	Forward
Cash Settlement	 
	 	Amount:	An amount equal to the Number of Shares to be Delivered multiplied by the Settlement Price.
	 	 	 
	 	Settlement
Price:	The average of the VWAP Prices for the Calculation Dates in the Settlement Valuation Period, subject to Valuation Disruption
as specified in the Master Confirmation.
	 	 	 
	 	Settlement
Valuation Period:	A number of Calculation Dates required to unwind a commercially reasonably hedge position in a commercially
reasonable manner, determined by the Calculation Agent in good faith and notified to the Counterparty in advance of the start of
the Settlement Valuation Period, beginning on:
	 	 	 
	 	 	(i)	if no Partial Accelerations occur in connection with the relevant Transaction, the earlier of (a)
the Calculation Date immediately following the Scheduled Termination Date and (b) the second Calculation Date immediately following
the Termination Date, or
	 	 	 
	 	 	(ii)	if any Partial Acceleration occurs in connection with the relevant Transaction, the earlier of
(a) the Calculation Date immediately following the Scheduled Termination Date and (b) as selected by Dealer in its reasonable discretion,
the second Calculation Date immediately following either (x) the Termination Date corresponding to the last Partial Acceleration
under the relevant Transaction or (y) the Termination Date corresponding to such Partial Acceleration.
	 	 	 
	 	Cash
Settlement:	If Cash Settlement is applicable, then Buyer shall pay to Seller the absolute value of the Forward Cash Settlement
Amount on the Cash Settlement Payment Date.
	 	 	 
	 	Cash
Settlement	 
	 	Payment
Date:	The date that is one Settlement Cycle immediately following the last day of the Settlement Valuation Period.
	 	 	 

     

    

    
	 	 	 	 
	 	Net
Share Settlement	 
	 	Procedures: 	If Net Share Settlement is applicable, Net Share Settlement shall be made in accordance with paragraphs
2 through 7 below.

 

2.       Net
Share Settlement shall be made by delivery on the Cash Settlement Payment Date of a number of Shares satisfying the conditions
set forth in paragraph 3 below (the “Registered Settlement Shares”), or a number of Shares not satisfying such
conditions (the “Unregistered Settlement Shares”), in either case with a value equal to the absolute value of
the Forward Cash Settlement Amount, with such Shares’ value determined by the Calculation Agent in a commercially reasonable
manner (which value shall, in the case of Unregistered Settlement Shares, take into account a commercially reasonable illiquidity
discount).

 

3.Counterparty
may deliver Registered Settlement Shares pursuant to paragraph 2 above only if:

(a)       a
registration statement covering public resale of the Registered Settlement Shares by Dealer (the “Registration Statement”)
shall have been filed with the Securities and Exchange Commission under the Securities Act and been declared or otherwise become
effective on or prior to the date of delivery, and no stop order shall be in effect with respect to the Registration Statement;
and a printed prospectus relating to the Registered Settlement Shares (including any prospectus supplement thereto, the “Prospectus”)
shall have been delivered to Dealer, in such quantities as Dealer shall reasonably have requested, on or prior to the date of delivery;

(b)       the
form and content of the Registration Statement and the Prospectus (including, without limitation, any sections describing the plan
of distribution) shall be reasonably satisfactory to Dealer and consistent with the form and content of prospectuses used by Dealer
in underwritten equity offerings of similar size by issuers similar to Counterparty;

(c)       as
of or prior to the date of delivery, Dealer and its agents shall have been afforded a reasonable opportunity to conduct a due diligence
investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities of similar size by
issuers similar to Counterparty (provided that prior to receiving or being granted access to any such information, Dealer
and any such agent may be required by Counterparty to enter into a nondisclosure agreement reasonably satisfactory to each party
in respect of any such due diligence investigation) and the results of such investigation are, in the judgment of counsel to Dealer,
sufficient for Dealer to conclude that it conducted a reasonable investigation within the meaning of Section 11 of the Securities
Act; and

(d)       as
of the date of delivery, an agreement (the “Underwriting Agreement”) shall have been entered into with Dealer
in connection with the public resale of the Registered Settlement Shares by Dealer substantially similar to underwriting agreements
customary for underwritten offerings of equity securities of similar size by issuers similar to Counterparty, in form and substance
reasonably satisfactory to Dealer, which Underwriting Agreement shall include, without limitation, reasonable and customary provisions
substantially similar to those contained in such underwriting agreements relating, without limitation, to the indemnification of,
and contribution in connection with the liability of, Dealer and its affiliates and the provision of customary opinions, accountants’
comfort letters and lawyers’ negative assurance letters for underwritten offerings of equity securities of similar size by
issuers similar to Counterparty.

4.       If
Counterparty delivers Unregistered Settlement Shares pursuant to paragraph 2 above:

(a)       all
Unregistered Settlement Shares shall be delivered to Dealer (or any affiliate of Dealer designated by Dealer) pursuant to the exemption
from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof;

(b)       as
of or prior to the date of delivery, Dealer and any potential purchaser of any such shares from Dealer (or any affiliate of Dealer
designated by Dealer) reasonably identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due
diligence investigation with respect to Counterparty customary in scope for private placements of equity securities of similar
size by issuers similar to Counterparty (including, without limitation, the right to have made available to it for inspection all
financial and other records, pertinent corporate documents and other information reasonably requested by it); provided that
prior to receiving or being granted access to any such information, Dealer or such potential purchaser, as the case may be, may
be required by Counterparty to enter into a nondisclosure agreement reasonably satisfactory to each party with Counterparty in
respect of any such due diligence investigation;

    Annex A – 2

    

    
(c)       as
of the date of delivery, Counterparty shall enter into an agreement (a “Private Placement Agreement”) with Dealer
(or any affiliate of Dealer designated by Dealer) in connection with the private placement of such shares by Counterparty to Dealer
(or any such affiliate) and the private resale of such shares by Dealer (or any such affiliate), substantially similar to private
placement purchase agreements customary for private placements of equity securities of similar size by issuers similar to Counterparty,
in form and substance commercially reasonably satisfactory to Dealer, which Private Placement Agreement shall include, without
limitation, customary provisions substantially similar to those contained in such private placement purchase agreements relating,
without limitation, to the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates
and the provision of customary opinions, accountants’ comfort letters and lawyers’ negative assurance letters for private
placements of equity securities of similar size by issuers similar to Counterparty, and shall provide for the payment by Counterparty
of a customary portion of all reasonable and documented out-of-pocket fees and expenses of Dealer (and any such affiliate)
in connection with such resale, including, without limitation, all reasonable fees and out-of-pocket expenses of counsel for Dealer,
and shall contain such customary representations, warranties, covenants and agreements of Counterparty reasonably necessary or
advisable to establish and maintain the availability of an exemption from the registration requirements of the Securities Act for
such resales; and

(d)       in
connection with the private placement of such shares by Counterparty to Dealer (or any such affiliate) and the private resale of
such shares by Dealer (or any such affiliate), Counterparty shall, if so reasonably requested by Dealer, prepare, in cooperation
with Dealer, a customary private placement memorandum in form and substance reasonably satisfactory to Dealer and consistent with
the form and content of private placement memoranda used by Dealer in private placements of equity securities of similar size by
issuers similar to Counterparty.

5.       Dealer,
itself or through an affiliate (the “Selling Agent”) or any underwriter(s), will sell in a commercially reasonable
manner all, or such lesser portion as may be required hereunder, of the Registered Settlement Shares or Unregistered Settlement
Shares and any Makewhole Shares (as defined below) (together, the “Settlement Shares”) delivered by Counterparty
to Dealer pursuant to paragraph 6 below commencing on the Cash Settlement Payment Date and continuing until the date on which the
aggregate Net Proceeds (as such term is defined below) of such sales is equal to (or as close as reasonably practicable to) the
absolute value of the Forward Cash Settlement Amount (such date, the “Final Resale Date”). If the proceeds of
any sale(s) made by Dealer, the Selling Agent or any underwriter(s), net of any commercially reasonable fees and commissions (including,
without limitation, commercially reasonable underwriting or placement fees) customary for similar equity offerings of similar size
by issuers similar to Counterparty under similar circumstances at the time of the offering, together with carrying charges and
expenses incurred in connection with the offer and sale of the Shares (the “Net Proceeds”) exceed the absolute
value of the Forward Cash Settlement Amount, Dealer will refund, in USD, such excess in cash to Counterparty on the date that is
three (3) Currency Business Days following the Final Resale Date, and, if any portion of the Settlement Shares remains unsold,
Dealer shall return to Counterparty on that date such unsold Shares.

6.       If
the Calculation Agent determines that the Net Proceeds received from the sale of the Registered Settlement Shares or Unregistered
Settlement Shares or any Makewhole Shares, if any, pursuant to this paragraph 6 are less than the absolute value of the Forward
Cash Settlement Amount (the amount in USD by which the Net Proceeds are less than the absolute value of the Forward Cash Settlement
Amount being the “Shortfall” and the date on which such determination is made and notified to Counterparty,
the “Deficiency Determination Date”), Counterparty shall on the Exchange Business Day next succeeding the Deficiency
Determination Date (the “Makewhole Notice Date”) deliver to Dealer, through the Selling Agent, a notice of Counterparty’s
election that Counterparty shall either (i) pay an amount in cash equal to the Shortfall on the day that is one (1) Currency Business
Day after the Makewhole Notice Date, or (ii) deliver additional Shares. If Counterparty elects to deliver to Dealer additional
Shares, then Counterparty shall deliver additional Shares in compliance with the terms and conditions of paragraph 3 or paragraph
4 above, as the case may be (the “Makewhole Shares”), in such number as the Calculation Agent reasonably believes
would have a market value on the date of delivery equal to the Shortfall, on the first Clearance System Business Day which is also
an Exchange Business Day following the date the Calculation Agent notifies Counterparty of such number. Such Makewhole Shares shall
be sold by Dealer in accordance with the provisions above; provided that if the sum of the Net Proceeds from the sale of
the originally delivered Shares and the Net Proceeds from the sale of any Makewhole Shares is less than the absolute value of the
Forward Cash Settlement Amount then Counterparty shall, at its election, either make such cash payment or deliver to Dealer further
Makewhole Shares until such Shortfall has been reduced to zero.

7.       Notwithstanding
the foregoing, in no event shall the aggregate number of Settlement Shares and Makewhole Shares be greater than the Reserved Shares
minus the amount of any Shares actually delivered by Counterparty under any other Transaction(s) under this Master Confirmation
(the result of such calculation, the “Capped Number”). Counterparty represents and warrants (which shall be
deemed to be repeated on each day that a

 

    Annex A – 3

    

    
Transaction is outstanding) that the Capped Number is equal to or less than the number
of Shares determined according to the following formula:

A – B

		Where	A = the number of authorized but unissued shares of the Counterparty that are not reserved for
future issuance on the date of the determination of the Capped Number; and
	 	 	 
	 	 	B = the
maximum number of Shares required to be delivered to third parties if Counterparty elected Net Share Settlement of all transactions
in the Shares (other than Transactions in the Shares under this Master Confirmation) with all third parties that are then currently
outstanding and unexercised.

“Reserved
Shares” means the aggregate of the numbers of Shares specified as such in the Supplemental Confirmation for each outstanding
Transaction.

 

    Annex A – 4

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