Document:

EX-4.3

 Exhibit 4.3 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a limited-purpose trust company organized under the New York Banking Law (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

STATE STREET CORPORATION 
 Fixed-to-Floating Rate Senior Notes Due 2033 
  

			
	No.	  	$
	CUSIP 857477BT9	  	Issue Date: February 7, 2022
	ISIN US857477BT94	  	

 State Street Corporation, a corporation duly organized and existing under the laws of The Commonwealth of
Massachusetts (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of FIVE HUNDRED MILLION Dollars ($500,000,000.00) on February 7, 2033 (herein called the “Maturity Date”), and to pay interest thereon (1) from and including February 7, 2022 to, but excluding, February 7, 2032 (such
period herein called the “Fixed Rate Period”), or from and including the most recent Fixed Rate Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semi-annually in arrears on February 7 and
August 7 (each, a “Fixed Rate Interest Payment Date”) of each year during the Fixed Rate Period, commencing on August 7, 2022 and ending on February 7, 2032, at the rate of 2.623% per annum; and (2) from and including
February 7, 2032, to, but excluding, the Maturity Date (such period herein called the “Floating Rate Period”), or from and including the most recent Floating Rate Period End Date (as defined below) to which interest has been paid or
duly provided for, quarterly in arrears on the Floating Rate Interest Payment Date (as defined below) following, or with respect to, May 7, 2032, August 7, 2032, November 7, 2032 and the Maturity Date (each such date, a “Floating
Rate Period End Date”), at the Base Rate (as defined below) plus a spread of 1.002% (provided that in no event will the interest payable in respect of any interest payment period be less than zero), until the principal hereof is paid or made
available for payment; provided, that if any scheduled Floating Rate Period End Date (other than the Maturity Date) falls on a day that is not a Business Day, then such date will be postponed to the next day that is a Business Day, except that, if
the next such date falls in the next calendar month, then such date will be advanced to the immediately preceding day that is a Business Day; and provided further, that if the Maturity Date is not a Business Day, any payment of principal and
interest otherwise due on such day will be made on the next succeeding date that is a Business Day, and no interest on such payment shall accrue for the period from and after such Maturity Date. 

The interest so payable, and punctually paid or duly provided for, on any Fixed Rate Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the January 23 and July 23, whether or
not a Business Day, next preceding such Fixed Rate Interest Payment Date. 
 The interest so payable, and punctually paid or duly provided
for, on any Floating Rate Interest Payment Date, other than on the Maturity Date, will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the second Business Day next preceding such Floating Rate Interest Payment Date. Interest paid on the Maturity Date shall be paid to the Person to whom the principal will be payable. 

 Any such interest not so punctually paid or duly provided for on such Fixed Rate Interest
Payment Date or Floating Rate Interest Payment Date shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. 
 Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the
office or agency of the Company maintained for that purpose in the City of Boston, Massachusetts, 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,
that for so long as this Security is a Global Security, payment of the principal of (and premium, if any) and any interest on this Security will be made by the Paying Agent by wire transfer in immediately available funds in U.S. dollars at the
office of the Paying Agent; provided further, that, in the case of payments made at maturity of such Global Security, the Global Security is presented to the Paying Agent in time for the Paying Agent to make such payments in accordance with its
normal procedures. 
 Interest on this Security during the Fixed Rate Period shall be paid on the basis of a
360-day year consisting of twelve 30-day months. If a Fixed Rate Interest Payment Date for this Security falls on a day that is not a Business Day, the Company shall
postpone the interest payment to the next succeeding Business Day, but the payments made on such dates shall be treated as being made on the date that the payment was first due, and Holders of Securities of this series shall not be entitled to any
further interest or other payments with respect to such postponement. 
 Interest payment periods during the Floating Rate Period for this
Security will be, with respect to each Floating Rate Interest Payment Date, the period from and including the most recent interest payment period end date to which interest has been paid or duly provided for (or from and including February 7,
2032 in the case of the first interest payment period during the Floating Rate Period) to, but excluding, the immediately preceding Floating Rate Period End Date; provided that (i) the interest payment period with respect to the Maturity Date
will be the period from and including the Floating Rate Period End Date immediately prior to the Maturity Date to, but excluding, the Maturity Date (i.e., the final Floating Rate Period End Date) and (ii) with respect to such final interest
payment period, the level of SOFR for each calendar day in the period from, and including, the second U.S. Government Securities Business Day prior to the Maturity Date (the “Rate Cut-Off Date”) to,
but excluding, the Maturity Date shall be the level of SOFR in respect of such Rate Cut-Off Date. Interest on this Security during the Floating Rate Period will be computed on the basis of a 360-day year for the actual number of days elapsed. For interest periods during the Floating Rate Period, the interest rate applicable to an interest payment period, which interest rate will be determined by the
calculation agent following the applicable Floating Rate Period End Date (or, in the case of the final Floating Rate Period End Date (i.e., the Maturity Date), following the Rate Cut-off Date), will equal the
Base Rate, calculated as described below, plus a spread of 1.002%; provided that in no event will the interest payable in respect of any interest payment period be less than zero. 

The “Base Rate” shall be an accrued interest compounding factor calculated in accordance with the following formula: 

 
 

 

 where (i) “d0” refers, for any floating
rate interest payment period, to the number of U.S. Government Securities Business Days in the relevant floating rate interest payment period, (ii) “i” refers to a series of whole numbers from one to d0, each representing the relevant U.S. Government Securities Business Days in chronological order from, and including, the first U.S. Government Securities Business Day in the relevant floating rate
interest payment period, (iii) “SOFRi”, for any day “i” in the relevant floating rate interest payment period, refers to a reference rate equal to SOFR in respect of that
day, (iv) “ni” refers to the number of calendar days in the relevant floating rate interest payment period on which the rate is
SOFRi and (v) “d” refers to the number of calendar days in the relevant floating rate interest payment period. For these calculations, the interest rate in effect on any U.S.
Government Securities Business Day will be the applicable rate as reset on that date. The interest rate applicable to any other day is the interest rate from the immediately preceding U.S. Government Securities Business Day. 

For purposes of this Security, “SOFR”, with respect to any U.S. Government Securities Business Day, means the rate determined by the
calculation agent in accordance with the following provisions: 
 1. the Secured Overnight Financing Rate in respect of such
U.S. Government Securities Business Day as provided by the New York Federal Reserve, as the administrator of such rate (or a successor administrator) on the New York Federal Reserve’s Website on or about 5:00 p.m. (New York time) on the U.S.
Government Securities Business Day immediately following such U.S. Government Securities Business Day; or 
 2. if the
Secured Overnight Financing Rate in respect of such U.S. Government Securities Business Day does not appear as specified in paragraph (a), unless the Company or its designee has determined that both a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred, the Secured Overnight Financing Rate in respect of the last U.S. Government Securities Business Day for which such rate was published on the New York Federal Reserve’s Website; or 

3. if the Company or its designee has determined that a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred: 
 a. the sum of: (i) the alternate rate of interest that has been selected or recommended by the
Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment; or 

b. the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; or 

c. the sum of: (i) the alternate rate of interest that has been selected by the Company or its designee as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry- accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time
and (ii) the Benchmark Replacement Adjustment. 
 As used in this Security: 

1. “Benchmark” means the Secured Overnight Financing Rate compounded on a daily basis; provided that if the Company
or its designee has determined that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Secured Overnight Financing Rate or the then-current Benchmark, then “Benchmark” means the
applicable Benchmark Replacement. 
 2. “Benchmark Replacement” means the first alternative set forth in the order
presented in clause (3) of the definition of “SOFR” that can be determined by the Company or its designee as of the Benchmark Replacement Date. In connection with the implementation of a Benchmark Replacement, the Company or its
designee will have the right to make Benchmark Replacement Conforming Changes from time to time. 
 3. “Benchmark
Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Company or its designee as of the Benchmark Replacement Date: 

 a. the spread adjustment, or method for calculating or determining such
spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

b. if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback
Adjustment; 
 c. the spread adjustment (which may be a positive or negative value or zero) that has been selected by the
Company or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar-denominated floating rate notes at such time. 
 4. “Benchmark Replacement Conforming
Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “floating rate interest payment period,” timing and frequency of determining rates
and making payments of interest and other administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the
Company or its designee decides that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determine that no market practice for use of the Benchmark Replacement exists, in such other
manner as the Company or its designee determines is reasonably necessary). 
 5. “Benchmark Replacement Date” means
the earliest to occur of the following events with respect to the then-current Benchmark: 
 a. in the case of clause
(a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark
permanently or indefinitely ceases to provide the Benchmark; or 
 b. in the case of clause (c) of the definition of
“Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. 

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier
than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

6. “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
then-current Benchmark: 
 a. a public statement or publication of information by or on behalf of the administrator of the
Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to
provide the Benchmark; 
 b. a public statement or publication of information by the regulatory supervisor for the
administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark
or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

c. a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark
announcing that the Benchmark is no longer representative. 

 7. “Business Day” means any day, other than a Saturday or Sunday,
that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in The City of New York or The City of Boston. 

8. “Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having
approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 

9. “Floating Rate Interest Payment Date” means the second Business Day following each Floating Rate Period End Date;
provided, that the Floating Rate Interest Payment Date with respect to the final interest payment period will be the Maturity Date. If the scheduled Maturity Date falls on a day that is not a Business Day, the payment of principal and interest will
be made on the next succeeding Business Day, but interest on that payment will not accrue during the period from and after the scheduled Maturity Date. 

10. “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives
Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

11. “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that
would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

12. “ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA
Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

13. “New York Federal Reserve” means the Federal Reserve Bank of New York. 

14. “New York Federal Reserve’s Website” means the website of the New York Federal Reserve, currently at
http://www.newyorkfed.org, or any successor source. 
 15. “Reference Time” with respect to any determination of
the Benchmark means the time determined by the Company or its designee in accordance with the Benchmark Replacement Conforming Changes. 

16. “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a
committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

17. “U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the
Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

18. “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement
Adjustment. 
 If the Company or its designee has determined that a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred, any determination, decision or election made by the Company or its designee with respect to the determination of SOFR (i) will be conclusive and binding absent manifest error; (ii) will be made in the Company’s or its
designee’s sole discretion; and (iii) notwithstanding anything herein to the contrary, shall become effective without consent from the Holders or any other party. 

In case an acceleration of the maturity of the Securities shall have occurred and be continuing as a result of an Event of Default, the amount
declared due and payable for the Securities shall be an amount in cash equal to the stated principal amount plus accrued and unpaid interest thereon calculated by State Street Bank and Trust Company (the “Bank”), or, if the Company has
appointed a designee, after consultation with the Bank, by such designee, in its capacity as the calculation agent, as if the date of such acceleration were the Maturity Date, final Floating Rate Period End Date (if applicable) and final Floating
Rate Interest Payment Date. 

 The calculation agent shall be the Bank, an affiliate thereof or a bank or other entity as
the Company may appoint. The Company may appoint a different institution to serve as calculation agent from time to time after the original issue date of this Security without the consent of Holders of this Security and without notice. The
calculation agent’s determination of any interest rate, and its calculation of the amount of interest for any interest period, will be on file at the Company’s principal offices, will be made available to any noteholder upon request and
will be final and binding in the absence of manifest error. 
 All percentages used in or resulting from any calculation of the interest
rate on this Security during the Floating Rate Period will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upwards
(e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)), and all U.S. dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being
rounded upwards). 
 The interest rate on this Security during the Floating Rate Period will in no event be higher than the maximum rate
permitted by New York law as the same may be modified by United States law of general application. 
 This Security is one of a duly
authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of October 31, 2014 (herein called the “Base Indenture”), between the
Company and U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), as supplemented by a First Supplemental Indenture, dated as of May 8, 2017, between the
Company and the Trustee (the “First Supplemental Indenture” and together with the Base Indenture, herein called the “Indenture”), and reference is hereby made to the Indenture for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. The offering of securities of the series that
includes this Security is initially limited to $1,000,000,000.00 aggregate principal amount. 
 The Securities of this series constitute the
direct, unsecured and unsubordinated general obligations of the Company and shall at all times rank pari passu with all other existing and future senior unsecured indebtedness of the Company. 

The Securities of this series are subject to redemption, at the election of the Company, upon not less than 30 days’ and not more than 60
days written notice by mail to Holders, in whole, but not in part, on, and only on, February 7, 2032, at a Redemption Price equal to 100% of the principal amount, plus accrued and unpaid interest thereon, if any, to, but excluding the
Redemption Date, as provided in the Indenture. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of
this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture 

 
and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. For the purpose of this paragraph, the term “default” means any event
that is, or after notice or lapse of time or both would become, an Event of Default or Covenant Breach in respect of such Securities. 
 As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default or Covenant Breach with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default or Covenant Breach, as applicable, as Trustee and offered the Trustee reasonable indemnity,
and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for
60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or
after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security 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 his attorney duly authorized in writing, and thereupon one or more new Securities 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 Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Security shall be governed by and construed in accordance with the law of the State of New York. 

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

Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose. 
 - end of page - 

 [Signatures appear on the following page] 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: February 7, 2022 
 STATE
STREET CORPORATION 
  

			
	By:	 	  

	Name:	 	John J. Slyconish
	Title:	 	Executive Vice President and
		 	Treasurer

 Attest: 
  

			
	By:	 	  

	Name:	 	David C. Phelan
	Title:	 	Executive Vice President, General Counsel
		 	 and Secretary

 [Signature Page to Global Note] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

Dated: February 7, 2022 
  

			
	By:	 	  

	Name:	 	Laura Cawley
	Authorized Signatory

 [Trustee’s Certificate of Authentication to Global Note]Exhibit 10.1

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

This MEMBERSHIP INTEREST PURCHASE
AGREEMENT (this “Agreement”) is made as of February 4, 2022 among (i) Romeo Systems, Inc., a Delaware corporation
(“Purchaser”), (ii) Romeo Power, Inc., a Delaware corporation (“Romeo Power”), (iii) BorgWarner
Ithaca LLC, a Delaware limited liability company (“Seller”), (iv) BorgWarner Inc., a Delaware corporation (“BorgWarner”),
and (v) BorgWarner Romeo Power LLC, a Delaware limited liability company (the “Joint Venture”). Purchaser, Romeo Power,
Seller, BorgWarner and the Joint Venture are referred to collectively as the “Parties.”

 

RECITALS

 

A.       On
May 6, 2019, Purchaser, Seller entered into a Joint Venture Operating Agreement (the “Joint Venture Agreement”) memorializing
their formation of BorgWarner Romeo Power LLC as the Joint Venture.

 

B.       Seller
owns 60% of the membership interest of the Joint Venture (the “Seller Membership Interest”), and Purchaser owns 40%
of the membership interest of the Joint Venture.

 

C.       Pursuant
to Section 6.13 of the Joint Venture Agreement, (i) on October 25, 2021 Seller delivered an Exercise Notice (as defined in the Joint Venture
Agreement) to Purchaser to exercise Seller’s option under the Joint Venture Agreement to sell the Seller Membership Interest to
Purchaser (the “Seller Put Option”), and (ii) on January 4, 2022 Alvarez & Marsal Valuation Services, LLC, an independent
appraiser selected pursuant to the terms of the Joint Venture Agreement, delivered a report indicating its final determination that the
Market Value (as defined in the Joint Venture Agreement) of the Seller Membership Interest is $30,120,000, which, after applying a 5%
discount to the Market Value required pursuant to Section 6.13(a)(iii) of the Joint Venture Agreement, results in a “Put Option
Price” (as such term is used in the Joint Venture Agreement) of $28,614,000 (the “Purchase Price”).

 

D.       Pursuant
to Section 6.13(g) of the Joint Venture Agreement, the parties desire to enter into this Agreement and effect Purchaser’s purchase
from Seller of the Seller Membership Interest.

 

AGREEMENT

 

In consideration of the terms
set forth in this Agreement, and for other good and valid consideration, the receipt and sufficiency of which are acknowledged, the Parties
agree as follows:

 

Article
I

PURCHASE AND SALE OF THE SELLER MEMBERSHIP INTEREST; CLOSING

 

Purchaser’s purchase
of the Seller Membership Interest shall be deemed to be consummated (the “Closing”) upon the Parties’ delivery
to each other of executed signature pages to this Agreement and Purchaser’s delivery to Seller of the Purchase Price via wire transfer
of immediately available funds pursuant to wire instructions previously provided by Seller to Purchaser. (Purchaser may, at its option,
deduct from its payment of the Purchase Price an amount equal to $435,810.07 in satisfaction of invoices previously issued by Romeo Power
to BorgWarner Systems Lugo S.r.l. that remain unpaid as of the date of this Agreement.) Seller shall deliver the Seller Membership Interest
to Purchaser free and clear of all Liens (as defined below), other than restrictions on transfer under applicable securities laws. Effective
as of the Closing, (a) Purchaser shall own all right, title and interest in and to the Seller Membership Interest, free and clear of all
liens and encumbrances, other than restrictions on transfer under applicable securities laws, and (b) none of Seller, BorgWarner or any
of their Affiliates (as such term is defined in the Joint Venture Agreement) shall have any continuing equity interest of any type in
the Joint Venture, shall cause its designees to the Board of Directors of the Joint Venture to resign immediately, and shall release,
and be deemed to have released, any and all security interests in any membership interest in the Joint Venture.

 

    1

     

    

 

Article
II

REPRESENTATIONS AND WARRANTIES OF SELLER AND PARENT

 

Seller and BorgWarner, jointly
and severally, make the following representations and warranties to Purchaser and Romeo Power:

 

Section 2.1              Title
to Seller Membership Interest. Seller holds beneficially and of record the Seller Membership Interest, free and clear of all claims,
preemptive rights, leases, charges, easements, assessments, covenants, burdens, restrictions on voting or use, options, proxies, voting
trusts, voting agreements, judgments, pledges, charges, escrows, rights of first refusal or first offer, transfer restrictions, liens,
mortgages, deeds of trust, security interests, indentures and similar encumbrances (collectively, “Liens”), other
than restrictions on transfer under applicable securities laws.

 

Section 2.2              Organization, Existence and Good Standing. Each of Seller and BorgWarner is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its formation.

 

Section 2.3              
Power and Authority. Each of Seller and BorgWarner has full power and authority to enter into and perform this Agreement. The execution,
delivery and performance of this Agreement and the consummation by Seller and BorgWarner of the transactions contemplated hereby have
been duly and validly approved by the governing body of each of Seller and BorgWarner to the extent required by such Party’s governing
documents and/or applicable law. No other proceedings are necessary on the part of Seller or BorgWarner to authorize the execution, delivery
and performance of this Agreement by Seller or BorgWarner and the consummation by Seller and BorgWarner of the transactions contemplated
hereby.

 

Section 2.4              
Enforceability. This Agreement has been duly authorized, executed and delivered by duly authorized officers or other signatories
of Seller and BorgWarner. This Agreement constitutes a valid and binding obligation of each of Seller and BorgWarner, enforceable against
each of Seller and BorgWarner in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, by general equitable principles and
by laws related to the availability of specific performance, injunctive relief or other equitable remedies (collectively, the “Remedies
Exceptions”).

 

Article
III

REPRESENTATIONS AND WARRANTIES OF PURCHASER and romeo power

 

Purchaser and Romeo Power,
jointly and severally, make the following representations and warranties to Seller and BorgWarner:

 

Section 3.1              
Organization, Existence and Good Standing. Each of Purchaser and Romeo Power is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its formation.

 

Section 3.2              
Power and Authority. Each of Purchaser and Romeo Power has full power and authority to enter into and perform this Agreement. The
execution, delivery and performance of this Agreement and the consummation by Purchaser and Romeo Power of the transactions contemplated
hereby have been duly and validly approved by the governing body of each of Purchaser and Romeo Power. No other proceedings are necessary
on the part of Purchaser or Romeo Power to authorize the execution, delivery and performance of this Agreement by Purchaser or Romeo Power
and the consummation by Purchaser or Romeo Power of the transactions contemplated hereby.

 

    2

     

    

 

Section 3.3              
Enforceability. This Agreement has been duly authorized, executed and delivered by duly authorized officers or other signatories
of Purchaser and Romeo Power. This Agreement constitutes a valid and binding obligation of each of Purchaser and Romeo Power, enforceable
against each of Purchaser and Romeo Power in accordance with its terms, except as limited the Remedies Exceptions.

 

Article
IV

ADDITIONAL AGREEMENTS

 

Section 4.1              
Further Assurances. From and after the Closing, each of the Parties shall execute and deliver such additional documents, instruments,
conveyances and assurances, and take such further actions, as may be reasonably required to carry out the provisions hereof and give effect
to the transactions contemplated by this Agreement. Seller and BorgWarner shall execute such further documents, and perform such further
acts, as may be necessary to ensure that, as of immediately following the Closing, the Joint Venture and/or Purchaser retain all assets
owned by the Joint Venture as of October 25, 2021 other than (a) any cash paid following such date (i) to satisfy obligations of the Joint
Venture in the ordinary course of business, (ii) to purchase assets for the benefit of the Joint Venture and (iii) to Alvarez & Marsal
Valuation Services LLC, and (b) other assets consumed in the ordinary course of business. Without limiting the foregoing, Seller and BorgWarner
shall (x) cause to be delivered via wire transfer to Romeo Power all cash held by the Joint Venture or on its behalf in any bank account
of the Joint Venture or otherwise, in each case as of immediately prior to entering into this Agreement, which cash shall be delivered
as soon as practicable following Seller’s receipt of the Purchase Price from the Purchaser pursuant to ARTICLE I but in any event
within one business day following such receipt, (y) make available to Romeo Power all raw materials, supplies and finished goods owned
by the Joint Venture that currently sit in a facility in Lugo, Italy that is owned by an Affiliate of BorgWarner, with any costs and expenses
associated with shipping any such materials, supplies and goods from the Lugo facility to be borne solely by Romeo Power, and (z) UCC
lien release filings, as applicable, with respect to the release of security interests contemplated by ARTICLE I.

 

Section 4.2              
Confidentiality. Purchaser acknowledges and agrees that, from and after the Closing, Purchaser and its Affiliates shall
continue to bound by the confidentiality obligations set forth in Section 16.1 of the Joint Venture Agreement with respect to all “Confidential
Information” (as such term is used in the Joint Venture Agreement) provided to or obtained by Purchaser or any of its employees,
subject to the limitations set forth in such Section 16.1.

 

Section 4.3              
Termination of Joint Venture Agreement. Effective as of the Closing, (a) the Joint Venture Agreement shall be deemed terminated,
provided that Sections 18.2 (Buy-out Option Upon Termination) and 18.3 (Liquidation) of the Joint Venture Agreement shall not apply with
respect to such termination and shall have no further force or effect, (b) BorgWarner’s designees as Directors of the Joint Venture
shall be deemed to have resigned, (c) all assets of the Joint Venture (including without limitation all customer contracts to which the
Joint Venture (or Purchaser, on the Joint Venture’s behalf) is a party and all rights of the Joint Venture under that certain Intellectual
Property License Agreement dated as of May 6, 2019 by and among BorgWarner, Purchaser, Romeo Systems Technology, LLC and the Joint Venture
(the “IP License Agreement”)) shall be deemed distributed to Purchaser, (d) the IP License Agreement shall be deemed
terminated (it being understood that the provisions referenced in Section 11.3.3 of the IP License Agreement shall survive such termination),
and (e) as promptly as practicable thereafter Purchaser shall file with the Secretary of State of the State of Delaware a Certificate
of Cancelation with respect to the Joint Venture. It is expressly understood that, following the Closing, neither BorgWarner nor any of
its Affiliates shall have any right to participate in such distribution of assets or have any continuing equity interest in the Joint
Venture.

 

    3

     

    

 

Section 4.4              
Change of Name. Immediately following the Closing, Romeo
Power, Purchaser and the Joint Venture shall cause the name of the Joint Venture to omit any reference to “BorgWarner” (or
any variation or deviation thereof). Each of Romeo Power, Seller and the Joint Venture agrees that BorgWarner and its Affiliates have
the absolute and exclusive proprietary right to the trademark, trade name and service mark “BorgWarner” and any variation
or derivation thereof and any corporate symbols or logos related thereto (collectively, the “BorgWarner Names”). None
of Romeo Power, Seller or the Joint Venture shall use (or shall permit any Affiliate to use) the BorgWarner Names in connection with the
sale of any goods or services, on their respective signs, purchase orders, invoices, sales orders, labels, letterheads, products, shipping
documents, business cards and other materials or otherwise.

 

Section 4.5              
Financial Reporting; Taxes.

 

a.     From
and after the Closing, Romeo Power, Purchaser and the Joint Venture shall afford BorgWarner and its Affiliates, together with their respective
counsel, accountants and other representatives, during normal business hours, reasonable access to the books, records and other information
in the possession or control of Romeo Power, Purchaser or the Joint Venture relating to the assets, liabilities or operations of the
Joint Venture with respect to periods prior to the Closing and shall otherwise cooperate in good faith with BorgWarner and its Affiliates
to the extent reasonably necessary for tax and financial reporting purposes relating to Seller’s ownership of the Seller Membership
Interest prior to the Closing. In respect of such books, records and other information, BorgWarner and its Affiliates shall have the
right to make copies and extracts therefrom at its expense, provided that BorgWarner and its Affiliates shall maintain the confidentiality
of (except for disclosures in connection with such tax and financial reporting purposes), and not use for any other purpose, any information
so provided.

 

b.     Notwithstanding the termination of the Joint Venture Agreement, all Net Income and Net Losses (as such terms are used in the Joint
Venture Agreement) with respect to the Joint Venture’s fiscal year ended December 31, 2021 and with respect to the period from January
1, 2022 through the date of the Closing shall be made in accordance with Sections 15.1 through 15.4 of the Joint Venture Agreement.

 

c.     Notwithstanding anything to the contrary herein or in the Joint Venture Agreement, in the event of any audit, examination, or other
proceeding with respect to any income tax return filed by the Company for any period ending on or before the date of the Closing, (i)
Purchaser shall take such actions as are required to cause an election to be made under Section 6226 (or corresponding provisions of state
law) to “push out” the adjustments proposed by the Internal Revenue Service (or by the applicable state tax authority) and
(ii) Purchaser shall not cause or permit any such audit, examination or other proceeding to be settled or compromised in a manner that
would reasonably be expected to create or increase a material tax liability for Seller, or reduce the value of any material asset of the
Seller, unless Seller consents (which consent shall not be unreasonably withheld, delayed, or conditioned).

 

Section 4.6              
 Employees.  For the avoidance of doubt, no transfer of employment of any employee of BorgWarner or its Affiliates to the Joint
Venture shall occur as a result of the Closing, and from and after the Closing, no such employee shall have any obligation to provide
services to the Joint Venture, Purchaser or Romeo Power in any capacity. From and after the Closing, each employee of BorgWarner that
was engaged in the business of the Joint Venture shall continue to be bound by the confidentiality obligations set forth in Section 16.1
of the Joint Venture Agreement with respect to all “Confidential Information” (as such term is used in the Joint Venture Agreement)
provided to or obtained by such employees, subject to the limitations set forth in such Section 16.1. Any employee of BorgWarner or its
Affiliates who has worked at Purchaser’s or Romeo Power’s facility on behalf of the Joint Venture or otherwise shall be permitted
to remove his or her personal property and any business assets purchased for their use by BorgWarner (including without limitation any
laptop computers and other computer hardware) in connection with the Closing.

 

    4

     

    

 

Article
V

MISCELLANEOUS

 

Section 5.1              
Transaction Expenses. Except for the fees and expenses of Alvarez & Marsal Valuation Services LLC, which shall be paid by the
Joint Venture, each Party will bear all fees and expenses incurred by such Party in connection with, relating to or arising out of the
negotiation, preparation, execution, delivery or performance of this Agreement or the consummation of the transactions contemplated hereby,
including financial advisors’, attorneys’, accountants’ and other professional fees and expenses.

 

Section 5.2              
Entire Agreement; Amendments. This Agreement and the Joint Venture Agreement constitute the entire understanding and agreement
of the Parties respecting the transactions contemplated hereby and, except as expressly provided otherwise herein or therein, supersede
all prior or contemporaneous written agreements, arrangements, communications, negotiations and understandings and all prior and contemporaneous
oral agreements, arrangements, communications, negotiations and understandings among the Parties regarding the transactions contemplated
by this Agreement. Any amendments, waiver or other modifications to this Agreement must be made in writing and duly executed by each Party.
Without limiting the generality of the foregoing, no Party has made, and no other Party has relied on, any representation , warranty,
covenant or agreement, express or implied, respecting the Joint Venture, its business or the transactions contemplated hereby, other than
those representations, warranties, covenants and agreements explicitly set forth in this Agreement.

 

Section 5.3              
Counterparts. This Agreement may be executed and delivered by each Party in separate counterparts, each of which when so executed
and delivered will be deemed an original and all of which taken together will constitute one and the same Agreement. No signature page
to this Agreement evidencing a Party’s execution hereof will be deemed to be delivered by such Party to any other Party until such
delivering Party has received signature pages from all Parties and all such signature pages have been released by the applicable Party
or their authorized representative.

 

Section 5.4              
Delivery by Electronic Transmission. This Agreement and any amendments hereto or thereto, to the extent signed and delivered by
means of a .PDF or other electronic transmission, will be treated in all manner and respects as an original contract and will be considered
to have the same binding legal effects as if it were the original signed version thereof delivered in person. No Party or any party to
any such contract will raise the use of a .PDF or other electronic transmission to deliver a signature or the fact that any signature
or contract was transmitted or communicated through the use of a .PDF or other electronic transmission as a defense to the formation of
a contract and each such Party forever waives any such defense.

 

Section 5.5              
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under any law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable under any law in any jurisdiction,
such invalidity, illegality or unenforceability will affect no other provision or any other jurisdiction, and, for purposes of such jurisdiction,
such provision or portion thereof will be struck from the remainder of this Agreement, which will remain in full force and effect. This
Agreement will be reformed, construed and enforced in such jurisdiction to best give effect to the intent of the Parties under this Agreement.

 

Section 5.6              
Applicable Law. This Agreement and any controversy related to or arising, directly or indirectly, out of, caused by or resulting
from this Agreement will be governed by and construed in accordance with the domestic laws of the State of Delaware, without giving effect
to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of Delaware.

 

    5

     

    

 

Section 5.7             Third-Party
Beneficiaries. Except as expressly provided herein, this Agreement is solely for the benefit of the Parties and those Persons (or categories
of Persons) specifically described herein, and, except as set forth above, no provision of this Agreement will be deemed to grant or
confer any remedy, claim, right or benefit upon any third party, and no Person will otherwise assert any rights as a third-party beneficiary
hereunder.

 

Section 5.8             Binding Effect; Benefit. This Agreement will inure to the benefit of and be binding upon the Parties and their respective successors
and permitted assigns.

 

Section 5.9              Waiver of Trial by Jury. EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY PROCEEDING
SEEKING ENFORCEMENT OF SUCH PARTY’S RIGHTS UNDER THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH
PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (a) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (b) IT MAKES SUCH
WAIVERS VOLUNTARILY AND (c) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS Section 5.9.

 

Section 5.10           
Consent to Jurisdiction. EACH OF THE PARTIES AGREES TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT WITHIN THE CITY
OF WILMINGTON, DELAWARE (AND ANY APPLICABLE APPELLATE COURT IN THE EVENT OF AN APPEAL) WITH RESPECT TO ANY CLAIM OR CAUSE OF ACTION ARISING
UNDER OR RELATING TO THIS AGREEMENT OR SEEKING TO ENFORCE ANY PROVISION OF THIS AGREEMENT, AND WAIVES PERSONAL SERVICE OF ANY AND ALL
PROCESS UPON IT. EACH OF THE PARTIES WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND WAIVES ANY OBJECTION TO VENUE OF ANY
ACTION INSTITUTED HEREUNDER. EACH OF THE PARTIES AGREES THAT A JUDGMENT IN ANY SUCH DISPUTE MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section 5.11         
Specific Performance. The Parties agree that irreparable damage would occur if any of the provisions of this Agreement were not
performed in accordance with their specific terms or were otherwise breached, including each Party’s right to consummate the transactions
contemplated by this Agreement. Accordingly, each of the Parties will be entitled to specific performance of the terms hereof, including
an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement
(including for specific performance of any transaction contemplated by this Agreement), this being in addition to any other remedy to
which such Party is entitled at law or in equity, in each case, in any court identified in Section 5.10. Each of the Parties waives
(a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law to
post security as a prerequisite to obtaining equitable relief.

 

Section 5.12          Headings. The headings in this Agreement are for convenience of reference only and will not affect the meaning or interpretation
of this Agreement.

 

Section 5.13          Public
Announcements. No Party shall be deemed restricted by Section 16.1 of the Joint Venture Agreement or otherwise from making any release,
announcement or statement regarding the transaction contemplated by this Agreement that may, in the discretion of the releasing Party,
be required by or advisable under applicable law or the rules or regulations of any U.S. securities exchange or that otherwise is made
in connection with such Party’s status as a publicly traded company, including without limitation statements to analysts or existing
or prospective investors.

 

    6

     

    

 

The Parties have executed
this Agreement as of the date indicated in the first sentence of this Agreement.

 

	 	PURCHASER:	 	 
	 	 	 	 
	 	ROMEO SYSTEMS, INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Matthew Sant
	 	Name:	Matthew Sant
	 	Title:	General Counsel and Secretary
	 	 	 	 
	 	 	 	 
	 	ROMEO POWER:
	 	 	 	 
	 	ROMEO POWER, INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Matthew Sant
	 	Name:	Matthew Sant
	 	Title:	General Counsel and Secretary
	 	 	 	 
	 	 	 	 
	 	SELLER:
	 	 	 	 
	 	BORGWARNER ITHACA LLC
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Tonit M. Calaway
	 	Name:	Tonit M. Calaway
	 	Title:	Vice President and Secretary
	 	 	 	 
	 	 	 	 
	 	BORGWARNER:
	 	 	 	 
	 	BORGWARNER INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Craig Aaron
	 	Name:	Craig Aaron
	 	Title:	Vice President and Treasurer
	 	 	 	 
	 	 	 	 
	 	THE JOINT VENTURE:
	 	 	 	 
	 	BORGWARNER ROMEO POWER LLC
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Ivan Vasquez
	 	Name:	Ivan Vazquez
	 	Title:	General Manager

 

[Signature Page to Membership Interest Purchase
Agreement]

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