Exhibit
1.1
Execution
Version
THE COCA-COLA
COMPANY
UNDERWRITING
AGREEMENT
Atlanta, Georgia
To the Representatives named in Schedule
I hereto of the Underwriters named in Schedule II hereto
Ladies and Gentlemen:
The
Coca-Cola Company, a Delaware corporation (the “Company”), proposes to sell to the underwriters named in Schedule
II hereto (the “Underwriters”), for whom you are acting as representatives (the “Representatives”), certain
of its debt securities (“Securities”), as identified and in an aggregate principal amount as indicated in Schedule
I hereto. The Securities will be issued under an amended and restated indenture dated as of April 26, 1988, between the Company
and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as amended (as such indenture may be further
amended from time to time, the “Indenture”). If the firm or firms listed in Schedule II hereto include only the firm
or firms listed in Schedule I hereto, then the terms “Underwriters” and “Representatives,” as used herein,
shall each be deemed to refer to such firm or firms.
1. Representations
and Warranties. The Company represents and warrants to, and agrees with, each Underwriter as set forth below in this Section
1. Certain terms used in this Section 1 are defined in paragraph (c) hereof.
(a) The
Company meets the requirements for the use of Form S-3ASR under the Securities Act of 1933, as amended (the “Act”),
and has filed with the Securities and Exchange Commission (the “Commission”) an automatic shelf registration statement
as defined in Rule 405 (the “Registration Statement”), including a related Base Prospectus. Such Registration Statement,
including any amendments thereto filed prior to the Execution Time, became effective upon filing. The Company may have filed with
the Commission, as part of an amendment to the Registration Statement or pursuant to Rule 424(b), one or more Preliminary Prospectuses
relating to the Securities, each of which has previously been furnished to you. The Company will file with the Commission a final
prospectus supplement relating to the Securities and the offering thereof in accordance with Rule 424(b). As filed, such final
prospectus supplement shall include all required information with respect to the Securities and the offering thereof and, except
to the extent the Representatives shall agree in writing to a modification, shall be in all substantive respects in the form furnished
to you prior to the Execution Time or, to the extent not completed at the Execution Time, shall contain only such specific additional
information and other changes (beyond that contained in the Base Prospectus and any Preliminary Prospectus) as the Company has
advised you, prior to the Execution Time, will be included or made therein. The Registration Statement, at the Execution Time,
meets the requirements set forth in Rule 415(a)(1)(x).
(b) On
each Effective Date, the Registration Statement did, and when the Final Prospectus is first filed in accordance with Rule 424(b)
and on the Closing Date, the Final Prospectus (and any supplement thereto) will, comply in all material respects with the applicable
requirements of the Act and the Securities Exchange Act of 1934 (the “Exchange Act”) and the respective rules thereunder;
on such Effective Date and at the Execution Time, the Registration Statement did not and will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements
therein not misleading; on the Effective Date and on the Closing Date, the Indenture did or will comply in all material respects
with the requirements of the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and the rules thereunder;
and, on the date of any filing pursuant to Rule 424(b) and on the Closing Date, the Final Prospectus (together with any supplement
thereto) will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that
the Company makes no representations, warranties or agreements as to (i) that part of the Registration Statement which shall constitute
the Statement of Eligibility (Form T-1) under the Trust Indenture Act of the Trustee or (ii) the information contained in or omitted
from the Registration Statement or the Final Prospectus (or any supplement thereto) in reliance upon and in conformity with information
furnished in writing to the Company by or on behalf of any Underwriter through the Representatives specifically for use in connection
with the preparation of the Registration Statement or the Final Prospectus (or any supplement thereto).
(c) The
terms which follow, when used in this Agreement, shall have the meanings indicated. “Effective Date” shall mean each
date that the Registration Statement, any post-effective amendment or amendments thereto became or becomes effective. “Execution
Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto. “Base Prospectus”
shall mean the prospectus referred to in paragraph (a) above contained in the Registration Statement at the Execution Time. “Disclosure
Package” shall mean (i) the Preliminary Prospectus used most recently prior to the Execution Time, (ii) the Issuer Free
Writing Prospectuses, if any, substantially in the form identified in Schedule III hereto, and (iii) any other Free Writing Prospectus
that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. “Preliminary
Prospectus” shall mean any preliminary prospectus supplement to the Base Prospectus which is used prior to filing of the
Final Prospectus, together with the Base Prospectus. “Free Writing Prospectus” shall mean a free writing prospectus,
as defined in Rule 405. “Issuer Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined
in Rule 433. “Final Prospectus” shall mean the prospectus supplement relating to the Securities that is first filed
pursuant to Rule 424(b) after the Execution Time, together with the Base Prospectus included in the Registration Statement at
the Effective Date. “Registration Statement” shall mean the registration statement referred to in paragraph (a) above,
including exhibits and financial statements, and any prospectus supplement relating to the Securities that is filed with the Commission
pursuant to Rule 424(b) and deemed part of such registration statement pursuant to Rule 430B, as amended, on each Effective Date
and, in the event any post-effective amendment thereto becomes effective prior to the Closing Date (as hereinafter defined), shall
also mean such registration statement as so amended. “Rule 158”, “Rule 163”, “Rule 164”, “Rule
172”, “Rule 405”, “Rule 415”, “Rule 424”, “Rule 430B”, “Rule 433”,
“Rule 456” and “Rule 457” refer to such rules or regulation under the Act. Any reference herein to the
Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and
include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 which were filed under the Exchange Act
on or before the Effective Date of the Registration Statement or the issue date of the Base Prospectus, any Preliminary Prospectus
or the Final Prospectus, as the case may be; and any reference herein to the terms “amend”, “amendment”
or “supplement” with respect to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the
Final Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act after the Effective
Date of the Registration Statement or the issue date of the Base Prospectus, any Preliminary Prospectus or the Final Prospectus,
as the case may be, deemed to be incorporated therein by reference. “Well-Known Seasoned Issuer” shall mean a well-known
seasoned issuer as defined in Rule 405, and “electronic road show” means a road show as defined in Rule 433 that is
a written communication transmitted by graphic means prepared by or approved for use by the Company and the Representatives in
connection with the offering of the Securities.
(d) At
(i) the Execution Time and (ii) the time sales of the Securities are first made, the Disclosure Package and each electronic road
show, when taken together as a whole with the Disclosure Package, does not and will not contain any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The preceding sentence does not apply to information contained in or omitted from
the Disclosure Package in reliance upon and in conformity with information furnished in writing to the Company by or on behalf
of any Underwriter through the Representatives specifically for use in connection with the preparation thereof.
(e) (i)
At the time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto for the purposes of complying
with Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to
Sections 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Company or any person acting on its behalf
(within the meaning, for this clause only, of Rule 163(c)) made any offer relating to the Securities in reliance on the exemption
in Rule 163, and (iv) at the Execution Time (with such date being used as the determination date for purposes of this clause (iv)),
the Company was or is (as the case may be) a Well-Known Seasoned Issuer. The Company agrees to pay the fees required by the Commission
relating to the Securities within the time required by Rule 456(b)(1) without regard to the proviso therein and otherwise in accordance
with Rules 456(b) and 457(r).
(f) (i) At the earliest time after the filing of the Registration Statement that the Company or another offering participant
made a bona fide offer (within the meaning of Rule 164(h)(2)) of the Securities and (ii) as of the Execution Time (with
such date being used as the determination date for purposes of this clause (ii)), the Company was not and is not an Ineligible
Issuer (as defined in Rule 405), without taking account of any determination by the Commission pursuant to Rule 405 that it is
not necessary that the Company be considered an Ineligible Issuer.
(g) Each
Issuer Free Writing Prospectus and the final term sheet prepared and filed pursuant to Section 4(b) hereto does not include any
information that conflicts with the information contained in the Registration Statement, including any document incorporated therein
by reference and any prospectus supplement deemed to be a part thereof that has not been superseded or modified. The foregoing
sentence does not apply to information contained in or omitted from any Issuer Free Writing Prospectus in reliance upon and in
conformity with information furnished in writing to the Company by or on behalf of any Underwriter through the Representatives
specifically for use in connection with the preparation of such Issuer Free Writing Prospectus.
(h) The
Company is duly qualified to do business as a foreign corporation and is in good standing under the laws of each State of the
United States of America which requires such qualification and wherein a failure to so qualify or be in good standing would have
a material adverse effect upon the operations or financial position of the Company.
(i) The
Company is not and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof
as described in the Disclosure Package and the Final Prospectus, will not be an “investment company” as defined in
the Investment Company Act of 1940, as amended.
(j) The
Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset
accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization;
and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. The Company’s internal control over financial reporting was effective as of December
31, 2020, and since such date the Company has not become aware of any material weakness in its internal control over financial
reporting.
(k) (i) The Company maintains “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) under
the Exchange Act), (ii) such disclosure controls and procedures were effective as of December 31, 2020, and (iii) since December
31, 2020, the Company has not become aware of any material deficiency in its disclosure controls and procedures.
(l) The interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement,
the Preliminary Prospectus and the Final Prospectus fairly present the information called for by, and have been prepared in all
material respects in accordance with, the Commission’s rules and guidelines applicable thereto.
(m) The
Company and its directors or officers, in their capacities as such, have complied in all material respects with the provisions
of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section 402 relating
to loans and Sections 302 and 906 relating to certifications.
(n) The Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities
of any person currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department.
(o) Except
as disclosed in the Registration Statement, the Disclosure Package and the Final Prospectus, to the Company’s knowledge:
(i) (x) there has been no security breach or other compromise of or relating to any of the Company’s or its subsidiaries’
information technology and computer systems, networks, hardware, software, data or equipment (collectively, “IT Systems
and Data”) and (y) the Company and its subsidiaries have not been notified of, and have no knowledge of any event or condition
that would reasonably be expected to result in, any security breach or other compromise to their IT Systems and Data; (ii) the
Company and its subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules
and regulations of any court, arbitrator, or governmental or regulatory authority, in each case, of competent jurisdiction, or
internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection
of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in the case
of clause (i) above or clause (ii), individually or in the aggregate, have a material adverse effect upon the operations or financial
position of the Company; and (iii) the Company and its subsidiaries have implemented commercially reasonable backup and disaster
recovery technology.
The
representation and warranty given in subclause (n) shall not be made to the Underwriters to the extent that it would result in
a violation of or conflict with (i) council regulation (EC) No 2271/1996 (EU blocking regulation) or (ii) any
similar applicable anti-boycott law or regulation in the United Kingdom, as amended from time to time.
2. Purchase
and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the
Company agrees to sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase from the Company,
at the purchase price set forth in Schedule I hereto, the principal amount of the Securities set forth opposite such Underwriter’s
name in Schedule II hereto.
3. Delivery
and Payment. Delivery of and payment for the Securities shall be made at the office, on the date and at the time specified
in Schedule I hereto (or such later date not later than three business days after such specified date as the Representatives shall
designate), which date and time may be postponed by agreement between the Representatives and the Company or as provided in Section
8 hereof (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). The
Securities shall be registered in the name of Deutsche Bank Trust Company Americas, as nominee of Deutsche Bank AG, London Branch,
as common depositary (the “Common Depositary”) for Clearstream Banking, société anonyme (“Clearstream”)
and Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”). Payment for the Securities shall
be made by or on behalf of the Underwriters in immediately available funds to the Common Depositary, for the account of the Company,
against delivery to the Common Depositary, for the respective accounts of the several Underwriters, of the Securities, with any
transfer taxes payable in connection with the sale of the Securities duly paid by the Company.
4. Agreements.
The Company agrees with the several Underwriters that:
(a) Prior
to the termination of the offering of the Securities, the Company will not file any amendment of the Registration Statement or
supplement (including the Final Prospectus or any Preliminary Prospectus) to the Base Prospectus unless the Company has furnished
the Representatives a copy for their review prior to filing and will not file any such proposed amendment or supplement to which
they reasonably object. Subject to the foregoing sentence, the Company will cause the Final Prospectus, properly completed, and
any supplement thereto to be filed with the Commission pursuant to the applicable paragraph of Rule 424(b) within the time period
prescribed and will provide evidence satisfactory to the Representatives of such timely filing. The Company will promptly advise
the Representatives (1) when the Final Prospectus, and any supplement thereto, shall have been filed with the Commission pursuant
to Rule 424(b), (2) when, prior to termination of the offering of the Securities, any amendment to the Registration Statement
shall have been filed or become effective, (3) of any request by the Commission for any amendment of the Registration Statement
or supplement to the Final Prospectus or for any additional information, (4) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or the institution or threatening of any proceeding for that purpose
and (5) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities
for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose. The Company will use its best
efforts to prevent the issuance of any such stop order and, if issued, to obtain as soon as possible the withdrawal thereof.
(b) The
Company will prepare a final term sheet, containing solely a description of final terms of the Securities and the offering thereof,
in the form approved by you and will file such term sheet pursuant to Rule 433(d) within the time required by such Rule.
(c) If,
at any time prior to the filing of the Final Prospectus pursuant to Rule 424(b), any event occurs as a result of which the Disclosure
Package would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, the Company will (1) notify promptly the
Representatives so that any use of the Disclosure Package may cease until it is amended or supplemented; (2) amend or supplement
the Disclosure Package to correct such statement or omission; and (3) supply any amendment or supplement to you in such quantities
as you may reasonably request.
(d) If,
at any time when a prospectus relating to the Securities is required to be delivered under the Act (including in circumstances
where such requirement may be satisfied pursuant to Rule 172), any event occurs as a result of which the Final Prospectus as then
supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein in the light of the circumstances under which they were made at such time not misleading, or if it shall be necessary
to amend the Registration Statement, file a new registration statement or supplement the Final Prospectus to comply with the Act
or the Exchange Act or the respective rules thereunder, the Company promptly will prepare and file with the Commission, subject
to the second sentence of paragraph (a) of this Section 4, an amendment or supplement or new registration statement which will
correct such statement or omission or effect such compliance.
(e) As
soon as practicable, the Company will make generally available to its security holders and to the Representatives an earning statement
or statements of the Company and its subsidiaries which will satisfy the provisions of Section 11(a) of the Act and Rule 158 under
the Act.
(f) The
Company will furnish to the Representatives and counsel for the Underwriters, without charge, copies of the Registration Statement
(including exhibits thereto) and, so long as delivery of a prospectus by an Underwriter or dealer may be required by the Act (including
in circumstances where such requirement may be satisfied pursuant to Rule 172), as many copies of any Preliminary Prospectus,
the Final Prospectus, each Issuer Free Writing Prospectus and any supplement thereto as the Representatives may reasonably request.
The Company will pay the expenses of printing or other production of all documents relating to the offering.
(g) The
Company agrees that, unless it has or shall have obtained the prior written consent of the Representatives, and each Underwriter,
severally and not jointly, agrees with the Company that, unless it has or shall have obtained, as the case may be, the prior written
consent of the Company, it has not made and will not make any offer relating to the Securities that would constitute an Issuer
Free Writing Prospectus or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405) required
to be filed by the Company with the Commission or retained by the Company under Rule 433, other than a free writing prospectus
containing the information contained in the final term sheet prepared and filed pursuant to Section 4(b) hereto; provided that
the prior written consent of the parties hereto shall be deemed to have been given in respect of the Free Writing Prospectuses
included in Schedule III hereto and any electronic road show. Any such free writing prospectus consented to by the Representatives
or the Company is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company agrees that (1) it
has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and
(2) it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 applicable to any Permitted
Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.
(h) The
Company will arrange for the qualification of the Securities for sale under the laws of such jurisdictions as the Representatives
may designate, will maintain such qualifications in effect so long as required for the distribution of the Securities and will
arrange for the determination of the legality of the Securities for purchase by institutional investors.
(i) Until
the business day following the Closing Date, the Company will not, without the consent of the Representatives, offer, sell or
contract to sell, or announce the offering of, any debt securities covered by the Registration Statement or any other registration
statement filed under the Act.
(j) The
Company will cooperate with the Underwriters in arranging for the Securities to be eligible for clearance and settlement through
Clearstream and Euroclear.
(k) The
Company will use its reasonable best efforts to cause the Securities to be listed for trading on the New York Stock Exchange as
promptly as practicable after the date hereof.
5. Conditions
to the Obligations of the Underwriters. The obligations of the Underwriters to purchase the Securities shall be subject to
the accuracy of the representations and warranties on the part of the Company contained herein as of the Execution Time and the
Closing Date, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to
the performance by the Company of its obligations hereunder and to the following additional conditions:
(a) The
Registration Statement has become effective prior to the Execution Time; if filing of the Final Prospectus, or any supplement
thereto, is required pursuant to Rule 424(b), the Final Prospectus, and any such supplement, shall have been filed in the manner
and within the time period required by Rule 424(b); the final term sheet contemplated by Section 4(b) hereto, and any other material
required to be filed by the Company pursuant to Rule 433(d) under the Act shall have been filed with the Commission within the
applicable time periods prescribed for such filings by Rule 433; and no stop order suspending the effectiveness of the Registration
Statement shall have been issued and no proceedings for that purpose shall have been instituted or threatened.
(b) The
Company shall have furnished to the Representatives the opinion, dated the Closing Date, in form and substance reasonably acceptable
to the Representatives, and the letter, dated the Closing Date, in form and substance reasonably acceptable to the Representatives,
of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Company, or such other counsel reasonably acceptable to the Representatives.
(c) The
Representatives shall have received from Alston & Bird LLP, counsel for the Underwriters, such opinion or opinions, dated
the Closing Date, with respect to the issuance and sale of the Securities, the Indenture, the Registration Statement, the Disclosure
Package, the Final Prospectus (together with any supplement thereto) and other related matters as the Representatives may reasonably
require, and the Company shall have furnished to such counsel such documents as they may reasonably request for the purpose of
enabling them to pass upon such matters.
(d) The
Company shall have furnished to the Representatives a certificate of the Company, signed by the Chairman of the Board or the President
or any Vice President and the principal financial or accounting officer or Treasurer of the Company, dated the Closing Date, to
the effect that the signers of such certificate have carefully examined the Registration Statement, the Disclosure Package, the
Final Prospectus, any supplement or amendments to the Final Prospectus, as well as each electronic road show used in connection
with the offering of the Securities, and this Agreement and that:
(i) The
representations and warranties of the Company in this Agreement are true and correct in all material respects on and as of the
Closing Date with the same effect as if made on the Closing Date and the Company has complied with all the agreements and satisfied
all the conditions on its part to be performed or satisfied at or prior to the Closing Date;
(ii) No
stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have
been instituted or, to the Company’s knowledge, threatened; and
(iii) Since
the date of the most recent financial statements included in the Disclosure Package and the Final Prospectus (exclusive of any
supplement thereto), there has been no material adverse change in the condition (financial or other), earnings, business or properties
of the Company and its subsidiaries, whether or not arising from transactions in the ordinary course of business, except as set
forth in or contemplated in the Disclosure Package and the Final Prospectus (exclusive of any supplement thereto).
(e) At
the Execution Time and the Closing Date, Ernst & Young LLP shall have furnished to the Representatives a letter or letters
(which may refer to letters previously delivered to one or more of the Representatives), dated respectively as of the Execution
Time and as of the Closing Date, in form and substance satisfactory to the Representatives, confirming that they are an independent
registered public accounting firm within the meaning of the Act and the applicable rules and regulations thereunder and covering
matters that are ordinarily covered by “comfort letters” to underwriters with respect to the financial statements
and certain financial information contained or incorporated by reference in the Registration Statement, Disclosure Package and
the Final Prospectus; provided, however, that the letter furnished on and dated as of the Closing Date shall use a “cut-off”
date no more than three business days prior to the Closing Date.
References
to the Final Prospectus in this paragraph (e) include any supplement thereto at the date of the letter.
(f) Subsequent
to the Execution Time or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any
amendment thereof), the Disclosure Package and the Final Prospectus (exclusive of any supplement thereto), there shall not have
been (i) any change in the capital stock (other than issuances of capital stock upon exercise of stock options, stock swaps and
stock appreciation rights which were outstanding on the date of the latest consolidated balance sheet included or incorporated
by reference in the Registration Statement, the Disclosure Package and the Final Prospectus), increase in the consolidated long-term
debt or decreases in the consolidated net assets, net current assets or shareowners’ equity of the Company or any decreases
in the consolidated net operating revenues or in the total or per share amounts of income before extraordinary items or of consolidated
net income of the Company specified in the letter or letters referred to in paragraph (e) of this Section 5 (which letter or letters
shall address any such change, increase or decreases from the corresponding amounts contained in the most recent financial statements
included in the Registration Statement, the Disclosure Package and the Final Prospectus (exclusive of any amendment thereof or
supplement thereto) or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial
or other), earnings, business or properties of the Company and its subsidiaries the effect of which in any case referred to in
clause (i) or (ii) above, is, in the judgment of the Representatives, so material and adverse as to make it impractical or inadvisable
to proceed with the offering or the delivery of the Securities as contemplated by the Registration Statement (exclusive of any
amendment thereof), the Disclosure Package and the Final Prospectus (exclusive of any supplement thereto).
(g) Subsequent
to the Execution Time, there shall not have been any decrease in the ratings of any of the Company’s debt securities by
Moody’s Investors Service, Inc. or Standard & Poor’s Corporation.
(h) The
Securities shall be eligible for clearance and settlement through Clearstream and Euroclear.
(i) The
Company shall have applied to list the Securities on the New York Stock Exchange, and satisfactory evidence of such action shall
have been provided to the Representatives.
(j) The
Representatives shall have received from counsel, satisfactory to the Representatives, such opinion or opinions, dated the Closing
Date, with respect to compliance with the laws of any country, other than the United States, in whose currency Securities are
denominated, the validity of the Securities, the Prospectus and other related matters as they may require, and the Company shall
have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters.
(k) If
indicated in Schedule I hereto as being applicable to the offering of any Securities, the Representatives shall have received
an opinion from tax counsel for the Company, satisfactory to the Representatives and dated the Closing Date, confirming their
opinion as to United States tax matters set forth in the Final Prospectus.
(l) Prior
to the Closing Date, the Company shall have furnished to the Representatives such further information, certificates and documents
as the Representatives may reasonably request.
If
any of the conditions specified in this Section 5 shall not have been fulfilled in all material respects when and as provided
in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be in all
material respects reasonably satisfactory in form and substance to the Representatives and their counsel, this Agreement and all
obligations of the Underwriters hereunder may be cancelled at, or at any time prior to, the Closing Date by the Representatives.
Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing.
6. Reimbursement
of Underwriters’ Expenses. (a) If the sale of the Securities provided for herein is not consummated because any condition
to the obligations of the Underwriters set forth in Section 5 hereof is not satisfied, because of any termination pursuant to
Section 9 hereof or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or
comply with any provision hereof other than by reason of a default by any of the Underwriters, the Company will reimburse the
Underwriters severally upon demand for all out-of-pocket expenses (including reasonable fees and disbursements of counsel) that
shall have been incurred by them in connection with the proposed purchase and sale of the Securities. Otherwise, the Underwriters
shall pay their own expenses on a pro rata basis in accordance with the amount of Securities purchased by such Underwriter as
set forth on Schedule II, including the fees and disbursements of their counsel.
(b) Each
Underwriter agrees to pay the portion of such expenses represented by such Underwriter’s pro rata share (based on the proportion
that the principal amount of Securities set forth opposite each Underwriter’s name in Schedule II bears to the aggregate
principal amount of Securities set forth opposite the names of all Underwriters) of the Securities (with respect to each Underwriter,
the “Pro Rata Expenses”). Notwithstanding anything contained in the International Capital Market Association Primary
Market Handbook, each Underwriter hereby agrees that the Settlement Lead Manager may allocate the Pro Rata Expenses to the account
of such Underwriter for settlement of accounts (including payment of such Underwriter’s fees by the Settlement Lead Manager)
as soon as practicable but in any case no later than 90 days following the Closing Date.
7. Indemnification
and Contribution. (a) The Company agrees to indemnify and hold harmless each Underwriter, the directors and officers of each
Underwriter and each person who controls any Underwriter within the meaning of either Section 15 of the Act or Section 20 of the
Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become
subject under the Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement for the registration of the Securities
as originally filed or in any amendment thereof, or in any Preliminary Prospectus, the Final Prospectus, any Issuer Free Writing
Prospectus or the information contained in the final term sheet required to be prepared and filed pursuant to Section 4(b) hereto,
or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and agrees to
reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not
be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such
untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with
written information furnished to the Company by or on behalf of any Underwriter through the Representatives specifically for use
in connection with the preparation thereof. This indemnity agreement will be in addition to any liability which the Company may
otherwise have.
(b) Each
Underwriter severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors and officers, and
each person who controls the Company within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing
indemnity from the Company in Section 7(a) hereto, but only with reference to written information relating to such Underwriter
furnished to the Company by or on behalf of such Underwriter through the Representatives specifically for use in the preparation
of the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any
Underwriter may otherwise have. The Company acknowledges that the statements set forth (A) in the last paragraph of the cover
page regarding delivery of the Securities and (B) under the heading “Underwriting (Conflicts of Interest)”: (i) the
list of Underwriters and their respective participation in the sale of the Securities and (ii) the five paragraphs related to
over-allotments, syndicate covering transactions, stabilization transactions and penalty bids constitute the only information
furnished in writing by or on behalf of the several Underwriters for inclusion in the documents referred to in the foregoing indemnity.
(c) Promptly
after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying
party in writing of the commencement thereof; but the omission so to notify the indemnifying party (i) will not relieve it from
any liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure
results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve
the indemnifying party from any obligations to any indemnified party which it may have to any indemnified party otherwise than
under this Section 7. In case any such action is brought against any indemnified party, and it notifies the indemnifying party
of the commencement thereof, the indemnifying party will be entitled to appoint counsel satisfactory to such indemnified party
to represent the indemnified party in such action; provided, however, that if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying
party, the indemnified party or parties shall have the right to select separate counsel to defend such action on behalf of such
indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of its election so
to appoint counsel to defend such action and approval by the indemnified party of such counsel, the indemnifying party will not
be liable to such indemnified party under this Section 7 for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof unless (i) the use of counsel chosen by the indemnifying party to represent the indemnified
party would present such counsel with a conflict of interest, (ii) the indemnified party shall have employed separate counsel
in accordance with the proviso to the next preceding sentence (it being understood, however, that the indemnifying party shall
not be liable for the expenses of more than one separate counsel (in addition to local counsel), approved by the Representatives
in the case of paragraph (a) of this Section 7, representing the indemnified parties under such paragraph (a) who are parties
to such action), (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party
to represent the indemnified party within a reasonable time after notice of commencement of the action or (iv) the indemnifying
party has authorized the employment of counsel for the indemnified party at the expense of the indemnifying party. An indemnifying
party shall not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of
any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability
arising out of such claim, action, suit or proceeding.
(d) In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in paragraph (a)
or (b) of this Section 7 is due in accordance with its terms but is for any reason held by a court to be unavailable from the
Company on grounds of policy or otherwise, the Company and the Underwriters shall contribute to the aggregate losses, claims,
damages and liabilities (including legal or other expenses reasonably incurred in connection with investigation or defending same)
(collectively “Losses”) to which the Company and one or more of the Underwriters may be subject in such proportion
as is appropriate to reflect the relative benefits received by the Company on the one hand and by the Underwriters on the other
from the offering of the Securities; provided, however, that in no case shall any Underwriter (except as may be provided in any
agreement among underwriters relating to the offering of the Securities) be responsible for any amount in excess of the underwriting
discount or commission applicable to the Securities purchased by such Underwriter hereunder. If the allocation provided by the
immediately preceding sentence is unavailable for any reason, the Company and the Underwriters severally shall contribute in such
proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one
hand and of the Underwriters on the other in connection with the statements or omissions which resulted in such Losses as well
as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the total net
proceeds from the offering (before deducting expenses) received by it, and benefits received by the Underwriters shall be deemed
to be equal to the total underwriting discounts and commissions, in each case as set forth on the cover page of the Final Prospectus.
Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of
a material fact or the omission or alleged omission to state a material fact relates to information provided by the Company on
the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The Company and the Underwriters agree that it would not
be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not
take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 7, each person who controls an
Underwriter within the meaning of the Act shall have the same rights to contribution as such Underwriter, and each person who
controls the Company within the meaning of either the Act or the Exchange Act, each officer of the Company who shall have signed
the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject
in each case to the preceding sentence of this paragraph (d). Any party entitled to contribution will, promptly after receipt
of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may
be made against another party or parties under this paragraph (d), notify such party or parties from whom contribution may be
sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may
be sought from any other obligation it or they may have hereunder or otherwise than under this paragraph (d).
8. Default
by an Underwriter. If any one or more Underwriters shall fail to purchase and pay for any of the Securities agreed to be purchased
by such Underwriter or Underwriters hereunder and such failure to purchase shall constitute a default in the performance of its
or their obligations under this Agreement, the remaining Underwriters shall be obligated severally to take up and pay for (in
the respective proportions which the amount of Securities set forth opposite their names in Schedule II hereto bears to the aggregate
amount of Securities set forth opposite the names of all the remaining Underwriters) the Securities which the defaulting Underwriter
or Underwriters agreed but failed to purchase; provided, however, that in the event that the aggregate amount of Securities which
the defaulting Underwriter or Underwriters agreed but failed to purchase shall exceed 10% of the aggregate amount of Securities
set forth in Schedule II hereto, the remaining Underwriters shall have the right to purchase all, but shall not be under any obligation
to purchase any, of the Securities, and if such nondefaulting Underwriters do not purchase all the Securities, this Agreement
will terminate without liability to any nondefaulting Underwriter or the Company. In the event of a default by any Underwriter
as set forth in this Section 8, the Closing Date shall be postponed for such period, not exceeding seven days, as the Representatives
shall determine in order that the required changes in the Registration Statement and Final Prospectus or in any other documents
or arrangements may be effected. As used in this Section 8 only, the “aggregate amount” of Securities shall mean the
aggregate principal amount of any Securities included in the relevant offering of Securities. Nothing contained in this Agreement
shall relieve any defaulting Underwriter of its liability, if any, to the Company and any nondefaulting Underwriter for damages
occasioned by its default hereunder.
9. Termination.
This Agreement shall be subject to termination in the absolute discretion of the Representatives, by notice given to the Company
prior to delivery of and payment for the Securities, if prior to such time (i) there shall have been a suspension or material
limitation in trading in securities generally on the New York Stock Exchange; (ii) there shall have been a suspension or material
limitation in trading in the Company’s common stock on the New York Stock Exchange; (iii) there shall have been a general
moratorium on commercial banking activities declared by either federal or New York state or European Union authorities or a material
disruption in commercial banking or securities settlement or clearance services in the United States or Europe; (iv) there shall
have been an outbreak or escalation of hostilities involving the United States, the European Union or the United Kingdom or the
declaration by the United States, the European Union or the United Kingdom of a national emergency or war, or (v) there shall
have occurred any other calamity or crisis or any change in financial, political or economic conditions in the United States or
elsewhere, if the effect of any such event specified in clause (iv) or (v) in the judgment of the Representatives make it impracticable
or inadvisable to proceed with the public offering or the delivery of the Securities on the terms and in the manner contemplated
by any Preliminary Prospectus or the Final Prospectus.
10. Representations
and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the
Company or its officers and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and
effect, regardless of any investigation made by or on behalf of any Underwriter or the Company or any of the officers, directors
or controlling persons referred to in Section 7 hereof, and will survive delivery of and payment for the Securities. The provisions
of Sections 6 and 7 hereof shall survive the termination or cancellation of this Agreement.
11. Notices.
All communications hereunder will be in writing and effective only on receipt, and, if sent to the Representatives, will be mailed,
delivered or sent by facsimile and confirmed to them, at the address specified in Schedule I hereto; or, if sent to the Company,
will be mailed, delivered or sent by facsimile and confirmed to it at One Coca-Cola Plaza, Atlanta, Georgia 30313, to the attention
of the Treasurer, with a copy to the attention of the General Counsel of the Company at the same address.
12. Patriot
Act Acknowledgment. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients,
including the Company, which information may include the name and address of their respective clients, as well as other information
that will allow the Underwriters to properly identify their respective clients.
13. Agreement
Among Managers. The Underwriters agree as between themselves that they will be bound by and will comply with the International
Capital Markets Association Agreement Among Managers Version 1 (Fixed-Price Non Equity-Related Issues)/New York Law Schedule (the
“Agreement Among Managers”) as amended in the manner set out as follows: For purposes of the Agreement Among Managers,
“Managers” means the Underwriters and the Representatives shall be joint “Lead Managers”, “Settlement
Lead Manager” and “Stabilizing Manager” mean J.P. Morgan Securities plc, and “Subscription Agreement”
means this Agreement. Clause 3 of the Agreement Among Managers shall be deleted in its entirety and replaced with Section 8 of
this Agreement. The Agreement Among Managers is further amended to provide that each of the Representatives agrees that it, each
of its affiliates participating in the offering of the Securities as an underwriter and each controlling person of it and each
such participating affiliate are bound by the Agreement Regarding Oral Due Diligence currently in effect between such Representative
and Ernst & Young LLP as the accounting firm that participates in oral due diligence in the offering of the Securities (a
copy of which agreement is attached hereto as Exhibit A). In the event of any conflict between the provisions of the Agreement
Among Managers and this Agreement, the terms of this Agreement shall prevail.
14. Stabilization.
The Company hereby authorizes the Stabilizing Manager to make adequate public disclosure regarding stabilization of the information
required in relation to such stabilization by Regulation (EU) No 596/2014. The Stabilizing Manager for its own account may, to
the extent permitted by applicable laws and directives, over-allot and effect transactions with a view to supporting the market
price of the Notes at a level higher than that which might otherwise prevail, but in doing so the Stabilizing Manager shall act
as principal and not as agent of the Company and any loss resulting from overallotment and stabilization shall be borne, and any
profit arising therefrom shall be beneficially retained, by the Stabilizing Manager. However, there is no assurance that the Stabilizing
Manager (or persons acting on behalf of the Stabilizing Manager) will undertake any stabilization action. Nothing contained in
this paragraph shall be construed so as to require the Company to issue in excess of the aggregate principal amount of Securities
specified in Schedule II hereto. Such stabilization, if commenced, may be discontinued at any time and shall be conducted by the
Stabilizing Manager in accordance with all applicable laws and directives.
15. Contractual
Recognition of Bail-In. Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements,
arrangements or understanding between the parties hereto, the Company acknowledges and accepts that (i) a BRRD Liability arising
under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority and (ii) a UK Bail-in
Liability of a UK Bail-in Party arising under this Agreement may be subject to the exercise of UK Bail-in Powers by the relevant
UK resolution authority.
Accordingly,
each party to this Agreement acknowledges, accepts, and agrees to be bound by:
| (a) | the
effect of the exercise of Bail-In Powers by the Relevant BRRD Resolution Authority in
relation to any BRRD Liability of any BRRD Party to this Agreement or the exercise of
UK Bail-in Powers by the relevant UK resolution authority in relation to any UK Bail-in
Liability of any UK Bail-in Party to this Agreement. Without limitation, such exercise
may include and result in any of the following, or some combination thereof: |
| (i) | the
reduction of all, or a portion, of the BRRD Liability or UK Bail-in Liability, as the
case may be, or outstanding amounts due thereon; |
| (ii) | the
conversion of all, or a portion, of the BRRD Liability or UK Bail-in Liability, as the
case may be, into shares, other securities or other obligations of a BRRD Party or UK
Bail-in Party, as the case may be, or another person, and the issue to or conferral on
such other party to this Agreement of such shares, securities or obligations; |
| (iii) | the
cancellation of the BRRD Liability or UK Bail-in Liability, as the case may be; |
| (iv) | the
amendment or alteration of any interest, if applicable, thereon, the maturity or the
dates on which any payments are due, including by suspending payment for a temporary
period; and |
| (b) | the
variation of the terms of this Agreement, as deemed necessary by the Relevant BRRD Resolution
Authority or UK resolution authority, as the case may be, to give effect to the exercise
of Bail-in Powers by the Relevant BRRD Resolution Authority or UK Bail-in Powers by the
UK resolution authority. |
| (c) | As
used in this Section 15: |
“Bail-in
Legislation” means in relation to a member state of the European Economic Area which has implemented, or which at any time
implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation
Schedule from time to time.
“Bail-in
Powers” means any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the
relevant Bail-in Legislation.
“BRRD”
means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.
“BRRD
Liability” means a liability owed to another party under this Agreement in respect of which the relevant Write Down and
Conversion Powers in the applicable Bail-in Legislation may be exercised.
“BRRD
Party” means any party subject to Directive 2014/59/EU establishing a framework for the recovery and resolution of credit
institutions and investment firms.
“EU
Bail-in Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association
(or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499.
“Relevant
BRRD Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to
the BRRD Party.
“UK
Bail-in Legislation” means Part I of the UK Banking Act 2009 and any other law or regulation applicable in the UK relating
to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise
than through liquidation, administration or other insolvency proceedings).
“UK
Bail-in Liability” means a liability owed to another party under this Agreement in respect of which the UK Bail-in Powers
may be exercised.
“UK
Bail-in Party” means an entity in respect of which the UK Bail-in Powers may be exercised.
“UK
Bail-in Powers” means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person
that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a
liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability
into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is
to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.
16. Recognition
of the U.S. Special Resolution Regimes.
(a) In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective
to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such
interest and obligation, were governed by the laws of the United States or a state of the United States.
(b)
In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a
proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution
Regime if this Agreement were governed by the laws of the United States or a state of the United States.
As
used in this Section 16:
“BHC
Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with,
12 U.S.C. § 1841(k).
“Covered
Entity” means any of the following:
| (i) | A
“covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); |
| (ii) | A
“covered bank” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 47.3(b); or |
| (iii) | A
“covered FSI” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 382.2(b). |
“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.
“U.S.
Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
17. MIFID
II and UK MiFIR Product Governance.
(a) Solely for the purposes of the requirements of Article 9(8) of the MIFID Product Governance rules under EU Delegated Directive
2017/593 (the “Product Governance Rules”) regarding the mutual responsibilities of manufacturers under the Product
Governance Rules:
| (i) | Citigroup
Global Markets Limited (the “Manufacturer”) acknowledges that it understands
the responsibilities conferred upon it under the Product Governance Rules relating to
each of the product approval process, the target market and the proposed distribution
channels as applying to the Notes and the related information set out in the Disclosure
Package in connection with the Notes; and |
| (ii) | the
Company and the Underwriters (other than those not subject to the Product Governance
Rules) note the application of the Product Governance Rules and acknowledge the target
market and distribution channels identified as applying to the Notes by the Manufacturer
and the related information set out in the Disclosure Package in connection with the
Notes. |
(b) Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product Governance Sourcebook
(the “UK MiFIR Product Governance Rules”) regarding the mutual responsibilities of manufacturers under the UK MiFIR
Product Governance Rules:
| (i) | each
of Citigroup Global Markets Limited, Merrill Lynch International and J.P. Morgan Securities
plc (each a “UK Manufacturer” and together the “UK Manufacturers”)
acknowledges to each other UK Manufacturer that it understands the responsibilities conferred
upon it under the UK MiFIR Product Governance Rules relating to each of the product approval
process, the target market and the proposed distribution channels as applying to the
Notes and the related information set out in the Disclosure Package in connection with
the Notes; and |
| (ii) | the
Company and the Underwriters (other than those not subject to the UK MiFIR Product Governance
Rules) note the application of the UK MiFIR Product Governance Rules and acknowledge
the target market and distribution channels identified as applying to the Notes by the
UK Manufacturers and the related information set out in the Disclosure Package in connection
with the Notes. |
18. Successors.
This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers
and directors and controlling persons referred to in Section 7 hereof, and no other person will have any right or obligation hereunder.
19. No
Fiduciary Duty. The Company hereby acknowledges that (a) the purchase and sale of the Securities pursuant to this Agreement
is an arm’s-length commercial transaction between the Company, on the one hand, and the Underwriters and any affiliate through
which they may be acting, on the other, (b) the Underwriters are acting as principal and not as an agent or fiduciary of the Company
and (c) the Company’s engagement of the Underwriters in connection with the offering and the process leading up to the offering
is as independent contractors and not in any other capacity. Furthermore, the Company agrees that it is solely responsible for
making its own judgments in connection with the offering (irrespective of whether any of the Underwriters has advised or is currently
advising the Company on related or other matters). The Company agrees that it will not claim that the Underwriters have rendered
advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with such
transaction or the process leading thereto.
20. Integration.
This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters,
or any of them, with respect to the subject matter hereof.
21. Applicable
Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York.
22. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail
(including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§
301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that
any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
23. Headings.
The section headings used herein are for convenience only and shall not affect the construction hereof.
If
the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof,
whereupon this letter and your acceptance shall represent a binding agreement between the Company and the several Underwriters.
[Signatures Continue
on Following Pages]
| |
Very truly yours, |
| |
|
|
| |
THE COCA-COLA COMPANY |
| |
|
|
| |
By: |
/s/ Stacy Apter |
| |
Name: |
Stacy Apter |
| |
Title: |
Vice President and Treasurer |
| |
|
|
| |
By: |
/s/ Larry M. Mark |
| |
Name: |
Larry M. Mark |
| |
Title: |
Vice President, Global Finance Operations |
[Signatures Continue
on Following Page]
Signature
Page to Underwriting Agreement
The foregoing Agreement
is hereby confirmed and accepted as of the date specified in Schedule I hereto.
| CITIGROUP
GLOBAL MARKETS LTD. |
|
| |
|
|
| By: |
/s/ James Barnard |
|
| Name: |
James Barnard |
|
| Title: |
Delegated Signatory |
|
| |
|
|
| J.P.
MORGAN SECURITIES PLC |
|
| |
|
|
| By: |
/s/ Robert Chambers |
|
| Name: |
James Barnard |
|
| Title: |
Executive Director |
|
| |
|
|
| MERRILL
LYNCH INTERNATIONAL |
|
| |
|
|
| By: |
/s/ Christopher Dodman |
|
| Name: |
Christopher Dodman |
|
| Title: |
Authorized Signatory |
|
| |
|
|
| DREXEL HAMILTON, LLC |
|
| |
|
|
| By: |
/s/ Anthony Felice |
|
| Name: |
Anthony Felice |
|
| Title: |
Managing Partner |
|
| |
|
|
| MISCHLER FINANCIAL GROUP, INC. |
|
| |
|
|
| By: |
/s/ Doyle L. Holmes |
|
| Name: |
Doyle L. Holmes |
|
| Title: |
President |
|
SCHEDULE I
Underwriting Agreement dated: April
28, 2021
Registration Statement No(s): 333-214273
Representatives:
Citigroup
Global Markets Limited
Citigroup
Centre
Canada
Square
Canary
Wharf
London
E14 5LB
United
Kingdom
J.P.
Morgan Securities plc
25 Bank
Street
Canary
Wharf
London
E14 5JP
United
Kingdom
Merrill
Lynch International
2 King
Edward Street
London
EC1A 1HQ
United
Kingdom
Drexel
Hamilton, LLC
77 Water
Street
Suite
201
New York,
NY 10005
Mischler
Financial Group, Inc.
1111
Bayside Drive
Suite
100
Corona
del Mar, CA 92625
SECURITIES
| Title: |
|
0.400% Notes due 2030 |
| |
|
0.950% Notes due 2036 |
| |
|
|
| Principal Amount: |
|
€500,000,000 of 2030 Notes |
| |
|
€500,000,000 of 2036 Notes |
| |
|
|
| Listing: |
|
The Coca-Cola Company intends to apply
to list all of the Notes on the New York Stock Exchange. |
| |
|
|
| Interest Rate: |
|
0.400% for 2030 Notes |
| |
|
0.950% for 2036 Notes |
| |
|
|
| Interest Payment Dates: |
|
Annually on May 6, commencing May 6, 2022 |
| |
|
|
| Day Count Convention: |
|
Actual/Actual (ICMA) for 2030 Notes and
2036 Notes |
| |
|
|
| Maturity: |
|
May 6, 2030 for 2030 Notes |
| |
|
May 6, 2036 for 2036 Notes |
| |
|
|
| Currency of Denomination: |
|
Euro (€) |
| |
|
|
| Currency of Payment: |
|
Euro (€) |
| |
|
|
| Form and Denomination: |
|
Book-entry only form represented by one
or more global securities deposited with a common depositary for Clearstream Banking, société anonyme and Euroclear
Bank S.A./N.V., as operator of the Euroclear System. Denominations of €100,000 and integral multiples of €1,000
in excess thereof. |
| |
|
|
| Stabilization: |
|
Stabilization/FCA. |
| |
|
|
| Sinking Fund Provisions: |
|
None. |
| |
|
|
| Redemption provisions: |
|
Make whole call (Bund + 15 bps) for 2030
Notes |
| |
|
Make whole call (Bund + 15 bps) for 2036
Notes |
| |
|
|
| |
|
We may redeem the 2030 Notes and the 2036
Notes, in whole or in part, at any time or from time to time, at our option, at a redemption price equal to the greater of
(i) 100% of the principal amount of the applicable notes being redeemed, plus accrued and unpaid interest on the principal
amount being redeemed to, but excluding, the redemption date; and (ii) the sum of the present values of the remaining scheduled
payments, plus accrued and unpaid interest (excluding any portion of such payments of interest accrued as of the date of redemption). |
| |
|
The 2030 Notes and the 2036
Notes are redeemable upon the occurrence of specified tax events described under the caption “Description of Notes –Redemption
for Tax Reasons” in the Prospectus Supplement. |
| |
|
|
| Purchase price (include accrued |
|
€496,085,000 for 2030 Notes |
| interest or amortization, if
any): |
|
€495,545,000 for 2036 Notes |
| |
|
|
| Expected reoffering price: |
|
99.657% for 2030 Notes |
| |
|
99.639% for 2036 Notes |
| |
|
|
| Tax Opinion pursuant to Section 5(k): |
|
Yes |
| |
|
|
| The Closing will take place
at or about 10:00 AM, London time, on May 6, 2021. |
| |
|
|
| ISIN/Common Codes/CUSIP: |
|
2030 Notes: XS2339398971 / 233939897 /
191216 DM9 |
| |
|
2036 Notes: XS2339399359 / 233939935 /
191216 DN7 |
| |
|
|
| MiFID II Target Market and PRIIPS and UK
MiFIR Target Market and UK PRIIPs: |
|
MiFID II professionals/ECPs-only / No PRIIPs
KID – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only
(all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA. |
| |
|
|
| |
|
UK MiFIR professionals/ECPs-only / No UK
PRIIPs KID – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients
only (all distribution channels). No UK PRIIPs key information document (KID) has been prepared as not available to retail
in UK. |
SCHEDULE II
| UNDERWRITERS | |
PRINCIPAL
AMOUNT OF
2030 NOTES | | |
PRINCIPAL
AMOUNT OF
2036 NOTES | |
| Citigroup Global Markets Limited | |
| 161,650,000 | | |
| 161,650,000 | |
| J.P. Morgan Securities plc | |
| 161,650,000 | | |
| 161,650,000 | |
| Merrill Lynch International | |
| 161,650,000 | | |
| 161,650,000 | |
| Drexel Hamilton, LLC | |
| 7,525,000 | | |
| 7,525,000 | |
| Mischler Financial Group, Inc. | |
| 7,525,000 | | |
| 7,525,000 | |
| | |
| | | |
| | |
| | |
| | | |
| | |
| Total | |
€ | 500,000,000 | | |
€ | 500,000,000 | |
SCHEDULE III
Free Writing
Prospectuses
Final Term
Sheet prepared and filed pursuant
to Section
4(b) of the Underwriting Agreement
Exhibit A
Agreement
Regarding Oral Due Diligence
