EX-10.4





 Exhibit 10.4 

SPONSOR WARRANT PURCHASE AGREEMENT 

THIS SPONSOR WARRANT PURCHASE AGREEMENT, dated as of July 21, 2020 (as it may from time to time be amended, this
“Agreement”), is entered into by and between Pershing Square Tontine Holdings, Ltd., a Delaware corporation ( “Pershing Square Tontine Holdings”), and Pershing Square TH Sponsor, LLC, a Delaware
limited liability company (the “Purchaser”). 
 WHEREAS, Pershing Square Tontine Holdings is engaged in an initial
public offering (the “Public Offering”) of units of its equity securities for the purpose of financing its initial business combination through a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination involving Pershing Square Tontine Holdings and one or more businesses (the “Business Combination”); 

WHEREAS, as a result of the initial Business Combination, and immediately following the transactions occurring in connection therewith in
order to effect the initial Business Combination, the continuing publicly traded corporation may be either Pershing Square Tontine Holdings or another entity (the “Company,” with respect to both Pershing Square Tontine
Holdings, prior to the initial Business Combination, and with respect to the continuing publicly traded corporation, following the initial Business Combination); 

WHEREAS, each of the units to be sold in the Public Offering will consist of one share of the Company’s Class A common stock, par
value $0.0001 per share (the “Class A Common Stock”), and one-ninth of one redeemable warrant, as set forth in the Company’s registration statement
on Form S-1 related to the Public Offering (the “Registration Statement”); 

WHEREAS, the amended and restated certificate of incorporation of the Company has duly authorized redeemable warrants to be distributed on a pro-rata basis only to holders of record of the Class A Common Stock issued in the Public Offering (whether acquired in the Public Offering or afterwards) that are outstanding after the time at which the
Company redeems any shares of Class A Common Stock that the holders thereof have elected to redeem in connection with the Company’s initial business combination, as set forth in the Registration Statement; and 

WHEREAS, the Purchaser has agreed to purchase from the Company a warrant which will, upon consummation of the Company’s initial business
combination, become exercisable, in whole or in part, for that number of Shares (as defined below) constituting 5.95% of the Shares of the post-combination entity on a fully diluted basis at the time immediately following the initial business
combination (as such share amount is defined in the Sponsor Warrant Agreement (as defined below)), at an exercise price equal to $24.00 per Share of the post-combination entity (the “Sponsor Warrant”). 












 NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows: 

AGREEMENT 

Section 1.    Authorization, Purchase and Sale; Terms of the Sponsor Warrant. 

A.    Authorization of the Sponsor Warrant. The Company has duly authorized the issuance and sale of the Sponsor
Warrant to the Purchaser as of the Closing Date (as defined below). 
 B.    Purchase and Sale of the Sponsor
Warrant. 
 (i)    As payment in full for the Sponsor Warrant being purchased under this Agreement,
the Purchaser shall pay an aggregate $65,000,000 (the “Purchase Price”). The fair market value of the Sponsor Warrant as of the date of the Public Offering was determined by the Company in consultation with a third-party,
nationally recognized valuation firm. The valuation firm reviewed and discussed with the Company its methodology, procedures and assumptions for valuing the Sponsor Warrant. Taking into account such consultation, the Company concluded that its
methodology, procedures and assumptions are reasonable. The Purchaser shall pay the Purchase Price by wire transfer of immediately available funds in accordance with the Company’s wiring instructions, on the Closing Date, or on such other date
as the Company and the Purchaser may agree. 
 (ii)    The closing of the purchase and sale of the
Sponsor Warrant shall take place simultaneously with the closing of the Public Offering (the “Closing Date”). The closing of the purchase and sale of the Sponsor Warrant shall take place at the offices of Cadwalader,
Wickersham & Taft LLP, 200 Liberty Street, New York, New York, 10281, or such other place as may be agreed upon by the parties hereto. 

C.    Terms of the Sponsor Warrant. 

(i)    The Sponsor Warrant shall have its terms set forth in a Sponsor Warrant Agreement to be entered into
by the Company and a warrant agent, in connection with the Public Offering (a “Sponsor Warrant Agreement”). 

(ii)    The term “Shares” as used in this Agreement shall refer to
(i) the Class A Common Stock of Pershing Square Tontine Holdings if Pershing Square Tontine Holdings is the continuing publicly traded corporation following the initial Business Combination, (ii) the common stock, membership
interests, units, or other equity security representing the share capital of the continuing publicly traded corporation following the initial Business Combination, if such entity is not Pershing Square Tontine Holdings, or (iii) such other
equity security as agreed upon in writing by each of Purchaser and the Company. 
 (iii)    The Sponsor
Warrant and any Shares issuable upon an exercise of the Sponsor Warrant (“Sponsor Warrant Shares”), so long as such securities are held by the Purchaser or any of its Permitted Transferees (as defined below), may not be
transferred, 

  
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assigned or sold until the earlier of (i) three years after the completion by the Company of an initial business combination or (ii) subsequent to the initial business combination, the
Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of the Company’s stockholders having the right to exchange their Shares for cash, securities or other property;
provided, however, that the Sponsor Warrant and Sponsor Warrant Shares may be transferred as follows: (a) to any entity that is managed by Pershing Square Capital Management, L.P., a Delaware limited partnership, which transfer
may be made in whole or in part (the “Permitted Transferees”), provided that any Permitted Transferee must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement;
or (b) in the event of the Company’s liquidation prior to the completion of the Company’s initial business combination. 

(iv)    The Sponsor Warrant, so long as it is held by the Purchaser or any of its Permitted Transferees,
shall not be redeemable by the Company. 
 (v)    At or prior to the time of the Closing Date, the
Company, the Purchaser and the other parties thereto shall enter into a registration rights agreement (the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser
relating to the Sponsor Warrant, the Shares underlying the Sponsor Warrant and other securities. 

Section 2.    Representations and Warranties of the Company. As a material inducement to
the Purchaser to enter into this Agreement and purchase the Sponsor Warrant, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing Date) that: 

A.    Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or
assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Sponsor Warrant Agreement. 

B.    Authorization; No Breach. 

(i)    The execution, delivery and performance of this Agreement and the Sponsor Warrant have been duly
authorized by the Company as of the Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Sponsor
Warrant Agreement and this Agreement, the Sponsor Warrant will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Date. 

(ii)    The execution and delivery by the Company of this Agreement and the Sponsor Warrant, the issuance
and sale of the Sponsor Warrant, the issuance of the Shares upon exercise of the Sponsor Warrant and the fulfillment of, and compliance with, the 

  
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respective terms hereof and thereof by the Company, do not and will not as of the Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of,
(b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets under, (d) result in a violation of, or (e) require any
authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the amended and restated certificate of incorporation or the bylaws of
the Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to
which the Company is subject, except for any filings required after the date hereof under federal or state securities laws. 

C.    Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the
Sponsor Warrant Agreement, the Shares issuable upon exercise of the Sponsor Warrant will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Sponsor Warrant
Agreement, the Purchaser will have good title to the Sponsor Warrant and the Shares issuable upon exercise of such Sponsor Warrant, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder
and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser. 

D.    Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with,
any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions contemplated hereby. 

Section 3.    Representations and Warranties of the Purchaser. As a material inducement
to the Company to enter into this Agreement and issue and sell the Sponsor Warrant to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive the Closing Date) that: 

A.    Organization and Requisite Authority. The Purchaser is a limited liability company duly organized, validly
existing and in good standing under the laws of the State of Delaware. The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. 

B.    Authorization; No Breach. 

(i)    This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in
accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether
considered in a proceeding in equity or law). 

  
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 (ii)    The execution and delivery by the Purchaser of
this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall not as of the Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement,
instrument, order, judgment or decree to which the Purchaser is subject. 
 C.    Investment Representations.

 (i)    The Purchaser is acquiring the Sponsor Warrant and, upon exercise of the Sponsor Warrant, the
Shares issuable upon such exercise (collectively, the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or
distribution thereof. 
 (ii)    The Purchaser is an “accredited investor” as such term is
defined in Rule 501(a)(3) of Regulation D. 
 (iii)    The Purchaser understands that the Securities are
being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the
Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities. 

(iv)    The Purchaser did not enter into this Agreement as a result of any general solicitation or general
advertising within the meaning of Rule 502(c) under the Securities Act of 1933, as amended (the “Securities Act”). 

(v)    The Purchaser has been furnished with all materials relating to the business, finances and
operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the
Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to
the acquisition of the Securities. 
 (vi)    The Purchaser understands that no United States federal or
state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities
passed upon or endorsed the merits of the offering of the Securities. 
 (vii)    The Purchaser
understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered
thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under
the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, 

  
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the Purchaser understands that the Securities and Exchange Commission has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after an
initial business combination, are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available
for resale transactions of the Securities despite technical compliance with the certain requirements of such Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the registration
requirements of the Securities Act. 
 (viii)    The Purchaser has such knowledge and experience in
financial and business matters, knowledge of the high degree of risk associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the
Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and
contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investments in the Securities. 

Section 4.    Conditions of the Purchaser’s Obligations. The obligations of the
Purchaser to purchase and pay for the Sponsor Warrant are subject to the fulfillment, on or before the Closing Date, of each of the following conditions: 

A.    Representations and Warranties. The representations and warranties of the Company contained in
Section 2 shall be true and correct at and as of the Closing Date as though then made. 

B.    Performance. The Company shall have performed and complied with all agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date. 

C.    No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of
any of the transactions contemplated by this Agreement or the Sponsor Warrant Agreement. 
 D.    Sponsor Warrant
Agreement. The Company shall have entered into the Sponsor Warrant Agreement. 

Section 5.    Conditions of the Company’s Obligations. The obligations of the
Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing Date, of each of the following conditions: 

A.    Representations and Warranties. The representations and warranties of the Purchaser contained in
Section 3 shall be true and correct at and as of the Closing Date as though then made. 

  
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 B.    Performance. The Purchaser shall have performed and
complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before the Closing Date. 

C.    No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of
any of the transactions contemplated by this Agreement or the Sponsor Warrant Agreement. 
 D.    Sponsor Warrant
Agreement. The Company shall have entered into the Sponsor Warrant Agreement. 

Section 6.    Termination. This Agreement may be terminated at any time after
September 30, 2020 upon the election of either the Company or the Purchaser upon written notice to the other party if the closing of the Public Offering does not occur prior to such date. 

Section 7.    Survival of Representations and Warranties. All of the representations and
warranties contained herein shall survive the Closing Date. 

Section 8.    Definitions. Terms used but not otherwise defined in this Agreement shall
have the meaning assigned to such terms in the Registration Statement. 

Section 9.    Miscellaneous. 

A.    Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained
in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the
parties may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof. 

B.    Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement. 
 C.    Counterparts. This Agreement may be executed
simultaneously in two or more counterparts, none of which need contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 

D.    Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience
only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

  
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 E.    Governing Law. This Agreement and the rights and
obligations of the parties hereunder shall be construed in accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles
thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of any federal court sitting in the Southern District of New York or any state court located in New York County, State of New York, over any suit, action or proceeding
arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law, the parties hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are
not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. 
 F.    Amendments. This letter agreement
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of
the date first set forth above. 
  

			
	 PERSHING SQUARE TONTINE

    HOLDINGS, LTD.

		
	By:	 	 /s/ William A. Ackman

	Name:	 	William A. Ackman
	Title:    	 	Chief Executive Officer
	
	PERSHING SQUARE TH SPONSOR, LLC
		
	By:	 	Pershing Square Capital Management, L.P., its Manager
		
	By:	 	PS Management GP, LLC, its General Partner
		
	By:	 	 /s/ William A. Ackman

	Name:	 	William A. Ackman
	Title:	 	Managing Member


 [Signature Page to Sponsor Warrant Purchase Agreement]