EX-4.2




 Exhibit 4.2 

AMENDMENT NO. 1 TO 

PREFERRED STOCK RIGHTS AGREEMENT 

This AMENDMENT NO. 1 TO THE PREFERRED STOCK RIGHTS AGREEMENT (this “Amendment”) is dated as of April 25, 2022 (the
“Effective Date”), and amends the Preferred Stock Rights Agreement, dated as of April 15, 2022 (the “Rights Agreement”), by and between Twitter, Inc., a Delaware corporation (the “Company”),
and Computershare Trust Company, N.A., a federally chartered trust company, as rights agent (the “Rights Agent”). Capitalized terms used in this Amendment and not otherwise defined have the meaning given to them in the Rights
Agreement. 
 RECITALS 

WHEREAS, the Company has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with X Holdings I, Inc.
(“Parent”), X Holdings II, Inc. (“Acquisition Sub”), and, solely for purposes of specified provisions set forth therein, Elon R. Musk, dated as of April 25, 2022, pursuant to which, among other things,
(a) Acquisition Sub shall be merged with and into the Company (the “Merger”), whereupon the separate corporate existence of Acquisition Sub shall cease and the Company shall be the surviving Company (the “Surviving
Company”) and a direct or indirect wholly owned subsidiary of Parent; and (b) each share of the common stock of the Company issued and outstanding immediately prior to the Effective Time (as defined in the Merger Agreement) (other than
those held by the Company or any of its Subsidiaries (as defined in the Merger Agreement) or held, directly or indirectly, by Elon R. Musk, Parent or Acquisition Sub immediately prior to the Effective Time) will be automatically converted into and
thereafter represent the right to receive the Merger Consideration (as defined in the Merger Agreement); 
 WHEREAS, pursuant to resolutions
adopted on April 25, 2022 (the “Board Resolutions”), the board of directors of the Company (the “Board”) has adopted and approved the Merger Agreement; 

WHEREAS, in accordance with Section 27 of the Rights Agreement, for so long as the Rights are redeemable, the Company may in its sole
discretion supplement or amend the Rights Agreement in any respect without the approval of any holders of Rights Certificates, Preferred Stock or Common Stock, and the Rights Agent must, if the Company so directs, execute such supplement or
amendment; 
 WHEREAS, the Rights are currently redeemable and no person is an Acquiring Person; 

WHEREAS, pursuant to the Board Resolutions, and in connection with entering into the Merger Agreement, the Board has unanimously determined
that an amendment to the Rights Agreement is advisable, fair to and in the best interests of the Company and its stockholders; 
 WHEREAS,
the Company has delivered to the Rights Agent a certificate stating that this Amendment complies with Section 27 of the Rights Agreement; and 

WHEREAS, the Rights Agent is directed to join in this Amendment. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth herein, the parties hereby agree as follows: 

1. Amendment of the Rights Agreement. 











 A. Section 1 of the Rights Agreement is hereby amended by adding the following
additional definitions: 
  

	 	(fff)	 “Acquisition Sub” means X Holdings II, Inc. 



 

	 	(ggg)	 “Effective Time” has the meaning ascribed to such term in the Merger Agreement.



  

	 	(hhh)	 “Merger” has the meaning ascribed to such term in the Merger Agreement. 



 

	 	(iii)	 “Merger Agreement” means the Agreement and Plan of Merger, dated as of April 25, 2022,
among the Company, Parent, Acquisition Sub and, solely for purposes of specified provisions set forth therein, Elon R. Musk, as it may be amended from time to time. 



 

	 	(jjj)	 “Parent” means X Holdings I, Inc. 



B. The following is added as a new Section 38 of the Rights Agreement: 

“Section 38. Exception for Merger Agreement. Notwithstanding anything to the contrary in this Agreement, as long as the
Merger Agreement is not validly terminated, none of the approval, execution, delivery or performance of the Merger Agreement, or the consummation prior to the termination of the Merger Agreement of the Merger or any of the other transactions
contemplated by the Merger Agreement in accordance with the terms of the Merger Agreement, shall (a) result in a Stock Acquisition Date, a Distribution Date or in any way permit any Rights to be exercised pursuant to Section 7, or
otherwise, for consideration or exchanged pursuant to Section 24; (b) constitute a Section 11(a)(ii) Event or a Section 13 Event; (c) cause any of Parent, Acquisition Sub or their respective Affiliates or Associates (each, a
“Parent Person”) to be deemed to be an “Acquiring Person” for any purpose in this Agreement (it being understood that future actions by any Parent Person could still result in such Parent Person being an Acquiring Person
for purposes of the Agreement); or (d) cause any officer, director or employee of any Parent Person to be deemed to be, solely by reason of such Person’s status or authority as such, the “Beneficial Owner” of or to
“Beneficially Own” any securities that are “Beneficially Owned” by a Parent Person, including in a fiduciary capacity. Nothing in this Agreement shall be construed to give any holder of Rights or any other Person any legal or
equitable rights, remedy or claim under this Agreement in connection with the execution, delivery or performance of the Merger Agreement, or the consummation prior to the termination of the Merger Agreement of the Merger or any of the other
transactions contemplated by the Merger Agreement. Notwithstanding anything to the contrary in this Agreement, immediately prior to the Effective Time, but only if the Effective Time shall occur, and without any further action by the Rights Agent,
the Company, Parent, Acquisition Sub or any current or former holder of Rights, this Agreement, the Rights, and any right to exercise the Rights provided for hereunder shall terminate and be void and of no further force or effect.” 

2. No Other Amendment; Effect of Amendment. Except as and to the extent expressly modified by this Amendment, the Rights Agreement
and the exhibits thereto remain in full force and effect in all respects without any modification. This Amendment will be deemed an amendment to the Rights Agreement and will become effective on the Effective Date. In the event of a conflict or
inconsistency between this Amendment and the Rights Agreement and the exhibits thereto, the provisions of this Amendment will govern. 

3. Counterparts. This Amendment may be executed in any number of counterparts and each of such counterparts will for all purposes
be deemed to be an original, and all such counterparts will together constitute one and the same instrument, it being understood that all parties need not sign the same counterpart. A signature to this Amendment transmitted electronically (including
by fax and .pdf) will have the same authority, effect and enforceability as an original signature. No party hereto may raise the use of such electronic transmission to deliver a signature, or the fact that any signature or agreement or instrument
was transmitted or communicated through such electronic transmission, as a defense to the formation of a contract, and each party forever waives any such defense, except to the extent such defense relates to lack of authenticity. 

4. Severability. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment will remain in full force and effect and will in no way be affected, impaired or
invalidated; provided, however, that if any such excluded term, provision, covenant or restriction adversely affects the rights, immunities, duties or obligations of the Rights Agent, then the Rights Agent shall be entitled
to resign immediately. 

  
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 5. Descriptive Headings. The descriptive headings of the several sections of
this Amendment are inserted for convenience only and will not control or affect the meaning or construction of any of the provisions hereof. 

6. Further Assurances. Each of the parties to this Amendment will cooperate and take such action as may be reasonably requested by
the other party in order to carry out the provisions and purposes of this Amendment, the Rights Agreement and the transactions contemplated hereunder and thereunder. 

7. Governing Law. This Amendment, and all claims or causes of action (whether in contract or in tort or otherwise, or whether at law
(including at common law or by statute) or in equity) that may be based on, arise out of or relate to this Amendment, or the negotiation, execution, performance or subject matter of this Amendment, will be governed by and construed in accordance
with the laws of the State of Delaware. 
 [Signature page follows.] 

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

			
	TWITTER, INC.
		
	By:	 	 /s/ Ned Segal

	Name:	 	Ned Segal
	Title:	 	Chief Financial Officer
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ David L. Adamson

	Name:	 	David L. Adamson
	Title:	 	Senior Vice President


 [Signature Page to Amendment No. 1 to Preferred Stock Rights Agreement]