EX-10.3





 Exhibit 10.3 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Investment Management Trust Agreement (this “Agreement”) is made effective as of July [●], 2020, by and
between Pershing Square Tontine Holdings, Ltd., a Delaware company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”). 

WHEREAS, the Company’s registration statement on Form S-1, File No. 333-239342 (the
“Registration Statement”), and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”), each of which consists of one of the
Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), and one-ninth of one detachable redeemable warrant
(the “Distributable Redeemable Warrants”), each whole warrant entitling the holder thereof to purchase one Class A Common Stock, and the right to receive a pro-rata share of a fixed pool of distributable Tontine
redeemable warrants (the “Distributable Tontine Redeemable Warrants”) in respect of those shares of Class A Common Stock not redeemed in connection with the Company’s initial merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”) (such initial public offering hereinafter referred to as the
“Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and 

WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Citigroup
Global Markets Inc., Jefferies LLC and UBS Securities LLC, as representatives (the “Representatives”) of the several underwriters (the “Underwriters”) named therein; and 

WHEREAS, as described in the Prospectus, the net proceeds of the Offering, and a portion of the proceeds of the sale of the Sponsor
Warrant and Director Warrants (each, as defined in the Underwriting Agreement), which amount shall equal $4,000,000,000, will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United
States (the “Trust Account”) for the benefit of the Company and the holders of Class A Common Stock included in the Units issued in the Offering (such shares of Class A Common Stock, the “Public
Shares”) as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the
Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 

WHEREAS, the parties acknowledge that proceeds from sales pursuant to the Forward Purchase Agreement (as defined in the Underwriting
Agreement), any amount in excess of $30,000,000 from the aggregate sale proceeds of the Sponsor Warrant and Director Warrants and the proceeds of any other sale of securities by the Company that is not made in connection with the Offering will not
form part of the Property; 
 WHEREAS, immediately prior to the Business Combination, and following the time at which the Company
redeems Public Shares that the holders thereof have elected to redeem in connection with the Business Combination, the Company will issue 44,444,444 Distributable 












 
Tontine Redeemable Warrants to Public Stockholders, on a pro-rata basis, in respect of Public Shares that are not redeemed in connection with the Business Combination; 

WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $56,250,000, fifty (50) percent of which may
be reduced based on the number of Public Shares redeemed in connection with the Business Combination if a certain level of cash is available to the Company at the time of the Business Combination, and seventy-five (75) percent of which may be
reduced if that certain level of cash is not available to the Company at the time of the Business Combination, is attributable to deferred underwriting discounts and commissions that may be payable by the Company to the Underwriters upon the
consummation of the Business Combination (as defined below) (the “Deferred Discount”); and 
 WHEREAS, the
Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property. 

NOW THEREFORE, IT IS AGREED: 

1.         Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 (a)    Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust
Account established by the Trustee located in the United States at J.P. Morgan Chase Bank, N.A. (“US Banking Institution”) (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more)
and hold the Property at one or more brokerage institutions selected by the Trustee that is reasonably satisfactory to the Company (the “US Brokerage Institutions”); 

(b)    Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; 

(c)    In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States
government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and
(d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood that
the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; while on deposit, the Trustee may earn bank credits or other consideration; 

(d)    Collect and receive, when due, all interest or other income arising from the Property, which shall become part of
the “Property,” as such term is used herein; 
 (e)    Promptly notify the Company and the Representatives of
all communications received by the Trustee with respect to any Property requiring action by the Company; 

(f)    Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in
connection with the Company’s preparation of tax returns relating to assets held in the Trust Account or in connection with the preparation or completion of the audit of the Company’s financial statements by the Company’s auditors;


  
 2 













 (g)    Participate in any plan or proceeding for protecting or enforcing
any right or interest arising from the Property if, as and when instructed by the Company to do so; 
 (h)    Render to
the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account, and ensure that the Company is set up at the US Banking Institution and the US Brokerage
Institutions to receive duplicate statements of Property held therein; 
 (i)    Commence liquidation of the Trust
Account only after and as promptly reasonable (but no longer than ten (10) days) after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form
substantially similar to that attached hereto as either Exhibit A or Exhibit B signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, General Counsel, Secretary or Chairman of the
board of directors of the Company (the “Board”) or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest (less up to
$100,000 of interest that may be released to the Company to pay dissolution expenses and which interest shall be net of any taxes payable, it being understood that the Trustee has no obligation to monitor or question the Company’s position that
an allocation has been made for taxes payable), only as directed in the Termination Letter and the other documents referred to therein; provided, that, in the case a Termination Letter in the form of Exhibit A is received, or (y) upon
the date which is twenty-four (24) months from the closing of the Offering (or thirty (30) months after the closing of the Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for its
initial Business Combination within twenty-four (24) months from the closing of the Offering but has not completed the initial Business Combination within such twenty-four-month (24-month) period), or
such later date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation, if a Termination Letter has not been received by the Trustee prior to such date, in which
case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest (less up to $100,000 of interest that may be released to
the Company to pay dissolution expenses and which interest shall be net of any taxes payable), shall be distributed to the Public Stockholders of record as of such date; 

(j)    Upon written request from the Company, which may be given from time to time in a form substantially similar to that
attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax
obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the
Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in
the Trust Account as shall be designated by the Company in writing to make such distribution so long as 

  
 3 













 
there is no reduction in the principal amount initially deposited in the Trust Account; provided, further, however, that if the tax to be paid is a franchise tax, the written
request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill for the Company and a written statement from the principal financial officer of the Company setting forth the actual amount payable (it being
acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company
is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; 
 (k)    Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute on
behalf of the Company the amount requested by the Company to be used to redeem Public Shares that Public Stockholders have properly submitted in connection with a stockholder vote to approve an amendment to the Company’s amended and restated
certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with the Company’s initial Business Combination, (ii) to modify the substance or timing of the
Company’s obligation to redeem 100% of the Public Shares if it does not complete its initial Business Combination within twenty-four (24) months from the closing of the Offering (or thirty (30) months from the closing of the Offering
if the Company has executed a letter of intent, agreement in principle or definitive agreement for its initial Business Combination within twenty-four (24) months from the closing of the Offering but has not completed the initial Business
Combination within such twenty-four-month (24-month) period) or (iii) with respect to any other provision relating to stockholders’ rights or pre-initial
Business Combination activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request;
and 
 (l)    Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i),
(j) or (k) above. 
 2.         Agreements and Covenants of the Company. The Company
hereby agrees and covenants to: 
 (a)    Give all instructions to the Trustee hereunder in writing, signed by the
Company’s Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, General Counsel, Secretary or other authorized officer of the Company. In addition, except with respect to its duties under
Sections 1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be
given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 

  
 4 













 (b)    Subject to Section 4 hereof, hold the Trustee harmless and
indemnify the Trustee from and against any and all reasonable and documented expenses, including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in
connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or
the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the
“Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection
of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may
participate in such action with its own counsel; 
 (c)    Pay the Trustee the fees set forth on Schedule A hereto,
including an initial acceptance fee, annual administration fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such
fees unless and until it is distributed to the Company pursuant to Sections 1(i) through 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the
Offering. The Trustee shall refund to the Company the annual administration fee (on a pro-rata basis) with respect to any period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the
Trustee except as set forth in this Section 2(c), Schedule A, and as may be provided in Section 2(b) hereof; 

(d)    In connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the
Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding such Business Combination; 

(e)    Provide the Representatives with a copy of any Termination Letter(s) and/or any other correspondence that is sent
to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same; 

(f)    Expressly provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination
Letter in the Form of Exhibit A that the Deferred Discount be paid directly to the account or accounts directed by the Representatives; and 

  
 5 













 (g)    Instruct the Trustee to make only those distributions that are
permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are not permitted under this Agreement. 

3.    Limitations of Liability. The Trustee shall have no responsibility or liability to: 

(a)    Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document
other than this Agreement and that which is expressly set forth herein; 
 (b)    Take any action with respect to the
Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct; 

(c)    Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or
defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient
to pay any expenses incident thereto; 
 (d)    Refund any depreciation in principal of any Property; 

(e)    Assume that the authority of any person designated by the Company to give instructions hereunder shall not be
continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 

(f)    The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to
be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice,
demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee with written notification to the Company, which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not only
as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to
be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 

(g)    Verify the accuracy of the information contained in the Registration Statement; 

(h)    Provide any assurance that any Business Combination entered into by the Company or any other action taken by the
Company is as contemplated by the Registration Statement; 

  
 6 













 (i)    File information returns with respect to the Trust Account with
any local, state or federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property; 

(j)    Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income
generated by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j)
hereof; or 
 (k)    Verify calculations, qualify or otherwise approve the Company’s written
requests for distributions pursuant to Sections 1(i), 1(j) or 1(k) hereof. 

4.    Trust Account Waiver. The Trustee has no right of set-off or any
right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In
the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely
against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account. 

5.    Termination. This Agreement shall terminate as follows: 

(a)    If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company
shall use its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed and has
agreed to become subject to the terms of this Agreement (following the Trustee giving notice that it desires to resign under this Agreement), the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not
limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within
ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern
District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; 
 (b)    At such
time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this
Agreement shall terminate except with respect to Section 2(b); or 
 (c)    If the Offering is not consummated
within ten (10) business days of the date of this Agreement, in which case any funds received by the Trustee from the Company or Pershing Square TH Sponsor, LLC for purposes of funding the Trust Account shall be promptly returned to the Company
or Pershing Square TH Sponsor, LLC, as applicable. 

  
 7 













 6.    Miscellaneous. 

(a)    The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below
with respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party
immediately if it has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied
to it by the Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross
negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or out-of-pocket expense resulting from any error in the information or
transmission of the funds. 
 (b)    This Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. 

(c)    This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject
matter hereof. Except for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then-outstanding Class A
Common Stock and Class B common stock, par value $0.0001 per share, of the Company, voting together as a single class; provided that no such amendment will affect any Public Stockholder who has otherwise indicated his, her or its election to
redeem his, her or its Public Shares in connection with a stockholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto. 
 (d)    The parties hereto consent to the jurisdiction and venue of any state or
federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY
JURY. 
 (e)    Any notice, consent or request to be given in connection with any of the terms or provisions of this
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, by electronic mail or by facsimile transmission: 

if to the Trustee, to: 

Continental Stock Transfer & Trust Company 

One State Street, 30th Floor 

New York, New York 10004 

Attn:    Francis Wolf & Celeste Gonzalez 

Email: fwolf@continentalstock.com 

Email: cgonzalez@continentalstock.com 

  
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 if to the Company, to: 

Pershing Square Tontine Holdings, Ltd. 

787 Eleventh Avenue, 9th Floor 

New York, New York 10019 
 Attn:
Steve Milankov 
 Email: milankov@persq.com 

with a copy to: 
 Pershing
Square Tontine Holdings, Ltd. 
 787 Eleventh Avenue, 9th Floor 

New York, NY 10019 
 Attn: Legal

 Email: legal@persq.com 
 in
each case, with copies to: 
 Cadwalader, Wickersham & Taft LLP 

200 Liberty St. 
 New York, New
York 10281 
 Attn: Stephen Fraidin; Gregory P. Patti, Jr. 

Email: Stephen.Fraidin@cwt.com; Greg.Patti@cwt.com 

and 
 Citigroup Global Markets
Inc. 
 388 Greenwich Street 

New York, New York 10013 
 Attn:
[●] 
 Email: [●] 

and 
 Jefferies LLC 

520 Madison Avenue 
 New York,
New York 10022 
 Attn: [●] 

Email: [●] 
 and 

UBS Securities LLC 
 1285 Avenue
of the Americas 
 New York, New York 10019 

Attn: [●] 
 Email:
[●] 

  
 9 













 and 

Ropes & Gray LLP 
 1211
Avenue of the Americas 
 New York, New York 

Attn: Paul D. Tropp; Christopher Capuzzi 

Email: Paul.Tropp@ropesgray.com; 

Christopher.Capuzzi@ropesgray.com 

(f)    This Agreement may not be assigned by the Trustee without the prior consent of the Company. 

(g)    Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly
authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 

(h)    This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to
the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 

(i)    This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but
all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof. 

(j)    Each of the Company and the Trustee hereby acknowledges and agrees that each of the Representatives is a third
party beneficiary of this Agreement. 
 (k)    Except as specified herein, no party to this Agreement may assign its
rights or delegate its obligations hereunder to any other person or entity. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust
Agreement as of the date first written above. 
  

			
	 Continental Stock Transfer & Trust Company, as Trustee

		
	By:	 	  

		 	Name: Francis Wolf
		 	Title: Vice President
	
	Pershing Square Tontine Holdings, Ltd.
		
	By:	 	  

		 	Name: William A. Ackman
		 	Title:    Chief Executive Officer



  
 [Signature Page to
Investment Management Trust Agreement] 













 SCHEDULE A 
  

							
	 Fee Item
	  	 Time and method of payment
	  	Amount	 
			
	Initial set-up fee	  	Initial closing of Offering by wire transfer	  	$	6,500.00	 
			
	Trustee administration fee	  	Payable annually, first year fee payable, at initial closing of Offering by wire transfer; thereafter by wire transfer or check	  	$	17,500.00	 
			
	Transaction processing fee for disbursements to Company under Sections 1(i) and (j)	  	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1(i) and (j)	  	$	250.00	 
			
	Paying Agent services as required pursuant to Section 1(i), (j) and (k)	  	Billed to Company upon delivery of service pursuant to Section 1(i), (j) and (k)	  	 
	Prevailing
rates	 
 


  
 Sched. A-1 













 EXHIBIT A 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf & Celeste
Gonzalez 
 Re: Trust Account – Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Pershing Square Tontine Holdings, Ltd.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2020 (the “Trust Agreement”), this is to advise you that the
Company has entered into an agreement with                  (the “Target Business”) to consummate a business combination with Target Business
(the “Business Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance of the actual date (or such shorter time
period as you may agree) of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account
and to transfer the proceeds into the above-referenced trust operating account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust Operating Account will be immediately available for
transfer to the account or accounts that UBS Securities LLC (the “Representative”) (with respect to the Deferred Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the
funds are on deposit in the trust operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution, neither the Company nor the Representative will earn any interest. 

On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been
consummated, or will be consummated substantially, concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company shall deliver to you (a) a certificate
by the Chief Executive Officer, which verifies that the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) joint written instruction signed by the Company and the Representative with
respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held
in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account


  
 A-1 













 
may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the
Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under
the Trust Agreement shall be terminated. 
 In the event that the Business Combination is not consummated on the Consummation Date described
in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be
reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice as soon thereafter as possible. 

 

			
	Very truly yours,
	
	Pershing Square Tontine Holdings, Ltd.
		
	By:	 	  

		 	Name: William A. Ackman
		 	 Title:    Chief Executive Officer

 




	cc:	 Citigroup Global Markets, Inc. 



Jefferies LLC 
 UBS Securities LLC


  
 A-2 













 EXHIBIT B 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf & Celeste
Gonzalez 
 Re: Trust Account - Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Pershing Square Tontine Holdings, Ltd.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2020 (the “Trust Agreement”), this is to advise you that the
Company has been unable to effect a Business Combination with a target business within the time frame specified in the Company’s amended and restated certificate of incorporation, as described in the Company’s Prospectus relating to the
Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 
 In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into the trust operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public
Stockholders. The Company has selected [●] as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and,
in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement and the amended and restated certificate of incorporation of the
Company. Upon the distribution of all the funds, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement. 

 

			
	Very truly yours,
	
	Pershing Square Tontine Holdings, Ltd.
		
	By:	 	  

		 	Name: William A. Ackman
		 	Title: Chief Executive Officer


  

	cc:	 Citigroup Global Markets, Inc. 



Jefferies LLC 
 UBS Securities LLC


  
 B-1 













 EXHIBIT C 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf & Celeste
Gonzalez 
 Re: Trust Account - Tax Payment Withdrawal Instruction 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(j) of the Investment Management Trust Agreement between Pershing Square Tontine Holdings, Ltd.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2020 (the “Trust Agreement”), the Company hereby requests that
you deliver to the Company $         of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with
the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at: 

[WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	Pershing Square Tontine Holdings, Ltd.
		
	By:	 	  

		 	Name: William A. Ackman
		 	Title: Chief Executive Officer


  

	cc:	 Citigroup Global Markets, Inc. 



Jefferies LLC 
 UBS Securities LLC


  
 C-1 













 EXHIBIT D 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn:    Francis
Wolf & Celeste Gonzalez 
 Dear Mr. Wolf and Ms. Gonzalez: 

Re: Trust Account - Stockholder Redemption Withdrawal Instruction 

Pursuant to Section 1(k) of the Investment Management Trust Agreement between Pershing Square Tontine Holdings, Ltd. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2020 (the “Trust Agreement”), the Company hereby requests that you
deliver to the redeeming Public Stockholders on behalf of the Company $         of the principal and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein
shall have the meanings set forth in the Trust Agreement. 
 The Company needs such funds to pay its Public Stockholders who have properly
elected to have their Public Shares redeemed by the Company in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (i) to modify the substance or timing of the
Company’s obligation to allow redemptions in connection with the Company’s initial Business Combination, (ii) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if it does not
complete its initial Business Combination within twenty-four (24) months from the closing of the Offering (or thirty (30) months from the closing of the Offering if the Company has executed a letter of intent, agreement in principle or
definitive agreement for its initial Business Combination within twenty-four (24) months from the closing of the Offering but has not completed the initial Business Combination within such twenty-four-month
(24-month) period) or (iii) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity. As such, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public Stockholders in accordance with your customary procedures. 

 

			
	Very truly yours,
	
	Pershing Square Tontine Holdings, Ltd.
		
	By:	 	  

		 	Name: William A. Ackman
		 	Title: Chief Executive Officer



  
 D-1 














	cc:	 Citigroup Global Markets, Inc. 



Jefferies LLC 
 UBS Securities LLC


  
 2