Document:

EX-4.1

 Exhibit 4.1 
  

 
  

HYATT HOTELS CORPORATION 
  

 
 SEVENTH
SUPPLEMENTAL INDENTURE 
 Dated as of August 16, 2018 

to 
 INDENTURE 

Dated as of August 14, 2009 
  

 
 WELLS FARGO
BANK, National Association 
 Trustee 
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

			
	 SECTION 1.01.
	 	 Definitions
	  	 	1	 
	 SECTION 1.02.
	 	 Other Definitions
	  	 	5	 
	
	ARTICLE II	  

	
	DESIGNATION AND TERMS OF THE SENIOR NOTES	  

			
	 SECTION 2.01.
	 	 Title and Aggregate Principal Amount
	  	 	5	 
	 SECTION 2.02.
	 	 Execution
	  	 	5	 
	 SECTION 2.03.
	 	 Other Terms and Form of the Senior Notes
	  	 	5	 
	 SECTION 2.04.
	 	 Further Issues
	  	 	6	 
	 SECTION 2.05.
	 	 Interest and Principal
	  	 	6	 
	 SECTION 2.06.
	 	 Place of Payment
	  	 	6	 
	 SECTION 2.07.
	 	 Form and Dating
	  	 	6	 
	 SECTION 2.08.
	 	 Depositary; Registrar
	  	 	7	 
	 SECTION 2.09.
	 	 Optional Redemption
	  	 	7	 
	
	ARTICLE III	  

	
	TRANSFER AND EXCHANGE	  

			
	 SECTION 3.01.
	 	 Transfer and Exchange of Global Notes
	  	 	7	 
	 SECTION 3.02.
	 	 Transfer and Exchange of Beneficial Interests in the Global Notes
	  	 	8	 
	 SECTION 3.03.
	 	 Transfer or Exchange of Beneficial Interests for Definitive Notes
	  	 	9	 
	 SECTION 3.04.
	 	 Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes
	  	 	9	 
	 SECTION 3.05.
	 	 Transfer and Exchange of Definitive Notes for Definitive Notes
	  	 	10	 
	 SECTION 3.06.
	 	 Legends
	  	 	10	 
	 SECTION 3.07.
	 	 Cancellation and/or Adjustment of Global Notes
	  	 	11	 
	 SECTION 3.08.
	 	 General Provisions Relating to Transfers and Exchanges
	  	 	11	 
	
	ARTICLE IV	  

	
	LEGAL DEFEASANCE, COVENANT DEFEASANCE	  

	AND SATISFACTION AND DISCHARGE	  

			
	 SECTION 4.01.
	 	 Legal Defeasance, Covenant Defeasanceand Satisfaction and Discharge
	  	 	13	 

  
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	ARTICLE V	  

			
	 SECTION 5.01.
	 	 Offer to Purchase upon Change of Control
	  	 	13	 
	
	ARTICLE VI	  

	
	MISCELLANEOUS	  

			
	 SECTION 6.01.
	 	 Ratification of Original Indenture; Supplemental Indentures Part of Original Indenture
	  	 	15	 
	 SECTION 6.02.
	 	 Concerning the Trustee
	  	 	15	 
	 SECTION 6.03.
	 	 Counterparts
	  	 	15	 
	 SECTION 6.04.
	 	 GOVERNING LAW
	  	 	16	 

 Exhibit A         Form of 4.375% Senior Notes due 2028 

  
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 SEVENTH SUPPLEMENTAL INDENTURE, dated as of August 16, 2018 (this “Seventh
Supplemental Indenture”), to the Indenture, dated as of August 14, 2009 (as supplemented by the Second Supplemental Indenture dated as of August 4, 2011 and the Fourth Supplemental Indenture dated as of May 10, 2013, the
“Original Indenture”), between HYATT HOTELS CORPORATION, a corporation organized under the laws of Delaware (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association
organized under the laws of the United States, as trustee (the “Trustee”). 
 WHEREAS, the Company and the Trustee have
heretofore executed and delivered the Original Indenture to provide for the issuance from time to time of Notes of the Company; 
 WHEREAS,
Sections 2.02 and 9.01 of the Original Indenture provide, among other things, that the Company and the Trustee may enter into indentures supplemental to the Original Indenture for, among other things, the purpose of establishing the
designation, form, terms and conditions of Notes of any Series permitted by Sections 2.01 and 9.01 of the Original Indenture; 

WHEREAS, the Company (i) desires to issue the Senior Notes (as defined in Article II hereof), to be designated as hereinafter provided,
and (ii) has requested the Trustee to enter into this Seventh Supplemental Indenture for the purpose of establishing the designation, form, terms and conditions of the Senior Notes; 

WHEREAS, the Company has duly authorized the creation of the Senior Notes; and 

WHEREAS, all action on the part of the Company necessary to authorize the issuance of the Senior Notes under the Original Indenture and this
Seventh Supplemental Indenture (the Original Indenture, as supplemented by this Seventh Supplemental Indenture, being hereinafter called the “Indenture”) has been duly taken. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That, in order to establish the designation, form, terms and conditions of, and to authorize the authentication and delivery of the Senior
Notes and in consideration of the acceptance of the Senior Notes by the Holders thereof and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 SECTION 1.01.
Definitions. (a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Original Indenture. 

(b) The rules of interpretation set forth in the Original Indenture shall be applied hereto as if set forth in full herein. 

 (c) For all purposes of this Seventh Supplemental Indenture, except as otherwise expressly
provided or unless the context otherwise requires, the following terms shall have the following meanings: 
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of DTC, Euroclear and Clearstream that apply to such transfer or exchange. 

“Beneficial Ownership” shall have the meaning provided in Rule 13d-3 of the SEC under the Exchange Act. 

“Change of Control” means (i) any Person or two or more Persons acting in concert (other than, in either case, a
Permitted Holder) shall have acquired Beneficial Ownership, directly or indirectly, of, or shall have acquired by contract or otherwise, Voting Stock of the Company (or other securities convertible into such Voting Stock) representing 50% or more of
the combined voting power of all Voting Stock of the Company, (ii) the direct or indirect sale, assignment, transfer, lease, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the Company’s and its Subsidiaries’ properties or assets, taken as a whole, to any “person” (individually and as that term is used in Section 13(d)(3) and Section 14(d)(2) of
the Exchange Act), other than the Company or one of its Subsidiaries, or (iii) Continuing Directors shall cease for any reason to constitute a majority of the members of the Board of Directors then in office. Notwithstanding the foregoing, a
transaction effected to create a holding company for the Company will not, in and of itself, constitute a Change of Control if (i) pursuant to such transaction the Company becomes a direct or indirect wholly owned subsidiary of such holding
company and (ii) immediately following that transaction no Person (other than a Permitted Holder) is the Beneficial Owner, directly or indirectly, of Voting Stock of such holding company (or other securities convertible into such Voting Stock)
representing 50% or more of the combined voting power of all Voting Stock of such holding company. 
 “Change of Control Triggering
Event” means (i) the occurrence of a Change of Control and (ii) the Senior Notes cease to be rated Investment Grade by each of the Rating Agencies (or in the absence of such rating for the Senior Notes, (x) the Company’s
corporate rating, in the case of S&P, and (y) the Company’s corporate family rating, in the case of Moody’s, for Dollar-denominated senior unsecured long-term debt each ceases to be rated Investment Grade) on any date during the
Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 

“Comparable Treasury Issue” means, with respect to the Senior Notes to be redeemed, the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining term of the Senior Notes (assuming for this purpose that the Senior Notes matured on the Par Call Date) that would be used, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Senior Notes (assuming for this purpose that the Senior Notes matured on the Par Call Date). 

  
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 “Comparable Treasury Price” means, with respect to any redemption date and
any Senior Notes to be redeemed, (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if the Company obtains
fewer than four Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations obtained. 

“Continuing Directors” means, during any period of up to 24 consecutive months commencing after the date of the issuance of
the Senior Notes, individuals who at the beginning of such 24 month period were directors of the Company (together with any new director whose election by the Board of Directors or whose nomination for election by the Company’s stockholders was
approved by a vote of (i) at least a majority of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved or (ii) Permitted Holders
representing not less than 50% of the combined voting power of all Voting Stock of the Company). 
 “Definitive Note” means
a certificated Senior Note registered in the name of the Holder thereof and issued in accordance with Article III hereof substantially in the form of Exhibit A hereto, except that such Senior Note shall not bear the Global Note Legend and shall not
have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Existing Shareholder”
means any stockholder of the Company that, together with such stockholder’s Affiliates, owns more than 5% of the Voting Stock of the Company as of August 14, 2009, so long as the Pritzker Affiliates continue to own more Voting Stock of the
Company than such Existing Shareholder. 
 “Global Note Legend” means the legend set forth in Section 3.06 hereof,
which is required to be placed on all Global Notes issued hereunder. 
 “Global Notes” means, individually and
collectively, each of the Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto, and that bears the Global Note Legend and that has the
“Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.15 of the Original Indenture and Section 2.07 hereof. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Investment Grade” means a rating equal to or higher than Baa3 by Moody’s (or its equivalent under any successor rating
category of Moody’s); a rating equal to or higher than BBB- by S&P (or its equivalent under any successor rating category of S&P); and an equivalent rating of any replacement agency, respectively. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Par Call Date” means June 15, 2028 (the date that is three months prior to the maturity date of the Senior Notes). 

  
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 “Participant” means, with respect to the Depositary, Euroclear or
Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Holder” means (A) (i) all lineal descendants of Nicholas J. Pritzker, deceased, and all spouses and
adopted children of such descendants; (ii) all trusts for the benefit of any person described in clause (i) and trustees of such trusts; (iii) all legal representatives of any person or trust described in clauses (i) or (ii); and
(iv) all partnerships, corporations, limited liability companies or other entities controlled, directly and/or indirectly, by the persons or trusts described in clauses (i), (ii) or (iii) (such Persons referred to in this clause
(A) collectively, “Pritzker Affiliates”); or (B) any other Existing Shareholder. “Control”, for purposes of this definition, shall mean the ability to influence, direct or otherwise significantly affect the major
policies, activities or action of any person or entity. 
 “Primary Treasury Dealer” means an investment banking firm that
is a primary Government Securities dealer in the United States. 
 “Quotation Agent” means one of the Reference Treasury
Dealers selected by the Company. 
 “Rating Agency” means each of S&P and Moody’s or if S&P or Moody’s or
both shall not make publicly available a rating of the Senior Notes or a rating of the Company’s corporate credit for Dollar-denominated senior unsecured long-term debt generally, an internationally recognized statistical rating agency or
agencies, as the case may be, selected by the Company which shall be substituted for S&P or Moody’s or both, as the case may be. 

“Reference Treasury Dealer” means any Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding the date that a notice of redemption is given. 
 “S&P” means
S&P Global Ratings, a division of S&P Global, Inc., and its successors. 
 “Treasury Rate” means, with respect to
any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated on the third Business Day preceding the date that a notice of redemption is given. 

“Trigger Period” means, with respect to a Change of Control Triggering Event, the period commencing 60 days prior to the
first public announcement by the Company of any 

  
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Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which will be extended following the consummation of a Change of Control for
so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change). 
 SECTION
1.02. Other Definitions. 
  

					
	 Term
	  	Defined in Section	 
	 “Change of Control Offer”
	  	 	5.01	 
	 “Change of Control Payment”
	  	 	5.01	 
	 “Change of Control Payment Date”
	  	 	5.01	 
	 “DTC”
	  	 	2.08	 
	 “Interest Payment Date”
	  	 	2.05	 
	 “Record Date”
	  	 	2.05	 
	 “Redemption Price”
	  	 	2.09	 

 ARTICLE II 

DESIGNATION AND TERMS OF THE SENIOR NOTES 

SECTION 2.01. Title and Aggregate Principal Amount. There is hereby created a Series of Notes designated: 4.375% Senior Notes due 2028
(the “Senior Notes”). 
  
 SECTION 2.02. Execution. The
Senior Notes may forthwith be executed by the Company and delivered to the Trustee for authentication and delivery by the Trustee in accordance with the provisions of Section 2.04 of the Original Indenture. 

SECTION 2.03. Other Terms and Form of the Senior Notes. The Senior Notes shall have and be subject to such other terms as provided in
the Original Indenture and this Seventh Supplemental Indenture and shall be evidenced by one or more Global Notes in the form of Exhibit A hereto and as set forth in Section 2.07 hereof. 

SECTION 2.04. Further Issues. The Company may from time to time, without the consent of the Holders of the Senior Notes and in
accordance with the Original Indenture and this Seventh Supplemental Indenture, create and issue further notes having the same terms and conditions as the Senior Notes in all respects (or in all respects except for the issue date, price to public,
the initial Interest Payment Date (if applicable) and the payment of interest accruing prior to the issue date of the additional notes) so as to form a single series with the Senior Notes. The expression “Senior Notes” shall include any
such notes issued pursuant to this Section 2.04 and forming a single series therewith. 
 SECTION 2.05. Interest and Principal.
The Senior Notes will mature on September 15, 2028 and will bear interest at the rate of 4.375% per annum. The Company will 

  
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pay interest on the Senior Notes on each March 15 and September 15 (each an “Interest Payment Date”), beginning on March 15, 2019, to the holders of record on the
immediately preceding March 1 or September 1 (each a “Record Date”), respectively. Interest on the Senior Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the
date of issuance. Payments of the principal of and interest on the Senior Notes shall be made in Dollars, and the Senior Notes shall be denominated in Dollars. 

SECTION 2.06. Place of Payment. The place of payment where the Senior Notes issued in the form of Definitive Notes may be presented or
surrendered for payment, where the principal of and interest and any other payments due on the Senior Notes issued in the form of Definitive Notes are payable, where the Senior Notes may be surrendered for registration of transfer or exchange and
where notices and demands to and upon the Company in respect of the Senior Notes and this Indenture may be served shall be in the Borough of Manhattan, The City of New York, and the office or agency maintained by the Company for such purpose shall
initially be the Corporate Trust Office of the Trustee. All payments on Senior Notes issued in the form of Global Notes shall be made by wire transfer of immediately available funds to the Depositary and, at the option of the Company, payment of
interest on the Senior Notes issued in the form of Definitive Notes may be made by check mailed to registered Holders. 
 SECTION 2.07.
Form and Dating. 
 (a) General. The Senior Notes and the Trustee’s certificate of authentication will be substantially
in the form of Exhibit A hereto. The terms and provisions contained in the Senior Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

(b) Global Notes. Senior Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Senior Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and
without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Senior Notes as will be specified therein and each shall provide that it represents the
aggregate principal amount of outstanding Senior Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Senior Notes represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Senior Notes represented thereby will be made by the Trustee or the Custodian, at
the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Article III hereof. 
 SECTION
2.08. Depositary; Registrar. The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The Company initially appoints the Trustee to act as the Registrar and the
paying agent and designates the Trustee’s New York office as the office or agency referred to in Section 2.05 of the Original Indenture. 

  
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 SECTION 2.09. Optional Redemption. 

(a) The Senior Notes will be redeemable, in whole or in part, at the option of the Company, at any time prior to June 15, 2028 (the date
that is three months prior to the Stated Maturity thereof), at a redemption price equal to the greater of (A) 100% of the principal amount of the Senior Notes being redeemed and (B) as calculated by the Quotation Agent, the sum of the
present values of the remaining scheduled payments of principal and interest on the Senior Notes being redeemed that would have been payable if the Senior Notes being redeemed matured on the Par Call Date (except for accrued but unpaid interest)
discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus, 25 basis points, plus, in each case of sub-clauses (A) and (B) above, accrued and unpaid
interest on the applicable Senior Notes to, but not including, the redemption date. 
 (b) The Senior Notes will be redeemable, in whole or
in part, at the option of the Company, at any time on or after the June 15, 2028 (the date that is three months prior to the Stated Maturity thereof), at a redemption price equal to 100% of the principal amount of the Senior Notes being
redeemed, plus, accrued and unpaid interest on the applicable Senior Notes to, but not including, the redemption date. The price (including any premium and interest) at which any Senior Notes may be redeemed pursuant to clause (a) or
(b) of this Section 2.09 shall be hereinafter referred to as the “Redemption Price”. 
 (c) Solely with respect
to the Senior Notes, Article III of the Original Indenture is hereby amended as follows: 
 (A) Section 3.01 of the Original
Indenture is hereby amended with respect to the Senior Notes by amending and restating the last sentence thereof as follows: 
 The Company
shall give such written notice to the Trustee at least 20 but no more than 60 days before the redemption date (or such shorter notice as may be acceptable to the Trustee). 

(B) Section 3.02 of the Original Indenture is hereby amended with respect to the Senior Notes by amending and restating the
third sentence of the second paragraph thereof as follows: 
 The Trustee shall make the selection at least 15 days but not more than 60
days before the redemption date from outstanding Senior Notes not previously called for redemption. 
 (C) Section 3.03 of
the Original Indenture is hereby amended with respect to the Senior Notes by amending and restating the first sentence thereof as follows: 

At least 15 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Notes are to be redeemed at its registered address. 
 ARTICLE III 

TRANSFER AND EXCHANGE 
 SECTION
3.01. Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or
by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes shall be exchangeable pursuant to Section 2.08 of the Original Indenture for Definitive Notes if: 

(a) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it
is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary; 

(b) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes
and delivers a written notice to such effect to the Trustee; or 
 (c) an Event of Default with respect to the Senior Notes represented by
such Global Note shall have occurred and be continuing. 
 Upon the occurrence of any of the preceding events in (a) or (b) above,
Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.09 and 2.12 of the Original Indenture. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Article III or Section 2.09 or 2.12 of the 

  
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Original Indenture, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this
Section 3.01; however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.02 or 3.03 hereof. 

SECTION 3.02. Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in
the Global Notes will be effected through the Depositary, in accordance with the provisions of this Seventh Supplemental Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also will require compliance with
either subparagraph (a) or (b) below, as applicable: 
 (a) Transfer of Beneficial Interests in the Same Global Note.
Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Global Note. No written orders or instructions shall be required to be delivered to the Registrar to
effect the transfers described in this Section 3.02(a). 
 (b) All Other Transfers and Exchanges of Beneficial Interests in Global
Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 3.02(a) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 
 (1)
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged; and 
 (2) instructions given in accordance with the
Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 
 (B) both: 

(1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 

  
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 Upon satisfaction of all of the requirements for transfer or exchange of beneficial
interests in Global Notes contained in this Indenture and the Senior Notes, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 3.07 hereof. 

SECTION 3.03. Transfer or Exchange of Beneficial Interests for Definitive Notes. Subject to the terms hereof, if any holder of a
beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the
conditions set forth in Section 3.02(b) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.07 hereof, and the Company will execute and the Trustee
will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 3.03 will be registered
in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The
Trustee will deliver such Definitive Notes to the Persons in whose names such Senior Notes are so registered. 
 SECTION 3.04. Transfer
and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof
in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal
amount of one of the Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant
to the previous paragraph at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture, the Trustee will authenticate one or more
Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 SECTION 3.05. Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 3.05, the Registrar will register the transfer or exchange of
Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the
Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional required certifications, documents and information, as applicable. 

SECTION 3.06. Legends. Each Global Note will bear a legend in substantially the following form: 

“This Global Note is held by the Depositary (as defined in the Indenture governing this Note) or its nominee in
custody for the benefit of the Beneficial Owners hereof, and is not transferable to any person under any circumstances except that (1) the trustee may make such notations hereon as may be required pursuant to the Indenture, (2) this Global
Note may be exchanged in whole but not in part pursuant to Article III of the Seventh Supplemental Indenture, (3) this Global Note may be delivered to the trustee for cancellation pursuant to section 2.13 of the Indenture and (4) this
Global Note may be transferred to a successor Depositary with the prior written consent of the Company. 

  
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 Unless and until it is exchanged in whole or in part for Notes in
definitive form, this Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such
nominee to a successor Depositary or a nominee of such successor Depositary. Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) (“DTC”) to the Company
or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as may be requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or such other entity as may be requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner hereof,
Cede & Co., has an interest herein.” 
 SECTION 3.07. Cancellation and/or Adjustment of Global Notes. At
such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or
retained and canceled by the Trustee in accordance with Section 2.13 of the Original Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Senior Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global
Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

SECTION 3.08. General Provisions Relating to Transfers and Exchanges.  

(a) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture or at the Registrar’s request. 

(b) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or
transfer pursuant to Sections 2.12, 3.06 and 9.04 of the Original Indenture and Section 5.01 of this Seventh Supplemental Indenture). 

(c) The Registrar will not be required to register the transfer of or exchange any Senior Note selected for redemption in whole or in part,
except the unredeemed portion of any Senior Note being redeemed in part. 

  
 10 

 (d) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration
of transfer or exchange. 
 (e) The Company will not be required: 

(A) to issue, to register the transfer of or to exchange any Senior Notes during a period beginning at the opening of business
15 days before the day of any selection of Senior Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Senior Note selected for redemption in whole or in part, except the
unredeemed portion of any Senior Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Senior
Note between a Record Date and the next succeeding Interest Payment Date. 
 (f) Prior to due presentment for the registration of a transfer
of any Senior Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Senior Note is registered as the absolute owner of such Senior Note for the purpose of receiving payment of principal of and interest on such
Senior Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(g) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.04 of the Original
Indenture. 
 (h) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to Article III
to effect a registration of transfer or exchange may be submitted by facsimile. 
 (i) Each Holder of Senior Notes agrees to indemnify the
Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of the Original Indenture and/or applicable United States federal or state securities
law. The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Senior
Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. 

  
 11 

 ARTICLE IV 

LEGAL DEFEASANCE, COVENANT DEFEASANCE 

AND SATISFACTION AND DISCHARGE 

SECTION 4.01. Legal Defeasance, Covenant Defeasance and Satisfaction and Discharge. Article Eight of the Original Indenture shall be
applicable to the Senior Notes; provided that the opinion with respect to the sufficiency of the deposits required by Section 8.04(1) and 8.07 of the Original Indenture may be an opinion of a nationally recognized investment bank,
expressed in a written confirmation thereof delivered to the Trustee. The Company may defease the covenant contained in Section 5.01 under the provisions of Section 8.03 of the Original Indenture. 

ARTICLE V 
 SECTION 5.01.
Offer to Purchase upon Change of Control. (a) If a Change of Control Triggering Event occurs, unless the Company has exercised any right to redeem the Senior Notes, each Holder thereof will have the right to require that the Company
repurchase all or a portion (in excess of $2,000 in integral multiples of $1,000) of such Holder’s Senior Notes pursuant to an offer by the Company (a “Change of Control Offer”) at a repurchase price in cash equal to 101% of the
aggregate principal amount thereof plus accrued and unpaid interest, if any, on the Senior Notes repurchased, to, but not including, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control
Triggering Event, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company will mail a notice to each such Holder, with a copy to the Trustee, which terms will
govern the terms of the Change of Control Offer. Such notice shall state, among other things: 
 (i) that the Change of
Control Offer is being made pursuant to this Section 5.01 and that all Senior Notes tendered will be accepted for payment; 

(ii) that a Change of Control Triggering Event has occurred and that such Holder has the right to require the Company to
repurchase all or a portion of such Holder’s Senior Notes at the Change of Control Payment; 
 (iii) the circumstances
and relevant facts regarding such Change of Control Triggering Event; 
 (iv) the repurchase date, which shall be no earlier
than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”); 

(v) the instructions, as determined by the Company, consistent with this Section 5.01; 

(vi) that any Senior Note not tendered will continue to accrue interest; 

(vii) that, unless the Company defaults in the payment of the Change of Control Payment, all Senior Notes accepted for payment
pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

  
 12 

 (viii) that Holders electing to have any Senior Notes purchased pursuant to
a Change of Control Offer will be required to surrender the Senior Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Senior Notes completed, to the Paying Agent at the address specified in the notice prior
to the close of business on the third Business Day preceding the Change of Control Payment Date; 
 (ix) that each Holder
will be entitled to withdraw its election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth
the name of such Holder, the principal amount of Senior Notes delivered for purchase, and a statement that such Holder is withdrawing its election to have the Senior Notes purchased; and 

(x) that Holders whose Senior Notes are being purchased only in part will be issued new Senior Notes equal in principal amount
to the unpurchased portion of the Senior Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 

The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to
the extent those laws and regulations are applicable in connection with the repurchase of the Senior Notes as a result of a Change in Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the
provisions of this Section 5.01, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 5.01 by virtue of such compliance. 

(b) On the Change of Control Payment Date, the Company will, to the extent lawful: 

(i) accept for payment all Senior Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Senior Notes or portions
of Senior Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Senior Notes properly
accepted together with an Officers’ Certificate stating the aggregate principal amount of Senior Notes or portions of Senior Notes being purchased by the Company. 

The Paying Agent will promptly mail to each Holder of Senior Notes properly tendered the Change of Control Payment for such Senior Notes, and
the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each such Holder a new Senior Note equal in principal amount to any unpurchased portion of the Senior Notes surrendered, if any; provided that each
new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 The Company will publicly announce
the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

  
 13 

 (c) A Change of Control Offer may be made in advance of a Change of Control, conditional
upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. The Change of Control Offer, if mailed prior to the date of consummation of the Change of Control,
will state that the offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

(d) Notwithstanding anything to the contrary in this Section 5.01, the Company will not be required to make a Change of Control Offer
upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 5.01 and purchases all Senior Notes properly
tendered and not withdrawn under such Change of Control Offer. 
 ARTICLE VI 

MISCELLANEOUS 
 SECTION 6.01.
Ratification of Original Indenture; Supplemental Indentures Part of Original Indenture. Except as expressly amended hereby, the Original Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof
shall remain in full force and effect. This Seventh Supplemental Indenture shall form a part of the Original Indenture for all purposes, and every Holder of the Senior Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

 SECTION 6.02. Concerning the Trustee. The recitals contained herein and in the Senior Notes, except with respect to the
Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this
Seventh Supplemental Indenture or of the Senior Notes. 
 SECTION 6.03. Counterparts. This Seventh Supplemental Indenture may be
executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

SECTION 6.04. GOVERNING LAW. THIS INDENTURE AND EACH NOTE OF THE SERIES CREATED HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

[Signature Pages Follow] 

  
 14 

 IN WITNESS WHEREOF, the parties have caused this Seventh Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	HYATT HOTELS CORPORATION
		
	By:	 	
	
	/s/ Patrick Grismer
	Name:	 	Patrick Grismer
	Title:	 	Executive Vice President

 [Seventh Supplemental Indenture Signature Page] 

 
			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Trustee

		
	By:	 	
	
	/s/ Gregory S. Clarke
	Name:	 	Gregory S. Clarke
	Title:	 	Vice President

 [Seventh Supplemental Indenture Signature Page] 

 EXHIBIT A 

[Face of 2028 Note] 
  

 
  

CUSIP/ISIN: [            ] 

4.375% Senior Notes due 2028 
  

			
	No. [     ]	  	$[            ]

 HYATT HOTELS CORPORATION promises to pay to [            ] or
registered assigns, the principal sum of [            ] (United States) Dollars on September 15, 2028 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: March 15 and September 15 

Record Dates: March 1 and September 1 
 Additional
provisions of this Note are set forth on the other side of this Note. 

  
 A-1 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

							
		 		 	HYATT HOTELS CORPORATION
				
		 		 	By:	 	 
		 		 	Name:	 	Patrick Grismer
		 		 	Title:	 	 Executive Vice President,
 Chief Financial
Officer

  
 A-2 

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

		
	Dated:	 	 
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 
	Name:	 	Gregory S. Clarke
	Title:	 	Vice President

  
 A-3 

 [Reverse of 2028 Note] 

4.375% Senior Notes due 2028 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated. 

  
 A-4 

	1.	 Indenture 

This Note is one of a duly authorized issue of Notes of the Company, designated as its 4.375% Senior Notes due 2028 (herein called the
“Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the Seventh Supplemental Indenture (as hereinafter defined) and forming a single series therewith), issued and to be issued under an
indenture, dated as of August 14, 2009 (herein called the “Original Indenture”), between HYATT HOTELS CORPORATION, a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States, as trustee (the “Trustee”), as amended and
supplemented by the Second Supplemental Indenture, dated as of August 4, 2011 (the “Second Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of May 10, 2013 (the “Fourth Supplemental
Indenture”) and the Seventh Supplemental Indenture, dated as of August 16, 2018 (the “Seventh Supplement Indenture,” and together with the Original Indenture, the Second Supplemental Indenture and the Fourth
Supplemental Indenture, the “Indenture”). Reference is hereby made to the Indenture, and all indentures supplemental thereto relevant to the Notes, for a complete description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to create or incur Liens and to enter
into Sale and Leaseback Transactions. The Indenture also imposes certain limitations on the ability of the Company to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all
or substantially all of the property of the Company in any one transaction or series of related transactions. 
 Each Note is subject to,
and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the extent that
there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 
  

	2.	 Interest 

The Company promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest
semiannually on March 15 and September 15 of each year, commencing March 15, 2019. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from August 16,
2018. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

	3.	 Paying Agent, Registrar and Service Agent 

Initially the Trustee will act as paying agent and registrar. Initially, the Company will act as service agent. The Company may appoint and
change any paying agent, registrar or 

  
 A-5 

 
co-registrar and service agent without notice. The Company or any of its Subsidiaries may act as paying agent, registrar,
co-registrar or service agent. 
  

	4.	 Defaults and Remedies; Waiver 

If an Event of Default (other than an Event of Default described in clauses (6) and (7) of Section 6.01 of the Original
Indenture) with respect to the Notes shall occur and be continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding by notice as provided in the Original Indenture may declare the principal
amount of, premium, if any, and accrued and unpaid interest on the Notes to be due and payable immediately. If an Event of Default described in clauses (6) and (7) of Section 6.01 of the Original Indenture occurs, the principal amount
of, premium, if any, and accrued and unpaid interest on all Notes will automatically, and without any declaration or other act on the part of the Trustee or any Holder, become immediately due and payable. After the principal amount of the Notes
shall have been so declared due and payable (or shall have become immediately due and payable), and before a judgment or decree for payment of moneys due shall have been obtained or entered as provided in the Original Indenture, the Holders of a
majority in principal amount of the Notes then outstanding, by written notice to the Company and the Trustee, may, under certain circumstances, rescind and annul such declaration of acceleration and its consequences if any and all Events of Default,
other than the non-payment of accelerated principal (or other specified amount) and interest, if any, on such Notes have been remedied or waived as provided in the Indenture. 

Subject to the provisions of the Indenture relating to the duties of the Trustee in case an Event of Default shall occur and be continuing,
the Trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the request or direction of any of the Holders, unless such Holders shall have offered to the Trustee security or indemnity reasonably
satisfactory to the Trustee. Subject to such provisions for the indemnification of the Trustee and applicable law, the Holders of a majority in aggregate principal amount of Notes then outstanding will have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes. Except to enforce payment of the principal of or any premium or interest on a Note on or
after the applicable due date specified in such Note, no Holder of a Note will have any right to pursue any remedy with respect to the Indenture or the Notes, unless (i) such Holder has previously given to the Trustee written notice of a
continuing Event of Default with respect to the Notes; (ii) the Holders of at least 25% in aggregate principal amount of the Notes then outstanding have made written request, and such Holder or Holders have offered indemnity reasonably
satisfactory to the Trustee to institute such proceeding; and (iii) the Trustee has failed to institute such proceeding, and has not received from the Holders of a majority in aggregate principal amount of the Notes then outstanding a direction
inconsistent with such request, within 60 days after such notice, request and offer. 
  

	5.	 Amendment 

Modifications and amendments of the Indenture may be made by the Company and the Trustee without notice to any Holder but with the written
consent of the Holders of at least a majority in aggregate principal amount of each affected series of Notes then outstanding 

  
 A-6 

 
(including consents obtained in connection with a tender offer or exchange offer for such Notes); provided, however, that no such modification or amendment may, without the consent
of the Holder of each Note affected thereby, (i) reduce the principal amount of any Notes whose Holders must consent to an amendment, supplement or waiver; (ii) reduce the rate of or extend the time for payment of interest, including
default interest, on any Note; (iii) reduce the principal of or change the Stated Maturity of any Note; (iv) reduce the amount payable upon the redemption of any Note or change the time of any mandatory redemption or, in respect of an
optional redemption, the times at which any Note may be redeemed (excluding, for the avoidance of doubt, the number of days before a redemption date that a notice of redemption may be mailed to the holders) or, once notice of redemption has been
given to the holders, the time at which it must thereupon be redeemed; (v) make any Note payable in money other than that stated in the Note; (vi) waive a Default or Event of Default in the payment of principal of or premium, if any, or
interest on the Notes (except a rescission of acceleration of the securities by the Holders of at least a majority in aggregate principal amount of then outstanding Notes and a waiver of the payment default that resulted from such acceleration);
(vii) make any change in the provisions of the Indenture relating to waivers of past Defaults or the rights of Holders to receive payments of principal of, or premium, if any, or interest on the Notes; (viii) waive a redemption payment
with respect to any Note; or (ix) make any change in the sections of the Original Indenture captioned “Waiver of Past Defaults” and “Rights of Holders to Receive Payment” or in the provisions described in this sentence. 

The Holders of the Notes, through the written consent of a majority in principal amount of the Notes then outstanding, may waive compliance by
the Company with certain covenants of the Indenture with respect thereto. The Holders of the Notes, through the written consent of a majority in principal amount of the Notes then outstanding, may waive any past default under the Indenture with
respect thereto, except (i) a default in the payment of principal, premium or interest; (ii) a default arising from the failure to redeem or purchase any such Notes when required pursuant to the terms of the Indenture; and
(iii) certain covenants and provisions of the Indenture which cannot be amended without the consent of the Holder of each outstanding Note. 

With respect to the Notes, notwithstanding the preceding paragraphs, without the consent of any Holder of such Notes, the Company and the
Trustee may amend or supplement the Indenture or the Notes (i) to cure any ambiguity, defect, omission or inconsistency; (ii) to provide for uncertificated Notes in addition to or in place of certificated Notes; (iii) to provide for
the assumption of the Company’s obligations to Holders of such Notes in the case of a merger or consolidation or sale of all or substantially all of the Company’s assets; (iv) to make any change that would provide any additional
rights or benefits to the Holders of such Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; (v) to comply with requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act of 1939, as amended; (vi) to provide for the issuance of additional Notes in accordance with the limitations set forth in the Indenture; (vii) to appoint a successor Trustee with respect to the
Notes, (viii) to add or change any of the provisions of the Indenture necessary to provide for the administration of the trusts in the Indenture by more than one Trustee; or (ix) to conform the text of the Indenture or the Notes to any
provision of the section “Description of the notes” in the prospectus supplement or the section “Description of 

  
 A-7 

 
Debt Securities” in the base prospectus relating to the initial offering of the Notes that is intended to be a verbatim recitation of the terms of the Notes. 

 

	6.	 Change of Control 

If a Change of Control Triggering Event occurs, and the Company has not previously exercised its option to redeem the Notes, each Holder will
have the right to require that the Company repurchase all or a portion (in excess of $2,000 in integral multiples of $1,000) of such Holder’s Notes pursuant to a Change of Control Offer at a purchase price equal to 101% of the principal amount
thereof plus accrued and unpaid interest, if any, to, but not including, the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). 

 

	7.	 Obligations Absolute 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

 

	8.	 Sinking Fund 

The Notes shall not be redeemable at the option of any Holder thereof, upon the occurrence of any particular circumstances or otherwise. The
Notes will not have the benefit of any sinking fund. 
  

	9.	 Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in denominations of $2,000 principal amount and any integral multiple of $1,000 in
excess thereof. When Notes are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes, the Registrar shall register the transfer or make the exchange in the
manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such
transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.12, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the Seventh Supplemental Indenture). 

Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the transfer of
or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date. 

  
 A-8 

	10.	 Further Issues 

The Company may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (except for the issue date, price to public, the initial Interest Payment Date (if applicable) and the payment of interest accruing prior to the issue date of the
additional notes) so as to form a single series with the Notes. 
  

	11.	 Optional Redemption 

The Notes will be redeemable, in whole or in part, at the option of the Company (1) at any time prior to June 15, 2028 (the date
that is three months prior to the Stated Maturity thereof), at a Redemption Price equal to the greater of: (A) 100% of the principal amount of the Notes being redeemed; and (B) as calculated by the Quotation Agent, the sum of the present
values of the remaining scheduled payments of principal and interest on the Notes that would have been payable if the Notes being redeemed matured on the Par Call Date (except for accrued but unpaid interest) discounted to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 25 basis points, plus, in the case of each of clauses (A) and (B) above, accrued but unpaid interest
on the Notes to, but not including, the redemption date, and (2) at any time on or after June 15, 2028 (the date that is three months prior to the Stated Maturity thereof), at a Redemption Price equal to 100% of the principal amount of the
Notes being redeemed, plus accrued but unpaid interest on the Notes to, but not including, the redemption date. 
  

	12.	 Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

 

	13.	 No Recourse Against Others 

No director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the
Company under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. 
  

	14.	 Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes
and the Indenture if the Company deposits with the Trustee money and/or noncallable Government Securities for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

  
 A-9 

	15.	 Unclaimed Money 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or, if then held by the Company, shall be discharged
from such trust. Thereafter the Holder of such Note shall look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall
Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then
remaining will be repaid to the Company. 
  

	16.	 Trustee Dealings with the Company 

Subject to certain limitations imposed by the Trust Indenture Act, the Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like
rights. 
  

	17.	 Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	18.	 CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

	19.	 Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 A-10 

 The Company will furnish to any Holder of Notes upon written request and without charge
to the Holder a copy of the Indenture. 

  
 A-11 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 

(Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint
                     agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

 

									
	Date:     	 		 	
					
	Your Signature:	 	 	 		 		 	
		 	(Sign exactly as your name appears on the face of this Note)
				
		 		 	Tax Identification No.:	 	 
					
	Signature Guarantee*:	 	 	 		 		 	

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 5.01 of the Seventh Supplemental Indenture, check the
box:  ☐ 
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 5.01 of the Seventh
Supplemental Indenture, state the amount you elect to have purchased: 

$                     

 
  

									
	Date:     	 		 	
					
	Your Signature:	 	 	 		 		 	
		 	(Sign exactly as your name appears on the face of this Note)
				
		 		 	Tax Identification No.:	 	 
					
	Signature Guarantee*:	 	 	 		 		 	

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-13 

 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	Date of Exchange	 	Amount of decrease in
Principal Amount of
this Global Note	 	Amount of increase in
Principal Amount
of this Global Note	 	Principal Amount of
this Global Note
following such
decrease or increase	 	Signature of authorized
signatory of Trustee or
Custodian

  
 A-14Exhibit 4.1

 

Execution Version

 

WARRANT AGREEMENT

 

BETWEEN

 

WILLSCOT CORPORATION

 

AND

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT

 

AUGUST 15, 2018

 

 

TABLE OF CONTENTS

 

	
1.
    	
Meaning of Terms Used   in Agreement
    	
1
    
	
 
    	
 
    	
 
    
	
2.
    	
Appointment of Warrant   Agent
    	
3
    
	
 
    	
 
    	
 
    
	
3.
    	
Warrant
    	
3
    
	
 
    	
 
    	
 
    
	
3.1.
    	
Issuance of Warrants
    	
4
    
	
 
    	
 
    	
 
    
	
3.2.
    	
Execution of Warrants   by the Company
    	
4
    
	
 
    	
 
    	
 
    
	
3.3.
    	
Warrant   Countersignature
    	
4
    
	
 
    	
 
    	
 
    
	
3.4.
    	
Registration, Transfer,   Exchange and Substitution
    	
4
    
	
 
    	
 
    	
 
    
	
3.4.1.
    	
Warrant Register
    	
4
    
	
 
    	
 
    	
 
    
	
3.4.2.
    	
Registered Holder
    	
4
    
	
 
    	
 
    	
 
    
	
3.4.3.
    	
Transfer
    	
5
    
	
 
    	
 
    	
 
    
	
4.
    	
Restriction on Transfer
    	
5
    
	
 
    	
 
    	
 
    
	
4.1.
    	
Restrictive Legend
    	
5
    
	
 
    	
 
    	
 
    
	
4.2.
    	
Permitted Transfers
    	
6
    
	
 
    	
 
    	
 
    
	
5.
    	
Term and Exercise of   Warrants
    	
6
    
	
 
    	
 
    	
 
    
	
5.1.
    	
Exercise Period
    	
6
    
	
 
    	
 
    	
 
    
	
5.2.
    	
Procedure for Exercise
    	
6
    
	
 
    	
 
    	
 
    
	
5.3.
    	
Settlement of Warrants
    	
7
    
	
 
    	
 
    	
 
    
	
5.4.
    	
No Fractional Shares
    	
7
    
	
 
    	
 
    	
 
    
	
5.5.
    	
Obligations of the   Warrant Agent
    	
8
    
	
 
    	
 
    	
 
    
	
5.6.
    	
Validity of Exercise
    	
8
    
	
 
    	
 
    	
 
    
	
5.7.
    	
Direction of Warrant   Agent
    	
8
    
	
 
    	
 
    	
 
    
	
6.
    	
Adjustments to Exercise   Price and Number of Shares Issuable
    	
9
    
	
 
    	
 
    	
 
    
	
6.1.
    	
Share Dividends
    	
9
    
	
 
    	
 
    	
 
    
	
6.1.1.
    	
Split-Ups
    	
9
    
	
 
    	
 
    	
 
    
	
6.1.2.
    	
Extraordinary Dividends
    	
9
    

 

 

	
6.2.
    	
Aggregation of Shares
    	
10
    
	
 
    	
 
    	
 
    
	
6.3.
    	
Adjustments in Exercise   Price
    	
10
    
	
 
    	
 
    	
 
    
	
6.4.
    	
Replacement of   Securities upon Reorganization, etc.
    	
10
    
	
 
    	
 
    	
 
    
	
6.5.
    	
Notices of Changes in   Warrant
    	
11
    
	
 
    	
 
    	
 
    
	
6.6.
    	
Form of Warrant
    	
12
    
	
 
    	
 
    	
 
    
	
6.7.
    	
Other Events
    	
12
    
	
 
    	
 
    	
 
    
	
7.
    	
Other Provisions   Relating to Rights of Holders
    	
12
    
	
 
    	
 
    	
 
    
	
7.1.
    	
Redemption
    	
12
    
	
 
    	
 
    	
 
    
	
7.2.
    	
No Rights as   Stockholders
    	
12
    
	
 
    	
 
    	
 
    
	
7.3.
    	
Mutilated or Missing   Warrant Certificates
    	
12
    
	
 
    	
 
    	
 
    
	
7.4.
    	
No Impairment
    	
13
    
	
 
    	
 
    	
 
    
	
7.5.
    	
Modification and Waiver
    	
13
    
	
 
    	
 
    	
 
    
	
7.6.
    	
Notices of Record Date
    	
14
    
	
 
    	
 
    	
 
    
	
8.
    	
Concerning the Warrant   Agent and Other Matters
    	
14
    
	
 
    	
 
    	
 
    
	
8.1.
    	
Payment of Certain   Taxes
    	
14
    
	
 
    	
 
    	
 
    
	
8.2.
    	
Certain Tax Filings
    	
15
    
	
 
    	
 
    	
 
    
	
8.3.
    	
Change of Warrant Agent
    	
15
    
	
 
    	
 
    	
 
    
	
8.4.
    	
Compensation; Further   Assurances
    	
16
    
	
 
    	
 
    	
 
    
	
8.5.
    	
Reliance on Counsel
    	
17
    
	
 
    	
 
    	
 
    
	
8.6.
    	
Proof of Actions Taken
    	
17
    
	
 
    	
 
    	
 
    
	
8.7.
    	
Correctness of   Statements
    	
17
    
	
 
    	
 
    	
 
    
	
8.8.
    	
Validity of Agreement
    	
17
    
	
 
    	
 
    	
 
    
	
8.9.
    	
Use of Agents
    	
17
    
	
 
    	
 
    	
 
    
	
8.10.
    	
Liability of Warrant   Agent
    	
17
    
	
 
    	
 
    	
 
    
	
8.11.
    	
Legal Proceedings
    	
18
    
	
 
    	
 
    	
 
    
	
8.12.
    	
Actions as Agent
    	
18
    

 

 

	
8.13.
    	
Appointment and   Acceptance of Agency
    	
18
    
	
 
    	
 
    	
 
    
	
8.14.
    	
Successors and Assigns
    	
18
    
	
 
    	
 
    	
 
    
	
8.15.
    	
Notices
    	
18
    
	
 
    	
 
    	
 
    
	
8.16.
    	
Governing Law, Venue   and Jurisdiction; Trial By Jury
    	
20
    
	
 
    	
 
    	
 
    
	
8.17.
    	
Benefit of this   Agreement
    	
20
    
	
 
    	
 
    	
 
    
	
8.18.
    	
Headings
    	
20
    
	
 
    	
 
    	
 
    
	
8.19.
    	
Counterparts
    	
20
    
	
 
    	
 
    	
 
    
	
8.20.
    	
Entire Agreement
    	
20
    
	
 
    	
 
    	
 
    
	
8.21.
    	
Severability
    	
20
    
	
 
    	
 
    	
 
    
	
8.22.
    	
Survival
    	
20
    

 

Exhibits

 

	
Exhibit A
    	
 
    	
Form of Warrant
    
	
 
    	
 
    	
 
    
	
Exhibit B
    	
 
    	
Form of Notice of   Exercise
    

 

 

WARRANT AGREEMENT

 

This WARRANT AGREEMENT (this “Agreement”), dated as of August 15, 2018, is by and between WillScot Corporation, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”).

 

WHEREAS, the Company, Mason Merger Sub, Inc., Modular Space Holdings, Inc. (“ModSpace”) and NANOMA LLC, solely in its capacity as the Holder Representative, entered into that certain Agreement and Plan of Merger, dated as of June 21, 2018 (the “Merger Agreement”), providing for, among other things, the acquisition of ModSpace by the Company through the consummation of the Merger (as defined in the Merger Agreement), as a result of which, ModSpace will become an indirect subsidiary of the Company;

 

WHEREAS, in partial consideration of the Merger and the other transactions contemplated by the Merger Agreement, the Company has agreed to issue warrants substantially in the form of Exhibit A hereto (each a “Warrant” and collectively, the “Warrants”) to purchase an aggregate of ten million (10,000,000) shares of the Company’s Class A common stock, par value $0.0001 per share, to the stockholders of ModSpace listed on Schedule I hereto;

 

WHEREAS, each Warrant evidences the right of each Holder to purchase one share of Common Stock;

 

WHEREAS, the Warrants are being issued to accredited investors and certain other investors, in reliance on an exemption from the registration requirements of Section 5 of the Securities Act of 1933, as amended (the “Securities Act”), including Section 4(a)(2) thereof;

 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent has agreed to act as the agent of the Company, in connection with the issuance, registration, transfer, exchange, and exercise of the Warrants; and

 

WHEREAS, all capitalized terms used in this Agreement and not defined herein shall have the meanings assigned to them in the Merger Agreement.

 

NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.              Meaning of Terms Used in Agreement. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party.  Any references to any federal, state, local or foreign statute or law shall also refer to all rules and regulations promulgated thereunder, unless the context otherwise requires.  Unless the context otherwise requires:  (a) a term has the meaning assigned to it by this Agreement; (b) forms of the word “include” mean that the inclusion is not limited to the items listed; (c) “or” is disjunctive but not exclusive; (d) words in the singular include the plural, and in the plural include the singular; (e) provisions apply to successive events and transactions; and (f) “hereof”, “hereunder”, “herein” and “hereto” refer to the entire Agreement and not any section or subsection.

 

The following terms used in this Agreement shall have the meanings set forth below:

 

1

 

“Affiliate” shall mean, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person.

 

“Authentication Order” means a Company Order for authentication and delivery of Warrants.

 

“Board” means the board of directors of the Company or any committee of such board duly authorized to exercise the power of such board with respect to the matters provided for in this Agreement as to which the board is authorized or required to act.

 

“Business Day” means any day other than a Saturday or Sunday or other day on which banks and financial institutions in New York, New York are authorized or required by law or executive order to close.

 

“Closing Date” means the effective date of the closing of the Merger and related transactions contemplated by the Merger Agreement.

 

“Common Stock” means the Class A common stock, par value $0.0001 per share, of the Company and any capital stock, other securities or other consideration into which such Common Stock shall have been reclassified, reorganized, converted or exchanged, or which is purchasable upon exercise of the Warrants, in each case including pursuant to Section 6.  References to shares of Common Stock shall be deemed to include any such other capital stock, other securities or other consideration, whether or not in the form of shares.

 

“Company” has the meaning set forth in the preamble.

 

“Company Order” means a written order signed in the name of the Company by any two officers, at least one of whom must be Chief Executive Officer, Chief Financial Officer, Treasurer, Assistant Treasurer, or Controller, and delivered to the Warrant Agent.

 

“Exercise Price” means $15.50 per share of Common Stock, subject to adjustment as provided in Section 6.

 

“Expiration Date” means November 29, 2022 or, if such day is not a Business Day, on the next succeeding Business Day.

 

“Fair Market Value” means, for shares of Common Stock or other securities, as of any particular determination date: (a) the volume weighted average of the closing sales prices of the Common Stock or such other securities, as applicable, for such day on all domestic securities exchanges on which the Common Stock or such other securities, as applicable, may at the time be listed; (b) if there have been no sales of the Common Stock or other securities, as applicable, on any such exchange on any such day, the average of the highest bid and lowest asked prices for the Common Stock or such other securities, as applicable, on all such exchanges at the end of such day; (c) if on any such day the Common Stock or such other securities, as applicable, is or are not listed on a domestic securities exchange, the closing sales price of the Common Stock or such other securities, as applicable, as quoted on the OTC Bulletin Board, the OTC Marketplace or similar quotation system or association for such day; or (d) if there have been no sales of the Common Stock or such other securities, as applicable, on the OTC Bulletin Board, the OTC Marketplace or similar quotation system or association on such day, the average of the highest bid and lowest asked prices for the Common Stock or such other securities, as applicable, quoted on the OTC Bulletin Board, the OTC Marketplace

 

2

 

or similar quotation system or association at the end of such day; in each case of clauses (a)-(d), averaged over ten (10) consecutive Business Days ending on the Business Day immediately prior to the day as of which “Fair Market Value” is being determined; provided, that if the Common Stock or such other securities, as applicable, is or are listed on any domestic securities exchange or quoted on the OTC Bulletin Board, the OTC Marketplace or similar quotation system or association, the term “Business Day” as used in this sentence means Business Days on which such exchange is open for trading. If at any time the Common Stock or such other securities, as applicable, is or are not listed on any domestic securities exchange or quoted on the OTC Bulletin Board, the OTC Marketplace or similar quotation system or association, the “Fair Market Value” of the Common Stock or such other securities, as applicable, shall be the fair market value per share as determined jointly by the Board and the Holder; provided, that if the Board and the Holder are unable to agree on the fair market value per share of the Common Stock within a reasonable period of time (not to exceed ten (10) Business Days after the applicable Exercise Date or the occurrence of such other event requiring the determination of such fair market value), such fair market value shall be determined by a nationally recognized investment banking, accounting or valuation firm jointly selected by the Board and the Holder. The determination of such firm shall be final and conclusive, and the fees and expenses of such valuation firm shall be borne by the Company.

 

In determining the Fair Market Value of the Common Stock, an orderly sale transaction between a willing buyer and a willing seller shall be assumed, using valuation techniques then prevailing in the securities industry without regard to the lack of liquidity of the Common Stock due to any restrictions (contractual or otherwise) applicable thereto or any discount for minority interests and assuming full disclosure of all relevant information and a reasonable period of time for effectuating such sale and assuming the sale of all of the issued and outstanding Common Stock (including fractional interests) calculated on a fully diluted basis to include the conversion or exchange of all securities then outstanding that are convertible into or exchangeable for Common Stock and the exercise of all rights and warrants then outstanding and exercisable to purchase shares of Common Stock or securities convertible into or exchangeable for shares of Common Stock; provided, that such assumption shall not include those securities, rights and warrants (a) owned or held by or for the account of the Company or any of its subsidiaries, or (b) convertible or exchangeable into Common Stock where the conversion, exchange or exercise price per share is greater than the Fair Market Value.

 

“Holder” means the person in whose name a Warrant is registered upon the Warrant Register.

 

“Permitted Transferee” of a person means (i) any Affiliate of such person provided that such transferee enters into a written agreement to be bound by the applicable transfer restrictions and (ii) any other person that was a stockholder of ModSpace immediately prior to the consummation of the Merger.

 

“Person” means any natural person, general or limited partnership, corporation, limited liability company, limited liability partnership, firm, association or organization or other legal entity.

 

2.              Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

3

 

3.              Warrants

 

3.1.         Issuance of Warrants. On the terms and subject to the conditions of this Agreement, the Company will issue Warrants to purchase 10,000,000 shares of Common Stock (subject to adjustment as provided in Section 6) on the date of this Agreement. Each Warrant shall be issued in book-entry form only. The Warrant Agent shall maintain the Warrants in book-entry form in the name of each Holder (unless such Holder requests, by written notice to the Company and the Warrant Agent to receive a Warrant certificate).  The Warrants issued to the Holders on the date hereof shall be the only Warrants issued or outstanding under this Warrant Agreement.

 

3.2.         Execution of Warrants by the Company. Each Warrant Certificate, to the extent issued, shall be signed on behalf of the Company by its Chief Executive Officer, its President, a Vice President, its Treasurer or an Assistant Treasurer (each, an “Appropriate Officer”).  Each such signature upon a Warrant may be in the form of a facsimile or electronic signature and may be imprinted or otherwise reproduced on the Warrants and for that purpose the Company may adopt and use the facsimile or electronic signature of any Appropriate Officer.  Warrants shall be dated the date of countersignature by the Warrant Agent. If any Appropriate Officer who shall have signed a Warrant shall cease to be an Appropriate Officer before the Warrant so signed shall have been countersigned by the Warrant Agent, such Warrant nevertheless may be countersigned and delivered as though such Appropriate Officer had not ceased to be an Appropriate Officer of the Company, and any Warrant may be signed on behalf of the Company by any Person who, at the actual date of the execution of such Warrant, shall be an Appropriate Officer, although at the date of the execution of this Agreement such Person was not an Appropriate Officer.

 

3.3.         Warrant Countersignature. Upon written order of the Company, the Warrant Agent shall upon receipt of a Warrant duly executed on behalf of the Company, countersign such Warrant and shall deliver such Warrant to or upon the written order of the Company.  Such written order of the Company shall specifically state the number of Warrants that are to be in the form of a Definitive Warrant.  Warrants shall be, and shall remain, subject to the provisions of this Agreement until such time they shall have been duly exercised or shall have expired or been canceled in accordance with the terms hereof.  Each Holder shall be bound by all of the terms and provisions of this Agreement (a copy of which is available on request to the Secretary of the Company) as fully and effectively as if such Holder had signed the same. No Warrant shall be valid for any purpose, including the exercise thereof, until such Warrant has been countersigned by the manual or facsimile signature of the Warrant Agent.  Such signature by the Warrant Agent upon any Warrant executed by the Company shall be conclusive evidence that such Warrant so countersigned has been duly issued hereunder.

 

3.4.         Registration, Transfer, Exchange and Substitution.

 

3.4.1.    Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form on the date hereof, the Warrant Agent shall issue and register the Warrants in the names of the Holders set forth in Schedule I hereto in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company.

 

3.4.2.    Registered Holder. Prior to due presentment for registration of Transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such

 

4

 

Warrant shall be registered upon the Warrant Register as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

3.4.3.    Transfer. A Holder may Transfer a Warrant only in accordance with and subject to the terms of this Agreement, including Section 4.2, prior to the Lock-Up Expiration Date (as defined below), and upon (i) written notice of such Transfer to the Warrant Agent in a form reasonably satisfactory to the Company and the Warrant Agent and (ii) if held in certificated form, surrender of the Warrant Certificate for registration of Transfer.  Notwithstanding anything to the contrary herein, when a request is made to Transfer Warrants pursuant to Section 4.2 held in book-entry form (or Warrants are presented, if in certificated form) to the Warrant Agent with a request to register the Transfer of, or to exchange or substitute, such Warrants prior to February 10, 2019 (the “Lock-Up Expiration Date”), the Warrant Agent shall register the Transfer or make the exchange or substitution as requested only if the Company confirms in writing that the requirements hereunder are satisfied.  To permit registrations of Transfers, exchanges and substitutions, the Company shall instruct the Warrant Agent to update the Warrant Register accordingly.  No service charge shall be made for any registration of Transfer or exchange of or substitution for Warrants.

 

4.              Restriction on Transfer.

 

4.1.         Restrictive Legend. Notwithstanding any other provision of this Agreement, but subject to the immediately following paragraph, each Warrant held in book-entry form shall contain a notation on the Warrant Register and any certificate representing a Warrant shall be stamped or otherwise imprinted with the following legend (the “Restricted Warrant Legend”):

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED OTHER THAN: (A) TO THE ISSUER OR A SUBSIDIARY THEREOF, (B) PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D) INSIDE THE UNITED STATES PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, OR (E) IN A TRANSACTION THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND IN EACH CASE IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS AND THE APPLICABLE LAWS OF ANY OTHER JURISDICTION.

 

The Company, upon the request of any Holder, shall use its commercially reasonable efforts to remove the Restricted Warrant Legend from the Warrant Register with respect to a Warrant and any certificate representing a Warrant if such legend is no longer required with respect to such Warrant by the Securities Act or any applicable state securities laws, and the Holder of such Warrant provides the Company with a representation letter in customary form, including a representation by such Holder that he/she/it is not and has not been, for a period of three months prior to such request, an “affiliate” of the

 

5

 

Company as defined in Rule 144 under the Securities Act, and reasonably sufficient to establish that such legend is no longer required with respect to such Warrant by the Securities Act or any applicable state securities laws.

 

4.2.         Permitted Transfers. Prior to the Lock-Up Expiration Date, no Holder shall sell, transfer or otherwise dispose of all or any portion of such Holder’s Warrants (any of the foregoing, a “Transfer”), except to a Permitted Transferee.  Any Transfer of any Warrant in violation of the provisions in this Section 4.2 will be void.

 

5.              Term and Exercise of Warrants.

 

5.1.         Exercise Period. At any time during the period commencing on the date immediately following the Lock-Up Expiration Date and ending at 11:59 p.m., Eastern time, on the Expiration Date (such period, the “Exercise Period”), a Holder shall be entitled to exercise, in accordance with this Section 5, at any time, and from time to time, up to the full number of Warrants then registered in such Holder’s name or any portion thereof.  Any Warrants not exercised during the Exercise Period shall expire unexercised and all rights thereunder and all rights in respect thereof under this Agreement shall cease immediately following the end of the Exercise Period.

 

5.2.         Procedure for Exercise.

 

5.2.1.    As a condition to the exercise of a Warrant, the Holder must (x) deliver the Exercise Notice duly completed and executed to the principal office of the Warrant Agent (or successor warrant agent), (y) pay to the Warrant Agent (or any successor warrant agent, if applicable) the applicable Exercise Price and any and all applicable taxes due in connection with the exercise of the Warrant (the “Warrant Price”) by one or more of the methods set forth in Section 5.2.2 and (z) if the Warrant is held in certificated form, surrender any Warrant Certificate evidencing such Warrant at the principal office of the Warrant Agent (or successor warrant agent).  If requested by a Holder, the Warrant Agent shall provide such Holder with a copy of the form of Notice of Exercise attached hereto as Exhibit B. The date on which a Holder complies with the immediately preceding clauses (x), (y) and, if applicable, (z) in respect of a Warrant is the “Exercise Date” for such Warrant. Subject to this Section 5.2, any exercise of a Warrant pursuant to the terms of this Agreement shall be irrevocable and shall constitute a binding agreement between the Holder and the Company, enforceable in accordance with its terms.

 

5.2.2.    Payment of the Warrant Price shall be made, at the option of the Holder, by the following methods:

 

(i)                                     by delivery to the Warrant Agent of a certified or official bank check payable to the order of the Warrant Agent or by wire transfer of immediately available funds to an account designated in writing by the Warrant Agent, in the amount of such Warrant Price;

 

(ii)                                  by instructing the Company to issue shares of Common Stock then issuable upon exercise of all or any part of such Warrant on a net basis such that, without payment of any cash consideration or other immediately available funds, the Holder shall surrender this Warrant in exchange for the number of shares of Common Stock as is computed using the following formula:

 

6

 

Where:

 

X = the number of shares of Common Stock to be issued to the Holder.

 

Y = the total number of shares of Common Stock for which the Holder has elected to exercise such Warrant pursuant to Section 5.2.1.

 

A = the Fair Market Value of one share of Common Stock as of the applicable Exercise Date.

 

B = the Warrant Price.

 

X = [Y(A) – B] ÷ A;

 

or

 

(iii)                               any combination of the foregoing.

 

In the event of any withholding of shares of Common Stock pursuant to clause (ii) or (iii) above where the number of shares whose value is equal to the Warrant Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder (by delivery of a certified or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a share being so withheld by or surrendered to the Company in an amount equal to the product of (x) such incremental fraction of a share being so withheld or surrendered multiplied by (y), the Fair Market Value per share of Common Stock as of the Exercise Date.

 

5.3.         Settlement of Warrants. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a book-entry position or certificate, as applicable, for the number of shares of Common Stock to which she/he is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, except as provided in Section 5.4 for fractional shares, in no event will the Company be required to net cash settle the Warrant exercise. No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the shares of Common Stock issuable upon exercise of such Warrant have been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Warrants. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful.

 

5.4.         No Fractional Shares. No fractional shares of Common Stock shall be issued upon the exercise of the Warrants.  Notwithstanding any other provision of this Agreement, each Holder of Warrants exercised for shares of Common Stock that would otherwise have been entitled to receive a fraction of a share of Common Stock (after taking into account all shares of Common Stock delivered to such Holder) shall receive, in lieu thereof, cash (without interest) in an amount equal to (i) such fractional amount multiplied by (ii) the Fair Market Value of one

 

7

 

share of Common Stock as of the Exercise Date. Each Holder, by its acceptance of the Warrants, expressly waives its right to receive any fraction of a share of Common Stock.

 

5.5.         Obligations of the Warrant Agent.  The Warrant Agent shall (i) examine all Exercise Notices and all other documents delivered to it by or on behalf of Holders to ascertain whether, on their face, such Exercise Notices and any such other documents have been executed and completed in accordance with their terms; (ii) where an Exercise Notice or other document appears on its face to have been improperly completed or executed or some other irregularity in connection with the exercise of the Warrant exists, the Warrant Agent shall inform the appropriate parties (including the Person submitting such instrument) of the need for fulfillment of all requirements, specifying those requirements which appear to be unfulfilled; (iii) inform the Company of and cooperate with and assist the Company in resolving any reconciliation problems between the Exercise Notices received and Warrants in the exercising Holder’s account; (iv) advise the Company of (x) the instructions with respect to the issuance of the Common Stock issuable upon such exercise and (y) such other information as the Company shall reasonably require; and (vi) provide to the Company, upon the Company’s request, the number of Warrants previously exercised, the number of shares of Common Stock issued in connection with such exercises and the number of remaining Warrants.

 

5.6.         Validity of Exercise.  All questions as to the validity, form and sufficiency (including time of receipt) of a Warrant exercise shall be determined in good faith by the Company, which determination shall be final and binding with respect to the Warrant Agent.  The Warrant Agent shall incur no liability for or in respect of and, except to the extent such liability arises from the Warrant Agent’s gross negligence, willful misconduct or bad faith, shall be indemnified and held harmless by the Company for acting or refraining from acting upon, or as a result of such determination by the Company.  The Company reserves the absolute right to waive any of the conditions to the exercise of Warrants or defects in Exercise Notices with regard to any particular exercise of Warrants.

 

5.7.          Direction of Warrant Agent.

 

5.7.1.      The Company shall be responsible for performing all calculations required in connection with the exercise and settlement of the Warrants and the payment or delivery, as the case may be, of cash and/or Common Stock as described in this Section 5.  In connection therewith, the Company shall provide prompt written notice to the Warrant Agent of the amount of cash and the number of shares of Common Stock payable or deliverable, as the case may be, upon exercise and settlement of the Warrants.

 

5.7.2.      Any cash to be paid, or shares of Common Stock to be delivered, to the Holders hereunder shall be delivered to the Warrant Agent by the Company (or, in the case of shares of Common Stock, by the Company’s transfer agent) no later than the Business Day immediately preceding the date such consideration is required to be delivered to the Holders.

 

5.7.3.      The Warrant Agent shall have no liability for any failure or delay in performing its duties hereunder caused by any failure or delay of the Company in providing such calculations or items to the Warrant Agent.  The Warrant Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock that may at any time be issued or delivered upon the exercise of any Warrant, and it makes no

 

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representation with respect thereto.  The Warrant Agent shall not be responsible, to the extent not arising from the Warrant Agent’s gross negligence, willful misconduct or bad faith, for any failure of the Company to make any cash payment or to issue, transfer or deliver any Common Stock or stock certificates or to comply with any of the covenants of the Company contained in this Section 5.

 

6.              Adjustments to Exercise Price and Number of Shares Issuable. The applicable Exercise Price for the Warrants shall be subject to adjustment (without duplication) upon the occurrence of any of the following events:

 

6.1.         Share Dividends.

 

6.1.1.    Split-Ups. If after the date hereof, and subject to the provisions of Section 5.4, the number of outstanding shares of Common Stock is increased by a dividend or recapitalization payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar event, then, on the effective date of such dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding number of shares of Common Stock. A rights offering to holders of shares of Common Stock entitling holders to purchase shares of Common Stock at a price less than the Fair Market Value shall be deemed a dividend of a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for shares of Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes of this Section 6.1.1, if the rights offering is for securities convertible into or exercisable for shares of Common Stock, in determining the price payable for shares of Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion.

 

6.1.2.    Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of shares of Common Stock on account of such shares of Common Stock (or other shares of the Company’s share capital into which the Warrants are convertible), other than (i) as described in Section 6.1.1 above, or (ii) Ordinary Cash Dividends (as defined below) (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend. For purposes of this Section 6.1.2 “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the shares of Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 6 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.67.

 

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6.2.         Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 5.4 hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse share split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 

6.3.         Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Section 6.1.1 or Section 6.2, the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

6.4.         Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change under Section 6.1 or Section 6.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such Holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, however, that (i) if the holders of the shares of Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share of Common Stock by the holders of the shares of Common Stock in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the shares of Common Stock under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been

 

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entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the shares of Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 6; provided, further, that if less than 70% of the consideration receivable by the holders of the shares of Common Stock in the applicable event is payable in the form of shares of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”), the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Exercise Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount, (1) the price of each share of Common Stock shall be the volume weighted average closing price of the shares of Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (2) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event, and (3) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the shares of Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted average price of the shares of Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in shares of Common Stock covered by Section 6.1.1, then such adjustment shall be made pursuant to Section 6.1.1 or Sections 6.2, 6.3 and this Section 6.4. The provisions of this Section 6.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Exercise Price be reduced to less than the par value per share of Common Stock issuable upon exercise of such Warrant.

 

6.5.         Notices of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 6.1, 6.2, 6.3, 6.4 or 6.7 the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

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6.6.         Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 6, and Warrants issued after such adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement; provided however that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

6.7.         Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 6 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 6, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 6 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

7.              Other Provisions Relating to Rights of Holders.

 

7.1.         Redemption. The Warrants shall not be redeemable by the Company or any other person.

 

7.2.         No Rights as Stockholders. Nothing contained in this Agreement or in any Warrant (in each case, subject to the adjustments in Section 6 shall be construed as conferring upon the Holders, by virtue of holding Warrants, the right to vote, to consent, to receive notice, to receive any cash dividends, stock dividends, allotments or rights or other distributions paid, allotted or distributed or distributable to the holders of shares of Common Stock, or to exercise any rights whatsoever as the Company’s stockholders unless, until and only to the extent such Holders become holders of record of shares of Common Stock issued upon exercise of the Warrants.  Notwithstanding the foregoing, in the event (a) the Company effects a split of the shares of Common Stock by means of a stock dividend and the applicable Exercise Price of and the number of shares of Common Stock issuable upon exercise of Warrants are adjusted as of the date of the distribution of the dividend, and (b) a Holder exercises a Warrant between the record date and the distribution date for such stock dividend, the Holder shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date for such stock dividend.

 

7.3.         Mutilated or Missing Warrant Certificates.  If any Warrant Certificates are issued and any such Warrant Certificates shall be mutilated, lost, stolen or destroyed, the Warrant Agent shall countersign and deliver, in exchange and substitution for and upon cancellation of the mutilated Warrant Certificate, or in lieu of and substitution for the Warrant Certificate lost, stolen or destroyed, at the expense of the Company, a new Warrant Certificate of like tenor and representing an equivalent number of Warrants, but only upon receipt of evidence reasonably satisfactory to the Warrant Agent of the loss, theft or destruction of such Warrant Certificate and an affidavit or the posting of an indemnity or bond, if requested by either the Company or the Warrant Agent, also reasonably satisfactory to them.

 

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7.4.         No Impairment.

 

7.4.1.    The Company will not, by amendment of its certificate of incorporation or through reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action seek to avoid the observance or performance of any of the terms of the Warrants or this Agreement, but will at all times in good faith assist in the carrying out of all such terms and use commercially reasonable efforts to take all such action as may be necessary or appropriate in order to protect the rights of the Holders against impairment.

 

7.4.2.    Without limiting the generality of the foregoing, the Company will take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock under the law of the State of Delaware, issued without violation of any preemptive or similar rights or any applicable laws or regulations, and free and clear of all taxes, liens and charges, upon the proper exercise of a Warrant, including during the Exercise Period reserving and keeping available at all times out of its authorized but unissued Common Stock, solely for the purpose of issuance upon the exercise of the Warrants, the maximum number of shares of Common Stock issuable upon the exercise of the Warrants.

 

7.4.3.    Before taking any action that would cause an adjustment reducing the applicable Exercise Price below the then par value of the shares of Common Stock, the Company will take any corporate action that may be necessary in order that the Company may validly and legally issue paid and non-assessable shares of Common Stock under the law of the State of Delaware at such adjusted Exercise Price.

 

7.4.4.    The Company shall use its commercially reasonable efforts to cause the shares of Common Stock, issued upon exercise of a Warrant, to be listed on any domestic securities exchange upon which such shares of Common Stock are listed at the time of such exercise.

 

7.5.         Modification and Waiver.

 

7.5.1.    Modifications and amendments to this Agreement or to the terms and conditions of the Warrants may be made by the Company and the Warrant Agent, and noncompliance with any provision of this Agreement or the Warrants may be waived, with the written consent of the Holders representing a majority of the aggregate number of Warrants at the time outstanding.  Notwithstanding anything to the contrary herein, the Company may amend Schedule I from time to time to accurately reflect the name and address of each of the existing Holders and each of the Persons who become Holders after the Closing Date without any further consent or agreement from any other party.

 

7.5.2.    However, no such modification, amendment or waiver may, without the written consent or the affirmative vote of: (i) each Holder affected: (a) change the Expiration Date or (b) increase the applicable Exercise Price or decrease the number of Warrants (except as set forth in Section 6); (ii) two-thirds of the Holders affected: (a) impair the right to institute suit for the enforcement of any payment or delivery with respect to the exercise and settlement of any Warrant, (b) except as otherwise expressly permitted by provisions of this Agreement concerning specified reclassifications or corporate reorganizations, impair or adversely affect the exercise rights of Holders, (c) reduce the percentage of Warrants

 

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outstanding necessary to modify or amend this Agreement or to waive any past default, or (d) reduce the percentage in Warrants outstanding required for any other waiver under this Agreement (other than those waivers set forth in clause (i) of this Section 7.5.2).

 

7.6.         Notices of Record Date.

 

7.6.1.    Upon any adjustment of (i) the number of shares of Common Stock issuable upon exercise of each Warrant, (ii) the Exercise Price or (iii) the number of Warrants outstanding, including any adjustment pursuant to Section 6, the Company, as promptly as practicable but in any event within ten (10) Business Days thereafter, shall (x) cause to be filed with the Warrant Agent a certificate signed by an appropriate officer of the Company setting forth the event giving rise to such adjustment, such Exercise Price and either the number of shares of Common Stock issuable upon exercise of each Warrant or the additional number of Warrants to be issued for each previously outstanding Warrant, as the case may be, after such adjustment and setting forth in reasonable detail the method of calculation and the facts upon which such adjustment was made, and (y) direct the Warrant Agent to give written notice to each of the registered Holders at such Holder’s address appearing on the Warrant Register.  Where appropriate, such notice may be given in advance and included as a part of the notice required to be given under the other provisions of this Agreement.  The Warrant Agent shall be fully protected in relying on any such certificate and in making any adjustment described therein and shall have no duty with respect to, and shall not be deemed to have knowledge of, any adjustment unless and until it shall have received such a certificate, in each case, absent fraud, recklessness, bad faith or willful misconduct (each as determined by a final non-appealable order, judgment, ruling or decree of a court of competent jurisdiction).

 

7.6.2.    If: (i) the Company proposes to take any action that would require an adjustment pursuant to Section 6 hereof; or (ii) there shall be a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation, merger or sale of all or substantially all of its property, assets and business as an entirety), then the Company shall cause written notice of such event to be filed with the Warrant Agent and shall cause written notice of such event to be given to each of the Holders at such Holder’s address appearing on the Warrant Register, such giving of notice to be completed at least ten (10) Business Days prior to the effective date of such action (or the applicable record date for such action if earlier).  Such notice shall specify the proposed effective date of such action and, if applicable, the record date and the material terms of such action.

 

7.6.3.    The failure to give any notice required by this Section 7.6 or any defect therein shall not affect the legality or validity of any adjustment, action, distribution, right, warrant, dissolution, liquidation or winding up or the vote upon or any other action taken in connection therewith.

 

8.              Concerning the Warrant Agent and Other Matters.

 

8.1.         Payment of Certain Taxes.

 

8.1.1.    The Company shall pay any and all documentary, stamp or similar issue or transfer taxes that may be payable upon the initial issuance of the Warrants hereunder.

 

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8.1.2.    The Company shall pay any and all documentary, stamp or similar issue or transfer taxes that may be payable upon the issuance of shares of Common Stock upon the exercise of Warrants hereunder and the issuance of stock certificates in respect thereof in the respective names of, or in such names as may be directed by, the exercising Holders.

 

8.2.         Certain Tax Filings. The Warrant Agent shall prepare and file with the appropriate governmental agency all appropriate tax information forms in respect of any payments made by the Warrant Agent hereunder (including, without limitation, Internal Revenue Service Form 1099-B) during each calendar year, or any portion thereof, during which the Warrant Agent performs services hereunder.  Upon reasonable request by the Warrant Agent, the Company and each Holder shall provide any such identifying corporate and tax information necessary to perform the appropriate tax withholding determination and “know your customer” checks.

 

8.3.         Change of Warrant Agent.

 

8.3.1.    The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder (except for liability arising as a result of the Warrant Agent’s own gross negligence, willful misconduct or bad faith) after giving sixty (60) days’ notice in writing to the Company, except that such shorter notice may be given as the Company shall, in writing, accept as sufficient.  If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor warrant agent in place of the Warrant Agent.  If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated warrant agent or by any Holders (who shall, with such notice, submit his, her or its Warrant Certificate for inspection by the Company), then the Holders may apply to any court of competent jurisdiction for the appointment of a successor warrant agent.

 

8.3.2.    The Warrant Agent may be removed by the Company at any time upon thirty (30) days’ written notice to the Warrant Agent; provided, however, that the Company shall not remove the Warrant Agent until a successor warrant agent meeting the qualifications hereof shall have been appointed.

 

8.3.3.    Any successor warrant agent, whether appointed by the Company or by such a court, shall be a corporation or banking association organized, in good standing and doing business under the laws of the United States of America or any state thereof or the District of Columbia, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority and having a combined capital and surplus of not less than $25,000,000.  The combined capital and surplus of any such successor warrant agent shall be deemed to be the combined capital and surplus as set forth in the most recent report of its condition published prior to its appointment; provided, that such reports are published at least annually pursuant to law or to the requirements of a federal or state supervising or examining authority.  After acceptance in writing of such appointment by the successor warrant agent, such successor warrant agent shall be vested with all the authority, powers, rights, immunities, duties and obligations of its predecessor warrant agent with like effect as if originally named as warrant agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor warrant agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor warrant agent all the authority, powers and rights

 

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of such predecessor warrant agent hereunder; and upon request of any successor warrant agent, the Company shall make, execute, acknowledge and deliver any and all instruments in writing to more fully and effectually vest in and conform to such successor warrant agent all such authority, powers, rights, immunities, duties and obligations.  Upon assumption by a successor warrant agent of the duties and responsibilities hereunder, the predecessor warrant agent shall deliver and transfer, at the expense of the Company, to the successor warrant agent any property at the time held by it hereunder.  As soon as practicable after such appointment, the Company shall give notice thereof to the predecessor warrant agent, the Holders and each transfer agent for its Common Stock.  Failure to give such notice, or any defect therein, shall not affect the validity of the appointment of the successor warrant agent.

 

8.3.4.    Any entity into which the Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to all or substantially all of the corporate trust or agency business of the Warrant Agent, shall be the successor warrant agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that such entity would be eligible for appointment as a successor warrant agent under Section 8.3.3.  In case at the time such successor to the Warrant Agent shall succeed to the agency created by this Agreement, any of the Warrant Certificates shall have been countersigned but not delivered, any such successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent and deliver such Warrant Certificates so countersigned, and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor to the Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.

 

8.3.5.    In case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignatures under its prior name and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.

 

8.4.         Compensation; Further Assurances.  The Company agrees that it will (a) pay the Warrant Agent reasonable compensation for its services as Warrant Agent in accordance with the fee schedule provided by the Warrant Agent and agreed by the Company and, except as otherwise expressly provided, will pay or reimburse the Warrant Agent upon written demand for all reasonable and documented expenses, disbursements and advances incurred or made by the Warrant Agent in accordance with any of the provisions of this Agreement (including the reasonable compensation, expenses and disbursements of its agents and counsel incurred in connection with the execution and administration of this Agreement), except any such expense, disbursement or advance as may arise from its or any of their gross negligence, willful misconduct or bad faith, and (b) perform, execute, acknowledge and deliver or cause to be

 

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performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.

 

8.5.         Reliance on Counsel.  The Warrant Agent may consult with legal counsel (who may be legal counsel for the Company), and the written opinion of such counsel or any advice of legal counsel subsequently confirmed by a written opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by it in good faith and in accordance with such written opinion or advice.

 

8.6.         Proof of Actions Taken.  Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any matter be proved or established by the Company prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of bad faith on the part of the Warrant Agent, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Warrant Agent; and such Officer’s Certificate shall, in the absence of bad faith on the part of the Warrant Agent, be full warrant to the Warrant Agent for any action taken, suffered or omitted in good faith by it under the provisions of this Agreement in reliance upon such Officer’s Certificate; but in its discretion the Warrant Agent may in lieu thereof accept other evidence of such fact or matter or may require such further or additional evidence as to it may seem reasonable.

 

8.7.         Correctness of Statements.  The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Warrant Certificates (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed to have been made by the Company only.

 

8.8.         Validity of Agreement.  From time to time, the Warrant Agent may apply to any officer of the Company for instruction and the Company shall provide the Warrant Agent with such instructions concerning the services to be provided hereunder.  The Warrant Agent shall not be held to have notice of any change of authority of any Person, until receipt of notice thereof from the Company.  The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof or in respect of the validity or execution of any Warrant Certificates (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant Certificate; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this Agreement or any Warrants or as to whether any Common Stock will, when issued, be validly issued and fully paid and nonassessable.

 

8.9.                Use of Agents.  The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents provided that reasonable care has been exercised in the selection and in the continued employment of such attorney or agent.

 

8.10.         Liability of Warrant Agent.  The Warrant Agent shall incur no liability or responsibility to the Company or to any Holder for any action taken or not taken (i) in reliance on any notice, resolution, waiver, consent, order, certificate, or other paper, document or instrument believed by it to be genuine and to have been signed, sent or presented by the proper party or parties or

 

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(ii) in relation to its services under this Agreement, unless such liability arises out of or is attributable to the Warrant Agent’s gross negligence, or willful misconduct or bad faith or material breach of any representation or warranty of the Warrant Agent hereunder.  The Company agrees to indemnify the Warrant Agent and save it harmless against any and all losses, expenses and liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted in good faith by the Warrant Agent in the execution of this Agreement or otherwise arising in connection with this Agreement, except as a result of the Warrant Agent’s gross negligence or willful misconduct or bad faith.

 

8.11.         Legal Proceedings.  The Warrant Agent shall be under no obligation to institute any action, suit or legal proceeding or to take any other action likely to involve expense unless the Company or one or more Holders shall furnish the Warrant Agent with reasonable indemnity for any costs and expenses which may be incurred, but this provision shall not affect the power of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without any such security or indemnity.  The Warrant Agent shall promptly notify the Company and the Holders in writing of any claim made or action, suit or proceeding instituted against it arising out of or in connection with this Agreement.

 

8.12.         Actions as Agent.  The Warrant Agent shall act hereunder solely as agent and not in a ministerial or fiduciary capacity, and its duties shall be determined solely by the provisions hereof.  The duties and obligations of the Warrant Agent shall be determined solely by the express provisions of the Agreement, and the Warrant Agent shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement.  No implied covenants or obligations shall be read into this Agreement against the Warrant Agent.  The Warrant Agent shall not be liable for anything that it may do or refrain from doing in good faith in connection with this Agreement except for its own gross negligence, willful misconduct or bad faith.

 

8.13.         Appointment and Acceptance of Agency.  The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the instructions set forth in this Agreement, and the Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth or as the Company and the Warrant Agent may hereafter agree.

 

8.14.         Successors and Assigns.  All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.

 

8.15.         Notices.  Any notice or demand authorized by this Agreement to be given or made by the Warrant Agent or by any Holder to or on the Company shall be deemed to have been duly given or made when delivered by hand, or two (2) Business Days after being delivered to a recognized courier (whose stated terms of delivery are two (2) Business Days or less to the destination of such notice), or five (5) days after being deposited in the mail, first class and postage prepaid or, in the case of facsimile or email notice, when received (until another address is filed in writing by the Company with the Warrant Agent), addressed as follows:

 

WillScot Corporation
 901 S. Bond Street, #600

 

18

 

Baltimore, MD 21231
 Attention: General Counsel

 

With a copy to:

 

Allen & Overy LLP

1221 Avenue of the Americas

New York, NY 10020

Attention: William Schwitter

Email: william.schwitter@allenovery.com

 

Any notice or demand authorized by this Agreement to be given or made by any Holder or by the Company to or on the Warrant Agent shall be deemed to have been duly given or made when delivered by hand, or two (2) Business Days after being delivered to a recognized courier (whose stated terms of delivery are two (2) Business Days or less to the destination of such notice), or five (5) days after being deposited in the mail, first class and postage prepaid or, in the case of facsimile or email notice, when received (until another address is filed in writing by the Warrant Agent with the Company), addressed as follows:

 

Continental Stock Transfer & Trust Company
 1 State Street
 30th Floor
 New York, NY 10004
 Attention: Compliance Department

 

Any notice or demand authorized by this Agreement to be given or made to any Holder shall be deemed to have been duly given or made when delivered by hand, or two (2) Business Days after being delivered to a recognized courier (whose stated terms of delivery are two (2) Business Days or less to the destination of such notice), or five (5) days after being deposited in the mail, first class and postage prepaid or, in the case of facsimile or email notice, when received, to the last address of such Holder as it shall appear on the Warrant Register.

 

8.16.         Governing Law, Venue and Jurisdiction; Trial By Jury.  This Agreement and each Warrant issued hereunder shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be governed by and construed in accordance with the laws of such state.  Each party hereto consents and submits to the jurisdiction of the courts of the State of New York and of the federal courts of the Southern District of New York in connection with any action or proceeding brought against it that arises out of or in connection with, that is based upon, or that relates to this Agreement or the transactions contemplated hereby.  In connection with any such action or proceeding in any such court, each party hereto hereby waives personal service of any summons, complaint or other process and hereby agrees that service thereof may be made in accordance with the procedures for giving notice set forth in Section 8.15 hereof.  Each party hereto hereby waives any objection to jurisdiction or venue in any such court in any such action or proceeding and agrees not to assert any defense based on lack of jurisdiction or venue in any such court in any such action or proceeding.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any action, proceeding or counterclaim as between the parties directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated hereby or disputes

 

19

 

relating hereto. Each of the parties hereto (i) certifies that no representative, agent or attorney of any other party hereto has represented, expressly or otherwise that such other party hereto would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 8.16.

 

8.17.         Benefit of this Agreement.  Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any Person or corporation other than the parties hereto and the Holders any right, remedy or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Agreement contained shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Holders.

 

8.18.         Headings. The Section headings herein are for convenience only and are not a part of this Agreement and shall not affect the interpretation thereof.

 

8.19.         Counterparts.  This Agreement may be executed in any number of counterparts on separate counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.

 

8.20.         Entire Agreement.  This Agreement and the Warrants (and the Certificate of Incorporation and bylaws of the Company) constitute the entire agreement of the Company, the Warrant Agent and the Holders with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the Company, the Warrant Agent and the Holders with respect to the subject matter hereof.

 

8.21.         Severability.  Wherever 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 shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of Agreement.

 

8.22.         Survival.  All provisions regarding indemnification, warranty, liability and limits thereon shall survive the termination or expiration of this Agreement.

 

20

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	
 
    	
WILLSCOT CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bradley Soultz
    
	
 
    	
 
    	
Name: Bradley Soultz
    
	
 
    	
 
    	
Title: President &   Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
CONTINENTAL STOCK   TRANSFER & TRUST COMPANY, as Warrant Agent
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Henry Farrell
    
	
 
    	
 
    	
Name: Henry Farrell
    
	
 
    	
 
    	
Title: Vice President
    

 

 

EXHIBIT A

 

FORM OF WARRANT

 

 

[FACE]

 

	
Number
    	
Warrants
    
	
                                    
    	
                                        
    

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO 
 THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE 
 WARRANT AGREEMENT DESCRIBED BELOW

 

WILLSCOT CORPORATION
  Incorporated Under the Laws of the State of Delaware

 

CUSIP [·]

 

Warrant Certificate

 

This Warrant Certificate certifies that                    , or registered assigns, is the Holder of               warrants (the “Warrants”) to purchase Class A Common Stock, par value $0.0001 per share (the “Common Stock”), of WillScot Corporation, a Delaware corporation (the “Company”). Each Warrant entitles the Holder, upon exercise, at any time, and from time to time, during the Exercise Period set forth in the Warrant Agreement referred to below, to receive from the Company up to that number of fully paid and nonassessable shares of Common Stock (each, a “Warrant”) as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock. No fractional shares will be issued upon exercise of any Warrant. If, upon exercise of Warrants, a Holder would be entitled to receive a fraction of a share of Common Stock (after taking into account all shares of Common Stock delivered to such Holder), such Holder shall receive, in lieu of such fraction of a share, cash (without interest) in an amount equal to (i) such fractional amount multiplied by (ii) the Fair Market Value of one share of Common Stock as of the Exercise Date. The number of the shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Exercise Price per share of Common Stock for any Warrant is equal to $15.50 per share. The Exercise Price is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period,

 

 

such Warrants shall expire unexercised and all rights thereunder and all rights in respect thereof under the Warrant Agreement shall cease immediately following the end of the Exercise Period.

 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be governed by and construed in accordance with the laws of such state.

 

	
 
    	
WILLSCOT CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
CONTINENTAL STOCK   TRANSFER & TRUST COMPANY, as Warrant Agent
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

[Form of Warrant]

 

[Reverse]

 

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the Holder on exercise to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of August 15, 2018 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the Holders of the Warrants. A copy of the Warrant Agreement may be obtained by the Holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The Holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of Exercise Notice set forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the Holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised. Except as set forth in Section 6 of the Warrant Agreement, no adjustment shall be made for any dividends on any of the shares of Common Stock issuable upon exercise of this Warrant.

 

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Ordinary Shares is current, in each case, except through “cashless exercise” as provided for in the Warrant Agreement or unless there is an available exemption under the Securities Act.

 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants.

 

Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith.

 

The Company and the Warrant Agent may deem and treat the Holder(s) thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the Holder(s)

 

 

hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any Holder hereof to any rights of a stockholder of the Company.

 

 

EXHIBIT B

 

FORM OF NOTICE OF EXERCISE

 

 

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive                shares of Common Stock and herewith tenders payment for such shares to the order of WillScot Corporation (the “Company”) in the amount of $             in accordance with the terms hereof. The undersigned requests that a certificate for such shares be registered in the name of            , whose address is                             and that such shares be delivered to                         whose address is                                  . If said number of shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant representing the remaining balance of such shares be registered in the name of                              , whose address is                    and that such Warrant be delivered to                              , whose address is                            .

 

In the event that the Warrant is exercised through cashless exercise (i) the number of shares that this Warrant is exercisable for would be determined in accordance with Section 5.2.2 of the Warrant Agreement and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of Section of the Warrant Agreement, to receive shares of Common Stock. If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares be registered in the name of                              , whose address is                    and that such Warrant be delivered to                              , whose address is                            .

 

[Signature Page follows]

 

 

	
Date:   
    	
            ,   20
    	
 
    
	
 
    	
(Signature)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Address)
    
	
 
    	
 
    
	
 
    	
(Tax   Identification Number)
    

 

Signature Guaranteed:

 

	
 
    

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

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