Document:

Exhibit 10.16

 

THE OLB GROUP, INC.

2020 SHARE INCENTIVE PLAN

 

1. Purpose.
The OLB Group, Inc. 2020 Share Incentive Plan (the “Plan”) is intended to provide incentives which will attract, retain
and motivate highly competent persons as officers, employees and non-employee directors (“Director Participants”),
of, and consultants to, The OLB Group, Inc. (the “Company”), and its subsidiaries and affiliates, by providing them
opportunities to acquire shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), or
to receive monetary payments based on the value of such shares pursuant to the Benefits (as defined below) described herein. Additionally,
the Plan is intended to assist in further aligning the interests of the Company’s officers, employees and consultants to those
of its other stockholders.

 

2. Administration.

 

a. The Plan will be administered
by a committee (the “Committee”) appointed by the Board of Directors of the Company from among its members (which may
be the Compensation Committee) and shall be comprised, unless otherwise determined by the Board of Directors, solely of not less
than two members who shall be (i) “Non-Employee Directors” within the meaning of Rule 16b 3(b)(3) (or any successor
rule) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and (ii) “outside
directors” within the meaning of Treasury Regulation Section 1.162-27(e)(3) under Section 162(m) of the Internal Revenue
Code of 1986, as amended (the “Code”). The Committee is authorized, subject to the provisions of the Plan, to establish
such rules and regulations as it deems necessary for the proper administration of the Plan and to make such determinations and
interpretations and to take such action in connection with the Plan and any Benefits granted hereunder as it deems necessary or
advisable. All determinations and interpretations made by the Committee shall be binding and conclusive on all participants and
their legal representatives. No member of the Committee and no employee of the Company shall be liable for any act or failure to
act hereunder, except in circumstances involving his or her bad faith, gross negligence or willful misconduct, or for any act or
failure to act hereunder by any other member or employee or by any agent to whom duties in connection with the administration of
this Plan have been delegated. The Company shall indemnify members of the Committee and any agent of the Committee who is an employee
of the Company, a subsidiary or an affiliate against any and all liabilities or expenses to which they may be subjected by reason
of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving such person’s
bad faith, gross negligence or willful misconduct.

 

b. The Committee may
delegate to one or more of its members, or to one or more agents, such administrative duties as it may deem advisable, and the
Committee, or any person to whom it has delegated duties as aforesaid, may employ one or more persons to render advice with respect
to any responsibility the Committee or such person may have under the Plan. The Committee may employ such legal or other counsel,
consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion or computation
received from any such counsel, consultant or agent. Expenses incurred by the Committee in the engagement of such counsel, consultant
or agent shall be paid by the Company, or the subsidiary or affiliate whose employees have benefited from the Plan, as determined
by the Committee.

 

3. Participants.
Participants will consist of such officers, employees and Director Participants of, and such consultants to, the Company and its
subsidiaries and affiliates as the Committee in its sole discretion determines to be significantly responsible for the success
and future growth and profitability of the Company and whom the Committee may designate from time to time to receive Benefits under
the Plan. Designation of a participant in any year shall not require the Committee to designate such person to receive a Benefit
in any other year or, once designated, to receive the same type or amount of Benefit as granted to the participant in any other
year. The Committee shall consider such factors as it deems pertinent in selecting participants and in determining the type and
amount of their respective Benefits.

 

     

     

    

 

4. Type of Benefits.
Benefits under the Plan may be granted in any one or a combination of (a) Stock Options, (b) Stock Appreciation Rights, (c) Stock
Awards, (d) Performance Awards and (e) Stock Units (each as described below, and collectively, the “Benefits”). Stock
Awards, Performance Awards, and Stock Units may, as determined by the Committee in its discretion, constitute Performance-Based
Awards, as described in Section 12 hereof. Benefits shall be evidenced by agreements (which need not be identical) in such forms
as the Committee may from time to time approve; provided, however, that in the event of any conflict between the provisions of
the Plan and any such agreements, the provisions of the Plan shall prevail.

 

5. Common Stock
Available Under the Plan. The maximum aggregate number of shares of Common Stock that may be subject to Benefits, including
Stock Options, granted under this Plan shall be 240,000 shares, which may be authorized and unissued or treasury shares, subject
to any adjustments in accordance with Section 15 hereof. Any shares of Common Stock subject to a Stock Option or Stock Appreciation
Right which for any reason is cancelled or terminated without having been exercised, any shares subject to Stock Awards, Performance
Awards or Stock Units which are forfeited, any shares subject to Performance Awards settled in cash, any shares delivered to the
Company as part or full payment for the exercise of a Stock Option or Stock Appreciation Right or any shares delivered to the Company
in satisfaction of any tax withholding arising in connection with any Benefit consisting of shares of Common Stock, as the case
may be, shall again be available for Benefits under the Plan.

 

6. Stock Options.
Stock Options will consist of awards from the Company that will enable the holder to purchase a number of shares of Common Stock,
at set terms. Stock Options may be “incentive stock options”, within the meaning of Section 422 of the Code (“Incentive
Stock Options”), or Stock Options which do not constitute Incentive Stock Options (“Nonqualified Stock Options”);
provided, however, that grants of Incentive Stock Options may only be made to employees of the Company, a subsidiary corporation
or parent corporation and that Incentive Stock Option grants made prior to approval of the grant of Incentive Stock Options under
the Plan by stockholders of the Company shall be subject to such approval and provided, further, that if stockholder approval of
the grant of Incentive Stock Options under the Plan is not obtained within twelve months of adoption of the Plan by the Board of
Directors, any Stock Option granted during the twelve month period after adoption of the Plan by the Board of Directors that is
designated as an Incentive Stock Option shall be treated thereafter as Nonqualified Stock Option. The Committee will have the authority
to grant to any participant, including officers, employees, Director Participants, and consultants, Nonqualified Stock Options,
or, for those participants who are employees of the Company, a subsidiary corporation or parent corporation both types of Stock
Options (in each case with or without Stock Appreciation Rights). Each Stock Option shall be subject to such terms and conditions
consistent with the Plan as the Committee may impose from time to time, subject to the following limitations:

 

a. Exercise Price.
Each Stock Option granted hereunder shall have such per-share exercise price as the Committee may determine at the date of grant
provided that such per share exercise price shall be at least equal to the Fair Market Value; subject to subsection (d), below.

 

    2

     

    

 

b. Payment of Exercise
Price. The option exercise price may be paid in cash or, in the discretion of the Committee, by the delivery of shares of Common
Stock of the Company then owned by the participant, or by delivery to the Company of (x) irrevocable instructions to deliver directly
to a broker the stock certificates representing the shares for which the Stock Option is being exercised, and (y) irrevocable instructions
to such broker to sell such shares for which the Stock Option is being exercised, and promptly deliver to the Company the portion
of the proceeds equal to the Stock Option exercise price and any amount necessary to satisfy the Company’s obligation for withholding
taxes, or any combination thereof. For purposes of making payment in shares of Common Stock, such shares shall be valued at their
Fair Market Value (as defined below) on the date of exercise of the Stock Option and shall have been held by the participant for
at least six months. To facilitate the foregoing, the Company may enter into agreements for coordinated procedures with one or
more brokerage firms. The Committee may prescribe any other method of paying the exercise price that it determines to be consistent
with applicable law and the purpose of the Plan, including, without limitation, in lieu of the exercise of a Stock Option by delivery
of shares of Common Stock of the Company then owned by a participant, providing the Company with a notarized statement attesting
to the number of shares owned, where upon verification by the Company, the Company would issue to the participant only the number
of incremental shares to which the participant is entitled upon exercise of the Stock Option. The Committee may, at the time of
grant, provide for the grant of a subsequent Restoration Stock Option if the exercise price is paid for by delivering previously
owned shares of Common Stock of the Company. Restoration Stock Options (i) may be granted in respect of no more than the number
of shares of Common Stock tendered in exercising the predecessor Stock Option, (ii) shall have an exercise price equal to the Fair
Market Value on the date the Restoration Stock Option is granted, and (iii) may have an exercise period that does not extend beyond
the remaining term of the predecessor Stock Option. In determining which methods a participant may utilize to pay the exercise
price, the Committee may consider such factors as it determines are appropriate.

 

c. Exercise Period.
Stock Options granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall
be determined by the Committee; provided, however, that no Stock Option shall be exercisable later than ten years after the date
it is granted. All Stock Options shall terminate at such earlier times and upon such conditions or circumstances as the Committee
shall in its discretion set forth in such option agreement at the date of grant; provided, however, the Committee may, in its sole
discretion, later waive any such condition.

 

d. Limitations on
Incentive Stock Options. Incentive Stock Options may be granted only to participants who are employees of the Company or one
of its subsidiaries (within the meaning of Section 424(f) of the Code) at the date of grant. The aggregate Fair Market Value (determined
as of the time the Stock Option is granted) of the Common Stock with respect to which Incentive Stock Options are exercisable for
the first time by a participant during any calendar year (under all option plans of the Company and of any parent corporation or
subsidiary corporation (as defined in Sections 424(e) and (f) of the Code, respectively)) shall not exceed $100,000. For purposes
of the preceding sentence, Incentive Stock Options will be taken into account in the order in which they are granted. The per-share
exercise price of an Incentive Stock Option shall not be less than 100% of the Fair Market Value of the Common Stock on the date
of grant, and no Incentive Stock Option may be exercised later than ten years after the date it is granted; provided, however,
Incentive Stock Options may not be granted to any participant who, at the time of grant, owns stock possessing (after the application
of the attribution rules of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock
of the Company or any parent or subsidiary corporation of the Company, unless the exercise price is fixed at not less than 110%
of the Fair Market Value of the Common Stock on the date of grant and the exercise of such option is prohibited by its terms after
the expiration of five years from the date of grant of such option.

 

e. Post-Severance
Exercises. Upon termination of employment of any employee, termination of service on the Board of Directors of a Director Participant
or of the continuing services of any consultant with the Company and all subsidiary corporations and parent corporations of the
Company, any Stock Option previously granted to the employee, Director Participant or consultant, unless otherwise specified by
the Committee in the Stock Option agreement, shall, to the extent not theretofore exercised, terminate and become null and void;
provided, however, that:

 

i. if the employee,
Director Participant or consultant shall die while in the employ or service of such corporation or at a time when such employee,
Director Participant or consultant was entitled to exercise a Stock Option as herein provided, the legal representative of such
employee, Director Participant or consultant, or such person who acquired such Stock Option by bequest or inheritance or by reason
of the death of the employee, Director Participant or consultant, may, not later than one (1) year from the date of death, exercise
such Stock Option, to the extent not theretofore exercised, in respect of any or all of such number of shares of Common Stock as
specified by the Committee in such Stock Option; and

 

    3

     

    

 

ii. if the
employment of any employee or the continuing services of any Director Participant or consultant to whom such Stock Option shall
have been granted shall terminate by reason of the employee’s, Director Participant’s or consultant’s retirement (at such age or
upon such conditions as shall be specified by the Committee), disability (as described in Section 22(e)(3) of the Code) or dismissal
by the employer other than for cause (as defined below), and while such employee, Director Participant or consultant is entitled
to exercise such Stock Option as herein provided, such employee, Director Participant or consultant shall have the right to exercise
such Stock Option so granted in respect of any or all of such number of shares as specified by the Committee in such Stock Option,
at any time up to and including ninety (90) days after the date of such termination.

 

In no event, however, shall any person
be entitled to exercise any Stock Option after the expiration of the period of exercisability of such Stock Option or Right, as
specified in such option agreement at the date of grant.

 

If an employee, Director Participant or
consultant voluntarily terminates his or her employment or continuing services, or is discharged “for cause”, any Stock
Option granted hereunder shall, unless otherwise specified by the Committee in the option agreement, forthwith terminate with respect
to any unexercised portion thereof.

 

If a Stock Option granted hereunder shall
be exercised by the legal representative of a deceased grantee or by a person who acquired a Stock Option granted hereunder by
bequest or inheritance or by reason of the death of any employee, Director Participant or consultant or former employee, former
Director Participant or former consultant, written notice of such exercise shall be accompanied by a certified copy of letters
testamentary or equivalent proof of the right of such legal representative or other person to exercise such Stock Option.

 

For the purposes of the Plan, the term
“for cause” shall mean (a) with respect to an employee, Director Participant or consultant who is a party to a written
service agreement with, or, alternatively, participates in a compensation or benefit plan of the Company or a subsidiary corporation
or parent corporation of the Company, which agreement or plan contains a definition of “for cause” or “cause”
(or words of like import) for purposes of termination of employment or services thereunder by the Company or such subsidiary corporation
or parent corporation of the Company, “for cause” or “cause” as defined therein; or (b) in all other cases,
as determined by the Committee or the Board of Directors, in its sole discretion, (i) the willful commission by an employee, Director
Participant or consultant of an act that causes or may cause substantial damage to the Company or a subsidiary corporation or parent
corporation of the Company; (ii) the commission by an employee, Director Participant or consultant of an act of fraud in the performance
of such employee’s or consultant’s duties on behalf of the Company or a subsidiary corporation or parent corporation of the Company;
(iii) conviction of the employee, Director Participant or consultant for commission of a felony in connection with the performance
of his duties on behalf of the Company or a subsidiary corporation or parent corporation of the Company; or (iv) the continuing
failure of an employee, Director Participant or consultant to perform the duties of such employee, Director Participant or consultant
to the Company or a subsidiary corporation or parent corporation of the Company after written notice thereof and a reasonable opportunity
to be heard and cure such failure are given to the employee, Director Participant or consultant by the Committee.

 

    4

     

    

 

For the purposes of the Plan, an employment
relationship shall be deemed to exist between an individual and a corporation if, at the time of the determination, the individual
was an “employee” of such corporation for purposes of Section 422(a) of the Code. If an individual is on leave of absence
taken with the consent of the corporation by which such individual was employed, or is on active military service, and is determined
to be an “employee” for purposes of the exercise of a Stock Option, such individual shall not be entitled to exercise
such Stock Option during such period unless such individual shall have obtained the prior written consent of such corporation,
which consent shall be signed by the chairman of the board of directors, the president, a senior vice-president or other duly authorized
officer of such corporation.

 

A termination of employment or services
shall not be deemed to occur by reason of (i) the transfer of an employee or consultant from employment or retention by the Company
to employment or retention by a subsidiary corporation or a parent corporation of the Company or (ii) the transfer of an employee
or consultant from employment or retention by a subsidiary corporation or a parent corporation of the Company to employment or
retention by the Company or by another subsidiary corporation or parent corporation of the Company. Termination of a consultant’s
services shall be considered to occur when he ceases to perform services on a regular basis; provided, however, termination of
a consultant’s services shall not be deemed to occur where the termination of services is due to such consultant becoming an employee
of the Company or a subsidiary corporation or a parent corporation.

 

In the event an employee changes status
to a consultant, all Stock Option grants shall continue for the remainder of the exercise period, provided, however, any Incentive
Stock Options shall, three (3) months after termination of employment, be treated as a Nonqualified Stock Option for the remainder
of the exercise period.

 

In the event of the complete liquidation
or dissolution of a subsidiary corporation, or if such corporation ceases to be a subsidiary corporation, any unexercised Stock
Options theretofore granted to any person employed by or rendering consulting services to such subsidiary corporation will be deemed
cancelled unless such person is employed by or renders continuing services to the Company or by any parent corporation or another
subsidiary corporation after the occurrence of such event. If a Stock Option is to be cancelled pursuant to the provisions of the
previous sentence, notice of such cancellation will be given to each employee or consultant holding unexercised Stock Options,
and such holder will have the right to exercise such Stock Options in full during the thirty (30) day period following notice of
such cancellation.

 

f. Each Stock Option
issued under this Section 6 shall be fully vested and exercisable, unless otherwise specified in the grant agreement.

 

7. Automatic Stock
Option Grants to Director Participants.

 

a. Subject to the terms
and conditions of this Section 7, each year on the date of the Company’s annual meeting of stockholders, each person who
is a Director Participant of the Company at that time shall automatically be granted a Nonqualified Stock Option to purchase $50,000
shares of Common Stock (the Chairman of the Company’s Audit Committee shall automatically be granted an additional Nonqualified
Stock Option to purchase $15,000 shares of Common Stock).

 

b. The purchase price
of the shares of Common Stock covered by the Nonqualified Stock Options granted pursuant to this Section 7 shall be the Fair Market
Value of such shares of Common Stock on the date of grant.

 

    5

     

    

 

c. A Nonqualified Stock
Option granted to any Director Participant of the Company shall vest and become exercisable in four equal quarterly installments
on the last day of each calendar quarter beginning with the calendar quarter during which the Nonqualified Stock Option is granted.

 

d. If a Director Participant’s
service as a director of the Company terminates, any Nonqualified Stock Option previously granted to such Director Participant
shall, to the extent not theretofore exercised, terminate and become null and void; provided, however, that:

 

i. if a Director
Participant holding an outstanding Nonqualified Stock Option dies, such Nonqualified Stock Option shall, to the extent not theretofore
exercised, remain exercisable for one (1) year after such Director Participant’s death, by such Director Participant’s legatee,
distributee, guardian or legal or personal representative; and

 

ii. if the
service of a Director Participant to whom such Nonqualified Stock Option shall have been granted shall terminate by reason of (i)
such Director Participant’s disability (as described in Section 22(e)(3) of the Code), (ii) voluntary retirement from service as
a director of the Company, or (iii) failure of the Company to retain or nominate for re-election such Director Participant who
is otherwise eligible, unless due to any act of (A) fraud or intentional misrepresentation, or (B) embezzlement, misappropriation
or conversion of assets or opportunities of the Company or any direct or indirect subsidiary of the Company, while such Director
Participant is entitled to exercise such Nonqualified Stock Option as herein provided, such Director Participant shall have the
right to exercise such Nonqualified Stock Option so granted in respect of any or all of such number of shares of Common Stock subject
to such Nonqualified Stock Option at any time up to and including ninety (90) days after the date of such termination of service;
and

 

iii. if the
Director Participant shall die during the ninety (90) day period, specified in clause (ii) above and at a time when such Director
Participant was entitled to exercise a Nonqualified Stock Option as herein provided, the legal representative of such Director
Participant, or such person who acquired such Nonqualified Stock Option by bequest or inheritance or by reason of the death of
the Director Participant may, not later than one (1) year from the date of death, exercise such Nonqualified Stock Option,
to the extent not theretofore exercised, in respect of any or all of such number of Shares subject to such Nonqualified Stock Option.

 

In no event, however, shall a Director
Participant be entitled to exercise any Stock Option issued under this Section 7 after the expiration of the period of exercisability
of such Stock Option, as specified therein.

 

e. A Director Participant
may receive automatic Stock Option grants under this Section 7 and Stock Option grants under Section 6.

 

8. Stock Appreciation
Rights.

 

a. The Committee may,
in its discretion, grant Stock Appreciation Rights to the holders of any Stock Options granted hereunder. In addition, Stock Appreciation
Rights may be granted independently of, and without relation to, Stock Options. A Stock Appreciation Right means a right to receive
a payment in cash, Common Stock or a combination thereof, in an amount equal to the excess of (x) the Fair Market Value, or other
specified valuation, of a specified number of shares of Common Stock on the date the right is exercised over (y) the Fair Market
Value, or other specified valuation (which shall be no less than the Fair Market Value) of such shares of Common Stock on the date
the right is granted, all as determined by the Committee; provided, however, that if a Stock Appreciation Right is granted in substitution
for a Stock Option, the designated Fair Market Value in the award agreement may be the Fair Market Value on the date such Stock
Option was granted. Each Stock Appreciation Right shall be fully vested unless otherwise specified in the grant agreement. Each
Stock Appreciation Right shall be subject to such terms and conditions as the Committee shall impose from time to time.

 

    6

     

    

 

b. Stock Appreciation
Rights granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined
by the Committee; provided, however, that no Stock Appreciation Rights shall be exercisable later than ten years after the date
it is granted. All Stock Appreciation Rights shall terminate at such earlier times and upon such conditions or circumstances as
the Committee shall in its discretion set forth in such right at the date of grant.

 

c. The exercise of any
Stock Appreciation Right after termination of employment of a participant with the Company, a subsidiary of the Company or with
any company providing consulting services to the Company shall be subject to the same terms and conditions as set forth in Section
6(e) above.

 

9. Stock Awards.
The Committee may, in its discretion, grant Stock Awards (which may include mandatory payment of bonus incentive compensation in
stock) consisting of Common Stock issued or transferred to participants with or without other payments therefor. Stock Awards may
be subject to such terms and conditions as the Committee determines appropriate, including, without limitation, restrictions on
the sale or other disposition of such shares, the right of the Company to reacquire such shares for no consideration upon termination
of the participant’s employment, and may constitute Performance-Based Awards, as described in Section 12 hereof. Each Stock Award
shall be fully vested unless otherwise specified in the grant agreement. The Committee may require the participant to deliver a
duly signed stock power, endorsed in blank, relating to the Common Stock covered by such an Award. The Committee may also require
that the stock certificates evidencing such shares be held in custody or bear restrictive legends until the restrictions thereon
shall have lapsed. The Stock Award shall specify whether the participant shall have, with respect to the shares of Common Stock
subject to a Stock Award, all of the rights of a holder of shares of Common Stock of the Company, including the right to receive
dividends and to vote the shares.

 

10. Performance
Awards.

 

a. Performance Awards
may be granted to participants at any time and from time to time, as shall be determined by the Committee. Performance Awards may
constitute Performance-Based Awards, as described in Section 12 hereof. The Committee shall have complete discretion in determining
the number, amount and timing of awards granted to each participant. Such Performance Awards may be in the form of shares of Common
Stock or Stock Units. Performance Awards may be awarded as short-term or long-term incentives. Performance targets may be based
upon, without limitation, Company-wide, divisional and/or individual performance.

 

b. With respect to those
Performance Awards that are not intended to constitute Performance-Based Awards, the Committee shall have the authority at any
time to make adjustments to performance targets for any outstanding Performance Awards which the Committee deems necessary or desirable
unless at the time of establishment of such targets the Committee shall have precluded its authority to make such adjustments.

 

c. Payment of earned
Performance Awards shall be made in accordance with terms and conditions prescribed or authorized by the Committee. The participant
may elect to defer, or the Committee may require or permit the deferral of, the receipt of Performance Awards upon such terms as
the Committee deems appropriate.

 

    7

     

    

 

11. Stock Units.

 

a. The Committee may,
in its discretion, grant Stock Units to participants hereunder. The Committee shall determine the criteria for the vesting of Stock
Units. Stock Units may constitute Performance Based Awards, as described in Section 12 hereof. A Stock Unit granted by the Committee
shall provide payment at such time as the award agreement shall specify. Shares of Common Stock issued pursuant to this Section
11 may be issued with or without other payments therefor as may be required by applicable law or such other consideration as may
be determined by the Committee. The Committee shall determine whether a participant granted a Stock Unit shall be entitled to a
Dividend Equivalent Right (as defined below).

 

b. Upon vesting of a
Stock Unit, unless the participant has elected to defer payment under subsection (c) below, shares of Common Stock representing
the Stock Units shall be distributed to the participant unless the Committee provides for the payment of the Stock Units in cash
or partly in cash and partly in shares of Common Stock equal to the value of the shares of Common Stock which would otherwise be
distributed to the participant.

 

c. A participant may
elect not to receive a distribution upon the vesting of such Stock Unit and for the Company to continue to maintain the Stock Unit
on its books of account. Any such election shall be in conformity with Code Section 409A and in such event, the value of a Stock
Unit shall be payable in shares of Common Stock pursuant to the agreement of deferral.

 

d. A “Stock Unit”
means a notional account representing one share of Common Stock. A “Dividend Equivalent Right” means the right to receive
the amount of any dividend paid on the share of Common Stock underlying a Stock Unit, which shall be payable in cash or in the
form of additional Stock Units.

 

12. Performance-Based
Awards. Certain Benefits granted under the Plan may be granted in a manner such that the Benefits qualify for the performance-based
compensation exemption of Section 162(m) of the Code (“Performance-Based Awards”). As determined by the Committee in
its sole discretion, either the granting or vesting of such Performance-Based Awards shall be based on achievement of hurdle rates
and/or growth rates in one or more business criteria that apply to the individual participant, one or more business units or the
Company as a whole. The business criteria shall be as follows, individually or in combination: (i) net earnings; (ii) earnings
per share; (iii) net sales growth; (iv) market share; (v) net operating profit; (vi) expense targets; (vii) working capital targets
relating to inventory and/or accounts receivable; (viii) operating margin; (ix) return on equity; (x) return on assets; (xi) planning
accuracy (as measured by comparing planned results to actual results); (xii) market price per share; and (xiii) total return to
stockholders. In addition, Performance Based Awards may include comparisons to the performance of other companies, such performance
to be measured by one or more of the foregoing business criteria. With respect to Performance-Based Awards, (i) the Committee shall
establish in writing (x) the performance goals applicable to a given period, and such performance goals shall state, in terms of
an objective formula or standard, the method for computing the amount of compensation payable to the participant if such performance
goals are obtained and (y) the individual employees or class of employees to which such performance goals apply no later than 90
days after the commencement of such period (but in no event after 25% of such period has elapsed) and (ii) no Performance-Based
Awards shall be payable to or vest with respect to, as the case may be, any participant for a given period until the Committee
certifies in writing that the objective performance goals (and any other material terms) applicable to such period have been satisfied.
With respect to any Benefits intended to qualify as Performance-Based Awards, after establishment of a performance goal, the Committee
shall not revise such performance goal or increase the amount of compensation payable thereunder (as determined in accordance with
Section 162(m) of the Code) upon the attainment of such performance goal. Notwithstanding the preceding sentence, the Committee
may reduce or eliminate Benefits payable upon the attainment of such performance goal.

 

    8

     

    

 

13. Securities Laws.
The Committee shall have the power to make each grant under the Plan subject to such conditions as it deems necessary or appropriate
to comply with the then-existing requirements of the Securities Act of 1933, as amended, or the Exchange Act, including Rule 16b-3
(or any similar rule) of the Securities and Exchange Commission. Notwithstanding any provision in the Plan or an option document
to the contrary, if the Committee determines, in its sole discretion, that issuance of Shares pursuant to the exercise of a Stock
Option should be delayed pending registration or qualification under federal or state securities laws or the receipt of a legal
opinion that an appropriate exemption from the application of federal or state securities laws is available, the Committee may
defer exercise of any Stock Option until such Shares are appropriately registered or qualified or an appropriate legal opinion
has been received, as applicable.

 

14. Foreign Laws.
The Committee may grant Benefits to individual participants who are subject to the tax laws of nations other than the United States,
which Benefits may have terms and conditions as determined by the Committee as necessary to comply with applicable foreign laws.
The Committee may take any action which it deems advisable to obtain approval of such Benefits by the appropriate foreign governmental
entity; provided, however, that no such Benefits may be granted pursuant to this Section 14 and no action may be taken which would
result in a violation of the Exchange Act, the Code or any other applicable law.

 

15. Adjustment Provisions;
Change in Control.

 

a. If there shall be
any change in the Common Stock of the Company or the capitalization of the Company through merger, consolidation, reorganization,
recapitalization, stock dividend, stock split, reverse stock split, split up, spin-off, combination of shares, exchange of shares,
dividend in kind or other like change in capital structure or distribution (other than normal cash dividends) to stockholders of
the Company in order to prevent dilution or enlargement of participants’ rights under the Plan, the Committee, in its sole discretion,
shall adjust, in an equitable manner, as applicable, the number and kind of shares that may be issued under the Plan, the number
and kind of shares subject to outstanding Benefits, the exercise price applicable to outstanding Benefits, and the Fair Market
Value of the Common Stock and other value determinations applicable to outstanding Benefits; provided, however, that any such arithmetic
adjustment to a Performance-Based Award shall not cause the amount of compensation payable thereunder to be increased from what
otherwise would have been due upon attainment of the unadjusted award. Appropriate adjustments may also be made by the Committee
in the terms of any Benefits under the Plan to reflect such changes or distributions and to modify any other terms of outstanding
Benefits on an equitable basis, including modifications of performance targets and changes in the length of performance periods;
provided, however, that any such arithmetic adjustment to a Performance-Based Award shall not cause the amount of compensation
payable thereunder to be increased from what otherwise would have been due upon attainment of the unadjusted award. In addition,
other than with respect to Stock Options, Stock Appreciation Rights, and other awards intended to constitute Performance-Based
Awards, the Committee is authorized to make adjustments to the terms and conditions of, and the criteria included in, Benefits
in recognition of unusual or nonrecurring events affecting the Company or the financial statements of the Company, or in response
to changes in applicable laws, regulations, or accounting principles. Notwithstanding the foregoing, (i) each such adjustment with
respect to an Incentive Stock Option shall comply with the rules of Section 424(a) of the Code, and (ii) in no event shall any
adjustment be made which would render any Incentive Stock Option granted hereunder other than an incentive stock option for purposes
of Section 422 of the Code. The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and
binding on participants under the Plan.

 

    9

     

    

 

b. Notwithstanding any
other provision of this Plan, if there is a Change in Control of the Company, all then outstanding Stock Options and Stock Appreciation
Rights shall immediately vest and become exercisable. For purposes of this Section 15(b), a “Change in Control” of
the Company shall be deemed to have occurred upon the earliest of the following events:

 

i. Change in
Ownership: A change in ownership of the Company occurs on the date that any one person, or more than one person acting as a group,
acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50% of
the total fair market value or total voting power of the stock of the Company, excluding the acquisition of additional stock by
a person or more than one person acting as a group who is considered to own more than 50% of the total fair market value or total
voting power of the stock of the Company.

 

ii. Change
in Effective Control: A change in effective control of the Company occurs on the date that either:

 

1. Any one
person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the
most recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the total voting
power of the stock of the Company; or

 

2. A majority
of the members of the Board of Directors of the Company is replaced during any 12-month period by directors whose appointment or
election is not endorsed by a majority of the members of the board of directors before the date of the appointment or election;
provided, that this paragraph (B) will apply only to the Company if no other corporation is a majority shareholder.

 

iii. Change
in Ownership of Substantial Assets: A change in the ownership of a substantial portion of the Company’s assets occurs on the date
that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on
the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market
value equal to or more than 40% of the total gross fair market value of the assets of the Company immediately before such acquisition
or acquisitions. For this purpose, “gross fair market value” means the value of the assets of the Company, or the value
of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 

It is the intent that this definition
be construed consistent with the definition of “Change of Control” as defined under Code Section 409A and the applicable
treasury regulations, as amended from time to time. The Committee, in its discretion, may determine that, upon the occurrence
of a Change in Control of the Company or the other events specified in Section 15(a), each Stock Option and Stock Appreciation
Right outstanding hereunder shall terminate within a specified number of days after notice to the holder, and such holder shall
receive, with respect to each share of Common Stock subject to such Stock Option or Stock Appreciation Right, an amount equal
to the excess of the Fair Market Value of such shares of Common Stock immediately prior to the occurrence of such Change in Control
over the exercise price per share of such Stock Option or Stock Appreciation Right; such amount to be payable in cash, in one
or more kinds of property (including the property, if any, payable in the transaction) or in a combination thereof, as the Committee,
in its discretion, shall determine. The provisions contained in the preceding sentence shall be inapplicable to a Stock Option
or Stock Appreciation Right granted within six (6) months before the occurrence of a Change in Control if the holder of such Stock
Option or Stock Appreciation Right is subject to the reporting requirements of Section 16(a) of the Exchange Act and no exception
from liability under Section 16(b) of the Exchange Act is otherwise available to such holder.

 

    10

     

    

 

16. Nontransferability.
Each Benefit granted under the Plan to a participant shall not be transferable otherwise than by will or the laws of descent and
distribution, and shall be exercisable, during the participant’s lifetime, only by the participant. In the event of the death of
a participant, each Stock Option or Stock Appreciation Right theretofore granted to him or her shall be exercisable during such
period after his or her death as the Committee shall in its discretion set forth in such option or right at the date of grant and
then only by the executor or administrator of the estate of the deceased participant or the person or persons to whom the deceased
participant’s rights under the Stock Option or Stock Appreciation Right shall pass by will or the laws of descent and distribution.
Notwithstanding the foregoing, at the discretion of the Committee, an award of a Benefit, other than an Incentive Stock Option,
to any director, officer or employee of the Company with at least 15 years of service may permit the transferability of a Benefit
by such participant solely to the participant’s spouse, siblings, parents, children and grandchildren or trusts for the benefit
of such persons or partnerships, corporations, limited liability companies or other entities owned solely by such persons, including
trusts for such persons, subject to any restriction included in the award of the Benefit.

 

17. Other Provisions.
The award of any Benefit under the Plan may also be subject to such other provisions (whether or not applicable to the Benefit
awarded to any other participant) as the Committee determines appropriate, including, without limitation, for the installment purchase
of Common Stock under Stock Options, for the installment exercise of Stock Appreciation Rights, to assist the participant in financing
the acquisition of Common Stock, for the forfeiture of, or restrictions on resale or other disposition of, Common Stock acquired
under any form of Benefit, for the acceleration of exercisability or vesting of Benefits in the event of a change in control of
the Company, for the payment of the value of Benefits to participants in the event of a change in control of the Company, or understandings
or conditions as to the participant’s employment in addition to those specifically provided for under the Plan. In addition, the
Committee shall have the right to accelerate, in whole or in part, from time to time, conditionally or unconditionally, rights
to exercise any Stock Option granted hereunder. The provisions in this Section 17 may be exercised even if such exercise causes
an earlier recognition of income to the Participant due to Code Section 409A or otherwise.

 

18. Fair Market
Value. For purposes of this Plan and any Benefits awarded hereunder, Fair Market Value shall be (i) the closing price of the
Company’s Common Stock on the date of calculation (or on the last preceding trading date if Common Stock was not traded on such
date) if the Company’s Common Stock is readily tradeable on a national securities exchange or other market system, (ii) if the
Company’s Common Stock is not readily tradeable, Fair Market Value shall mean the amount determined in good faith by the Committee
as the fair market value of the Common Stock of the Company and (iii) in connection with a Change in Control of the Company or
an event specified in Section 15(a), the value of the consideration paid to stockholders in connection with such Change in Control
or event or if no consideration is paid in respect thereof, the amount determined pursuant to clause (i) or (ii), above.

 

19. Withholding.
All payments or distributions of Benefits made pursuant to the Plan shall be net of any amounts required to be withheld pursuant
to applicable federal, state and local tax withholding requirements. If the Company proposes or is required to distribute Common
Stock pursuant to the Plan, it may require the recipient to remit to it or to the corporation that employs such recipient an amount
sufficient to satisfy such tax withholding requirements prior to the delivery of any certificates for such Common Stock. In lieu
thereof, the Company or the employing corporation shall have the right to withhold the amount of such taxes from any other sums
due or to become due from such corporation to the recipient as the Committee shall prescribe. The Committee may, in its discretion
and subject to such rules as it may adopt (including any as may be required to satisfy applicable tax and/or non-tax regulatory
requirements), permit an optionee or award or right holder to pay all or a portion of the federal, state and local withholding
taxes arising in connection with any Benefit consisting of shares of Common Stock by electing to have the Company withhold shares
of Common Stock having a Fair Market Value equal to the amount of tax to be withheld, such tax calculated at rates required by
statute or regulation.

 

    11

     

    

 

20. Tenure.
A participant’s right, if any, to continue to serve the Company or any of its subsidiaries or affiliates as an officer, employee,
or otherwise, shall not be enlarged or otherwise affected by his or her designation as a participant under the Plan.

 

21. Unfunded Plan.
Participants shall have no right, title, or interest whatsoever in or to any investments which the Company may make to aid it in
meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create
or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any participant, beneficiary,
legal representative or any other person. To the extent that any person acquires a right to receive payments from the Company under
the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made
hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation
of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is not intended to
be subject to the Employee Retirement Income Security Act of 1974, as amended.

 

22. No Fractional
Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan or any Benefit. The Committee
shall determine whether cash, or Benefits, or other property shall be issued or paid in lieu of fractional shares or whether such
fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

23. Duration, Amendment
and Termination. No Benefit shall be granted more than ten years after the Effective Date. The Committee may amend the Plan
from time to time or suspend or terminate the Plan at any time. Nevertheless, if the Plan has been previously approved by the Company’s
stockholders, the Committee may not, without obtaining approval within twelve months before or after such action by such vote of
the Company’s stockholders as may be required, amend the Plan if such amendment would: (i) disqualify any Incentive Stock Options
granted under the Plan; (ii) increase the aggregate number of shares of Common Stock that may be delivered through Stock Options
under the Plan; (iii) increase either of the maximum amounts which can be paid to an individual participant under the Plan as set
forth in Section 5 hereof; (iv) change the types of business criteria on which Performance-Based Awards are to be based under the
Plan; or (v) modify the requirements as to eligibility for participation in the Plan. The Committee may amend the terms of any
Benefit theretofore granted, prospectively or retroactively, but no such amendment shall impair the rights of any participant without
his consent. In its sole discretion, the Committee may reduce the exercise price for any or all outstanding Stock Options or Stock
Appreciation Rights, by repricing or replacing or offering to replace such Benefits, at any time and on any basis it believes is
appropriate and consistent with the Plan’s purposes.

 

24. Governing Law.
This Plan, Benefits granted hereunder and actions taken in connection herewith shall be governed and construed in accordance with
the laws of the State of Delaware (regardless of the law that might otherwise govern under applicable Delaware principles of conflict
of laws).

 

25. Effective Date.

 

a. The Plan shall be
effective as of ______, 2020, the date on which the Plan was adopted by the Board of Directors and the Company’s stockholders
(the “Effective Date”).

 

b. This Plan shall terminate
on ______, 2030 (unless sooner terminated by the Committee).

 

 

12EX-4.1

 EXHIBIT 4.1 
  

 
 THE TORONTO-DOMINION BANK, 

as Issuer 
 and 

THE BANK OF NEW YORK MELLON, 
 as
Warrant Agent 
  
  

WARRANT AGREEMENT 
 dated as of
[    ], 2020 
  
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE 1	  			
	DEFINITIONS	  			
			
	Section 1.01.	 	 Certain Terms Defined
	  	 	1	 
		
	ARTICLE 2	  			
	WARRANTS	  			
			
	Section 2.01.	 	 Ranking
	  	 	3	 
	Section 2.02.	 	 Form, Execution and Delivery of Warrant Certificates
	  	 	3	 
	Section 2.03.	 	 Number Unlimited; Issuable in Series
	  	 	3	 
	Section 2.04.	 	 Countersignature and Delivery of Warrant Certificates
	  	 	5	 
	Section 2.05.	 	 Place of Exercise; Registration of Transfers and Exchanges
	  	 	6	 
	Section 2.06.	 	 Mutilated or Missing Warrant Certificates
	  	 	8	 
	Section 2.07.	 	 Registered Holders
	  	 	9	 
	Section 2.08.	 	 Cancellation
	  	 	9	 
	Section 2.09.	 	 Additional Warrant Agents
	  	 	9	 
	Section 2.10.	 	 Appointment of Calculation Agents
	  	 	10	 
	Section 2.11.	 	 CUSIP Numbers
	  	 	10	 
		
	ARTICLE 3	  			
	DURATION AND EXERCISE OF WARRANTS	  			
			
	Section 3.01.	 	 Duration and Exercise of Warrants
	  	 	10	 
	Section 3.02.	 	 Return of Money Held Unclaimed for Two Years
	  	 	10	 
		
	ARTICLE 4	  			
	OTHER PROVISIONS RELATING TO RIGHTS OF WARRANTHOLDERS	  			
			
	Section 4.01.	 	 Warrantholder May Enforce Rights
	  	 	10	 
	Section 4.02	 	 No Rights as Holder of Warrant Property Conferred by Warrants or Warrant Certificates
	  	 	11	 
	Section 4.03.	 	 Issuer’s Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain
Conditions
	  	 	11	 
	Section 4.04.	 	 Successor Corporation Substituted
	  	 	11	 
	Section 4.05.	 	 Opinion of Counsel Delivered to Warrant Agent
	  	 	11	 
		
	ARTICLE 5	  			
	WARRANTS ACQUIRED BY THE ISSUER; PAYMENT OF TAXES	  			
			
	Section 5.01.	 	 Warrants Acquired by the Issuer
	  	 	11	 
	Section 5.02.	 	 Payment of Taxes
	  	 	12	 
		
	ARTICLE 6	  			
	CONCERNING THE WARRANT AGENT	  			
			
	Section 6.01.	 	 Warrant Agent
	  	 	12	 

  
 -i- 

							
	Section 6.02.	 	 Condition of Warrant Agent’s Obligations
	  	 	12	 
	Section 6.03.	 	 Resignation and Appointment of Successor
	  	 	13	 
	Section 6.04.	 	 Force Majeure
	  	 	15	 
		
	ARTICLE 7	  			
	MISCELLANEOUS	  			
			
	Section 7.01.	 	 Amendment
	  	 	15	 
	Section 7.02.	 	 Notices and Demands to the Issuer and the Warrant Agent
	  	 	16	 
	Section 7.03.	 	 Addresses for Notices
	  	 	16	 
	Section 7.04.	 	 Notices to Warrantholders
	  	 	16	 
	Section 7.05.	 	 Obtaining of Approvals
	  	 	16	 
	Section 7.06.	 	 Persons Having Rights under this Agreement
	  	 	16	 
	Section 7.07.	 	 Inspection of Agreement
	  	 	17	 
	Section 7.08.	 	 Officer’s Certificates and Opinions of Counsel; Statements to Be Contained Therein
	  	 	17	 
	Section 7.09.	 	 Payments Due on Saturdays, Sundays and Holidays
	  	 	17	 
	Section 7.10.	 	 Judgment Currency
	  	 	17	 
	Section 7.11.	 	 Headings
	  	 	18	 
	Section 7.12.	 	 Counterparts
	  	 	18	 
	Section 7.13.	 	 Applicable Law
	  	 	18	 
	Section 7.14.	 	 Waiver of Jury Trial
	  	 	18	 
	Section 7.15.	 	 Agent for Service; Submission to Jurisdiction; Waiver of Immunity
	  	 	18	 
	Section 7.16.	 	 FATCA
	  	 	18	 
	
	 Exhibit A - Form of Registered Warrant
Certificate
	  

  
 -ii- 

 WARRANT AGREEMENT 

THIS WARRANT AGREEMENT, dated as of              [    ], 2020
(the “Agreement”), between THE TORONTO-DOMINION BANK, a Canadian bank chartered under the Bank Act (Canada), as issuer (the “Issuer”) and THE BANK OF NEW YORK MELLON, a New York banking corporation, as warrant agent
(the “Warrant Agent”). 
 WHEREAS, the Issuer has duly authorized the issue from time to time of linked warrants (the
“Warrants”) linked to interest rates (which may include fixed rates of interest or financial benchmark rates), indices, equity securities, debt instruments, commodities, public or private investment funds or portfolios, mutual
funds, exchange-traded funds, currencies, credit, statistical measures of economic or financial performance, foreign exchange rates or other similar asset classes, or any combination or basket of the foregoing (such property, in relation to a
Warrant, being hereinafter referred to as the “Warrant Property” applicable to such Warrant), to be issued in one or more series and in such number and with such terms as may from time to time be authorized in accordance with the
terms of this Agreement; 
 WHEREAS, the Issuer has duly authorized the execution and delivery of this Agreement to provide, among other
things, for the delivery and administration of the Warrants; 
 WHEREAS, all things necessary to make this Agreement a valid agreement
according to its terms have been done; 
 NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01.    Certain Terms Defined. The following terms (except as otherwise expressly provided or unless
the context otherwise clearly requires) for all purposes of this Agreement and of any agreement supplemental hereto shall have the respective meanings specified in this Section. 

“Board of Directors” means either (i) the Board of Directors of the Issuer or any committee of such Board duly
authorized to act on its behalf or (ii) one or more duly authorized officers of the Issuer to whom the Board of Directors of the Issuer or a committee thereof has delegated the authority to act with respect to the matters contemplated by this
Agreement. 
 “Board Resolution” means (i) a copy of one or more resolutions, certified by the secretary or an
assistant secretary of the Issuer to have been duly adopted or consented to by the Board of Directors and to be in full force and effect, or (ii) a certificate signed by the authorized officer or officers of the Issuer to whom the Board of
Directors of the Issuer or a committee thereof has delegated its authority (as described in the definition of Board of Directors), and in each case, and delivered to the Warrant Agent. 

“Business Day” means, with respect to any Warrant, a day that in the city (or in any of the cities, if more than one) in
which amounts are payable, as specified in accordance with Section 2.03 hereof, is not a day on which banking institutions are authorized or required by law or regulation to close or a day on which transactions in the currency in which the
Warrants are payable are not conducted. 
 “Definitive Warrant Certificates” shall mean a Warrant Certificate issued in
definitive form. 
 “Depositary” means, with respect to Registered Warrants of any series that are or may be evidenced by
one or more Global Warrant Certificates, the Person designated as Depositary by the Issuer pursuant to Section 2.03 hereof until a successor Depositary shall have become such pursuant to the applicable provisions of this Agreement, and
thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Warrants of
any such series shall mean the Depositary with respect to the Global Warrant Certificates evidencing Registered Warrants of that series. 

  
 -1- 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Expiration Date” means, with respect to a Warrant, the date on which the right to exercise such Warrant shall expire. 

“Global Warrant Certificate” shall mean a Warrant Certificate issued in global form. 

“Holder,” “Holder of Warrants,” “Warrantholder” or other similar terms mean in the case of
any Registered Warrant, the Person in whose name such Warrant is registered in the Warrant Register. 
 “Issuer” means
(except as otherwise provided in Article 6), The Toronto-Dominion Bank, a Canadian bank chartered under the Bank Act (Canada) and, subject to Article 4, its successors and assigns. 

“Issuer Order” means a written statement, request or order of the Issuer signed in its name by an Officer. 

“Officer” means, with respect to the Issuer, any one of the following: the Chairman of the Board of Directors, the President
and the Chief Executive Officer, a Vice Chair, a Vice President, the Chief Financial Officer or the Corporate Secretary or any other person authorized by the Board of Directors to execute certain documents or perform certain functions on behalf of
the Issuer. 
 “Officer’s Certificate” means a certificate signed in the name of the Issuer by an Officer and
delivered to the Warrant Agent. 
 “Opinion of Counsel” means an opinion in writing signed by legal counsel to the Issuer,
who may be an employee of or counsel to the Issuer, and include the statements provided for in Section 7.08 herein. 

“Original issue date” of any Warrant (or portion thereof) means the earlier of (a) the date of such Warrant or
(b) the date of any Warrant (or portion thereof) for which such Warrant was issued (directly or indirectly) on registration of transfer, exchange or substitution. 

“Periodic Offering” means an offering of Warrants of a series from time to time, the specific terms of which Warrants are to
be determined by the Issuer or its agents upon the issuance of such Warrants. 
 “Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Registered Holder” shall have the meaning set forth in Section 2.07 hereof. 

“Registered Warrant” means any Warrant represented by a Warrant Certificate issued in registered form. 

“Warrant Agent’s Office” shall mean The Bank of New York Mellon, 240 Greenwich Street, 7E, New York, New York 10286,
Attention: Corporate Trust Administration or such other address as shall be given in writing to the other parties hereto. 

“Warrant Agent’s Window” means the window of the Warrant Agent maintained for purposes of transfer and tender in the
Borough of Manhattan, The City of New York (or at the address of any additional agency established by the Issuer pursuant to Section 2.09 hereof, or at the address of any successor Warrant Agent (as provided in Section 6.03)), which is, on
the date of this Agreement, The Bank of New York Mellon, Transfer Area, 240 Greenwich Street, 7E, New York, New York 10286. 

“Warrant Certificates” shall have the meaning set forth in Section 2.02(a) hereof. 

“Warrant Register” shall have the meaning set forth in Section 2.05 hereof. 

  
 -2- 

 ARTICLE 2 

WARRANTS 

Section 2.01.    Ranking. The Warrants are unsecured, unsubordinated obligations of the Issuer and will rank
on a parity in right of payment with all of the Issuer’s deposit liabilities, except for obligations preferred by mandatory provisions of law. 

Section 2.02.    Form, Execution and Delivery of Warrant Certificates. 

(a)    Certificates (“Warrant Certificates”) evidencing the Warrants of each series shall be issued as
Registered Warrants in substantially in the form of Exhibit A hereto or in such form (not inconsistent with this Agreement) as shall be established by or pursuant to one or more Board Resolutions (as set forth in a Board Resolution or, to the extent
established pursuant to, rather than set forth in, a Board Resolution, in an Officer’s Certificate detailing such establishment) or in one or more agreements supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Agreement. The Warrant Certificates may have imprinted or otherwise reproduced thereon such letters, numbers or other marks of identification or designation and such legends or
endorsements as the Officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and that are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto, or with any rules of any securities exchange, or to conform to general usage, all as may be determined by the Officers executing such Warrant Certificates, as evidenced by their execution of such Warrant
Certificates. The Warrant Certificates shall be signed on behalf of the Issuer by an Officer. Such signatures may be the manual or facsimile. Typographical and other minor errors or defects in any such signature shall not affect the validity or
enforceability of any Warrant Certificate that has been duly countersigned and delivered by the Warrant Agent. The Definitive Warrant Certificates shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other
manner, all as determined by the Officers executing such Warrants, as evidenced by their execution of such Warrants. 

(b)    In case any Officer who shall have signed a Warrant Certificate shall cease to be such before such Warrant
Certificate shall have been countersigned and delivered by the Warrant Agent to the Issuer or delivered by the Issuer, such Warrant Certificate nevertheless may be countersigned and delivered as though the person who signed such Warrant Certificate
had not ceased to be such Officer and thereupon shall nevertheless be valid; and a Warrant Certificate may be signed on behalf of the Issuer by any person who, at the actual date of the execution of such Warrant Certificate, shall be the proper
Officer to sign such Warrant Certificate, although at the date of the execution of this Agreement any such person was not such an Officer. 

(c)    Pending the preparation of final Warrant Certificates evidencing Warrants of any series, the Issuer may execute and
the Warrant Agent shall countersign and deliver temporary Warrant Certificates evidencing such Warrants (printed, lithographed, typewritten or otherwise produced, in each case in form satisfactory to the Warrant Agent). Such temporary Warrant
Certificates shall be issuable substantially in the form of the final Warrant Certificates but with such omissions, insertions and variations as may be appropriate for temporary Warrant Certificates, all as may be determined by the Issuer with the
concurrence of the Warrant Agent. Such temporary Warrant Certificates may contain such reference to any provisions of this Agreement as may be appropriate. Every such temporary Warrant Certificate shall be executed by the Issuer and shall be
countersigned and delivered by the Warrant Agent upon the same conditions and in substantially the same manner, and with like effect, as the final Warrant Certificates. Without unreasonable delay, the Issuer shall execute and shall furnish final
Warrant Certificates and thereupon such temporary Warrant Certificates may be surrendered in exchange therefor without charge, at any agency maintained by the Issuer for such purpose as specified in this Agreement, and the Warrant Agent shall
countersign and deliver in exchange for such temporary Warrant Certificates final Warrant Certificates evidencing a like aggregate number of Warrants of the same series and of like tenor as those evidenced by such temporary Warrant Certificates.
Until so exchanged, such temporary Warrant Certificates and the Warrants evidenced thereby shall be entitled to the same benefits under this Agreement as final Warrant Certificates and the Warrants evidenced thereby. 

Section 2.03.    Number Unlimited; Issuable in Series. 

(a)    The aggregate number of Warrants that may be delivered under this Agreement is unlimited. 

  
 -3- 

 (b)    The Warrants may be issued in one or more series. There shall be
established in or pursuant to one or more Board Resolutions (and to the extent established pursuant to, rather than set forth in, a Board Resolution, in an Officer’s Certificate detailing such establishment) or established in one or more
agreements supplemental hereto, prior to the initial issuance of Warrants of any series: 
 (i)    the
title of the Warrants; 
 (ii)    the designation and aggregate number of the Warrants that may be
countersigned and delivered (except for any Warrants countersigned and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Warrants); 

(iii)    the price at which the Warrants will be issued and minimum denominations, if other than U.S.
dollars, the coin or currency or composite currency in which such issue price will be payable; 

(iv)    the date on which the right to exercise the Warrants shall commence and the Expiration Date or, if
the Warrants are not continuously exercisable throughout such period, the specific date or dates on which they will be exercisable (or, in either case, the method by which such date or dates shall be determined); 

(v)    whether the Warrants are warrants to purchase (“call warrants”) the Warrant
Property from the Issuer, warrants to sell (“put warrants”) the Warrant Property to the Issuer, or otherwise; 

(vi)    the specific Warrant Property purchasable or salable upon exercise of the Warrants, and
(A) with respect to Warrants to be settled by delivery of the Warrant Property, the amount thereof (or the method for determining the same), or (B) with respect to Warrants to be settled in cash, the formulas for determining the cash
settlement value of the Warrants, and the circumstances, if any, under which a minimum and/or maximum expiration value is applicable upon the expiration of the Warrants; 

(vii)    the method of exercise of the Warrants (including the circumstances, if any, under which the
Warrants may be deemed to be automatically exercised); 
 (viii)    whether the exercise of the Warrants
is to be cash-settled or by delivery of the Warrant Property or combination thereof; 
 (ix)    if the
Warrants are to be settled by delivery of the Warrant Property, the price at which and, if other than U.S. dollars, the coin or currency or composite currency with which the Warrant Property may be purchased or sold upon exercise of the Warrants (or
the method for determining the same); 
 (x)    if the Warrants are to be settled in cash, if other than
the coin or currency in which the Warrants are denominated, the coin or currency in which payment of amounts due on the Warrants shall be payable; 

(xi)    if the Warrants are to be settled in cash, if the amounts payable under the Warrants are to be
payable, at the election of the Issuer or a Warrantholder thereof, in a coin or currency other than that in which the Warrants are denominated, the period or periods within which, and the terms and conditions upon which, such elections may be made;

 (xii)    the minimum or maximum number of Warrants that may be exercised at any one time, if
applicable; 
 (xiii)    whether the Warrant Certificates evidencing any Registered Warrants will be
Global Warrant Certificates or Definitive Warrant Certificates or both, and whether and on what terms (if different from those set forth herein) Warrant Certificates in one form may be converted into or exchanged for Warrant
Certificates in the other form and the Depositary for such Global Warrant Certificates; 

(xiv)    whether and under what circumstances the Issuer will pay additional amounts on the Warrants in
respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will have the option to redeem such Warrants rather than pay such additional amounts; 

  
 -4- 

 (xv)    any warrant agents, depositaries, authenticating
or paying agents, transfer agents or registrars or any determination or calculation agents or other agents with respect to the Warrants; and 

(xvi)    any other terms of the Warrants. 

(c)     All Warrants of any one series need not be issued at the same time and may be issued from time to time, consistent
with the terms of this Agreement, if so provided by or pursuant to such Board Resolution, such Officer’s Certificate or in any such agreement supplemental hereto. 

Notwithstanding Section 2.03(b)(ii) hereof and unless otherwise expressly provided with respect to a series of Warrants, the aggregate
number of Warrants may be increased and additional Warrants may be issued up to any maximum limit upon the aggregate number authorized with respect to such series as increased. 

Section 2.04.    Countersignature and Delivery of Warrant Certificates. 

(a)    The Issuer may deliver Warrant Certificates evidencing Warrants of any series executed by the Issuer to the Warrant
Agent for countersignature together with the applicable documents referred to below in this Section, and the Warrant Agent shall thereupon countersign and deliver such Warrant Certificates to or upon the order of the Issuer (contained in the Issuer
Order referred to below in this Section) or pursuant to such procedures acceptable to the Warrant Agent as may be specified from time to time by an Issuer Order. In countersigning such Warrant Certificates and accepting the responsibilities under
this Agreement in relation to the Warrants evidenced by such Warrant Certificates, the Warrant Agent shall be provided with (in the case of subparagraphs 2.04(a)(ii), 2.04(a)(iii) and 2.04(a)(iv) below, only at or before the time of the first
request of the Issuer to the Warrant Agent to countersign Warrant Certificates evidencing Warrants of such series) and shall be fully protected in relying upon, unless and until such documents have been superseded or revoked: 

(i)    an Issuer Order requesting such countersignature and setting forth delivery instructions if the
Warrant Certificates are not to be delivered to the Issuer, provided that, with respect to Warrants of a series subject to a Periodic Offering, (a) such Issuer Order may be delivered by the Issuer to the Warrant Agent prior to the delivery to
the Warrant Agent of such Warrant Certificates for countersignature and delivery, (b) the Warrant Agent shall countersign and deliver Warrant Certificates of such series for original issue from time to time, in an aggregate number not exceeding
the aggregate number established for such series, pursuant to an Issuer Order or pursuant to procedures acceptable to the Warrant Agent as may be specified from time to time by an Issuer Order and (c) the Expiration Date, exercise date or
dates, original issue date or dates, and any other terms of Warrants of such series shall be determined by an Issuer Order or pursuant to such procedures; 

(ii)    any Board Resolution, Officer’s Certificate and/or executed supplemental agreement in
accordance with this Agreement by or pursuant to which the forms and terms of the Warrants evidenced by such Warrant Certificates were established; 

(iii)    an Officer’s Certificate setting forth the form or forms and terms of the Warrants evidenced
by such Warrant Certificates stating that the form or forms and terms of the Warrants evidenced by such Warrant Certificates have been established pursuant to Sections 2.02 and 2.03 and comply with this Agreement, and covering such other matters as
the Warrant Agent may reasonably request; and 
 (iv)    for the first issue of Warrants of a given
series, at the request of the Warrant Agent, an Opinion of Counsel or a letter addressed to the Warrant Agent permitting it to rely on an Opinion of Counsel, substantially to the effect that: 

(A)    the forms of the Warrant Certificates have been duly authorized and established in conformity with
the provisions of this Agreement; 
 (B)    the terms of the Warrants have been duly authorized and
established in conformity with the provisions of this Agreement, or if certain terms of the Warrants are to be established pursuant to procedures set forth in an Issuer Order, a Board Resolution, an Officer’s Certificate or a supplemental
agreement in accordance with this Agreement, when such other terms are established in accordance with such procedures, all such other terms will have been duly authorized by the Issuer and will have been established in conformity with the provisions
of this Agreement; and 

  
 -5- 

 (C)    when the Warrant Certificates have been executed
by the Issuer and countersigned by the Warrant Agent in accordance with the provisions of this Agreement and delivered to and duly paid for by the purchasers thereof, subject to such other conditions as may be set forth in such opinion of counsel,
they will have been duly issued under this Agreement and the Warrants evidenced thereby will be valid and legally binding obligations of the Issuer, enforceable in accordance with their respective terms, and will be entitled to the benefits of this
Agreement. 
 In rendering such opinions, such counsel may qualify any opinions as to enforceability by stating that such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium and other similar laws affecting the rights and remedies of creditors and is subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). Such counsel may rely, as to all matters governed by the laws of jurisdictions other than the State of New York and the federal law of the United States, upon opinions of other
counsel (copies of which shall be delivered to the Warrant Agent). Such counsel may also state that, insofar as such opinion involves factual matters, such counsel has relied, to the extent such counsel deems proper, upon certificates of Officers of
the Issuer and certificates of public officials. 
 (b)    The Warrant Agent shall have the right to decline to
countersign and deliver any Warrant Certificates under this Section if the Warrant Agent, being advised by counsel, determines that such action may not lawfully be taken by the Issuer or if the Warrant Agent in good faith determines by its board of
directors or board of trustees or by a committee of its trust officers that such action would expose the Warrant Agent to personal liability to existing Warrantholders or would affect the Warrant Agent’s own rights, duties or immunities under
the Warrant Certificates, the Warrants, this Agreement or otherwise. 
 (c)    If the Issuer shall establish pursuant to
Section 2.03 that the Warrants of a series are to be evidenced in whole or in part by one or more Global Warrant Certificates, then the Issuer shall execute and the Warrant Agent shall, in accordance with this Section and the Issuer Order with
respect to such series, countersign and deliver one or more Global Warrant Certificates that (i) shall evidence all or part of the Warrants of such series issued in such form and not yet cancelled, (ii) shall be registered in the name of
the Depositary for such Global Warrant Certificate or the nominee of such Depositary, (iii) shall be delivered by the Warrant Agent to such Depositary or pursuant to such Depositary’s instructions and (iv) shall bear a legend
substantially to the following effect: “Unless and until it is exchanged in whole or in part for Warrants in definitive registered form, this Warrant Certificate and the Warrants evidenced hereby may not be transferred except as a whole by the
Depositary to the 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.”

 (d)    If so required by applicable law, each Depositary for a series of Warrants must, at the time of its
designation and at all times while it serves as Depositary, be a clearing agency registered under the Exchange Act and any other applicable statute or regulation. 

(e)    Each Warrant Certificate shall be dated the date of its countersignature. A Warrant Certificate shall not be valid
for any purpose, and no Warrant evidenced thereby shall be exercisable, unless and until such Warrant Certificate has been countersigned by the manual signature of an authorized signatory of the Warrant Agent. Such countersignature by an authorized
signatory of the Warrant Agent upon any Warrant Certificate executed by the Issuer in accordance with this Agreement shall be conclusive evidence that the Warrant Certificate so countersigned and the Warrants evidenced thereby have been duly issued
hereunder. 
 Section 2.05.    Place of Exercise; Registration of Transfers and Exchanges. 

(a)    Except as otherwise established pursuant to Section 2.03 with respect to Warrants of a series, Warrants may be
presented for exercise at the Warrant Agent’s Window in accordance with procedures to be established pursuant to Section 2.03. 

  
 -6- 

 (b)    The Issuer shall cause to be kept at the Warrant Agent’s
Office a register (the “Warrant Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Registered Warrants and of transfers of Registered Warrants. Except as
otherwise provided herein or as established pursuant to Section 2.03 with respect to the Warrants of a series, the Warrant Agent shall from time to time register the transfer of any outstanding registered Definitive Warrant Certificates upon
the Warrant Register, subject to such reasonable regulations as the Issuer or the Warrant Agent may prescribe with respect to the Warrants of such series, upon surrender thereof at the Warrant Agent’s Window, duly endorsed by, or accompanied by
a written instrument or instruments of transfer in form satisfactory to the Warrant Agent and the Issuer duly executed by, the Registered Holder(s) thereof or by the duly appointed legal representative thereof or by a duly authorized attorney, such
signature to be guaranteed by a bank or trust company with a correspondent office in The City of New York or by a broker or dealer that is a member of the Financial Industry Regulatory Authority, Inc. or by a member of a national securities exchange
or in such other manner acceptable to the Warrant Agent and the Issuer. Upon any such registration of transfer, one or more new Warrant Certificates of the same series and like terms evidencing a like number of unexercised Warrants shall be issued
to the transferee(s) and the surrendered Warrant Certificate shall be cancelled by the Warrant Agent. 
 (c)    Except
as otherwise established for a series of Warrants pursuant to Section 2.03, at the option of a Registered Holder, Definitive Warrant Certificates evidencing Registered Warrants may be exchanged for other Definitive Warrant Certificates
evidencing Registered Warrants evidencing the same aggregate number of unexercised Warrants of the same series and of like tenor upon surrender to the Warrant Agent of the Definitive Warrant Certificates to be exchanged at the Warrant Agent’s
Window and upon payment, if the Issuer shall so require, of the charges hereinafter provided. Upon surrender of any unexercised Warrant Certificate for exchange, the Warrant Agent shall cancel such Warrant Certificate, and the Issuer shall execute,
and the Warrant Agent shall countersign and deliver, one or more new Warrant Certificates evidencing a like number of unexercised Warrants of the same series and of like tenor. 

(d)    Warrants evidenced by the Warrant Certificates issued upon transfer or exchange of Warrant Certificates pursuant to
this Agreement shall be valid obligations of the Issuer, constituting the same obligations of the Issuer as the Warrants evidenced by the Warrant Certificates surrendered for transfer or exchange, and entitled to the same benefits under this
Agreement as were such Warrants evidenced by the Warrant Certificates prior to such surrender. 
 (e)    Except as
provided in Section 2.06, no service charge shall be made for any registration of transfer or exchange of Warrant Certificates, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Warrant Certificates, other than exchanges pursuant to this Section not involving any transfer. 

(f)    In the event that, upon any exercise of Warrants evidenced by a Warrant Certificate, the number of Warrants
exercised shall be less than the total number of Warrants evidenced by such Warrant Certificate, there shall be issued to the Registered Holder thereof or his assignee a new Warrant Certificate evidencing the number of Warrants of the same series
and of like tenor not exercised. 
 (g)    No Warrant Certificate will be issued in bearer form. 

(h)    Notwithstanding any other provision of this Agreement, unless and until it is exchanged in whole or in part for
Definitive Warrant Certificates, a Global Warrant Certificate evidencing all or a portion of the Registered Warrants of a series may not be transferred except as a whole by the Depositary for such Registered Warrants to a nominee of such Depositary
or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such Registered Warrants or a nominee of such successor Depositary. 

(i)    If at any time the Depositary for any Registered Warrants of a series represented by one or more Global Warrant
Certificates notifies the Issuer that it is unwilling or unable to continue as Depositary for such Registered Warrants or if at any time the Depositary for such Registered Warrants shall no longer be eligible under this Agreement, the Issuer shall
appoint a successor Depositary eligible under this Agreement with respect to such Registered Warrants. If a successor Depositary eligible under this Agreement for such Registered Warrants is not 

  
 -7- 

 
appointed by the Issuer within 90 days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer’s election pursuant to Section 2.03 that such Registered
Warrants be evidenced by one or more Global Warrant Certificates shall no longer be effective and the Issuer will execute, and the Warrant Agent, upon receipt of an Officer’s Certificate for the countersignature and delivery of Definitive
Warrant Certificates evidencing Warrants of such series, will countersign and deliver, Definitive Warrant Certificates evidencing Warrants of such series, of like tenor and in an aggregate number equal to the number of the unexercised Warrants
represented by such Global Warrant Certificate or Certificates in exchange for such Global Warrant Certificate or Certificates. 

(j)    The Issuer may at any time and in its sole discretion determine that one or more Global Warrant Certificates
evidencing Registered Warrants of any series shall no longer be represented by a Global Warrant Certificate or Certificates. In such event the Issuer will execute, and the Warrant Agent, upon receipt of an Officer’s Certificate for the
countersignature and delivery of Definitive Warrant Certificates evidencing Warrants of such series, will countersign and deliver, Definitive Warrant Certificates evidencing Warrants of such series, of like tenor and in an aggregate number equal to
the number of the unexercised Warrants represented by such Global Warrant Certificate or Certificates in exchange for such Global Warrant Certificate or Certificates. 

(k)    If established pursuant to Section 2.03 with respect to Registered Warrants evidenced by a Global Warrant
Certificate, the Depositary for such Global Warrant Certificate may surrender such Global Warrant Certificate in exchange in whole or in part for Definitive Warrant Certificates evidencing Warrants of the same series and of like tenor on such terms
as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Warrant Agent shall countersign and deliver, without service charge, 

(i)    to the Person specified by such Depositary a new Definitive Warrant Certificate or Certificates
evidencing Registered Warrants of the same series and of like tenor in an aggregate number equal to and in exchange for such person’s beneficial interest in the Warrants evidenced by such Global Warrant Certificate; and 

(ii)    to such Depositary a new Global Warrant Certificate evidencing Registered Warrants of the same
series and of like tenor in number equal to the difference, if any, between the number of unexercised Warrants evidenced by the surrendered Global Warrant Certificate and the number of unexercised Warrants evidenced by such Definitive Warrant
Certificate countersigned and delivered pursuant to clause 2.05(k)(i) above. 
 Upon the exchange of a Global Warrant Certificate evidencing Registered
Warrants for Definitive Warrant Certificates, such Global Warrant Certificate shall be cancelled by the Warrant Agent or an agent of the Issuer or the Warrant Agent. Definitive Warrant Certificates evidencing Registered Warrants issued in exchange
for a Global Warrant Certificate evidencing Registered Warrants pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary for such Global Warrant Certificate, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Warrant Agent or an agent of the Issuer or the Warrant Agent. The Warrant Agent or such agent shall deliver such Warrant Certificates to or as directed by the Persons in whose names
such Warrant Certificates are so registered. 
 (l)    The Issuer may from time to time designate one or more additional
offices or agencies where the Warrants of a series may be presented for exercise and payment, where the Warrants of that series may be presented for exchange as provided in this Agreement and where the Registered Warrants of that series may be
presented for registration of transfer as in this Agreement provided, and the Issuer may from time to time rescind any such designation, as the Issuer may deem desirable or expedient; provided, however, that no such designation or rescission
shall in any manner relieve the Issuer of its obligation to maintain the agencies provided for in this Section. The Issuer will give to the Warrant Agent prompt written notice of any such designation or rescission thereof. 

Section 2.06.    Mutilated or Missing Warrant Certificates.  

(a)    If any Warrant Certificate evidencing Warrants of any series is mutilated, lost, stolen or destroyed, the Issuer may
in its discretion execute, and the Warrant Agent may countersign and deliver, in exchange and substitution for the mutilated Warrant Certificate, or in replacement for the Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate
representing an equivalent number of unexercised Warrants of the same series 

  
 -8- 

 
and of like tenor, bearing an identification number, if applicable, not contemporaneously outstanding, but only (in case of loss, theft or destruction) upon receipt of evidence satisfactory to
the Issuer and the Warrant Agent of such loss, theft or destruction of such Warrant Certificate and such security or indemnity, if requested, also satisfactory to them. Applicants for such substitute Warrant Certificates shall also comply with such
other reasonable regulations and pay such other reasonable charges as the Issuer or the Warrant Agent may prescribe. 

(b)    In case the Warrants evidenced by any such mutilated, lost, stolen or destroyed Warrant Certificate have been or
are about to be exercised, or deemed to be exercised, the Issuer in its absolute discretion may, instead of issuing a new Warrant Certificate, and subject to the conditions set forth in clause 2.06(a) above, direct the Warrant Agent to treat the
same as if it had received the Warrant Certificate together with an irrevocable exercise notice in proper form in respect thereof, as established with respect to the Warrants of such series. 

(c)    The Warrants evidenced by each new Warrant Certificate issued pursuant to this Section in lieu of any lost, stolen
or destroyed Warrant Certificate shall be original, additional contractual obligations of the Issuer, and shall be entitled to the same benefits under this Agreement as the Warrants evidenced by the Warrant Certificate that was lost, stolen or
destroyed. 
 (d)    Upon the issuance of any new Warrant Certificate in accordance with this Section, the Issuer may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) connected therewith. 

(e)    The provisions of this Section are exclusive and shall preclude (to the extent lawful) any other rights and
remedies with respect to the replacement or payment of mutilated, lost, stolen or destroyed Warrant Certificates. 

Section 2.07.    Registered Holders. Prior to due presentment for registration of transfer, the Issuer,
the Warrant Agent, and any agent of the Issuer or the Warrant Agent may deem and treat the person in whose name a Warrant Certificate shall be registered in the Warrant Register (a “Registered Holder”) as the absolute owner of the
Registered Warrants evidenced thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate) for any purpose whatsoever, and as the person entitled to exercise the rights represented by the Registered Warrants
evidenced thereby, and none of the Issuer, the Warrant Agent, or any agent of the Issuer or the Warrant Agent, shall be affected by any notice to the contrary. All payments on account of any Registered Warrant to the Registered Holder, or upon his
order, shall be valid, and to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability of the Issuer for moneys paid upon such Registered Warrant. This Section shall be without prejudice to the rights of Warrantholders
as described elsewhere herein. 
 Section 2.08.    Cancellation. All Warrant Certificates surrendered
to the Warrant Agent for redemption or registration of transfer or exchange shall be promptly cancelled by the Warrant Agent. The Issuer may at any time deliver to the Warrant Agent for cancellation any Warrant Certificates previously countersigned
and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Warrant Certificates so delivered shall, upon receipt by the Warrant Agent of an Issuer Order, be promptly cancelled by the Warrant Agent. No Warrant
Certificates shall be countersigned in lieu of or in exchange for any Warrant Certificates cancelled as provided in this Section, except as permitted by this Agreement. All cancelled Warrant Certificates held by the Warrant Agent shall be disposed
of in accordance with its customary procedures and a certificate of their disposition shall be delivered by the Warrant Agent to the Issuer, unless by Issuer Order the Issuer shall direct that cancelled Warrant Certificates be returned to it. 

If the Issuer or any affiliate of the Issuer shall acquire any Warrant Certificate, such acquisition shall not operate as a cancellation of
such Warrant Certificate unless and until such Warrant Certificate is delivered to the Warrant Agent or its agent for the purpose of cancellation. 

Section 2.09.    Additional Warrant Agents. Whenever the Issuer shall appoint a warrant agent other
than the Warrant Agent with respect to the Warrants of any series, it will cause such warrant agent to execute and deliver to the Warrant Agent an instrument in which such agent shall agree with the Warrant Agent, subject to the provisions of this
Section, 

  
 -9- 

 (a)    that it will hold all Warrant Property and sums received by it as
such agent for any payment with respect to the Warrants of such series in trust for the benefit of the Holders of such Warrants, if any, or of the Warrant Agent, and 

(b)    that it will give the Warrant Agent notice of any failure by the Issuer to make any payment with respect to the
Warrants of such series when the same shall be due and payable. 
 The Issuer will, on or prior to each date of any payment of Warrants of
any such series, deposit with the Warrant Agent or any such additional warrant agent a sum sufficient to make such payment, and the Issuer will promptly notify the Warrant Agent of any failure to take such action with respect to any such additional
warrant agent. 
 Section 2.10.    Appointment of Calculation Agents. Pursuant to Section 2.03
hereof, the Issuer may, in connection with the Warrants of any series appoint any person or entity as Calculation Agent to make any calculations as may be required pursuant to the terms of any such Warrants. Any such Calculation Agent shall act as
an independent agent of the Issuer and, unless otherwise provided by this Agreement, its calculations and determinations as to the applicable Warrants shall, absent manifest error, be final and binding on the Issuer, the Warrant Agent and the
Warrantholders. Any such calculations will be made available to a Warrantholder for inspection at the Warrant Agent’s Office. 

Section 2.11.    CUSIP Numbers. The Issuer in issuing the Warrants may use “CUSIP,”
“ISIN” and other similar numbers (if then generally in use), and, if so, the Warrant Agent shall use “CUSIP,” “ISIN” and other similar numbers in notices of redemption as a convenience to Warrantholders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Warrants or as contained in any notice of a redemption and that reliance may be placed only on the other identification
numbers printed on the Warrants, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Warrant Agent of any changes in the “CUSIP,” “ISIN” and other
similar numbers. 
 ARTICLE 3 

DURATION AND EXERCISE OF WARRANTS 

Section 3.01.    Duration and Exercise of Warrants. All terms with respect to duration and exercise of
Warrants will be established pursuant to Section 2.03 for each series of Warrants. 

Section 3.02.    Return of Money Held Unclaimed for Two Years. Except as otherwise provided herein, any money
or other assets deposited with or paid to the Warrant Agent for the payment of any Warrants and not paid but remaining unclaimed for two years after the date upon which such money or other assets shall have become due and payable shall be repaid by
the Warrant Agent to the Issuer, at the Issuer’s request, pursuant to an Officer’s Certificate, and the Holders of such Warrants shall thereafter look only to the Issuer for any payment which such Holders may be entitled to collect and all
liability of the Warrant Agent with respect to such money shall thereupon cease; provided, however, that the Warrant Agent, before making any such repayment, may (but shall not be obligated to) at the expense of the Issuer notify (i) in
the case of Registered Warrants evidenced by Definitive Warrant Certificates, the Registered Holders, and (ii) in the case of Warrants evidenced by one or more Global Warrant Certificates, the applicable participants of the Depositary, in each
case as provided in Section 7.04, that said money has not been so applied and remains unclaimed and that after a date named in the notification any unclaimed balance of said money then remaining will be returned to the Issuer. 

ARTICLE 4 
 OTHER
PROVISIONS RELATING TO RIGHTS OF WARRANTHOLDERS 

Section 4.01.    Warrantholder May Enforce Rights. Notwithstanding any of the provisions of this
Agreement, any Warrantholder may, without the consent of the Warrant Agent, the Depositary, any participant of the Depositary, any other Warrantholder, the holder of any Warrant Property or, if applicable, the common depositary for Euroclear Bank
S.A./N.V., or its successor, as operator of the Euroclear System, and Clearstream Banking, société anonyme, or its successor, in and for its own behalf, enforce, and may institute and maintain, any
suit, action or proceeding against the Issuer suitable to enforce, or otherwise in respect of, its right to exercise its Warrants as provided in this Agreement and established with respect to such Warrants pursuant to Section 2.03. 

  
 -10- 

 Section 4.02.    No Rights as Holder of Warrant Property
Conferred by Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the Warrantholder thereof to any of the rights of a holder or beneficial owner of Warrant Property, including, without limitation,
the right to receive the payment of principal of (premium, if any) or interest, if any, on Warrant Property or to vote or to enforce any rights under any documents governing Warrant Property. 

Section 4.03.    Issuer’s Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain
Conditions. The Issuer covenants that it will not merge or consolidate with any other Person or sell, lease or convey all or substantially all of its assets to any other Person, unless (i) either the Issuer shall be the continuing
corporation or the successor corporation, or the Person which acquires by sale, lease or conveyance all or substantially all of the assets of the Issuer (if other than the Issuer) shall either (A) be one or more registered direct or indirect
affiliates of the Issuer which are controlled by the Issuer or which are under common control with the Issuer or (B) expressly assume or guaranty the due and punctual payment of the amounts due on all the Warrants, if any, according to their
terms, and the due and punctual performance and observance of all of the covenants and conditions of this Agreement to be performed or observed by the Issuer, by supplemental agreement satisfactory to the Warrant Agent, executed and delivered to the
Warrant Agent by such corporation, and (ii) the Issuer, such Person or such successor corporation, as the case may be, shall not, immediately after such merger, consolidation, sale, lease or conveyance, be in default in the performance of any
covenant or condition of this Agreement to be performed or observed by the Issuer. 
 Section 4.04.    Successor
Corporation Substituted. In case of any such consolidation, merger, sale, lease or conveyance, and following such an assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Issuer, with the
same effect as if it had been named as the Issuer herein. Such successor corporation may cause to be signed, and may issue either in its own name or in the name of the Issuer prior to such succession any or all of the Warrants issuable hereunder
which theretofore shall not have been signed by the Issuer and delivered to the Warrant Agent; and, upon the order of such successor corporation, instead of the Issuer, and subject to all the terms, conditions and limitations in this Agreement
prescribed, the Warrant Agent shall countersign and deliver any Warrants which previously shall have been signed and delivered by the Officers to the Warrant Agent for countersignature, and any Warrants which such successor corporation thereafter
shall cause to be signed and delivered to the Warrant Agent for that purpose. All of the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in
accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof. 
 In case
of any such consolidation, merger, sale, lease or conveyance such changes in phrasing and form (but not in substance) may be made in the Warrant Certificates representing the Warrants thereafter to be issued as may be appropriate. 

In the event of any such sale or conveyance (other than a conveyance by way of lease), the Issuer or any successor corporation which shall
theretofore have become such in the manner described in this Article shall be discharged from all obligations and covenants under this Agreement, the Warrants and the Warrant Certificates and may be liquidated and dissolved. 

Section 4.05.    Opinion of Counsel Delivered to Warrant Agent. The Warrant Agent, subject to the provisions
of Article 6, may receive an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, lease or conveyance of the Issuer, and any such assumption, and any such liquidation or dissolution, complies with the applicable
provisions of this Agreement. 
 ARTICLE 5 

WARRANTS ACQUIRED BY THE ISSUER; PAYMENT
OF TAXES 
 Section 5.01.    Warrants Acquired by the Issuer.  

  
 -11- 

 (a)    In the event the Issuer shall purchase or otherwise acquire
Warrants, such Warrants may, at the option of the Issuer, be (i) in the case of Warrants evidenced by Definitive Warrant Certificates, delivered to the Warrant Agent, and if so delivered, the Warrant Agent shall promptly cancel such Warrants on
the records of the Warrant Agent or (ii) in the case of Warrants evidenced by one or more Global Warrant Certificates, surrendered free through a participant of the Depositary to the Depositary for credit to the account of the Warrant Agent
maintained at the Depositary, and if so credited, the Warrant Agent shall promptly note the cancellation of such Warrants by notation on the records of the Warrant Agent and the Warrant Agent shall cause its records to be marked to reflect the
reduction in the number of Warrants evidenced by the Global Warrant Certificate or Certificates by the number of Warrants so cancelled promptly after such account is credited. Warrants acquired by the Issuer may also, at the option of the Issuer, be
resold by the Issuer directly or to or through any of its affiliates in lieu of being surrendered to the Warrant Agent or credited to its account. No Warrant Certificate shall be countersigned in lieu of or in exchange for any Warrant that is
cancelled as provided herein, except as otherwise expressly permitted by this Agreement. 
 (b)    Any cancelled Warrant
Certificate held by the Warrant Agent under this Agreement shall be disposed of by the Warrant Agent in accordance with its customary procedures unless otherwise directed by the Issuer, and the Warrant Agent shall deliver a certificate of
disposition to the Issuer evidencing the same. 
 Section 5.02.    Payment of Taxes. The Issuer will
pay all stamp, withholding and other duties, if any, attributable to the initial issuance of each series or tranche of Warrants; provided, however, that, anything in this Agreement to the contrary notwithstanding, the Issuer shall not be
required to pay any tax or other governmental charge that may be payable in respect of any transfer involving any beneficial or record interest in, or ownership interest of, any Warrants or Warrant Certificates. 

ARTICLE 6 

CONCERNING THE WARRANT AGENT 

Section 6.01.    Warrant Agent. The Issuer hereby appoints The Bank of New York Mellon as Warrant Agent
of the Issuer in respect of the Warrants upon the terms and subject to the conditions set forth herein; and The Bank of New York Mellon hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred
upon it in this Agreement and such further powers and authority to act on behalf of the Issuer as the Issuer may hereafter grant to or confer upon it with its consent. All of the terms and provisions with respect to such powers and authority
contained in any Warrant Certificate are subject to and governed by the terms and provisions hereof. 

Section 6.02.    Condition of Warrant Agent’s Obligations. The Warrant Agent accepts
its obligations herein set forth upon the terms and conditions hereof, including the following, to all of which the Issuer agrees and to all of which the rights hereunder of the holders from time to time of the Warrants shall be subject: 

(a)    The Issuer agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Issuer for all
services rendered by the Warrant Agent and to reimburse the Warrant Agent for its reasonable out-of-pocket expenses (including reasonable attorneys’ fees and
expenses) incurred by the Warrant Agent without negligence or bad faith on its part in connection with the services rendered by it hereunder. The Issuer also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss,
liability or expense (including reasonable attorneys’ fees and expenses) incurred without negligence or bad faith on the part of the Warrant Agent, arising out of or in connection with its acting as such Warrant Agent hereunder, as well as the
reasonable costs and expenses of defending against any claim of liability in the premises. The obligations of the Issuer under this Section shall survive the expiration of all Warrants issued under this Agreement, the resignation or removal of the
Warrant Agent and the termination of this Agreement. 
 (b)    In acting under this Agreement, the Warrant Agent is
acting solely as agent of the Issuer and does not assume any obligation or relationship of agency or trust for or with any Warrantholders. 

(c)    The Warrant Agent may consult with counsel satisfactory to it (including counsel to the Issuer), and the advice or
opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the opinion of such counsel. 

  
 -12- 

 (d)    The Warrant Agent shall be protected and shall incur no liability
for or in respect of any action taken or thing suffered by it in reliance upon any notice, direction, consent, certificate, affidavit, opinion, statement or other paper or document reasonably believed by it to be genuine and to have been presented
or signed by the proper parties. 
 (e)    The Warrant Agent and its officers, directors and employees may become the
owner of, or acquire any interest in, any Warrants or other obligations of the Issuer, with the same rights that it or they would have if it were not the Warrant Agent hereunder and, to the extent permitted by applicable law, it or they may engage
or be interested in any financial or other transaction with the Issuer and may act on behalf of, or as depositary, trustee or agent for, any committee or body of owners or holders of Warrants or other obligations of the Issuer as freely as if it
were not the Warrant Agent hereunder. 
 (f)    Subject to the provisions of Section 3.02 hereof, all moneys
received by the Warrant Agent shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds held by the Warrant Agent, except to the extent required by
mandatory provisions of law. The Warrant Agent shall be under no obligation to invest or pay interest on any money received by it hereunder, except as otherwise agreed with the Issuer. The Warrant Agent shall not be responsible for advancing funds
on behalf of the Issuer. Any interest accrued on funds deposited with the Warrant Agent under this Agreement shall be paid to the Issuer from time to time and the Warrantholders shall have no claim to any such interest. 

(g)    The Warrant Agent shall not be under any responsibility with respect to the validity or sufficiency of this
Agreement or the execution and delivery hereof (except the due authorization, execution and delivery hereof by the Warrant Agent) or with respect to the validity or execution of the Warrant Certificates (except its countersignature thereof). 

(h)    The recitals contained herein and in the Warrant Certificates (except as to the Warrant Agent’s
countersignature thereon) shall be taken as the statements of the Issuer and the Warrant Agent assumes no responsibility for the correctness of the same. 

(i)    The Warrant Agent shall be obligated to perform such duties as are specifically set forth in this Agreement and no
implied duties or obligations shall be read into this Agreement against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder likely to involve it in any expense or liability. The Warrant Agent shall not
be accountable or under any duty or responsibility for the application by the Issuer of any proceeds of the issuance of any Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the Issuer in the performance of
its covenants or agreements contained in this Agreement or in any Warrant Certificate or in the case of the receipt of any written demand from a holder of a Warrant with respect to such default, including, without limiting the generality of the
foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 7.02, to make any demand upon the Issuer. 

(j)    Anything in this Agreement notwithstanding, in no event shall the Warrant Agent be responsible or liable for
special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), even if the Warrant Agent has been advised as to the likelihood of such loss or damage and regardless of the form of action.

 (k)     The rights, privileges, protections, immunities and benefits given to the Warrant Agent, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Warrant Agent in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(l)    The Warrant Agent may act through its attorneys and agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. 
 (m)    The Warrant Agent shall not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within the rights or powers conferred upon it by this Agreement. 

Section 6.03.    Resignation and Appointment of Successor. 

(a)    The Issuer agrees, for the benefit of the holders from time to time of the Warrants, that there shall at all times
be a Warrant Agent hereunder with respect to each series of Warrants until all the Warrants of such series are no longer outstanding or until monies for the payment of all outstanding Warrants of such series, if any, shall have been paid to the
Warrant Agent and shall have been returned to the Issuer as provided in Section 3.02, whichever occurs earlier. 

  
 -13- 

 (b)    The Warrant Agent may at any time resign as such agent with
respect to any series of Warrants by giving written notice to the Issuer of such intention on its part, specifying the date on which its desired resignation shall become effective, subject to the appointment of a successor Warrant Agent with respect
to such series and acceptance of such appointment by such successor Warrant Agent as hereinafter provided. The Warrant Agent hereunder may be removed with respect to any series of Warrants at any time by the filing with it of an instrument in
writing signed by or on behalf of the Issuer and specifying such removal and the date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Issuer, as hereinafter provided, of a successor Warrant
Agent with respect to such series (which shall be a banking institution organized under the laws of the United States of America or one of the states thereof, have a combined capital and surplus of at least $50,000,000 (as set forth in its most
recent reports of condition published pursuant to law or to the requirements of any United States federal or state regulatory or supervisory authority) and having its principal place of business in the United States of America) and the acceptance of
such appointment by such successor Warrant Agent. In the event a successor Warrant Agent has not been appointed and accepted its duties within 30 days of the Warrant Agent’s notice of resignation, the Warrant Agent may apply to any court of
competent jurisdiction for the designation of a successor Warrant Agent with respect to such series. The obligation of the Issuer under Section 6.02(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of
the Warrant Agent with respect to any series of Warrants. 
 (c)    In case at any time the Warrant Agent with respect
to any series of Warrants (i) shall give notice of its intent to resign, or (ii) shall be removed, or (iii) shall become incapable of acting, or (iv) shall be adjudged as bankrupt or insolvent, or make an assignment for the
benefit of its creditors, or consent to the appointment of a receiver or custodian of all or any substantial part of its property, or (v) shall admit in writing its inability to pay or meet its debts as they mature, or (vi) if a receiver
or custodian of it or of all or any substantial part of its property shall be appointed, or (vii) if any public officer shall have taken charge or control of the Warrant Agent or of its property or affairs, for the purpose of rehabilitation,
conservation or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be promptly appointed by the Issuer by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant
Agent and acceptance by the latter of such appointment, the Warrant Agent so superseded shall cease to be Warrant Agent hereunder with respect to such series. 

(d)    Any successor Warrant Agent appointed hereunder with respect to any series of Warrants shall execute, acknowledge
and deliver to its predecessor and to the Issuer an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers,
trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent with respect to such series hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall
thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor (including, without limitation, the
Warrant Register) as Warrant Agent with respect to such series hereunder. 
 (e)    If a successor Warrant Agent is
appointed with respect to the Warrants of one or more (but not all) series, the Issuer, the predecessor Warrant Agent and each successor Warrant Agent with respect to the Warrants of any applicable series shall execute and deliver an agreement
supplemental hereto that shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers and duties of the predecessor Warrant Agent with respect to the Warrants of any series as to which the
predecessor Warrant Agent is not retiring shall continue to be vested in the predecessor Warrant Agent, and shall add to or change any of the provisions of this Agreement as shall be necessary to provide for or facilitate the administration of the
Warrants hereunder by more than one Warrant Agent, it being understood that nothing herein or in such supplemental agreement shall constitute such Warrant Agents co-Warrant Agents of the same Warrants and that
each such Warrant Agent shall be a Warrant Agent with respect to separate series of Warrants. 
 (f)    Any corporation
into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a
party or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the corporate agency assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, 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. 

  
 -14- 

 Section 6.04.    Force Majeure. In no event shall the
Warrant Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Warrant Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

ARTICLE 7 

MISCELLANEOUS 

Section 7.01.    Amendment.  

(a)    This Agreement and the terms of the Warrants of any series may be amended (by means of an agreement supplemental
hereto or otherwise) by the Issuer and the Warrant Agent, without the consent of the Warrantholders of such Warrants, (i) for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective or inconsistent provision
contained herein or therein, (ii) to establish the forms or terms of Warrant Certificates or Warrants of any series as permitted by Sections 2.02 and 2.03, (iii) to evidence and provide for the acceptance of appointment hereunder by a successor
Warrant Agent with respect to the Warrants of any series and to add to or change any of the provisions of this Agreement as shall be necessary to provide for or facilitate the administration of the Warrants hereunder by more than one Warrant Agent
pursuant to Section 6.03, (iv) to add to, change or eliminate any of the provisions of this Agreement in respect of all or any Warrants of any series (and if such addition, change or elimination is to apply with respect to less than all
Warrants of any series, stating that it is expressly being made to apply solely with respect to such Warrants within such series); provided that any such addition, change or elimination (A) shall neither (1) apply to any Warrants
issued prior to the execution of such supplemental agreement and entitled to the benefit of such provision nor (2) modify the rights of any holder of such Warrant with respect to such provision or (B) shall become effective only when there
is no such Warrant outstanding, or (v) in any other manner which the Issuer may deem necessary or desirable and which will not materially and adversely affect the interests of the Warrantholders of such Warrants. 

(b)    The Issuer and the Warrant Agent may modify or amend this Agreement (by means of an agreement supplemental hereto
or otherwise) with the consent of Warrantholders holding not less than a majority in number of the then outstanding Warrants affected by such modification or amendment, for any purpose; provided, however, that no such modification or
amendment that changes the exercise price of any Warrant, reduces the amount receivable upon exercise, cancellation or expiration of any Warrant other than in accordance with the adjustment provisions included in the terms of such Warrant, shortens
the period of time during which any Warrant may be exercised, or otherwise materially and adversely affects the exercise rights of the affected Warrantholders or reduces the percentage of the number of outstanding Warrants, the consent of whose
Warrantholders is required for modification or amendment of this Agreement, may be made without the consent of each Warrantholder affected thereby. In the case of Warrants evidenced by one or more Global Warrant Certificates, the Issuer and the
Warrant Agent shall be entitled to rely upon certification in form satisfactory to each of them that any requisite consent has been obtained from holders of beneficial ownership interests in the relevant Global Warrant Certificate. Such
certification may be provided by participants of the Depositary acting on behalf of such beneficial owners of Warrants, provided that any such certification is accompanied by a certification from the Depositary as to the Warrant holdings of
such participants. 
 (c)    An amendment that changes or eliminates any provision of this Agreement that has expressly
been included solely for the benefit of one or more particular series of Warrants, or that modifies the rights of Warrantholders of such series with respect to such provision, shall be deemed not to affect the rights under this Agreement of the
Warrantholders of any other series. 
 (d)    Upon the request of the Issuer, accompanied by an Officer’s
Certificate authorizing the execution of any such amendment, and upon the filing with the Warrant Agent of evidence of the consent of Warrantholders as aforesaid, the Warrant Agent shall join with the Issuer in the execution of such amendment unless
such amendment affects the Warrant Agent’s own rights, duties or immunities under this Agreement or otherwise, in which case the Warrant Agent may in its discretion, but shall not be obligated to, enter into such amendment. In executing, or

  
 -15- 

 
accepting the additional duties created by, any amendment permitted by this Article, the Warrant Agent shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The fact and date of the execution of any consent of Warrantholders, or the authority of the person executing the same, may be proved in any manner
which the Warrant Agent (with the approval of the Issuer) deems sufficient. 
 (e)    It shall not be necessary for the
consent of the Warrantholders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 7.02.    Notices and Demands to the Issuer and the Warrant Agent. If the Warrant Agent shall
receive any notice or demand addressed to the Issuer by any Warrantholder pursuant to the provisions of this Agreement or the terms of the Warrants of any series, the Warrant Agent shall promptly forward such notice or demand to the Issuer. 

Section 7.03.    Addresses for Notices. Any communications to the Warrant Agent with respect to this
Agreement shall be in writing addressed to the Warrant Agent’s Office and any communications to the Issuer with respect to this Agreement shall be addressed to The Toronto-Dominion Bank, Toronto-Dominion Centre, Toronto, Ontario M5K 1A2,
Canada, Attention: Vice President, Legal (or in each case to such other address as shall be given in writing to the other parties hereto). 

The Warrant Agent agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such electronic instructions or directions, subsequent to the transmission
thereof, shall provide the originally executed instructions or directions to the Warrant Agent in a timely manner and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing
such instructions or directions. The Warrant Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Warrant Agent’s reliance upon and compliance with such instructions or directions up until such
time as the Warrant Agent receives any subsequent written instruction or direction that supersedes such earlier written instructions or directions. The party providing instructions or directions by unsecured
e-mail, facsimile transmission or other similar unsecured electronic methods, as aforesaid, agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to
the Warrant Agent, including without limitation the risk of the Warrant Agent acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 7.04.    Notices to Warrantholders. The Issuer may cause to have notice given to the
Warrantholders of any series by providing the Warrant Agent with a form of notice to be distributed by (i) in the case of Warrants evidenced by Definitive Warrant Certificates, the Warrant Agent to Registered Holders by first class mail and
(ii) in the case of Warrants evidenced by one or more Global Warrant Certificates, the Depositary to be distributed by the Depositary to its participants in accordance with the custom and practices of the Depositary. 

Section 7.05.    Obtaining of Approvals. The Issuer will from time to time take all
action that may be necessary to obtain and keep effective any and all filings or notices under applicable law, which may be or become required in connection with the issuance, sale, trading, transfer or delivery of the Warrant Certificates or the
exercise of the Warrants. 
 Section 7.06.    Persons Having Rights under this Agreement. Nothing in
this Agreement expressed or implied and nothing that may be inferred 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 Issuer, the Warrant Agent and the
Warrantholders 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 contained in this Agreement
shall be for the sole and exclusive benefit of the Issuer, the Warrant Agent, their respective successors and the Warrantholders. 

  
 -16- 

 Section 7.07.    Inspection of Agreement. A copy of
this Agreement shall be available at all reasonable times at the Warrant Agent’s Office for inspection by the Warrantholders, participants of the Depositary certified as such by the Depositary or any person certified by any such participant to
be an indirect participant of the Depositary or any person certified by any such participant to be a beneficial owner of a Warrant, in each case, on behalf of whom such participant holds Warrants. 

Section 7.08.    Officer’s Certificates and Opinions of Counsel; Statements to Be Contained
Therein.  
 (a)    Each certificate or opinion provided for in this Agreement and delivered to the Warrant
Agent with respect to compliance with a condition or covenant provided for in this Agreement shall include (i) a statement that the person making such certificate or opinion has read such covenant or condition, (ii) a brief statement as to
the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (iii) a statement that, in the opinion of such person, such person has made such examination or
investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been complied with and (iv) a statement as to whether or not, in the opinion of such person, such condition
or covenant has been complied with. 
 (b)    Any certificate, statement or opinion of an officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which such officer’s
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual
matters, information with respect to which is in the possession of the Issuer, upon the certificate, statement or opinion of or representations by an officer or officers of the Issuer, unless such counsel knows that the certificate, statement or
opinion or representations with respect to the matters upon which such officer’s certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

(c)    Any certificate, statement or opinion of an officer of the Issuer or of counsel may be based, insofar as it relates
to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the case may be, knows that the certificate or opinion or
representations with respect to the accounting matters upon which such officer’s or counsel’s, as the case may be, certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know
that the same are erroneous. Any certificate or opinion of any independent firm of public accountants filed with and directed to the Warrant Agent shall contain a statement that such firm is independent. 

Section 7.09.    Payments Due on Saturdays, Sundays and Holidays. Unless otherwise specified in the
applicable Warrant Certificate, if the date fixed for any payment with respect to the Warrants of any series appertaining thereto shall not be a Business Day, then such payment need not be made on such date, but may be made on the next succeeding
Business Day with same force and effect as if made on the date fixed, and no interest shall accrue for the period after such date. 

Section 7.10.    Judgment Currency. The Issuer agrees, to the fullest extent that it may effectively do
so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the Warrants of any series (the “Required Currency”) into a currency in which a
judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Warrant Agent could purchase in The City of New York the Required Currency
with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day (as defined below), in which event, to the extent permitted by applicable law, the rate of exchange used shall be
the rate at which in accordance with normal banking procedures the Warrant Agent could purchase in The City of New York the Required Currency with the Judgment Currency on the last New York Banking Day preceding the day on which final unappealable
judgment is entered and (b) its respective obligations under this Agreement and the terms of such Warrants to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any
judgment (whether or not entered in accordance with clause 6.10(a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the
Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required 

  
 -17- 

 
Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment
being obtained for any other sum due under this Agreement. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking
institutions in The City of New York are authorized or required by law or executive order to close. 

Section 7.11.    Headings. The descriptive headings of the several Articles and Sections of this
Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

Section 7.12.    Counterparts. This Agreement may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 7.13.    Applicable Law. This Agreement and each Warrant shall be deemed to be a contract 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 said State, excluding choice of law provisions. 

Section 7.14.    Waiver of Jury Trial. EACH OF THE ISSUER AND THE WARRANT AGENT, AND EACH
WARRANTHOLDER BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE WARRANTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 7.15.    Agent for Service; Submission to Jurisdiction; Waiver of
Immunity. By the execution and delivery of this Agreement, the Issuer (i) agrees that service of process upon the Issuer at the names, addresses and other details specified in Section 7.03 shall be deemed in every respect
effective service of process upon it in any such suit or proceeding arising out of or relating to the Warrants or this Agreement that may be instituted in any Federal or State court in the Borough of Manhattan, The City of New York or brought under
Federal or State securities laws or brought by the Warrant Agent (whether in its individual capacity or in its capacity as warrant agent hereunder), and (ii) submits to the non-exclusive jurisdiction of
any such court in any such suit of proceeding. 
 To the extent that the Issuer has or hereafter may acquire any immunity from jurisdiction
of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Issuer hereby irrevocably waives such
immunity in respect of its respective obligations under this Agreement and the Warrants to the extent permitted by law. 
 Section
7.16.    FATCA. In order to comply with sections 1471 - 1474 of the Internal Revenue Code, including regulations promulgated thereunder, (“FATCA”) or an intergovernmental agreement, including any related
guidance or legislation, implementing FATCA (collectively, “Applicable Law”) that a foreign financial institution, issuer, paying agent, holder or other institution is or has agreed to be subject to related to this Warrant
Agreement, (i) upon request, and to the extent practicable, to the extent the Issuer has in its possession sufficient information about Holders relating to Applicable Law, the Issuer agrees to provide to the Warrant Agent such information for
the Warrant Agent’s determination as to any tax related obligations under Applicable Law and (ii) the Issuer agrees that the Warrant Agent shall be entitled to make any withholding or deduction from payments under this Warrant Agreement to
the extent necessary to comply with Applicable Law. The terms of this section shall survive the termination of this Agreement. 

  
 -18- 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the
day and year first above written. 
  

			
	THE TORONTO-DOMINION BANK
		
	By:	 	  

		 	Name:
		 	Title:
	
	THE BANK OF NEW YORK MELLON, as Warrant Agent
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 

[FORM OF FACE OF REGISTERED WARRANT CERTIFICATE] 
  

			
	No.
                                        
        	 	CUSIP No.                 

 [Unless and until it is exchanged in whole or in part for Warrants in definitive registered form, this
Warrant Certificate and the Warrants evidenced hereby may not be transferred except as a whole by the Depositary to the 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 Warrant Certificate is
presented by an authorized representative of the Depositary to The Toronto-Dominion Bank or its agent for registration of transfer, exchange or payment, and any Warrant issued is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of the Depositary (and any payment hereon is made to Cede & Co. or such other entity as is requested by an authorized representative of the Depositary), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY A PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]1 

THE TORONTO-DOMINION BANK 

[Series and Title of Warrants] 
 NUMBER OF
WARRANTS EVIDENCED BY THIS CERTIFICATE: [UP TO    ] 
 WARRANT PROPERTY: 

[AMOUNT OF WARRANT PROPERTY [PURCHASABLE][SALEABLE] PER WARRANT:] 

[CASH SETTLEMENT VALUE PER WARRANT (OR METHOD OF DETERMINING SAME):] 

[[CALL][PUT][STRIKE] PRICE FOR SUCH SPECIFIED AMOUNT OF WARRANT PROPERTY PER WARRANT:] 

[METHOD OF DELIVERY OF ANY WARRANT PROPERTY TO BE DELIVERED FOR SALE UPON EXERCISE OF WARRANTS:] 

FORM OF [PAYMENT][SETTLEMENT]: 
 DATES OF EXERCISE: 

OTHER TERMS: 
 This Warrant Certificate
certifies that
                                        ,
or registered assigns, is the Registered Holder of the number of [Title of Warrants] (the “Warrants”) [specified above]2 [specified in Schedule I hereto]3. Upon receipt by the Warrant Agent of this Warrant Certificate, the exercise notice on the reverse hereof (or an exercise notice in substantially identical form delivered herewith) (the
“Exercise Notice”), duly completed and executed, and the [Call Price][Put Price][Amount of Warrant property saleable][Cash Settlement Value] per Warrant set forth above, [as adjusted, if applicable,] in the form set forth above, for
each Warrant to be exercised (the “Exercise Property”), [delivered as set forth above,] at the Warrant Agent’s Window, Attention: [Corporate Trust Administration], in the Borough of Manhattan, The City of New York, each Warrant
evidenced hereby entitles the 
  
  

	1 	 Applies to global warrant certificates. 

	2 	 Applies to definitive warrant certificates. 

	3 	 Applies to global warrant certificates. 

  
 A-1 

 
Registered Holder hereof to receive, subject to the terms and conditions set forth herein and in the Warrant Agreement (as defined below), from The Toronto-Dominion Bank (the
“Issuer”) the [amount and form of property (the “Warrant Property”)][amount (the “Cash Settlement Value”)] per Warrant specified above. [Warrants will not entitle the Warrantholder to any of the
rights of the holders of any of the Warrant Property.][Unless otherwise indicated above, a Warrant will not require or entitle a Warrantholder to sell or deliver to the Issuer, nor will the Issuer be under any obligation to, nor will it, purchase or
take delivery from any Warrantholder of, any Warrant Property, and upon exercise of a Warrant, the Issuer will make only a cash payment in the amount of the [Cash Settlement Value][Put Price] per Warrant.][Warrantholders will not receive any
interest on any Cash Settlement Value.] 
 Reference is hereby made to the further provisions of this Warrant Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as though fully set forth in this place. 
 This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. 

  
 A-2 

 IN WITNESS WHEREOF, The Toronto-Dominion Bank has caused this instrument to be duly
executed. 
 Dated:
                         
  

			
	THE TORONTO-DOMINION BANK
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	[Attest:	 	
		
	By:	 	  

		 	[Secretary]]
	
	Countersigned as of the date above written:
	
	THE BANK OF NEW YORK MELLON,
	        as Warrant Agent
		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 [FORM OF REVERSE OF REGISTERED WARRANT CERTIFICATE] 

THE TORONTO-DOMINION BANK 
 The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants issued by the Issuer pursuant to a Warrant Agreement, dated as of [ ], 2020 (as may be amended or supplemented from time to time, the “Warrant
Agreement”), between the Issuer and The Bank of New York Mellon (the “Warrant Agent”) and are subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions each Warrantholder
consents by acceptance of this Warrant Certificate or a beneficial interest therein and which Warrant Agreement is hereby incorporated by reference in and made a part of this Warrant Certificate. Without limiting the foregoing, all capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent’s Office. 

The Warrants are unsecured, unsubordinated obligations of the Issuer and will rank on a parity in right of payment with all of the
Issuer’s deposit liabilities, except for obligations preferred by mandatory provisions of law. 
 Subject to the provisions hereof and
the Warrant Agreement, each Warrant may be exercised during the dates of exercise set forth on the face hereof by delivering or causing to be delivered this Warrant Certificate and the Exercise Notice, duly completed and executed, [and the Exercise
Property for each such Warrant,] to the Warrant Agent’s Window, in the Borough of Manhattan, The City of New York, which is, on the date hereof (unless otherwise specified herein), The Bank of New York Mellon, Transfer Area, 240 Greenwich
Street, 7E, New York, New York 10286, Attention: Corporate Trust Administration, or at such other address as the Warrant Agent may specify from time to time. 

Each Warrant entitles the Warrantholder to receive, upon exercise, the [Warrant Property][Cash Settlement Value] per Warrant set forth on the
face hereof. The Warrant Agreement and the terms of the Warrants are subject to amendment as provided in the Warrant Agreement. This Warrant Certificate shall be governed by, and interpreted in accordance with, the laws of the State of New York.

  
 A-4 

 [Designation of Warrants] 

Exercise Notice 
 The Bank of New York Mellon

 240 Greenwich Street, 7E 
 New York, New York 10286 

Attention: Corporate Trust Administration 
 The
undersigned (the “Registered Holder”) hereby irrevocably exercises          Warrants (the “Exercised Warrants”) and delivers to you herewith a Warrant Certificate or
Certificates, registered in the Registered Holder’s name, representing a number of Warrants at least equal to the number of Exercised Warrants[, and the Warrant Property with respect thereto]. 

The Registered Holder hereby directs the Warrant Agent (a) to deliver the [Warrant Property][Cash Settlement Value] per Warrant as
follows: 
 and (b) if the number of Exercised Warrants is less than the number of Warrants represented by the enclosed Warrant
Certificate, to deliver a Warrant Certificate representing the unexercised Warrants to: 
  

							
	Dated:
                                         
                                   	 		 	                                    
                                         
                           
		 		 	(Registered Holder)
				
		 		 	By:	 	 
		 		 		 	Authorized Signature
		 		 		 	Address:
		 		 		 	Telephone:

  
 A-5 

 [If Warrant is evidenced by a Global Warrant Certificate , insert this Schedule I]

 SCHEDULE I 
 [Series
and Title of Warrants] 
 GLOBAL WARRANT CERTIFICATE 

SCHEDULE OF EXCHANGES 
 The
initial number of Warrants represented by this Global Warrant Certificate is                     . In accordance with the Warrant Agreement,
the following reductions as a result of the exercise of the number of Warrants indicated below have been made: 
  

							
	 Date of Exchange or Exercise
	  	 Number of Warrants Exercised
	  	 Reduced Number Outstanding
Following Such
Exercise
	  	
Notation Made by or on Behalf
of Warrant Agent

  
 A-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]