Document:

Exhibit 4.1

 Exhibit 4.1 
 THIS AGREEMENT FORMS PART OF THE JOINT PLAN OF REORGANIZATION OF PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED (THE “COMPANY”) AND ITS AFFILIATE DEBTORS, WHICH WAS CONFIRMED BY AN ORDER, ENTERED ON JULY 1, 2009, OF THE UNITED
STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE, AND BECAME EFFECTIVE ON JULY 1, 2009, AND CONSTITUTES A LEGALLY BINDING AGREEMENT AMONG THE COMPANY, ON THE ONE HAND, AND THE HOLDERS OF OLD COMMON STOCK RECEIVING RIGHTS HEREUNDER, ON THE OTHER
HAND, IN ACCORDANCE WITH SECTION 1141(A) OF THE BANKRUPTCY CODE. 
 PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED 
 Contingent Value Rights Distribution Agreement (this “Agreement”) 
  

	1.	Defined Terms. As used in this Agreement, the following capitalized terms shall have the following respective meanings: 

  

	(a)	“Adjusted EBITDA” means “Adjusted EBITDA” as externally reported by the Company in its earnings releases, in a manner consistent with the Company’s
past practices. 

  

	(b)	“Applicable Shares” means, as of each Valuation Date, the sum of (i) all issued and outstanding shares of New Common Stock on such Valuation Date (including,
for the avoidance of doubt, any shares of New Common Stock issued in connection with a CVR Share Distribution) plus (ii) the aggregate number of shares of New Common Stock issuable by the Company assuming all outstanding and in-the-money
warrants and options (whether vested or unvested) and any other security convertible into or exerciseable or exchangeable for shares of New Common Stock (other than CVRs and shares of New Common Stock distributable in respect thereof) were
converted, exercised or exchanged, as applicable, in full on such Valuation Date by paying the strike prices (if any) of such warrants, options and other securities in cash. 

  

	(c)	“Board of Directors” means the Board of Directors of the Company. 

  

	(d)	“Business Day” means any day other than a Saturday, Sunday or other day on which banks in the State of New York are authorized by law or executive order to remain
closed. 

  

	(e)	 “Change of Control” means (a) the sale, transfer, conveyance or other disposition (other than by way of merger or consolidation of the
Company), in one or a series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, (b) the liquidation or dissolution of the Company or the adoption of a plan relating to the
liquidation or dissolution of the Company, or (c) the consummation of any merger or consolidation, pursuant to which the outstanding capital stock of the Company is converted into or exchanged for cash, securities or other property, other than
any transaction in which the capital stock of the Company 

  

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outstanding immediately prior to such transaction is converted into or exchanged for capital stock constituting a majority of the outstanding voting power of
the surviving or transferee Person immediately after giving effect to such transaction. 

  

	(f)	“Company” means Primus Telecommunications Group, Incorporated. 

  

	(g)	“CVR Share Distribution” means a distribution by the Company to a CVR Holder of CVR Shares in accordance with Section 3 hereof. 

  

	(h)	“CVR Share Distribution Date” means, with respect to each Valuation Date in which a CVR Share Distribution is to be made hereunder, a date occurring as promptly as
practicable (and in any event not more than 45 calendar days) following such Valuation Date, as determined by the Board of Directors. 

  

	(i)	“CVR Share Record Date” means, with respect to each CVR Share Distribution, the Valuation Date applicable to such CVR Share Distribution. 

 

	(j)	“CVR Shares” means shares of New Common Stock, or shares of any other class or series of capital stock or other securities of the Company, that are or become
distributable to a CVR Holder hereunder in respect of such Person’s Contingent Value Rights in accordance with the terms of this Agreement. 

  

	(k)	“CVR Strike Price” means $35.95, subject to adjustment from time to time as provided in Section 5 hereof. 

  

	(l)	“Effective Date” means the effective date of the Plan of Reorganization. 

  

	(m)	“Expiration Date” shall mean 5:00 p.m., New York City time, on July 1, 2019, or if such day is not a Business Day, the next succeeding day which is a Business
Day. 

  

	(n)	“Fair Market Value” means, with respect to any security as of any date of determination, (i) if such security is listed or traded on a national securities
exchange for at least ten (10) consecutive Trading Days immediately preceding such date of determination, the daily volume-weighted average price of such security for the ten (10) consecutive Trading Days immediately preceding such date of
determination as reported by Bloomberg, L.P. (or, if no such price is reported by Bloomberg, L.P. for any particular Trading Day during such 10-Trading Day period, the daily volume-weighted average price of such security as officially reported for
such Trading Day on the principal securities exchange on which such security is then listed or admitted to trading shall be used for purposes of calculating such 10-Trading Day volume-weighted average price), or (ii) if such security is not
listed or admitted to trading on any national securities exchange for at least ten (10) consecutive Trading Days immediately preceding such date of determination, the fair market value of such security as of such date of determination as
reasonably determined by the Board in good faith on the basis of such information as it considers appropriate (without regard to any illiquidity or minority discounts). 

  

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	(o)	“Independent Valuation Firm” means a recognized firm that, in the reasonable judgment of the Board of Directors, is qualified to serve as an independent valuation
advisor to the Company. 

  

	(p)	“Maximum CVR Shares Available for Distribution” means, as of each CVR Share Distribution Date, the excess, if any, of (x) 2,665,000 shares of New Common Stock,
less (y) the aggregate number, if any, of CVR Shares previously distributed to all CVR Holders hereunder, less (z) the aggregate number, if any, of CVR Shares that are subject to decrease in connection with a purchase by the Company of
CVRs as contemplated by Section 6(d) hereof. The Maximum CVR Shares Available for Distribution is subject to adjustment from time to time as provided in Section 5 hereof. 

  

	(q)	“New Common Stock” shall mean common stock, $.001 par value per share, of the Company. 

  

	(r)	“Old Common Stock” has the meaning set forth in the Plan of Reorganization. 

  

	(s)	“Person” shall mean any individual, firm, corporation, limited liability company, partnership, trust or other entity, and shall include any successor (by merger or
otherwise) thereof or thereto. 

  

	(t)	“Plan of Reorganization” means the Joint Plan of Reorganization of the Company and its affiliate debtors, which was confirmed by an order, entered on June 12,
2009, of the United States Bankruptcy Court for the District of Delaware, and became effective on July 1, 2009. 

  

	(u)	“Pre-Distribution Equity Value Per Share” means, as of each Valuation Date, the quotient obtained by dividing (x) the equity value of the Company attributable
to the Applicable Shares on such Valuation Date, by (y) the number of Applicable Shares on such Valuation Date, each as determined in accordance with Section 3(b) hereof. 

  

	(v)	“Pro Rata Percentage” means, with respect to each CVR Holder on any CVR Share Record Date, a fraction, expressed as a percentage, the numerator of which is the
number of CVRs held by such CVR Holder and the denominator of which is the total number of outstanding CVRs, each as determined on the applicable Valuation Date. 

  

	(w)	“Trading Day” means, with respect to any security listed or traded on a national securities exchange, a day on which such security is traded on the principal
securities exchange on which such security is then listed or admitted to trading. 

  

	(x)	“Valuation Date” means (i) January 1 and July 1 of each year, commencing on the first January 1 or July 1 immediately following the
Valuation Trigger Date, and (ii) the Business Day immediately preceding the date a Change of Control is consummated. 

  

	(y)	 “Valuation Trigger Date” means the first date on which data is available to confirm that the Company’s Adjusted EBITDA for the immediately
preceding four consecutive fiscal quarters is at least equal to $100 million; provided, that the 

  

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Valuation Trigger Date shall in no event be later than the fourth anniversary of the Effective Date. 

  

	2.	Contingent Value Rights. 

  

	(a)	If the conditions to distribution under Section 5.5 of the Plan of Reorganization have been satisfied, as of the Effective Date, each holder of Old Common Stock on the
Effective Date shall receive one right (a “Contingent Value Right” or “CVR”, and such recipient of a CVR, and any Permitted Transferee thereof, a “CVR Holder”) for each share of Old Common Stock
held by such Person on the Effective Date. Each share of Old Common Stock shall be deemed to have been surrendered and cancelled on the Effective Date in accordance with the Plan of Reorganization. 

  

	(b)	The Company shall keep or cause to be kept, at its office or at the office of its agent designated for such purposes, books for registration of (i) the name and address of each
CVR Holder and (ii) the number of CVRs held by such CVR Holder (the “Rights Registry”). The Company shall update the Rights Registry from time to time, including with respect to any change of name, address or other contact
information of any CVR Holder promptly following receipt by the Company of written notice of any such change, and in connection with any transfer of CVRs permitted by Section 6 hereof. 

  

	3.	CVR Share Distributions. 

  

	(a)	If, as of any Valuation Date prior to the termination of this Agreement pursuant to Section 8 hereof, the Pre-Distribution Equity Value Per Share exceeds the CVR Strike Price
(such excess, the “Excess Equity Value Per Share”), each CVR Holder shall be entitled to receive on the applicable CVR Share Distribution Date its Pro Rata Percentage of CVR Shares equal to the quotient obtained by dividing
(i) the product of (x) Excess Equity Value Per Share multiplied by (y) the number of Applicable Shares (the “Excess Equity Value”) by (ii) the CVR Strike Price; provided, however, that in no event
shall any CVR Share Distribution be made unless Excess Equity Value exceeds $1.0 million; provided, further, that in no event shall the number of CVR Shares to be distributed on any CVR Share Distribution Date exceed the Maximum CVR
Shares Available for Distribution. 

  

	(b)	In connection with each Valuation Date, the Company shall retain, at its expense, an Independent Valuation Firm to determine the number of Applicable Shares and the Pre-Distribution
Equity Value Per Share, each as of such Valuation Date. The determination of such amounts by the Independent Valuation Firm shall be final and binding for purposes of this Agreement. 

  

	(c)	 On each CVR Share Distribution Date, the Company (or a distribution agent on the Company’s behalf) shall distribute to each CVR Holder whose name appears in
the Rights Registry as of the applicable CVR Share Record Date, without payment or other consideration therefor, the number of shares of New Common Stock to which 

  

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such CVR Holder is entitled, as determined in accordance with Section 3(a), to be registered in such CVR Holder’s name appearing in the Rights
Registry. 

  

	(d)	Each Person in whose name any shares of New Common Stock is issued in respect of a CVR Share Distribution shall for all purposes be deemed to have become the holder of record of
such shares on the CVR Share Distribution Date to which such distribution relates. 

  

	(e)	The Company shall not be required to issue fractional shares of New Common Stock. Where a fractional share of New Common Stock would otherwise be called for, the actual issuance
shall reflect a rounding up (in the case of .50 or more than .50) or a rounding down (in the case of less than .50) of such fraction to the nearest whole number of shares of New Common Stock. Each CVR Holder by its acceptance of a CVR expressly
waives any right to receive fractional shares of New Common Stock in respect of a CVR Share Distribution. 

  

	4.	Status and Availability of New Common Shares. 

  

	(a)	The Company covenants and agrees that at all times there shall be reserved for issuance shares of New Common Stock in an amount at least equal to the Maximum CVR Shares Available
for Distribution. If, at any time prior to the Expiration Date, the number and kind of authorized but unissued shares of the Company’s capital stock shall not be sufficient to permit CVR Share Distributions in full, the Company will promptly
take such corporate action as may be necessary to increase its authorized but unissued shares to such number of shares as shall be sufficient for such purposes. 

  

	(b)	The Company further covenants and agrees that it will take all such action as may be necessary to ensure that all shares of New Common Stock distributed to CVR Holders pursuant to
this Agreement shall, at the time of distribution of such shares, be duly and validly authorized, fully paid and non-assessable shares. 

  

	5.	Mechanical Adjustments. 

  

	(a)	 If the Company shall (i) subdivide, split, reclassify or recapitalize its outstanding New Common Stock into a greater number of shares, (ii) combine,
reclassify or recapitalize its outstanding New Common Stock into a smaller number of shares or (iii) pay or declare a dividend or make a distribution on New Common Stock payable in shares of New Common Stock, then the Maximum CVR Shares
Available for Distribution shall be proportionately increased in the case of a subdivision of shares or stock dividend as described in clauses (i) and (iii), respectively, or proportionately decreased in the case of a combination of shares as
described in clause (ii). If the number of Maximum CVR Shares Available for Distribution is adjusted as provided in this Section 5(a), the CVR Strike Price shall be adjusted concurrently by multiplying the CVR Strike Price immediately prior to
such adjustment by the quotient of (x) the number of shares of New Common Stock outstanding immediately before the effective date of the event causing such adjustment divided by (y) the number of shares of New Common Stock outstanding
immediately after the effective date of the event causing such adjustment. 

  

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Any adjustment required by this Section 5(a) shall be made successively immediately after the earlier of the record date or the effective date of such
event, as applicable. 

  

	(b)	In case of any reclassification, merger, consolidation, capital reorganization or other change in the capital stock of the Company (other than in connection with a Change of Control
or a subdivision, combination or stock dividend provided for in Section 5(a) above) in which all or substantially all of the outstanding shares of New Common Stock are converted into or exchanged for stock, other securities or other property,
the Company shall make appropriate provision so that each CVR Holder shall thereafter be entitled to receive, at the time such CVR Holder would have otherwise been entitled to receive a CVR Share Distribution in accordance with Section 3(a),
its Pro Rata Percentage of the kind and amount of stock and other securities and property (which may include the property receivable in connection with such reclassification, merger, consolidation, reorganization or other change in the capital stock
of the Company) having a value substantially equivalent to the value of New Common Stock that such CVR Holder would have been entitled to receive in connection with a CVR Share Distribution immediately prior to such reclassification, merger,
consolidation, reorganization or other change in the capital stock of the Company, at a CVR Strike Price that, in each case, is reasonably determined by the Board of Directors after consultation with an Independent Valuation Firm to preserve, to the
extent practicable, the intrinsic value of such CVR immediately prior to such event. In any such case, the Company shall determine in good faith other appropriate provisions with respect to the rights and interests of the CVR Holders so that the
provisions hereof shall thereafter be applicable with respect to any securities and property subject to the CVRs. 

  

	(c)	If the Company distributes to holders of New Common Stock any of its assets (including but not limited to cash), securities, or any rights or warrants to purchase securities
(including but not limited to New Common Stock) of the Company, other than (x) as described in Section 5(a) or 5(b) above or (y) any regularly scheduled cash dividend declared and paid pursuant to a dividend policy established by the
Board not to exceed in any fiscal year of the Company forty-five percent (45%) of the consolidated net income of the Company and its consolidated subsidiaries (determined in accordance with United States generally accepted accounting
principles) for the immediately preceding fiscal year (any such non-excluded event being referred to herein as an “Extraordinary Distribution”), then the CVR Strike Price shall be decreased, effective immediately after the record or
other effective date of such Extraordinary Distribution, so that the CVR Strike Price shall be equal to the price determined by dividing such CVR Strike Price in effect on such record or other effective date by a fraction, 

(i) the numerator of which shall be the Fair Market Value of the New Common Stock on such record or other effective date, and 
 (ii) the denominator of which shall be (A) the Fair Market Value of the New Common Stock on such record or other effective date minus
(B) the fair market value of the Extraordinary Distribution applicable to one share of New Common Stock, as reasonably determined by the Board of Directors in good 

  

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faith on the basis of such information as it considers appropriate (without regard to any illiquidity or minority discounts). 
 If the CVR Strike Price is adjusted as hereinabove provided, the Maximum CVR Shares Available for Distribution shall be increased concurrently by
multiplying the Maximum CVR Shares Available for Distribution on the record date or effective date in respect of such Extraordinary Distribution by the same fraction set forth above. Any adjustment required by this Section 5(c) shall be made
successively immediately after the earlier of the record date or the effective date of such event, as applicable. 
  

	(d)	Whenever an adjustment is required pursuant to this Section 5, the Company shall give written notice to each CVR Holder, which notice shall state the record date or the
effective date of the event causing such adjustment in addition to a description of the adjustment(s) made, the facts requiring such adjustment(s) made and the computation by which such adjustment(s) was made. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of such event. 

  

	(e)	If the Company shall have taken a record date with respect to any event described in Section 5(a) or 5(c) above which results in an adjustment to the CVR Strike Price and the
Maximum CVR Shares Available and, subsequent to such adjustment, the Company abandons its plan to consummate or effect such event, then any such adjustment previously made in respect thereof shall be rescinded and annulled. 

 

	6.	Limitation on Transferability of CVRs. 

  

	(a)	No CVR Holder may, directly or indirectly, sell, assign or transfer all or any portion of such Person’s CVRs, except to a Permitted Transferee of such Person. A
“Permitted Transferee” shall mean (i) with respect to a CVR Holder that is a natural person: (A) a trust created solely for the benefit of such CVR Holder, or for such CVR Holder and members of such CVR Holder’s
immediate family for estate planning purposes, (B) the estate or heirs of such CVR Holder upon such CVR Holder’s death, or (C) the spouse of such CVR Holder pursuant to a final divorce decree, and (ii) with respect to a CVR
Holder that is not a natural person: (A) a transferee or successor by operation of law of such CVR Holder upon a merger, consolidation or other similar transaction involving such CVR Holder (but not any merger, consolidation or similar
transaction that is consummated for the specific purpose of transferring CVRs) or (B) any holder of equity interests in such CVR Holder who receives a pro rata distribution of CVRs in connection with a complete liquidation or dissolution of
such CVR Holder. 

  

	(b)	 Transfers of CVRs to Permitted Transferees are effective, and the Company shall record such transfers in the Rights Registry, upon receipt by the Company from the
transferring CVR Holder (or such Person’s authorized agent) of (i) written notice of the proposed transfer (a “Transfer Notice”), which written notice shall include the name and address of the proposed Permitted
Transferee, (ii) an instrument evidencing such transfer such as trust organizational documents, a registered will (to the extent that such an instrument can be reasonably obtained), a divorce decree or a certificate of merger or dissolution, as
applicable, and (iii) a certificate from the transferring 

  

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CVR Holder, in form reasonably satisfactory to the Company, certifying that such transfer is being made to a Person that qualifies as a Permitted Transferee
under this Agreement and the basis for such determination. 

  

	(c)	The transferor shall reimburse the Company for any reasonable expenses incurred by the Company in connection with the proposed transfer within 10 days of receipt of a written
invoice by the transferor from the Company. 

  

	(d)	Notwithstanding any provision of this Section 6 to the contrary, a CVR Holder may sell, assign or transfer such Person’s CVRs to the Company, and the Company may from time
to time purchase such CVRs; provided, that the Company shall have no obligation to purchase any CVRs unless it otherwise agrees to do so in its sole discretion. Upon purchase by the Company of any CVRs, such CVRs shall be deemed cancelled and
shall no longer be deemed outstanding for any purpose of this Agreement and the Maximum CVR Shares Available for Distribution shall be automatically decreased, effective immediately after such purchase, by an amount equal to the product of
(x) the Maximum CVR Shares Available for Distribution immediately prior to such purchase multiplied by (y) a fraction, (i) the numerator of which shall be the number of CVRs purchased by the Company, and (ii) the denominator of
which shall be the aggregate number of CVRs outstanding immediately prior to such purchase. 

  

	(e)	Any purported transfer of Contingent Value Rights made in violation of this Section 6 shall be void ab initio. 

  

	7.	Agreement of CVR Holders. Every CVR Holder, by accepting the same, consents and agrees with the Company and with every other CVR Holder that: 

  

	(a)	The CVRs are subject to the terms, provisions and conditions of the Plan of Reorganization, including this Agreement; 

  

	(b)	The CVRs will not be represented by any certificates and may not be transferred or assigned except as expressly provided in Section 6 of this Agreement;

  

	(c)	The CVRs do not bear any stated rate of interest; 

  

	(d)	No CVR Holder shall be entitled to vote, receive dividends or be deemed for any purpose the holder of any securities of the Company nor shall anything contained herein be construed
to confer upon any CVR Holder any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate
action, or to receive notice of meetings or other actions affecting stockholders, or to receive subscription rights, or to exercise appraisal rights, or otherwise; 

  

	(e)	 Notwithstanding anything in this Agreement to the contrary, the Company shall not have any liability to any CVR Holder or other Person as a result of its inability
to perform any of its obligations under this Agreement by reason of any preliminary or 

  

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permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency
or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority prohibiting or otherwise restraining performance of such obligation, including without limitation, any federal or state
securities law; provided, however, that the Company agrees to use its commercially reasonable efforts to have any such injunction, order, decree or ruling lifted or otherwise overturned as soon as possible; and

  

	(f)	THE SOLE AND EXCLUSIVE REMEDY FOR BREACH OR ALLEGED BREACH BY THE COMPANY OF ITS OBLIGATIONS HEREUNDER SHALL BE THE REMEDY OF SPECIFIC PERFORMANCE OR SIMILAR EQUITABLE RELIEF. IN NO
EVENT SHALL ANY CVR HOLDER BE ENTITLED TO MONETARY DAMAGES. 

  

	8.	Termination. This Agreement shall terminate and the CVRs shall expire upon the earliest to occur of: (1) the date upon which the Maximum CVR Shares Available for
Distribution shall be reduced to zero (for purposes of this Section 8, determined as of any date), (2) the consummation of a Change of Control, and (3) the Expiration Date. Upon termination of this Agreement, all rights and
obligations of the Company and the CVR Holders hereunder shall terminate, other than any obligation to make a CVR Distribution in connection with a Change of Control and the obligations set forth in Section 9 hereof. 

 

	9.	Tax Reporting; Withholding. 

  

	(a)	On or before January 31st of the year following each year in which a CVR Holder receives any CVR Share Distribution hereunder, the Company (or a distribution agent on the
Company’s behalf) shall prepare and mail to each such CVR Holder, unless such CVR Holder has provided the Company with a valid, properly completed Internal Revenue Service Form W-8BEN, W-8ECI, W-8EXP or W- 8IMY, or their successor forms (each,
a “Form W-8”), as applicable, in accordance with United States Treasury Regulations (the “Treasury Regulations”) promulgated under the Internal Revenue Code of 1986, as amended (the “Code”), an appropriate Form 1099
reporting the distribution(s) made during such year, in accordance with the Code and the Treasury Regulations. The Company shall also prepare and file copies of such Forms 1099 with the Internal Revenue Service on or before February 28th of the
year following the year in which a CVR Holder receives any CVR Share Distribution hereunder, in accordance with the Code and the Treasury Regulations. 

  

	(b)	Each CVR Holder shall be required to provide the Company with a correct Taxpayer Identification Number and certain other information on Internal Revenue Service Form W-9 (or
substitute Form W-9) or a valid, properly completed Form W-8, as applicable. The Company shall be authorized to take or refrain from taking any and all actions that may be necessary or appropriate to comply with all withholding, payment and
reporting requirements. 

  

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	(c)	Each CVR Holder that is to receive a CVR Share Distribution shall have sole and exclusive responsibility for the satisfaction and payment of any tax obligations imposed by any
governmental unit, including income, withholding, and other tax obligations, on account of such CVR Share Distribution. No CVR Share Distribution shall be made to or on behalf of such CVR Holder unless and until such CVR Holder has either
(i) provided the Company with a correct Taxpayer Identification Number and certain other information on Internal Revenue Service Form W-9 (or substitute Form W-9) or a valid, properly completed Form W-8, as applicable or (ii) made
arrangements satisfactory to the Company for the payment and satisfaction of any withholding obligations or other tax obligation that would be imposed upon the Company in connection with such CVR Share Distribution. Should any issue arise regarding
federal income tax reporting or withholding, the Company shall be entitled, in its sole discretion, to take or refrain from taking any action, and shall be fully protected and shall not be liable in any way to any Person or entity for taking or
refraining from taking such action. 

  

	10.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to the principles of conflicts of law
thereof. 

  

	11.	Notices. 

  

	(a)	Notices or demands authorized or required by this Agreement to be given or made by any CVR Holder to or on the Company shall be sufficiently given or made if sent by facsimile or
first-class mail, postage prepaid, addressed as follows: 

 Primus Telecommunications Group, Incorporated 
 7901 Jones Branch Drive 
 Suite 900

 McLean, Virginia 22102 
 Facsimile: (703) 902-2814 
 Attn: General Counsel 
  

	(b)	Notices or demands authorized by this Agreement to be given or made by the Company to any CVR Holder shall be sufficiently given or made if sent by first-class mail, postage
prepaid, addressed to such CVR Holder at the address of such CVR Holder as shown on the Rights Registry. 

  

	12.	Amendments. For so long as the CVRs are outstanding, the Company may amend this Agreement or fail to perform any provision hereof without the approval of any CVR Holder,
provided that no such amendment or failure to act adversely affects in any material respect the interests of the CVR Holders. In the event that any amendment to this Agreement or failure to act would adversely affect the interests of the CVR Holders
in any material respect, such amendment or failure to act shall be adopted or approved, as applicable, only with the written consent of CVR Holders holding more than fifty-percent (50%) of the outstanding CVRs. 

  

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	13.	Benefits of this Agreement. This Agreement is for the sole and exclusive benefit of the Company and the CVR Holders. No other Person shall have any right, remedy or claim
hereunder. 

  

	14.	Agents. The Company may, in its sole discretion, retain one or more agents to administer the terms of this Agreement and the Company may provide to such agents customary
compensation and indemnification for services it provides. 

  

	15.	No Conflict. In the event that any provision of this Agreement conflicts with any other provision in the Plan of Reorganization, the applicable provision in this Agreement
shall control. 

 *  *  *  *  * 
  

 11Form of Debt Securities Warrant Agreement

 Exhibit 4.9 
 KOPPERS HOLDINGS INC. 
 and 
                                        
 , AS WARRANT AGENT 
 FORM OF DEBT SECURITIES 
 WARRANT AGREEMENT 
 DATED AS OF 
 [                                       
         ] 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE 1 ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES	  	1
	 1.1
	  	ISSUANCE OF WARRANTS	  	1
	 1.2
	  	EXECUTION AND DELIVERY OF WARRANT CERTIFICATES	  	2
	 1.3
	  	ISSUANCE OF WARRANT CERTIFICATES	  	2
		
	ARTICLE 2 WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS	  	3
	 2.1
	  	WARRANT PRICE	  	3
	 2.2
	  	DURATION OF WARRANTS	  	3
	 2.3
	  	EXERCISE OF WARRANTS	  	3
		
	ARTICLE 3 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES	  	4
	 3.1
	  	NO RIGHTS AS HOLDERS OF WARRANT DEBT SECURITIES CONFERRED BY WARRANTS OR WARRANT CERTIFICATES	  	4
	 3.2
	  	LOST, STOLEN, MUTILATED OR DESTROYED WARRANT CERTIFICATES	  	4
	 3.3
	  	HOLDER OF WARRANT CERTIFICATE MAY ENFORCE RIGHTS	  	5
	 3.4
	  	MERGER, SALE, CONVEYANCE OR LEASE	  	5
	 3.5
	  	NOTICE TO WARRANTHOLDERS	  	5
		
	ARTICLE 4 EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES	  	6
	 4.1
	  	EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES	  	6
	 4.2
	  	TREATMENT OF HOLDERS OF WARRANT CERTIFICATES	  	6
	 4.3
	  	CANCELLATION OF WARRANT CERTIFICATES	  	6
		
	ARTICLE 5 CONCERNING THE WARRANT AGENT	  	7
	 5.1
	  	WARRANT AGENT	  	7
	 5.2
	  	CONDITIONS OF WARRANT AGENT’S OBLIGATIONS	  	7
	 5.3
	  	RESIGNATION, REMOVAL AND APPOINTMENT OF SUCCESSORS	  	8
		
	ARTICLE 6 MISCELLANEOUS	  	9
	 6.1
	  	AMENDMENT	  	9
	 6.2
	  	NOTICES AND DEMANDS TO THE COMPANY AND WARRANT AGENT	  	9
	 6.3
	  	ADDRESSES	  	9
	 6.4
	  	GOVERNING LAW	  	10
	 6.5
	  	DELIVERY OF PROSPECTUS	  	10
	 6.6
	  	OBTAINING OF GOVERNMENTAL APPROVALS	  	10
	 6.7
	  	PERSONS HAVING RIGHTS UNDER WARRANT AGREEMENT	  	10
	 6.8
	  	HEADINGS	  	10
	 6.9
	  	COUNTERPARTS	  	10
	 6.10
	  	INSPECTION OF AGREEMENT	  	10

  

 - i - 

 KOPPERS HOLDINGS INC. 
 Form of Debt Securities Warrant Agreement 
 DEBT SECURITIES WARRANT AGREEMENT, dated as of
                         between KOPPERS HOLDINGS INC., a Pennsylvania corporation (the “Company”) and
                        , a [corporation] [national banking association] organized and existing under the laws of
                         and having a corporate trust office in
                        , as warrant agent (the “WARRANT AGENT”). 
 WHEREAS, the Company has entered into an indenture dated as of
[                         (the “SENIOR INDENTURE”), with
                        , as trustee (such trustee, and any successors to such trustee, herein called the “SENIOR
TRUSTEE”), providing for the issuance from time to time of its unsubordinated debt securities, to be issued in one or more series as provided in the Senior Indenture (the “DEBT SECURITIES”);]
[                         (the “SUBORDINATED INDENTURE”), with
                        , as trustee (such trustee, and any successors to such trustee, herein called the
“SUBORDINATED TRUSTEE”), providing for the issuance from time to time of its subordinated debt securities, to be issued in one or more series as provided in the Subordinated Indenture (the “DEBT SECURITIES”);] 
 WHEREAS, the Company proposes to sell [If Warrants are sold with other securities — title of such other Securities being offered (the “OTHER
SECURITIES”) with] warrant certificates evidencing one or more warrants (the “WARRANTS” or, individually, a “WARRANT”) representing the right to purchase [title of Debt Securities purchasable through exercise of Warrants]
(the “WARRANT DEBT SECURITIES”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the “WARRANT CERTIFICATES”; and 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the
issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of the Warrant Certificates and the terms and conditions on
which they may be issued, registered, transferred, exchanged, exercised and replaced; 
 NOW, THEREFORE, in consideration of the premises and
of the mutual agreements herein contained, the parties hereto agree as follows: 
 ARTICLE 1 
 ISSUANCE OF WARRANTS AND EXECUTION AND 
 DELIVERY OF WARRANT CERTIFICATES 
 1.1 ISSUANCE OF WARRANTS. [If Warrants alone — Upon issuance, each Warrant
Certificate shall evidence one or more Warrants.] [If Other Securities and Warrants — Warrant Certificates shall be [initially] issued in connection with the issuance of the Other Securities [but shall be separately transferable on and after
                         (the “DETACHABLE DATE”)] [and shall not be separately transferable] and each Warrant
Certificate shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Debt Security. [If Other Securities and Warrants —
Warrant Certificates shall be initially issued in units with the Other Securities and each Warrant Certificate included in such a unit shall evidence
                         Warrants for each
[$                         principal amount]
[                         shares] of Other Securities included in such unit.]. 

 1.2 EXECUTION AND DELIVERY OF WARRANT CERTIFICATES. Each Warrant Certificate, whenever issued,
shall be in registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification or designation and such
legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as 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 rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant
Certificates shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers,
controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on
the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates. 
 No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been
countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued
hereunder. 
 In case any officer of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile
signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the person who
signed Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant Certificate, shall be the proper
officers of the Company, although at the date of the execution of this Agreement any such person was not such officer. 
 The term
“holder” or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose [If
Other Securities and Warrants are not immediately detachable — or upon the registration of the Other Securities prior to the Detachable Date. Prior to the Detachable Date, the Company will, or will cause the registrar of the Other Securities
to, make available at all times to the Warrant Agent such information as to holders of the Other Securities as may be necessary to keep the Warrant Agent’s records up to date]. 
 1.3 ISSUANCE OF WARRANT CERTIFICATES. Warrant Certificates evidencing the right to purchase Warrant Debt Securities may be executed by the Company
and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Company, countersign such Warrant
Certificates and shall deliver such Warrant Certificates to or upon the order of the Company. 
  

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 ARTICLE 2 
 WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS 
 2.1 WARRANT PRICE. During the period
specified in Section 2.2, each Warrant shall, subject to the terms of this Warrant Agreement and the applicable Warrant Certificate, entitle the holder thereof, to purchase the principal amount of Warrant Debt Securities specified in the
applicable Warrant Certificate at an initial exercise price of                          % of the principal amount thereof
[plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest
shall have been paid on the Warrant Debt Securities, from the date of their initial issuance.] [The original issue discount
($                         for each $1,000 principal amount of Warrant Debt Securities) will be amortized at a
                         % annual rate, computed on a[n] [semi-] annual basis [using a 360-day year consisting of twelve
30-day months].] Such purchase price for the Warrant Debt Securities is referred to in this Agreement as the “WARRANT PRICE.” 
 2.2 DURATION OF WARRANTS. Each Warrant may be exercised in whole or in part at any time, as specified herein, on or after [the date thereof]
[                        ] and at or before [close of business], [City] time, on
                         or such later date as the Company may designate by notice to the Warrant Agent and the holders of
Warrant Certificates mailed to their addresses as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before [close of business], [City] time, on the Expiration Date shall become
void, and all rights of the holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease. 
 2.3 EXERCISE OF
WARRANTS. 
 (a) During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Debt
Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check
in New York Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided
that such exercise is subject to receipt by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the reverse side of the Warrant Certificate properly completed and duly executed. The
date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is exercised; provided, however, that if, at the
date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be closed, no such receipt of such Warrant Certificates
and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Debt Securities on such date, but shall be effective to constitute such person as the holder of
record of such Warrant Debt Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be opened, and the
certificates for the Warrant Debt Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date the Company shall be
under no duty to deliver any certificate for such Warrant Debt Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company by
telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing. 
  

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 (b) The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of
(i) the number of Warrant Debt Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the Warrant Debt Securities to
which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such exercise, and (iv) such other information as the
Company or the [Senior] [Subordinated] Trustee shall reasonably require. 
 (c) As soon as practicable after the exercise of any Warrant, the
Company shall issue, pursuant to the Indenture, in authorized denominations, to or upon the order of the holder of the Warrant Certificate evidencing such Warrant, the Warrant Debt Securities to which such holder is entitled, in fully registered
form, registered in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate were exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall
manually countersign and deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant Debt Securities remaining unexercised. 
 (d) The Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer involved in the issue of the Warrant Debt Securities, and in the event that any such
transfer is involved, the Company shall not be required to issue or deliver any Warrant Debt Securities until such tax or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other
charge is due. 
 ARTICLE 3 
 OTHER PROVISIONS RELATING TO RIGHTS OF 
 HOLDERS OF WARRANT CERTIFICATES 
 3.1 NO RIGHTS AS HOLDERS OF WARRANT DEBT SECURITIES CONFERRED BY WARRANTS OR WARRANT CERTIFICATES. No Warrant Certificate or Warrant evidenced
thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Debt Securities, including, without limitation, the right to receive the payment of principal of (or premium, if any) or interest, if any, on the Warrant Debt
Securities or to enforce any of the covenants in the Indenture. 
 3.2 LOST, STOLEN, MUTILATED OR DESTROYED WARRANT CERTIFICATES. Upon
receipt by the Warrant Agent of evidence reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and
the Company and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired
by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant
Certificate of the same tenor and evidencing Warrants for a like principal amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company 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) in connection therewith. Every substitute Warrant Certificate executed and delivered
pursuant to this Section 3.2 in lieu of any lost, stolen or 
  

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 destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the
lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered
hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates. 
 3.3 HOLDER OF WARRANT CERTIFICATE MAY ENFORCE RIGHTS. Notwithstanding any of the provisions of this Agreement, any holder of any Warrant
Certificate, without the consent of the Warrant Agent, the [Senior] [Subordinated] Trustee, the holder of any Warrant Debt Securities or the holder of any other Warrant Certificate, may, in such holder’s own behalf and for such holder’s
own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by such holder’s Warrant
Certificate in the manner provided in such holder’s Warrant Certificates and in this Agreement. 
 3.4 MERGER, SALE, CONVEYANCE OR
LEASE. In case of (a) any share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving
corporation) or (b) the sale, exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a “REORGANIZATION EVENT”), then, as a condition of
such Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company’s successor shall be delivered to the holders of the Warrants, so that such successor shall succeed to and be
substituted for the Company, and assume all the Company’s obligations under, this Agreement and the Warrants. The Company shall thereupon be relieved of any further obligation hereunder or under the Warrants, and the Company as the predecessor
corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the
Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Debt Securities upon exercise of the Warrants. All
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 any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. 
 The Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions
of this Section 3.4. 
 3.5 NOTICE TO WARRANTHOLDERS. In case the Company shall (a) effect any Reorganization Event or
(b) make any distribution on or in respect of the [title of Warrant Debt Securities] in connection with the dissolution, liquidation or winding up of the Company, then the Company shall mail to each holder of Warrants at such holder’s
address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating the date on which such Reorganization Event, dissolution, liquidation or winding up is expected to
become effective, and the date as of which it is expected that holders of [title of Warrant Debt Securities] of record shall be entitled to exchange their shares of [title of Warrant Debt Securities] for securities or other property deliverable upon
such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction. 
  

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 ARTICLE 4 
 EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES 
 4.1 EXCHANGE AND TRANSFER OF WARRANT
CERTIFICATES. [If Other Securities with Warrants which are immediately detachable — Upon] [If Other Securities with Warrants which are not immediately detachable — Prior to the Detachable Date, a Warrant Certificate may be exchanged or
transferred only together with the Other Security to which the Warrant Certificate was initially attached, and only for the purpose of effecting or in conjunction with an exchange or transfer of such Other Security. Prior to any Detachable Date,
each transfer of the Other Security shall operate also to transfer the related Warrant Certificates. After the Detachable Date, upon] surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be
exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate principal amount
of Warrant Debt Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates
and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate
instruments of registration of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but
the Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so
surrendered for exchange or registration of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and
executed by the Company, as so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Debt
Security or a number of Warrants for a whole number of Warrant Debt Securities and a fraction of a Warrant Debt Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid
obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer. 
 4.2 TREATMENT OF HOLDERS OF WARRANT CERTIFICATES. [If Other Securities and Warrants are not immediately detachable — Prior to the Detachable
Date, the Company, the Warrant Agent and all other persons may treat the owner of the Other Security as the owner of the Warrant Certificates initially attached thereto for any purpose and as the person entitled to exercise the rights represented by
the Warrants evidenced by such Warrant Certificates, any notice to the contrary notwithstanding. After the Detachable Date and prior to due presentment of a Warrant Certificate for registration of transfer, the] [The] Company, the Warrant Agent and
all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to the contrary
notwithstanding. 
 4.3 CANCELLATION OF WARRANT CERTIFICATES. Any Warrant Certificate surrendered for exchange, registration of
transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly canceled by the Warrant
Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or
otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company. 
  

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 ARTICLE 5 
 CONCERNING THE WARRANT AGENT 
 5.1 WARRANT AGENT. The Company hereby appoints
                     as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the
conditions herein set forth, and                      hereby accepts such appointment. The Warrant Agent shall have the powers and authority
granted to and conferred upon it in the Warrant Certificates and hereby and such further power and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to
such power and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof. 
 5.2
CONDITIONS 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 Company agrees and to all of which the rights hereunder
of the holders from time to time of the Warrant Certificates shall be subject: 
 (a) COMPENSATION AND INDEMNIFICATION. The Company agrees
promptly to pay the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees)
incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against,
any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of
defending against any claim of such liability. 
 (b) AGENT FOR THE COMPANY. In acting under this Warrant Agreement and in connection with
the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants.

 (c) COUNSEL. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written
advice 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 advice of such counsel. 
 (d) DOCUMENTS. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance upon
any Warrant Certificate, notice, direction, consent, certificate, affidavit, 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) CERTAIN TRANSACTIONS. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants,
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 Company and may act on,
or as depositary, trustee or agent for, any committee or body of holders of Warrant Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent
the Warrant Agent from acting as [Senior] [Subordinated] Trustee under the [Senior] [Subordinated] Indenture. 
  

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 (f) NO LIABILITY FOR INTEREST. Unless otherwise agreed with the Company, the Warrant Agent shall have no
liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 
 (g) NO LIABILITY FOR INVALIDITY. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 
 (h) NO RESPONSIBILITY FOR REPRESENTATIONS. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant
Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company. 
 (i) NO IMPLIED
OBLIGATIONS. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates
against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion,
assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this
Agreement or for the application by the Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained
herein or in the Warrant Certificates or in the case of the receipt of any written demand from a holder of a Warrant Certificate 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 6.2 hereof, to make any demand upon the Company. 
 5.3 RESIGNATION, REMOVAL AND APPOINTMENT OF SUCCESSORS. 
 (a) The Company agrees, for the benefit of
the holders from time to time of the Warrant Certificates, that there shall at all times be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable. 
 (b) The Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying the date on which
its desired resignation shall become effective; provided that such date shall not be less than three months after the date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by
the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company,
as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such
successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of the Warrant Agent. 
 (c) In case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any 
  

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 other applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking
possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its
inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the
Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the
premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control
of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company 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 successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder. 
 (d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company 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 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, as Warrant Agent hereunder. 
 (e) 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 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. 
 ARTICLE 6 
 MISCELLANEOUS 
 6.1 AMENDMENT. This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the purpose
of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may
deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the Warrant Certificates. 
 6.2 NOTICES AND DEMANDS TO THE COMPANY AND WARRANT AGENT. If the Warrant Agent shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of
the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company. 
  

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 6.3 ADDRESSES. Any communication from the Company to the Warrant Agent with respect to this
Agreement shall be addressed to                     , Attention:
                                        
and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Koppers Holdings Inc., 436 Seventh Avenue, Pittsburgh, PA 15219, Attention: Investor Relations (or such other address as shall be
specified in writing by the Warrant Agent or by the Company). 
 6.4 GOVERNING LAW. This Agreement and each Warrant Certificate issued
hereunder shall be governed by and construed in accordance with the laws of the State of [New York]. 
 6.5 DELIVERY OF PROSPECTUS.
The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Debt Securities deliverable upon exercise of the Warrants (the
“PROSPECTUS”), and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant
Debt Securities issued upon such exercise, a Prospectus. 
 The Warrant Agent shall not, by reason of any such delivery, assume any
responsibility for the accuracy or adequacy of such Prospectus. 
 6.6 OBTAINING OF GOVERNMENTAL APPROVALS. The Company will from time
to time take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without
limitation a registration statement in respect of the Warrants and Warrant Debt Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant
Debt Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable. 
 6.7 PERSONS HAVING RIGHTS UNDER WARRANT AGREEMENT. Nothing in this Agreement shall give to any person other than the Company, the Warrant Agent
and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement. 
 6.8 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. 
 6.9 COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to be an original,
but such counterparts shall together constitute but one and the same instrument. 
 6.10 INSPECTION OF AGREEMENT. A copy of this
Agreement shall be available at all reasonable times at the principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant Certificate
for inspection by it. 
  

 - 10 - 

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

			
	KOPPERS HOLDINGS INC.
		
	By	 	  

		
	Its:	 	  

		
	Attest:	 	
	
	                                       
                                         
                                         
           , as
	
	Warrant Agent
		
	By	 	  

		
	Its:	 	  

  

 - 11 - 

 EXHIBIT A 
 FORM OF WARRANT CERTIFICATE 
 [Face of Warrant Certificate] 
 [Form if Warrants are attached to Other Prior to
                    , this Warrant Securities and are not immediately Certificate cannot be transferred or detachable. exchanged unless
attached to a 
 [Title of Other Security].] 
 [Form of Legend
if Warrants are not Prior to                     , Warrants immediately exercisable. evidenced by this Warrant Certificate cannot be
exercised.] 
 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN 
 VOID AFTER [                    ] P.M., [CITY] TIME, ON, 
 KOPPERS HOLDINGS INC. 
 WARRANT CERTIFICATE REPRESENTING 
 WARRANTS TO PURCHASE 
 [TITLE OF WARRANT DEBT SECURITIES] 
  

	No.                    	        Warrants
                     

 This certifies that                      or registered assigns is the registered owner of the above indicated number of Warrants,
each Warrant entitling such owner [If Warrants are attached to Other Securities and are not immediately detachable —, subject to the registered owner qualifying as a “Holder” of this Warrant Certificate, as hereinafter defined)] to
purchase, at any time [after [            ] p.m., [City] time, on
                     and] on or before
[                    ] p.m., [City] time, on
                    , $
                     principal amount of [Title of Warrant Debt Securities] (the “WARRANT DEBT SECURITIES”), of Koppers Holdings
Inc. (the “COMPANY”), issued or to be issued under the Indenture (as hereinafter defined), on the following basis: during the period from
                    , through and including
                    , each Warrant shall entitle the Holder thereof, subject to the provisions of this Agreement, to purchase the principal
amount of Warrant Debt Securities stated in the Warrant Certificate at the warrant price (the “WARRANT PRICE”) of
                    % of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt
Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their original
issuance]. [The original issue discount ($                    for each $1,000 principal amount of Warrant Debt Securities) will be amortized
at a                     % annual rate, computed on a[n] [semi-]annual basis [using a 360-day year consisting of twelve 30-day months]. The
Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York
Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Debt Security with respect to which this Warrant is 
  

 - 12 - 

 exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase
form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its successor as warrant agent (the “WARRANT AGENT”), which is, on the date hereof, at the address specified on the reverse hereof, and
upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter defined). 
 The term
“HOLDER” as used herein shall mean [If Warrants are attached to Other Securities and are not immediately detachable — , prior to
                    ,
                    (the “DETACHABLE DATE”), the registered owner of the Company’s [title of Other Securities] to which this
Warrant Certificate was initially attached, and after such Detachable Date,] the person in whose name at the time this Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to
Section 4 of the Warrant Agreement. 
 The Warrants evidenced by this Warrant Certificate may be exercised to purchase Warrant Debt
Securities in the principal amount of $1,000 or any integral multiple thereof in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant
Certificate evidencing Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised. 
 This Warrant
Certificate is issued under and in accordance with the Warrant Agreement dated as of                     ,
                     (the “WARRANT AGREEMENT”), between the Company and the Warrant Agent and is subject to the terms and provisions
contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent.

 The Warrant Debt Securities to be issued and delivered upon the exercise of Warrants evidenced by this Warrant Certificate will be issued
under and in accordance with an Indenture, [dated as of                     ,
                     (the “SENIOR INDENTURE”), between the Company and
                    , as trustee (such trustee, and any successors to such trustee, the “SENIOR TRUSTEE”)] [dated as of
                    ,
                    , (the “SUBORDINATED INDENTURE”), between the Company and
                    , as trustee (such trustee, and any successors to such trustee, the “SUBORDINATED Trustee”)] and will be subject
to the terms and provisions contained in the Warrant Debt Securities and in the Indenture. Copies of the [Senior] [Subordinated] Indenture, including the form of the Warrant Debt Securities, are on file at the corporate trust office of the Trustee.

 [If Warrants are attached to Other Securities and are not immediately detachable — Prior to the Detachable Date, this Warrant
Certificate may be exchanged or transferred only together with the [Title of Other Securities] (the “OTHER SECURITIES”) to which this Warrant Certificate was initially attached, and only for the purpose of effecting or in conjunction with,
an exchange or transfer of such Other Security. Additionally, on or prior to the Detachable Date, each transfer of such Other Security on the register of the Other Securities shall operate also to transfer this Warrant Certificate. After such date,
transfer of this] [If Warrants are attached to Other Securities and are immediately detachable — Transfer of this] Warrant Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office of the Warrant
Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 
 [If Other Securities with Warrants which are not immediately detachable-Except as provided in the immediately preceding paragraph, after][If Other Securities with Warrants which are immediately detachable or Warrants alone — After]
countersignature by the Warrant Agent 
  

 - 13 - 

 and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate trust
office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate principal amount of Warrant Debt Securities. 
 This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Debt Securities, including, without limitation, the right to receive payments of principal of (and premium, if any) or interest, if
any, on the Warrant Debt Securities or to enforce any of the covenants of the Indenture. 
 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 if set forth at this place. 
 This Warrant Certificate shall not be valid or obligatory for any purpose until countersigned by the Warrant Agent. 
 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized
officers. 
  

					
	Dated:
                                         
   	 	KOPPERS HOLDINGS INC.
			
		 	By:	 	  

			
		 	Its:	 	  

		
		 	Attest:
		
		 	  

		
		 	Countersigned
		
		 	  
 As Warrant Agent

			
		 	By:	 	  

		 		 	Authorized Signature

  

 - 14 - 

 [REVERSE OF WARRANT CERTIFICATE] 
 (Instructions for Exercise of Warrants) 
 To exercise any Warrants evidenced
hereby for Warrant Debt Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in
immediately available funds], the Warrant Price in full for Warrants exercised, to [Warrant Agent] [address of Warrant Agent], Attn:
                        , which payment must specify the name of the Holder and the number of Warrants exercised by such
Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above.
This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment. 
 (To be executed
upon exercise of Warrants) 
 The undersigned hereby irrevocably elects to exercise
                         Warrants, represented by this Warrant Certificate, to purchase $
                         principal amount of the [Title of Warrant Debt Securities] (the “WARRANT DEBT
SECURITIES”) of Koppers Holdings Inc. and represents that he has tendered payment for such Warrant Debt Securities, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing
House funds] [by bank wire transfer in immediately available funds], to the order of Koppers Holdings Inc., c/o [insert name and address of Warrant Agent], in the amount of $
                         in accordance with the terms hereof. The undersigned requests that said principal amount of
Warrant Debt Securities be in fully registered form in the authorized denominations, registered in such names and delivered all as specified in accordance with the instructions set forth below. 
 If the number of Warrants exercised is less than all the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing
the Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions below. 
  

			
	Dated:
                                         
       	  	Name
                                         
       
		
	   Please Print
	  	
		
		  	Address
                                    
		
		  	  

		
		  	  

		
		  	  

		
		  	(Insert Social Security or Other
		
		  	Identifying Number of Holder)
		
	Signature Guaranteed	  	  
 _____________________________________________________________

		
		  	 Signature

		
	  
	  	 (Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a bank, trust
company or member broker of the New York, Midwest or Pacific Stock Exchange)

  

 - 15 - 

 This Warrant may be exercised at the following addresses: 
  

							
	 By hand at
	 	  
	 		 	
		 	  
	 		 	
		 	  
	 		 	
		 	  
	 		 	
		 	  
	 		 	
				
	 By mail at
	 	  
	 		 	
		 	  
	 		 	
		 	  
	 		 	
		 	  
	 		 	
		 	  
	 		 	

 [Instructions as to form and delivery of Warrant Debt Securities and, if applicable, Warrant Certificates
evidencing Warrants for the number of Warrant Debt Securities remaining unexercised — complete as appropriate.] 
  

 - 16 - 

 ASSIGNMENT 
 [Form of assignment to be executed if 
 Warrant Holder desires to transfer Warrant) 
  

					
	FOR VALUE RECEIVED,	  		 	hereby sells, assigns and transfers unto:
	  
	  		 	  

	  
	  		 	  

	  
	  		 	  

			
	 (Please print name and address
 including zip
code)
	  		 	 Please insert Social Security or other identifying
 number

	
	the right represented by the within Warrant to purchase $
                         aggregate principal amount of [Title of Warrant Debt Securities] of Koppers Holdings Inc. to
which the within Warrant relates and appoints                          attorney to transfer such right on the books of the
Warrant Agent with full power of substitution in the premises.
			
	Dated
                                    	  		 	(Signature must conform in all respects to name of holder as specified on the face of this Warrant)
	 Signature Guaranteed
	  		 	
	  
	  		 	

  

 - 17 -

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