Document:

exv4w1

Exhibit 4.1

 

TRONOX INCORPORATED

 

WARRANT AGREEMENT

Dated as of February 14, 2011

 

Warrants to Purchase Common Stock, par value $0.01 per share

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	Article 1 Definitions
	 	 	2	 
	Section 1.1 Definitions
	 	 	2	 
	 
	 	 	 	 
	Article 2 Issuance of Warrants; Warrant Certificates; Book-Entry Warrants
	 	 	5	 
	Section 2.1 Issuance of the Warrants
	 	 	5	 
	 
	 	 	 	 
	Section 2.2 Form of Warrant; Execution of Warrant Certificates and Warrant Statements

	 	 	6	 
	Section 2.3 Issuance of Warrant Certificates and Book-Entry Warrants
	 	 	7	 
	 
	 	 	 	 
	Article 3 Exercise of Warrants
	 	 	8	 
	Section 3.1 Duration of Warrants
	 	 	8	 
	Section 3.2 Exercise of Warrants
	 	 	8	 
	Section 3.3 Reservation of Warrant Shares
	 	 	12	 
	 
	 	 	 	 
	Article 4 Other Provisions Relating to Rights of Holders of Warrants
	 	 	13	 
	Section 4.1 No Rights as Stockholder Conferred by Warrants, Book-Entry
Warrants or Warrant Certificates
	 	 	13	 
	Section 4.2 Lost, Mutilated, Stolen or Destroyed Warrant Certificates
	 	 	13	 
	Section 4.3 Cancellation of Warrants
	 	 	13	 
	 
	 	 	 	 
	Article 5 Exchange and Transfer
	 	 	13	 
	Section 5.1 Exchange and Transfer
	 	 	13	 
	Section 5.2 Obligations with Respect to Transfers and Exchanges of Warrants
	 	 	15	 
	Section 5.3 Restrictions on Transfers
	 	 	16	 
	Section 5.4 Treatment of Holders of Warrant Certificates
	 	 	17	 
	Section 5.5 Fractional Warrants
	 	 	17	 
	 
	 	 	 	 
	Article 6 Adjustment of Exercise Price and Number of Warrant Shares
	 	 	17	 
	Section 6.1 Adjustments Generally
	 	 	17	 
	Section 6.2 Certain Mechanical Adjustments
	 	 	17	 

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	 	 	Page	 
	Section 6.3 Dividends and Other Distributions
	 	 	17	 
	Section 6.4 Adjustments in Exercise Price
	 	 	18	 
	Section 6.5 Reclassification or Reorganization Event
	 	 	19	 
	Section 6.6 Notices of Changes in Warrant and Other Events
	 	 	19	 
	Section 6.7 No Fractional Shares
	 	 	20	 
	Section 6.8 Form of Warrant
	 	 	21	 
	Section 6.9 De Minimis Adjustments
	 	 	21	 
	 
	 	 	 	 
	Article 7 Concerning the Warrant Agent
	 	 	21	 
	Section 7.1 Warrant Agent
	 	 	21	 
	Section 7.2 Conditions of Warrant Agent’s Obligations
	 	 	21	 
	Section 7.3 Resignation and Appointment of Successor
	 	 	23	 
	 
	 	 	 	 
	Article 8 Miscellaneous
	 	 	25	 
	Section 8.1 Amendment
	 	 	25	 
	Section 8.2 Notices and Demands to the Company and Warrant Agent
	 	 	25	 
	Section 8.3 Applicable Law; Waiver of Jury Trial
	 	 	26	 
	Section 8.4 Headings
	 	 	26	 
	Section 8.5 Counterparts
	 	 	26	 
	Section 8.6 Inspection of Agreement
	 	 	26	 
	Section 8.7 Benefits of This Agreement
	 	 	27	 
	Section 8.8 Termination
	 	 	27	 
	Section 8.9 Confidentiality
	 	 	27	 

ii

 

WARRANT AGREEMENT

          THIS WARRANT AGREEMENT (this “Agreement”), dated as of February 14, 2011 (the
“Effective Date”), is entered into between TRONOX INCORPORATED, a Delaware corporation (the
“Company”), and Computershare Inc., a Delaware corporation and its wholly-owned subsidiary
Computershare Trust Company, N.A., a federally chartered, limited purpose trust company
(collectively, the “Warrant Agent” or individually,” Computershare” and the
“Trust Company,” respectively). Capitalized terms not otherwise defined herein have the
meanings set forth in Section 1.

W I T N E S S E T H :

          WHEREAS, on May 15, 2009, the Company and certain of the Company’s direct and indirect
subsidiaries each filed a voluntary petition in the United States Bankruptcy Court for the Southern
District of New York (the “Bankruptcy Court”) initiating cases (the “Chapter 11
Cases”) under chapter 11 of title 11 of the United States Code §§ 101-1330 (as amended, the
“Bankruptcy Code”) and continued in the possession of their assets and in the management of
their businesses pursuant to sections 1107 and 1108 of the Bankruptcy Code;

          WHEREAS, the First Amended Joint Plan of Reorganization, as approved by the Bankruptcy Court
(the “Plan”), provides that, upon consummation of the Plan, the Company shall issue to the
holders of Equity Interests (collectively, the “Initial Holders”) Series A Warrants of the
Company and Series B Warrants of the Company entitling the registered holders thereof to purchase
shares of the Common Stock;

          WHEREAS, the Bankruptcy Court confirmed the Plan and the Effective Date under the Plan
occurred on the date first written above;

          WHEREAS, the Company intends to seek the listing of its Common Stock on a national securities
exchange as soon as reasonably practicable;

          WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company in connection
with the issuance, transfer, exchange, exercise and replacement of the Warrants and the Warrant
Certificates, and in this Agreement wishes to set forth, among other things, the form and
provisions of the Warrants and the Warrant Certificates and the terms and conditions on which they
may be issued, transferred, exchanged, exercised and replaced; and

          WHEREAS, all acts and things have been done and performed which are necessary to make the
Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant
Agent, as provided herein, the valid, binding and legal obligations of the Company, and to
authorize the execution and delivery of this Agreement.

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

 

 

ARTICLE 1

DEFINITIONS

          Section 1.1 Definitions. As used herein:

          “Agreement” has the meaning assigned to such term in the preamble of this Agreement.

          “Average Daily Trading Price” for any day shall mean the average of the highest and
lowest sale prices of the applicable security on such day on the applicable quotation system (it
being understood that if only one sale occurred on such day, then the Average Daily Trading Price
for such day shall be the price at which such sale occurred).

          “Bankruptcy Code” has the meaning assigned to such term in the recitals of this
Agreement.

          “Bankruptcy Court” has the meaning assigned to such term in the recitals of this
Agreement.

          “Beneficial Holder” shall mean any person or entity that holds beneficial interests in
a Warrant Certificate.

          “Board of Directors” means the board of directors of the Company or any committee
thereof duly authorized to act on behalf of such board.

          “Book-Entry Warrants” has the meaning assigned to such term in Section 2.1.

          “Business Day” means any day other than a Saturday, Sunday or any other day on which
the New York Stock Exchange is authorized or obligated by law or executive order to close.

          “Bylaws” means the bylaws of the Company, as in effect on the Effective Date and as
amended thereafter in accordance with the terms thereof and applicable law.

          “Cash Dividend” has the meaning assigned to such term in Section 6.3(b).

          “Cashless Exercise” has the meaning ascribed to such term in Section 3.2(d).

          “Chapter 11 Cases” has the meaning assigned to such term in the recitals of this
Agreement.

          “Common Stock” means the Company’s common stock, par value $0.01 per share.

          “Company” has the meaning assigned to such term in the preamble of this Agreement.

2

 

          “Current Market Price” has the meaning assigned to such term in Section
6.3(c).

          “Depositary” has the meaning assigned to such term in Section 2.2(b).

          “Effective Date” has the meaning assigned to such term in the preamble of this
Agreement.

          “Equity Interests” has the meaning assigned to such term in the Plan.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, including any
rules or regulations promulgated thereunder.

          “Ex-Dividend Date” means the first date on which shares of the Common Stock trade on
the applicable exchange or in the applicable market, regular way, without the right to receive the
issuance, dividend or distribution in question.

          “Exercise Amount” has the meaning assigned to such term in Section 3.2(c).

          “Exercise Date” means any date on which a Warrant is exercised in accordance with the
terms of the Warrant.

          “Exercise Form” has the meaning assigned to such term in Section 3.2(b).

          “Exercise Period” means the period commencing on the Effective Date, and expiring at
5:00 p.m., New York City time, on the seventh (7th) anniversary of the Effective Date
(such time on such seventh anniversary being referred to as the “Expiration Date”).

          “Exercise Price” means, in the case of the Series A Warrants, a price per share of
Common Stock of $62.13 and, in the case of the Series B Warrants, a price per share of Common Stock
of $68.56, in each case, as adjusted pursuant to Article 6.

          “Generally Occurred” shall mean a minimum of 7,500 shares of Common Stock are traded
and such sales are reported on the applicable over-the-counter market.

          “Holder” has the meaning assigned to such term in Section 3.2(a).

          “Initial Holders” has the meaning assigned to such term in the recitals of this
Agreement.

          “Listing Date” means the date on which the Common Stock are first listed on a United
States national securities exchange (including NASDAQ or any successor thereto).

          “NASDAQ” means The NASDAQ Stock Market (including any of its subdivisions such as the
NASDAQ Global Select Market) or any successor market thereto.

          “Non-Adjusted Cash Dividend” means any Cash Dividend for which a reduction in the
Exercise Price has not been previously made pursuant to Section 6.3(b).

          “Non-Cash Dividend” has the meaning assigned to such term in Section 6.3(a).

3

 

          “Per Share Dividend Amount” means, with respect to any Cash Dividend, the amount of
cash to be paid in such dividend per share of Common Stock; provided, however, that
the Per Share Dividend Amount for any Cash Dividend for which the record date is on or following
the first anniversary of the Effective Date shall be the amount by which (x) the sum of (i) the
amount of cash to be paid in such Cash Dividend per share of Common Stock and (ii) the aggregate
amount of cash paid or to be paid per share of Common Stock for any Non-Adjusted Cash Dividends
that were declared in the same fiscal quarter, would exceed (y) a two percent (2%) annualized
dividend yield based on the Current Market Price per share of Common Stock on the date of
declaration for such Cash Dividend.

          “Person” means an individual, a corporation, a limited liability company, a company, a
voluntary association, a general partnership, a limited partnership, a joint venture, an
association, a joint-stock company, a trust, an unincorporated organization or a government or any
agency, instrumentality or political subdivision thereof.

          “Plan” has the meaning assigned to such term in the recitals of this Agreement.

          “Quoted Price” of the Common Stock (or other Warrant Share security, as applicable) on
any date means (i) if the Common Stock (or other Warrant Share security, as applicable) is then
listed and actively traded on a national securities exchange, the last reported closing price of
such security on such date (or if such date is not a trading day, on the immediately preceding
trading day) on the principal national securities exchange on which such security is listed or
traded, or (ii) if the Common Stock (or other Warrant Share security, as applicable) is not then
listed on a national securities exchange, the Average Daily Trading Price of such security on the
principal over-the-counter quotation system on which such security trades (if such security trades
on more than one such system, then such principal system shall be as reasonably identified by the
Company based on relative volumes traded on all such systems), measured over the immediately
preceding ten (10) Business Days (which need not be consecutive) in which trading in such security
Generally Occurred (or, if no such trading shall have Generally Occurred in at least ten (10) of
the last thirty (30) Business Days prior to the date in question, then the Quoted Price shall be
the price reflected in the most recent third party valuation provided to the Company by an
investment or valuation firm retained by the Company for purposes of valuing stock awards, which
valuation shall be available upon written request upon written proof of ownership in a Warrant,
provided that the Company may request that the Holder requesting such valuation execute a
confidentiality agreement with respect to such valuation (if such valuation has not already been
made public) satisfactory to the Company, and provided further that if such valuation is more than
six months old or no such valuation has been provided, the Board of Directors shall determine the
Quoted Price in good faith based on the basis of such factors as it reasonably determines to be
appropriate).

          “Reorganization Event” has the meaning assigned to such term in Section 6.5.

          “Registered Holder” has the meaning assigned to such term in Section 2.3(d).

          “Securities Act” means the Securities Act of 1933, as amended, including any rules or
regulations promulgated thereunder.

4

 

          “Series A Warrant” means an outstanding Series A Warrant issued in accordance with
Section 2.1 of this Agreement, whether issued as Book-Entry Warrant or evidenced by a
Warrant Certificate, and any Series A Warrant issued upon transfer thereof, upon partial exercise
thereof or in substitution therefor.

          “Series B Warrant” means an outstanding Series B Warrant issued in accordance with
Section 2.1 of this Agreement, whether issued as Book-Entry Warrant or evidenced by a
Warrant Certificate, and any Series B Warrant issued upon transfer thereof, upon partial exercise
thereof or in substitution therefor.

          “Successor Person” means the successor to the Company or the Person acquiring the
Company in connection with a Reorganization Event where the Company is not the surviving Person.

          “Transfer Agent” has the meaning assigned to such term in Section 3.2(f).

          “Warrants” means a Series A Warrant or a Series B Warrant, either individually or
collectively as the context requires.

          “Warrant Agent” means Computershare, in its capacity as the initial Warrant Agent
hereunder, but only for so long as it serves in such capacity, and any successor Warrant Agent
appointed pursuant to this Agreement.

          “Warrant Agent Office” has the meaning assigned to such term in Section 3.1.

          “Warrant Certificates” has the meaning assigned to such term in Section
2.2(a).

          “Warrant Register” has the meaning assigned to such term in Section 2.3(c).

          “Warrant Shares” shall mean the shares of Common Stock issued or issuable upon
exercise of a Warrant, including any other securities (including any securities of any Successor
Person) purchasable upon exercise of the Warrants as provided in Article 6. For purposes
of this Agreement, a Warrant Share shall be deemed to be “outstanding” from and after the
Exercise Date thereof until the redemption, repurchase or cancellation of such Warrant Share by the
Company.

          “Warrant Statements” has the meaning assigned to such term in Section 2.1.

ARTICLE 2

ISSUANCE OF WARRANTS; WARRANT CERTIFICATES; BOOK-ENTRY WARRANTS

          Section 2.1 Issuance of the Warrants.

     On the terms and subject to the conditions of this
Agreement and in accordance with the terms of the Plan, as of the Effective Date, Warrants to
purchase the Warrant Shares will be issued by the Company to each Initial Holder, on a pro rata
basis, based upon the amount of their respective ownership of Equity Interests, rounded up or down
to the nearest whole number of underlying Warrant Shares (which

5

 

rounding could result in a holder
of Equity Interests not being entitled to any Warrants) such that no Initial Holder shall receive a
Warrant that includes a fraction of a Warrant Share, and such that the Company shall issue to the
Initial Holders Series A Warrants entitling the Holders to collectively purchase, in the aggregate,
up to 544,041 Warrant Shares, and the Series B Warrants entitling the Holders to collectively
purchase, in the aggregate, up to 672,175 Warrant Shares, in each case, as such amounts may be
adjusted from time to time pursuant to this Agreement. On such date, the Company will deliver, or
cause to be delivered to the Depositary, one or more Warrant Certificates evidencing a portion of
the Warrants.1 The remainder of the Warrants shall be issued by book-entry registration
on the books of the Warrant Agent (“Book-Entry Warrants”) and shall be evidenced by
statements issued by the Warrant Agent from time to time to the Registered Holders of Book-Entry
Warrants reflecting such book-entry position (the “Warrant Statements”).

          Section 2.2 Form of Warrant; Execution of Warrant Certificates and Warrant Statements.

          (a) Subject to Sections 5.1 and 5.2 of this Agreement, the Series A Warrants
and the Series B Warrants shall be issued (i) via book-entry registration on the books and records
of the Warrant Agent and evidenced by the Warrant Statements, in substantially the form set forth
in Exhibit A-1 and A-2, respectively, hereto, and/or (ii) in the form of one or
more certificates (the “Warrant Certificates”), with the forms of election to exercise and
of assignment printed on the reverse thereof, in substantially the form set forth in Exhibit
A-3 and A-4, respectively, hereto. The Warrant Statements and the Warrant Certificates
shall be dated 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 applicable law, including applicable rules and regulations made pursuant to any
such law. The Warrant Certificates and the Warrant Statements shall be signed on behalf of the
Company by the chairman of the Board of Directors, the chief financial officer, the president,
any vice president, any assistant vice president, the treasurer or any assistant treasurer of the
Company, and each Warrant Certificate and Warrant Statement may but need not be attested by the
Company’s secretary or one of its assistant secretaries. Such signatures may be manual or
facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on
the Warrant Certificates and Warrant Statements.

          (b) The Warrant Certificates shall be deposited with the Warrant Agent and registered in the
name of Cede & Co., as the nominee of The Depositary Trust Company (the “Depositary”).
Each Warrant Certificate shall represent such number of the outstanding Warrants as specified
therein, and each shall provide that it shall represent the aggregate amount of outstanding
Warrants from time to time endorsed thereon and that the aggregate amount of

 

			
	1	 	Stockholders holding the old common shares
through DTC will hold their warrants through DTC, and those with stock
certificates for old common shares will receive Warrant Statements to the
extent they are entitled to a Warrant.

6

 

outstanding Warrants
represented thereby may from time to time be reduced or increased, as appropriate, in accordance
with the terms of this Agreement.

          (c) 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 Warrant Agent.
Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence, and the only evidence, that the Warrant Certificate so countersigned has been
duly issued hereunder, and such signatures may be manual or facsimile signatures of an authorized
representative of the Warrant Agent and may be imprinted or otherwise reproduced on the Warrant
Certificates.

          (d) In case any officer of the Company who shall have signed any of the Warrant Certificates
or Warrant Statements (either manually or by facsimile signature) shall cease to hold such officer
position before the Warrant Certificates so signed shall have been countersigned and delivered by
the Warrant Agent as provided herein, or before the Warrant Statements so signed shall have been
delivered to the Registered Holders thereof, as the case may be, such Warrant Certificates or
Warrant Statements may be countersigned (either manually or by facsimile signature, in the case of
the Warrant Certificates) and delivered by the Warrant Agent notwithstanding that the person who
signed such Warrant Certificates or Warrant Statements has ceased to hold such officer position
with the Company, and any Warrant Certificate or Warrant Statement may be signed on behalf of the
Company by such persons as, at the actual date of the execution of such Warrant Certificate or
Warrant Statement, hold such officer positions with the Company, although at the date of the
execution of this Agreement any such person did not hold such officer position.

          Section 2.3 Issuance of Warrant Certificates and Book-Entry Warrants.

          (a) Warrant Certificates evidencing Warrants shall be executed by the Company in the manner
set forth in Section 2.2 and delivered to the Warrant Agent. Warrant Certificates
evidencing the Warrants to be issued to the Initial Holders under the Plan (other than Warrants to
be registered as Book-Entry Warrants) shall be so executed by the Company and delivered to the
Warrant Agent upon or promptly following the execution of this Agreement. Upon written order of
the Company, the Warrant Agent shall (i) register in the Warrant Register
the Book-Entry Warrants and (ii) upon receipt of Warrant Certificates duly executed on behalf
of the Company, countersign (either manually or by facsimile signature) each such Warrant
Certificate. Such written order of the Company shall specifically state the number of Warrants
that are to be issued as Book-Entry Warrants and the number of Warrants that are to be issued as
Warrant Certificates. A Warrant Certificate shall be, and shall remain, subject to the provisions
of this Agreement until such time as all of the Warrants evidenced thereby shall have been duly
exercised or shall have expired or been canceled in accordance with the terms hereof.

          (b) Subsequent to the original issuance of Warrant Certificates to the Initial Holders, the
Warrant Agent shall countersign a Warrant Certificate only if the Warrant Certificate is issued in
exchange or substitution for one or more previously countersigned Warrant Certificates or in
connection with their transfer as hereinafter provided.

7

 

          (c) The Warrant Agent shall keep, at an office designated for such purpose, books (the
“Warrant Register”) in which, subject to such reasonable regulations as it may prescribe,
it shall register the Book-Entry Warrants as well as any Warrant Certificates and exchanges and
transfers of outstanding Warrants in accordance with the procedures set forth in Sections
5.1 and 5.2 of this Agreement, 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 the
Warrants, 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 on the Registered Holder in connection with any
such exchange or registration of transfer. The Warrant Agent shall have no obligation to effect an
exchange or register a transfer unless and until any payments required by the immediately preceding
sentence have been made.

          (d) Prior to due presentment for registration of transfer or exchange of any Warrant in
accordance with the procedures set forth in this Agreement, the Company and the Warrant Agent may
deem and treat the person in whose name any Warrant is registered upon the Warrant Register (the
“Registered Holder” of such Warrant) as the absolute owner of such Warrant (notwithstanding
any notation of ownership or other writing on a Warrant Certificate made by anyone other than the
Company or the Warrant Agent), for the purpose of any exercise thereof, any distribution to the
holder thereof and for all other purposes, and neither the Warrant Agent nor the Company shall be
affected by notice to the contrary.

          (e) The Company shall provide a customary opinion of counsel on or prior to the Effective Date
that states that all warrants or Common Stock, as applicable, are:

(1) registered under the Securities Act of 1933, as amended, or are exempt from
such registration; and

(2) any Common Stock issuable upon exercise of a Warrant will be upon issuance,
validly issued, fully paid and non-assessable.

ARTICLE 3

EXERCISE OF WARRANTS

          Section 3.1 Duration of Warrants.
Subject to the provisions of this Agreement, Warrants
may be exercised on any Business Day during the Exercise Period, at the offices of the Warrant
Agent at 250 Royall Street, Canton, Massachusetts 02021 (the “Warrant Agent Office”). Each
Warrant not exercised at or before the Expiration Date shall thereupon become void, and at such
time all rights, under this Agreement and the applicable Warrant Certificate, of the Holder of any
such Warrant shall automatically cease, with respect to any such Warrant.

          Section 3.2 Exercise of Warrants.

          (a) Each Warrant shall entitle (i) in the case of the Book-Entry Warrants, the Registered
Holder thereof and (ii) in the case of Warrants held through the book-entry facilities

8

 

of the Depositary or by or through persons that are direct participants in the Depositary, the Beneficial
Holder thereof (the Registered Holders and the Beneficial Holders referenced in clauses (i) and
(ii) above, collectively, the “Holders”), subject to the provisions of such Warrant and of
this Agreement, to purchase from the Company the number of Warrant Shares specified in such
Warrant, at the Exercise Price.

          (b) Subject to the provisions of the Warrants and this Agreement, the Holder of a Warrant may
exercise such Holder’s right to purchase the Warrant Shares, in whole or in part, at any time or
from time to time (i) in the case of persons who hold Book-Entry Warrants, by providing an exercise
form for the election to exercise such Warrant (each, an “Exercise Form”) substantially in
the form of Exhibit B hereto, and (ii) in the case of Warrants held through the book-entry
facilities of the Depositary or by or through persons that are direct participants in the
Depositary, by providing an Exercise Form (as provided by such Holder’s broker) to its broker, in
each case properly completed and executed by the Registered Holder or the Beneficial Holder
thereof, as the case may be, together with payment to the Warrant Agent (for the account of the
Company), in the case of an exercise for cash pursuant to Section 3.2(c), of the Exercise
Amount in accordance with Section 3.2(c).

          (c) The payment of the Exercise Price shall be made, at the option of the Holder, (i) in
United States dollars by certified or official bank check payable to the Company, or by wire
transfer to an account specified in writing by the Company or the Warrant Agent to such Holder, in
either case in immediately available funds in an amount equal to the aggregate Exercise Price for
such Warrant Shares as specified in the Exercise Form (the “Exercise Amount”) or (ii) by
Cashless Exercise in accordance with Section 3.2(d)).

          (d) In lieu of paying the Exercise Amount by certified or official bank check or by wire
transfer, any Holder may, at any time after the earlier of (i) September 30, 2011, or (ii) the
Listing Date and for so long as the Warrant Shares continue to be listed on a national
securities exchange, elect to exercise Warrants by authorizing the Company to withhold from
issuance a number of Warrant Shares issuable pursuant to the Warrant Certificate evidencing the
Warrants being exercised which, when multiplied by the Quoted Price for the trading day immediately
prior to the exercise date, is equal to the aggregate Exercise Price of all Warrants being
exercised, and such withheld Warrant Shares shall thereupon no longer be issuable under the Warrant
(a “Cashless Exercise”). Such exercise shall be honored by the Company and the Warrant
Agent without payment by the Holder of any Exercise Amount or any cash or other consideration;
provided, however, that the Holder shall pay such amounts as may be required
pursuant to Sections 3.2(k) and 5.2(c), or such taxes as may be payable upon
issuance of Warrant Shares to a Person other than the Holder. The formula for determining the
number of Warrant Shares to be issued in a Cashless Exercise is as follows:

X = (A-B) x C

A

where:

X = the number of Warrant Shares issuable upon exercise of the Warrant pursuant to this
subsection (d).

9

 

A = the Quoted Price.

B = the Exercise Price.

C = the number of Warrant Shares as to which a Warrant is then being exercised including the
withheld Warrant Shares.

If, with respect to any purported or attempted Cashless Exercise of Warrants, the foregoing
calculation results in a negative number, then no Warrant Shares shall be issuable via such
purported or attempted Cashless Exercise and such Warrants shall be deemed to have not been
exercised.

          (e) The date on which payment in full of the Exercise Amount is received by the Warrant Agent
(or deemed to be received in the case of a Cashless Exercise) shall, subject to receipt of the
Exercise Form, be deemed to be the date on which the Warrant is exercised. The Warrant Agent shall
promptly deposit all funds received by it in payment for the exercise of Warrants in an account of
the Company maintained with it (or in such other account as may be designated by the Company) and
shall advise the Company, by telephone or by facsimile transmission or other form of electronic
communication available to both parties, 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 advice to the Company in writing.

          (f) Upon surrender of the Exercise Form and payment of the Exercise Amount (or the deemed
payment of the Exercise Amount in connection with a Cashless Exercise) in connection with the
exercise of Warrants by any Holder, (i) the Warrant Agent shall requisition from the transfer agent
for the Common Stock (the “Transfer Agent”) for issuance and delivery to or upon the
written order of the applicable Holder and in such name or names as the Holder may designate
(provided, that the Holder shall pay any and all taxes payable as a
result of such designation), a certificate or certificates for the Warrant Shares issuable
upon the exercise of the Warrants evidenced by the underlying Warrant Certificate or Book-Entry
Warrant, as the case may be, less any Warrant Shares withheld in connection with a Cashless
Exercise, if applicable, and (ii) the Company shall, as promptly as practicable and at its expense,
and in any event within five (5) Business Days thereafter, cause to be issued to the Holder the
aggregate number of whole Warrant Shares (rounded down to the nearest whole share) issuable upon
such exercise and deliver to the Holder written confirmation that such Warrant Shares have been
duly issued and recorded on the books of the Company as hereinafter provided. The Warrant Shares
so issued shall be registered in the name of the Holder or such other name as shall be designated
in the order delivered by the Holder. The certificate or certificates for such Warrant Shares
shall be deemed to have been issued and any person so designated to be named therein shall be
deemed to have become the holder of record of such Warrant Shares as of the date of surrender of
the applicable Exercise Form at the Warrant Agent Office duly executed by the Holder thereof and
upon payment of the Exercise Amount or the deemed payment of the Exercise Amount in connection with
a Cashless Exercise.

          (g) In the event that any Holder makes a partial exercise of the Warrants evidenced by any
Warrant Certificate, the Warrant Agent shall issue and deliver a new Warrant Certificate to the
applicable Holder evidencing a number of Warrants equal to the number of Warrants represented by
the Warrant Certificate immediately prior to such partial exercise minus

10

 

the number of Warrants
exercised in such partial exercise. The Warrant Agent is hereby authorized and directed to
countersign such new Certificate.

          (h) Any exercise of a Warrant pursuant to the terms of this Agreement shall be irrevocable and
shall constitute a binding agreement between the Holder and the Company, enforceable in accordance
with its terms.

          (i) The Warrant Agent shall:

               (i) examine the Exercise Forms and all other documents delivered to it by or on behalf of
Holders as contemplated hereunder to ascertain whether or not, on their face, such Exercise Forms
and any such other documents have been executed and completed in accordance with their terms and
the terms hereof;

               (ii) where an Exercise Form or any other document appears on its face to have been improperly
completed or executed or some other irregularity in connection with the exercise of the Warrants
exists, the Warrant Agent shall endeavor to inform the appropriate parties (including the person
submitting such instrument) of the need for fulfillment of all requirements, specifying those
requirements which appear to be unfulfilled;

               (iii) inform the Company of and cooperate with and assist the Company in resolving any
reconciliation problems between Exercise Forms received and delivery of Warrants to the Warrant
Agent’s account;

               (iv) advise the Company no later than three (3) Business Days after receipt of any Exercise
Form, of (a) the receipt of such Exercise Form and the number of Warrants evidenced thereby that
have been exercised in accordance with the terms and
conditions of this Agreement, (b) the instructions with respect to delivery of the Warrant
Shares deliverable upon such exercise, subject to timely receipt from the Depositary of the
necessary information, and (c) such other information as the Company shall reasonably require; and

               (v) subject to Warrant Shares being made available to the Warrant Agent by or on behalf of the
Company for delivery to the Depositary, liaise with the Depositary and endeavor to effect such
delivery to the relevant accounts at the Depositary in accordance with its customary requirements.

          (j) All questions as to the validity, form and sufficiency (including time of receipt) of any
exercised Warrant, Exercise Form or the Warrant Certificate evidencing any exercised Warrant will
be determined by the Company in its reasonable discretion, which determination shall be final and
binding absent any manifest error. The Company reserves the right to reject any and all Exercise
Forms not in proper form or for which any corresponding agreement by the Company to exchange would,
in the opinion of the Company, be unlawful. Such determination by the Company shall be final and
binding on the Holders, absent manifest error. Moreover, the Company reserves the absolute right
to waive any of the conditions to the exercise of Warrants or defects in the exercise thereof with
regard to any particular exercise of Warrants. Neither the Company nor the Warrant Agent shall be
under any duty to give notice to the Holders of the Warrants of any irregularities in any exercise
of Warrants, nor shall it incur any liability for the failure to give such notice.

11

 

          (k) Prior to the delivery of any Warrant Shares upon the exercise of a Warrant, the Holder
shall pay, or make adequate provision acceptable to the Company for the satisfaction of, the
statutory minimum prescribed amount of federal and state income tax and other withholding
obligations of the Company, including with respect to any Cashless Exercise permitted hereunder, by
having the Company withhold from the number of Warrant Shares otherwise deliverable in connection
with such exercise, a number of Warrant Shares which, when multiplied by the Quoted Price, is equal
to the amount of such federal and state tax and other withholding obligations, and such withheld
Warrant Shares shall no longer be issuable under the Warrant.

          (l) The Company acknowledges that the bank accounts maintained by Computershare in connection
with the services provided under this Agreement will be in its name and that Computershare may
receive investment earnings therefrom. Neither the Company nor the Holders will be entitled to
receive interest on any deposits of the Exercise Price.

          Section 3.3 Reservation of Warrant Shares.

          (a) For the purpose of enabling it to satisfy any obligation to issue Warrant Shares upon
exercise of Warrants, the Company will at all times through the Expiration Date, reserve and keep
available out of its aggregate authorized but unissued or treasury shares of Common Stock, a number
of shares equal to the number of Warrant Shares deliverable upon the exercise of all outstanding
Warrants, and the Company’s Transfer Agent is hereby irrevocably authorized and directed at all
times to reserve such number of authorized and unissued or treasury shares of Common Stock as shall
be required for such purpose. The Company will keep a copy of this Agreement on file with the
Transfer Agent. The Warrant Agent is hereby irrevocably authorized to requisition from time to
time from such Transfer Agent stock certificates evidencing Warrant Shares issuable upon exercise
of outstanding Warrants, and the Company will supply such Transfer Agent with duly executed stock
certificates for such purpose.

          (b) The Company covenants that all Warrant Shares issued upon exercise of the Warrants will,
upon issuance in accordance with the terms of this Agreement, be fully paid and nonassessable and
free from all taxes, liens, charges and security interests created by or imposed upon the Company
with respect to the issuance thereof. 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 exercise in full of the Warrants, the Company will use its commercially reasonable efforts
to promptly take such corporate action as may, in the opinion of its counsel, be necessary to
increase its authorized but unissued shares to such number of shares as shall be sufficient for
such purposes. The Company agrees that its issuance of Warrants shall constitute full authority to
its officers who are charged with the issuance of Warrant Shares to issue Warrant Shares upon the
exercise of Warrants. Without limiting the generality of the foregoing, the Company will not
increase the stated or par value per share, if any, of the Common Stock above the Exercise Price
per share in effect immediately prior to such increase in stated or par value.

12

 

ARTICLE 4

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS

          Section 4.1 No Rights as Stockholder Conferred by Warrants, Book-Entry Warrants or Warrant
Certificates. No Book-Entry Warrant, Warrant Certificate or Warrant evidenced thereby shall,
and nothing contained in this Agreement shall be construed to, entitle the Holder or any beneficial
owner thereof to any of the rights of a registered holder or beneficial owner of shares of Common
Stock, including, without limitation, the right to receive (as a stockholder) any dividends or
distributions paid with respect to shares of Common Stock, the right to vote or to consent or to
receive notice as a stockholder of the Company with respect to the election of directors of the
Company or any other matter with respect to which stockholders of the Company are entitled to vote
or consent or receive notice, or any other rights whatsoever as stockholders of the Company.

          Section 4.2 Lost, Mutilated, Stolen or Destroyed Warrant Certificates. If any of the Warrant Certificates shall be mutilated, lost, stolen or destroyed, the Company
shall issue, and the Warrant Agent shall countersign and deliver, in exchange and substitution for,
and upon cancellation of the mutilated Warrant Certificate, or in lieu of and substitution for the
Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate of like tenor and
representing an equivalent number of Warrants, but only upon receipt of evidence reasonably
satisfactory to the Warrant Agent and the Company of the loss, theft or destruction of such Warrant
Certificate and an affidavit and the posting of an indemnity or bond satisfactory to the Warrant
Agent and the Company. Applicants for such substitute Warrant Certificates shall also comply with
such other reasonable regulations and pay such other reasonable charges as the Warrant Agent may
prescribe and as required by Section 8-405 of the Uniform Commercial Code as in effect in the State
of New York.

          Section 4.3 Cancellation of Warrants. If the Company shall purchase or otherwise acquire
Warrants, the Warrant Certificates representing such Warrants shall thereupon be delivered to the
Warrant Agent, if applicable, and shall be promptly cancelled 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 cause all
cancelled Warrant Certificates to be destroyed and shall deliver a certificate of such destruction
to the Company.

ARTICLE 5

EXCHANGE AND TRANSFER

Section 5.1 Exchange and Transfer.

          (a) Transfer and Exchange of Warrant Certificates or Beneficial Interests Therein. The
Warrant Agent shall, upon receipt of all information required to be delivered hereunder, from time
to time register the transfer of any outstanding Warrants in the Warrant Register, upon delivery to
the Warrant Agent, at its office designated for such purpose, of a

13

 

properly completed form of
assignment substantially in the form of Exhibit C hereto, duly signed by the Registered
Holder thereof or by the duly appointed legal representative thereof or by a duly authorized
attorney, such signature to be guaranteed by a participant in the Securities Transfer Agent
Medallion Program, the Stock Exchanges Medallion Program or the New York Stock Exchange, Inc.
Medallion Signature Program and, in the case of a transfer of a Global Warrant Certificate, upon
surrender to the Warrant Agent of such Global Warrant Certificate, duly endorsed. Upon any such
registration of transfer, a new Global Warrant Certificate or a Warrant Statement, as the case may
be, shall be issued to the transferee.

          (b) Exchange of a Beneficial Interest in a Warrant Certificate for a Book-Entry Warrant.

               (i) Any Holder of a beneficial interest in a Warrant Certificate may, upon request, exchange
such beneficial interest for a Book-Entry Warrant. Upon receipt by the Warrant Agent from the
Depositary or its nominee of written instructions or such other form of instructions as is
customary for the Depositary on behalf of any person having a beneficial interest in a Warrant
Certificate, the Warrant Agent shall cause, in accordance with the standing instructions and
procedures existing between the Depositary and Warrant Agent, the number of Warrants represented by
the Warrant Certificate to be reduced by the number of Warrants to be represented by the Book-Entry
Warrants to be issued in exchange for the beneficial interest of such person in the Warrant
Certificate and, following such reduction, the Warrant Agent shall register in the name of the
Holder a Book-Entry Warrant and deliver to said Holder a Warrant Statement.

               (ii) Book-Entry Warrants issued in exchange for a beneficial interest in a Warrant Certificate
pursuant to this Section 5.1(a) shall be registered in such names as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the
Warrant Agent. The Warrant Agent shall deliver the applicable Warrant Statements to the persons in
whose names such Warrants are so registered.

          (c) Transfer and Exchange of Book-Entry Warrants. When Book-Entry Warrants are presented to
the Warrant Agent with a written request (i) to register the transfer of the Book-Entry Warrants;
or (ii) to exchange such Book-Entry Warrants for an equal number of Book-Entry Warrants of other
authorized denominations, then the Warrant Agent shall register the transfer or make the exchange
as requested if its customary requirements for such transactions are met; provided,
however, that the Warrant Agent has received a written instruction of transfer in form
satisfactory to the Warrant Agent, duly executed by the Registered Holder thereof or by his
attorney, duly authorized in writing.

          (d) Restrictions on Exchange or Transfer of a Book-Entry Warrant for a Beneficial Interest in
a Warrant Certificate. A Book-Entry Warrant may not be exchanged for a beneficial interest in a
Warrant Certificate except upon satisfaction of the requirements set forth below. Upon receipt by
the Warrant Agent of appropriate instruments of transfer with respect to a Book-Entry Warrant, in
form satisfactory to the Warrant Agent, together with written instructions directing the Warrant
Agent to make, or to direct the Depositary to make, an endorsement on the Warrant Certificate to
reflect an increase in the number of Warrants represented by the Warrant Certificate equal to the
number of Warrants represented by such

14

 

Book-Entry Warrant, then the Warrant Agent shall cancel such
Book-Entry Warrant on the Warrant Register and cause, or direct the Depositary to cause, in
accordance with the standing instructions and procedures existing between the Depositary and the
Warrant Agent, the number of Warrants represented by the Warrant Certificate to be increased
accordingly. If no Warrant Certificates are then outstanding, the Company shall issue and the
Warrant Agent shall countersign a new Warrant Certificate representing the appropriate number of
Warrants.

          (e) Restrictions on Transfer and Exchange of Warrant Certificates. Notwithstanding any other
provisions of this Agreement (other than the provisions set forth in Section 5.1(f)),
unless and until it is exchanged in whole for a Book-Entry Warrant, a Warrant Certificate may not
be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary.

          (f) Book-Entry Warrants. If at any time:

               (i) the Depositary for the Warrant Certificates notifies the Company that the Depositary is
unwilling or unable to continue as Depositary for the Warrant Certificates and a successor
Depositary for the Warrant Certificates is not appointed by the Company within ninety (90) days
after delivery of such notice; or

               (ii) the Company, in its sole discretion, notifies the Warrant Agent in writing that it elects
to exclusively cause the issuance of Book-Entry Warrants under this Agreement, then the Warrant
Agent, upon written instructions signed by an officer of the Company, shall register Book-Entry
Warrants, in an aggregate number equal to the number of Warrants represented by the Warrant
Certificates, in exchange for such Warrant Certificates.

          (g) Restrictions on Transfer. No Warrants or Warrant Shares shall be sold, exchanged or
otherwise transferred in violation of the Securities Act or state securities laws.

          (h) Cancellation of Warrant Certificate. At such time as all beneficial interests in Warrant
Certificates have either been exchanged for Book-Entry Warrants, or been redeemed, repurchased or
cancelled, all Warrant Certificates shall be returned to, or retained and cancelled by, the Warrant
Agent, upon written instructions from the Company satisfactory to the Warrant Agent, subject to
applicable law.

          Section 5.2 Obligations with Respect to Transfers and Exchanges of Warrants.

          (a) To permit registrations of transfers and exchanges, the Company shall execute Warrant
Certificates, if applicable, and the Warrant Agent is hereby authorized, in accordance with the
provisions of Section 2.3 and this Article 5, to countersign such Warrant
Certificates, either manually or by facsimile signature, if applicable, or register Book-Entry
Warrants, if applicable, as required pursuant to the provisions of this Article 5 and for
the purpose of any distribution of new Warrant Certificates contemplated by Section 4.2 or
additional Warrant Certificates contemplated by Article 6.

15

 

          (b) All Book-Entry Warrants and Warrant Certificates issued upon any registration of transfer
or exchange of Book-Entry Warrants or Warrant Certificates shall be the valid obligations of the
Company, entitled to the same benefits under this Agreement as the Book-Entry Warrants or Warrant
Certificates surrendered upon such registration of transfer or exchange.

          (c) No service charge shall be imposed upon a Holder for any registration, transfer or
exchange 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 on the Holder in connection with any such exchange or
registration of transfer.

          (d) So long as the Depositary, or its nominee, is the registered owner of a Warrant
Certificate, the Depositary or such nominee, as the case may be, will be considered the sole owner
or holder of the Warrants represented by such Warrant Certificate for all purposes under this
Agreement. Except as provided in Section 5.1(a) and Section 5.1(f) upon the
exchange of a beneficial interest in a Warrant Certificate for Book-Entry Warrants, Beneficial
Holders will not be entitled to have any Warrants registered in their names, and will under no
circumstances be entitled to receive physical delivery of any such Warrants and will not be
considered the Registered Holder thereof under the Warrants or this Agreement. Neither the Company
nor the Warrant Agent, in its capacity as registrar for such Warrants, will have any responsibility
or liability for any aspect of the records relating to beneficial interests in a Warrant
Certificate or for maintaining, supervising or reviewing any records relating to such beneficial
interests.

          (e) Subject to Section 5.1(a), Section 5.1(c) and Section 5.1(d) and
this Section 5.2, the Warrant Agent shall, upon receipt of all information required to be
delivered hereunder, from time to time register the transfer of any outstanding Warrants in the
Warrant Register, upon surrender of Warrant Certificates, if applicable, representing such Warrants
at the Warrant Agent Office as set forth in Section 8.2, duly endorsed, and accompanied by
a completed form of assignment substantially in the form of Exhibit C attached hereto (or
with respect to a Book-Entry Warrant, only such completed form of assignment substantially in the
form of Exhibit C attached hereto), duly signed by the Registered Holder thereof or by the
duly appointed legal representative thereof or by a duly authorized attorney, such signature to be
guaranteed by a participant in the Securities Transfer Agent Medallion Program, the Stock Exchanges
Medallion Program or the New York Stock Exchange, Inc. Medallion Signature Program. Upon any such
registration of transfer, a new Warrant Certificate or a Warrant Statement, as the case may be,
shall be issued to the transferee.

          Section 5.3 Restrictions on Transfers. The Warrants are issued in reliance upon an
exemption from the registration requirements of Section 5 of the Securities Act provided by Section
1145 of the Bankruptcy Code. The Warrants will not be registered under the Securities Act or any
state securities law, and to the extent a holder of the Warrants is an “underwriter” under the
Securities Act, the Warrants may not be sold or transferred in the absence of an effective
registration statement under the Securities Act or an exemption from registration thereunder.

16

 

          Section 5.4 Treatment of Holders of Warrant Certificates. Each Holder of a Warrant
Certificate, by accepting the same, consents and agrees with the Company, the Warrant Agent and
every subsequent Holder of such Warrant Certificate that until the transfer of such Warrant
Certificate is registered on the books of the Warrant Agent, the Company and the Warrant Agent may
treat the registered Holder of such 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.

Section 5.5 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which
will result in the issuance of a Warrant Certificate for a fraction of a Warrant.

ARTICLE 6

ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES

          Section 6.1 Adjustments Generally. The Exercise Price, the number of Warrant Shares
issuable upon exercise of each Warrant and the number of Warrants outstanding are subject to
adjustment from time to time upon the occurrence of any of the events enumerated in this
Article 6. To the extent the context so requires, all references in this Article 6
to the Common Stock shall be deemed, as of a particular time, to include any other securities
included within the “Warrant Shares” as of such time.

          Section 6.2 Certain Mechanical Adjustments. If after the Effective Date, and subject to
the provisions of Section 6.7, the Company shall (i) declare a dividend or make a
distribution on the Common Stock payable in shares of Common Stock, (ii) subdivide, reclassify or
recapitalize its outstanding Common Stock into a greater number of shares, (iii) combine,
reclassify or recapitalize its outstanding Common Stock into a smaller number of shares, or (iv)
issue any shares of its capital stock by reclassification of its Common Stock, the number of
Warrant Shares issuable upon exercise of Warrants at the time of the record date of such dividend,
distribution, subdivision, combination, reclassification or recapitalization shall be adjusted so
that the Holders shall be entitled to receive the aggregate number and kind of shares which, if
their Warrants had been exercised in full immediately prior to such event, the Holders would have
owned upon such exercise and been entitled to receive by virtue of such dividend, distribution,
subdivision, combination, reclassification or recapitalization. Any adjustment required by this
Section shall be made successively immediately after the distribution date, in the case of a
dividend or distribution, or the effective date, in the case of a subdivision, combination,
reclassification or recapitalization, to allow the purchase of such aggregate number and kind of
shares.

          Section 6.3 Dividends and Other Distributions.

          (a) If at any time prior to the exercise in full of the Warrants, the Company shall fix a
record date for the issuance or making of a distribution to all holders of the Common Stock
(including any such distribution to be made in connection with a consolidation or merger in which
the Company is to be the continuing corporation and any such distribution taking the

17

 

form of a pro
rata repurchase of shares of Common Stock) of evidences of its indebtedness, any other securities
or any cash, property or other assets (excluding a combination, reclassification or
recapitalization referred to in Section 6.2, and excluding any dividends payable solely in
cash) or of subscription rights, options or warrants to purchase or acquire any capital stock of
the Company (excluding stock dividends and stock reclassifications referred to in Section
6.2) (any
such event being herein called a “Non-Cash Dividend”), the Exercise Price shall be
decreased immediately after the record date for such Non-Cash Dividend to a price determined by
multiplying the Exercise Price then in effect by a fraction, the numerator of which shall be the
then Current Market Price of the Common Stock on the Ex-Dividend Date for such Non-Cash Dividend
less the fair market value (as determined in good faith by the Company’s Board of Directors based
on the written advice of an independent financial advisory firm of national reputation, without
regard to any illiquidity or minority discounts) of the evidences of indebtedness, securities,
property or other assets issued or distributed in such Non-Cash Dividend applicable to one share of
Common Stock or of such subscription rights or warrants applicable to one share of Common Stock,
and the denominator of which shall be such then Current Market Price per share of Common Stock on
the Ex-Dividend Date for such Non-Cash Dividend.

          (b) If at any time prior to the exercise in full of the Warrants, the Company shall fix a
record date for the issuance or making of a distribution to all holders of the Common Stock of any
dividend payable solely in cash (any such dividend being referred to as a “Cash Dividend”),
the Exercise Price shall be decreased immediately after the record date for such Cash Dividend to a
price determined by multiplying the Exercise Price then in effect by a fraction, the numerator of
which shall be the then Current Market Price of the Common Stock on the Ex-Dividend Date for such
Cash Dividend less the Per Share Dividend Amount, and the denominator of which shall be such then
Current Market Price per share of Common Stock on the Ex-Dividend Date for such Cash Dividend.

          (c) Any adjustment required by this Section 6.3 shall be made successively whenever
such a record date is fixed and in the event that such distribution is not so made, the Exercise
Price shall again be adjusted to be the Exercise Price that was in effect immediately prior to such
record date. For purposes of this Section 6.3, “Current Market Price” per share
of Common Stock at any date shall mean, (i) if the Common Stock is then listed on a national
securities exchange, the average of the daily Quoted Prices for ten (10) consecutive trading days
immediately prior to such date, or (ii) if the Common Stock is not then so listed, the Quoted Price
immediately prior to such date.

          Section 6.4 Adjustments in Exercise Price. Whenever the number of Warrant Shares issuable
upon the exercise of Warrants is adjusted pursuant to Section 6.2, the Exercise Price shall
be adjusted (to the nearest cent) by multiplying the Exercise Price applicable immediately prior to
such adjustment by a fraction (x) the numerator of which shall be the number of Warrant Shares
issuable upon exercise of each Warrant immediately prior to such adjustment, and (y) the
denominator of which shall be the number of Warrant Shares issuable upon exercise of each Warrant
immediately after such adjustment. Subject to Section 6.7, whenever the Exercise Price is
adjusted pursuant to Section 6.3, the number of Warrant Shares issuable upon exercise of
the Warrants shall simultaneously be adjusted by multiplying the number of Warrant Shares initially
issuable upon exercise of each Warrant by the Exercise Price

18

 

in effect on the date thereof and
dividing the product so obtained by the Exercise Price, as adjusted.

          Section 6.5 Reclassification or Reorganization Event. In the case of any reclassification or reorganization of the outstanding shares of Common Stock
or other Warrant Shares (other than a change covered by Section 6.2 or that solely affects
the par value of such shares of Common Stock), each Holder shall thereafter have the right to
exercise its Warrants and in lieu of the Warrant Shares that would otherwise be issuable upon such
exercise, receive the kind and amount of shares of stock or other securities or property (including
cash) that such Holder would have received pursuant to such reclassification or reorganization if
such Holder had exercised such Warrants immediately prior to such event. The immediately preceding
sentence shall similarly apply to successive reclassifications and reorganizations. If a
Reorganization Event shall occur, the certificate or articles of incorporation of the continuing or
surviving or acquiring or resulting entity, or any contract or agreement providing for such
Reorganization Event, shall provide that, so long as any Warrant remains outstanding, each Warrant,
upon the exercise thereof at any time after the consummation of such Reorganization Event, shall be
exercisable into (at an initial Exercise Price equal to the Exercise Price in effect immediately
prior to such Reorganization Event, but subject to any adjustment pursuant to the terms hereof), in
lieu of the Warrant Shares issuable upon such exercise prior to such consummation, the amount of
cash, securities or other property receivable pursuant to such Reorganization Event by a holder of
the number of shares of Warrant Shares for which a Warrant is exercisable immediately prior to the
effective time of such Reorganization Event. The provisions set forth herein providing for
adjustments and otherwise for the protection of the holders of Warrants shall thereafter continue
to be applicable on an as nearly equivalent basis as may be practicable and any such continuing,
surviving, acquiring or resulting entity shall expressly assume all of the obligations of the
Company set forth herein to the extent applicable. It is acknowledged and agreed that if, in
connection with any Reorganization Event, the Warrants become exercisable solely for cash, and the
Exercise Price is higher than the amount of cash for which such Warrant is exercisable, then, upon
consummation of such reorganization, all Warrants then outstanding with such higher Exercise Price
shall automatically be terminated and cancelled without payment, and the Company may unilaterally
terminate this Warrant Agreement by giving written notice thereof to the Warrant Agent. For
purposes hereof, a “Reorganization Event” shall mean (i) a consolidation, merger,
amalgamation, share exchange, sale of all or substantially all assets or similar transaction of the
Company with or into another Person pursuant to which the Common Stock is changed into, converted
into or exchanged for cash, securities or other property (whether of the Company or another Person)
other than in circumstances covered by Section 6.2; (ii) a reorganization, recapitalization
or reclassification or similar transaction in which the Common Stock is exchanged for securities
other than Common Stock (other than in circumstances covered by Section 6.2); or (iii) a
statutory exchange of the outstanding shares of Common Stock for securities of another Person. The
provisions of this Section 6.5 shall apply similarly to all successive reclassifications,
reorganizations and events constituting Reorganization Events.

          Section 6.6 Notices of Changes in Warrant and Other Events. Upon every adjustment of
the Exercise Price or the number of shares issuable upon exercise of a Warrant, the Company shall
give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price
resulting from such adjustment and the increase or decrease, if any, in the number

19

 

of shares of
Common Stock purchasable at such price upon the exercise of a Warrant, setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is based. Upon the
occurrence of any event specified in Sections 6.2, 6.3 or 6.5,
then, in any such event, the Company shall give or cause to be given written notice to each Holder,
by press release or at the last address set forth for such Holder in the register books of the
Warrant Agent, of the record date or the effective date of the event. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such event. To the extent not
covered (on or before the time period required below) by any statement or other notice delivered or
required to be delivered pursuant hereto, and excluding any events specified in Sections
6.2, 6.3 or 6.5, the Company shall give notice to each Registered Holder and
other Holder by press release or by mail if at any time, prior to the expiration or exercise in
full of the Warrants, any of the following events shall occur:

          (a) the Company shall authorize the payment of any dividend payable in any securities (other
than shares of Common Stock in a dividend to which the adjustments set forth in this Agreement
apply) or authorize the making of any dividend or distribution (other than cash dividends to which
the adjustments set forth in this Agreement apply) to all holders of Common Stock or any other
class or series of stock then forming part of the Warrant Shares; or

          (b) the Company shall authorize the issuance to all holders of Common Stock (or other class or
series of stock then forming part of the Warrant Shares) of any additional securities (other than a
stock dividend to which the adjustments set forth in this Agreement apply) or of rights, options or
warrants to subscribe for or purchase any securities; or

          (c) the Company shall authorize a capital reorganization or reclassification of any class or
series of stock then forming part of the Warrant Shares (other than a reorganization or
reclassification for which the adjustments set forth in this Agreement apply), or any dissolution,
liquidation or winding up of the Company.

     Such giving of notice shall be initiated at least ten (10) Business Days prior to the date
fixed as a record date or effective date or the date of closing of the Company’s stock transfer
books for the determination of the stockholders entitled to such dividend, distribution or issuance
or for the determination of stockholders entitled to vote on the proposed event set forth in
paragraph (c) above. Such notice shall specify such record date or the date of closing of the
stock transfer books, as the case may be. Failure to provide such notice shall not affect the
validity of any action taken in connection with such dividend, distribution, issuance or other
proposed transaction. For the avoidance of doubt, no such notice shall supersede or limit any
adjustment otherwise called for hereby by reason of any event as to which notice is required by
this Section 6.6.

          Section 6.7 No Fractional Shares. Notwithstanding any provision contained in this
Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants.
If, by reason of any adjustment made pursuant to this Article 6, any Holder would be
entitled, upon the exercise of such Warrant, to receive a fractional interest in a share of Common
Stock, the Company shall, upon such exercise, round down to the nearest whole number the number of
shares of Common Stock to be issued to the Holder.

20

 

          Section 6.8 Form of Warrant. The form of Warrant or Warrant Certificate need not be
changed because of any adjustment pursuant to this Article 6, and Warrant Certificates
issued after such adjustment may state the same Exercise Price and the same number of shares as is
stated in the Warrant Certificates initially issued pursuant to this Agreement. However, the
Company may at any time in its sole discretion make any change in the form of Warrant or Warrant
Certificate that the Company may deem appropriate and that does not affect the substance thereof,
and any Warrant Certificates thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed.

          Section 6.9 De Minimis Adjustments. No adjustment in the number of Warrant Shares
purchasable hereunder shall be required unless such adjustment would require an increase or
decrease of at least one percent (1%) in the number of Warrant Shares purchasable upon the exercise
of each Warrant; provided, however, that any adjustments which by reason of this
Section 6.9 are not required to be made shall be carried forward and taken into account in
any subsequent adjustment. All calculations shall be made to the nearest cent and to the nearest
one-hundredth of a Warrant Share, as the case may be.

ARTICLE 7

CONCERNING THE WARRANT AGENT

          Section 7.1 Warrant Agent. The Warrant Agent shall serve as the agent of the Company in
respect of the Warrants and the Warrant Certificates, upon the terms of, and subject to the
conditions set forth in, this Agreement and the Warrant Certificates. The Warrant Agent shall have
the powers and authority granted to and conferred upon it hereunder and in the Warrant
Certificates, and such further powers and authority as the Company may hereafter grant to or confer
upon it. All of the terms and provisions with respect to such powers and authority contained in
the Warrant Certificates are subject to and governed by the terms and provisions of this Agreement.

          Section 7.2 Conditions of Warrant Agent’s Obligations.

          (a) 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:

               (i) Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent
the compensation to be agreed upon between the Company and the Warrant Agent for all services
rendered by the Warrant Agent and to reimburse the
Warrant Agent for reasonable out-of-pocket expenses incurred by the Warrant Agent without
negligence, bad faith or willful misconduct or breach of this Agreement on its part 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,

21

 

arising out
of or in connection with its acting as the Warrant Agent hereunder, as well as the reasonable costs
and expenses of defending against any claim of such liability. In addition, from time to time,
Company may provide the Warrant Agent with instructions concerning the services performed by the
Warrant Agent hereunder. In addition, at any time Warrant Agent may apply to any officer of
Company for instruction, and may consult with legal counsel for Company with respect to any matter
arising in connection with the services to be performed by the Warrant Agent under this Agreement.
The Warrant Agent and its agents and subcontractors shall not be liable and shall be indemnified by
Company for any action taken or omitted by the Warrant Agent in reliance upon any Company
instructions or upon the advice or opinion of such counsel. The Warrant Agent shall not be held to
have notice of any change of authority of any person, until receipt of written notice thereof from
Company.

               (ii) Agent for the Company. In acting under this Agreement and in connection with the
Warrants and the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company
and does not assume any obligation or relationship of agency or trust for or with any of the
Holders of Warrant Certificates or beneficial owners of Warrants.

               (iii) Counsel. The Warrant Agent may consult with counsel satisfactory to it in its
reasonable judgment (who may be counsel for the Company), and the 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.

               (iv) Documents. Subject to Section 3.2(j), 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 Warrant Certificate, Exercise Form, 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. The Company shall perform, execute, acknowledge and
deliver or cause to be performed, executed, acknowledged and/or delivered all such further acts,
instruments and documents as may reasonably be required by the Warrant Agent for the carrying out
of the provisions of this Agreement.

               (v) 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
Shares or other obligations of the Company as freely as if it were not the Warrant Agent hereunder.

               (vi) No Liability for Interest. 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.

               (vii) No Liability for Invalidity. 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 to execute this Agreement and the due

22

 

execution and delivery hereof
by the Warrant Agent) or, subject to Section 3.2(j), with respect to the validity or
execution of any Warrant Certificates (except its countersignature thereof).

               (viii) No Liability for Recitals. The recitals contained herein shall be taken as the
statements of the Company and the Warrant Agent assumes no liability for the correctness of the
same.

               (ix) 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
countersigned 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.

               (x) Aggregate Liability. Notwithstanding anything contained herein to the contrary, the
Warrant Agent’s aggregate liability during any term of this Agreement with respect to, arising
from, or arising in connection with this Agreement, or from all services provided or omitted to be
provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and
shall not exceed, other than in the case of the Warrant Agent’s bad faith or willful misconduct,
the amounts paid hereunder by the Company to Warrant Agent as fees and charges, but not including
reimbursable expenses,

               (xi) Damages. Neither party to this agreement shall be liable to the other party for any
consequential, indirect, special or incidental damages under any provisions of this agreement or
for any consequential, indirect, penal, special or incidental damages arising out of any act or
failure to act hereunder even if that party has been advised of or has foreseen the possibility of
such damages.

          Section 7.3 Resignation and Appointment of Successor.

          (a) The Company agrees, for the benefit of the Holders from time to time, that there shall at
all times be a Warrant Agent hereunder until all the Warrants have been exercised
or are no longer exercisable. The initial Warrant Agent and any successor Warrant Agent
hereunder shall be the Company or a bank or trust company in good standing, and shall be authorized
under the laws of the jurisdiction of its organization to exercise corporate trust powers and
subject to examination by federal or state authority.

          (b) The Warrant Agent may at any time resign as such by giving written notice of its
resignation to the Company, specifying the desired date on which its resignation shall become
effective; provided, however, that such date shall be not less than ninety (90) days

23

 

after the date
on which such notice is given unless the Company agrees to accept shorter notice. Upon receiving
such notice of resignation, the Company shall promptly appoint a successor Warrant Agent (which
shall be the Company or a bank or trust company in good standing, authorized under the laws of the
jurisdiction of its organization to exercise corporate trust powers and subject to examination by
federal or state authority) by written instrument in duplicate signed on behalf of the Company, one
copy of which shall be delivered to the resigning Warrant Agent and one copy to the successor
Warrant Agent. The Company may, at any time and for any reason at no cost to the Holders, remove
the Warrant Agent and appoint a successor Warrant Agent (qualified as aforesaid) by written
instrument in duplicate signed on behalf of the Company and specifying such removal and the date
when it is intended to become effective, one copy of which shall be delivered to the Warrant Agent
being removed and one copy to the successor Warrant Agent. Any resignation or removal of the
Warrant Agent and any appointment of a successor Warrant Agent shall become effective upon
acceptance of appointment by the successor Warrant Agent as provided in this subsection (b). In
the event a successor Warrant Agent has not been appointed and accepted its duties within ninety
(90) 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. Upon its resignation or
removal, the Warrant Agent shall be entitled to the payment by the Company of the compensation and
to the reimbursement of all reasonable out-of-pocket expenses incurred by it hereunder as agreed to
in Section 7.2(a).

          (c) The Company shall remove the Warrant Agent and appoint a successor Warrant Agent if the
Warrant Agent (i) shall become incapable of acting, (ii) shall be adjudged bankrupt or insolvent,
(iii) shall commence a voluntary case or other proceeding seeking liquidation, reorganization or
other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian
or other similar official of it or any substantial part of its property, (iv) shall consent to, or
shall have had entered against it a court order for, any such relief or to the appointment of or
taking possession by any such official in any involuntary case or other proceedings commenced
against it, (v) shall make a general assignment for the benefit of creditors or (vi) shall fail
generally to pay its debts as they become due. Upon the appointment as aforesaid of a successor
Warrant Agent and acceptance by it of such appointment, the predecessor Warrant Agent shall, if not
previously disqualified by operation of law, cease to be Warrant Agent hereunder.

          (d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to
its predecessor and 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, immunities,
duties and obligations of such predecessor with like effect as if originally named as Warrant
Agent hereunder, and such predecessor 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

24

 

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. No costs and expenses associated with any
replacement or appointment of a successor Warrant Agent shall be paid by the Holders.

          (f) In the event a successor Warrant Agent shall be appointed, the Company shall (i) give
notice thereof to the predecessor Warrant Agent and the transfer agent for the Warrant Shares not
later than the effective date of any such appointment, and (ii) cause written notice thereof to be
delivered to each Registered Holder at such holder’s address appearing on the Warrant Register.
Failure to give any notice provided for in this Section or any defect therein shall not affect the
legality or validity of the removal of the Warrant Agent or the appointment of a successor Warrant
Agent, as the case may be.

ARTICLE 8

MISCELLANEOUS

          Section 8.1 Amendment. The terms of the Warrants may be amended by the Company,
provided, that the affirmative vote or consent of the Holders of Warrants exercisable for a
majority of the Warrant Shares then issuable upon exercise of the Warrants then outstanding shall
be required if the rights of the Holders are adversely affected by such amendment;
provided, however, that the consent of each Holder of a Warrant affected shall be
required for any amendment of this Agreement that would (i) increase the Exercise Price or decrease
the number of Warrant Shares purchasable upon exercise of the Warrants, or alter the Company’s
obligation to issue Warrant Shares upon exercise of the underlying Warrant (other than adjustments
made pursuant to Section 6 hereof), (ii) change the Expiration Date to an earlier date, or
(iii) treat such Holder differently in an adverse way from any other Holder of Warrants.
Notwithstanding anything to the contrary herein, upon the delivery of a certificate from a Company
executive officer which states that the proposed amendment is in compliance with the terms of this
Agreement and, provided such supplement or amendment does not change the Warrant Agent’s rights,
duties, liabilities or obligations hereunder, the Warrant Agent shall execute such amendment. Any
amendment effected pursuant to and in accordance with this Section will be binding upon all Holders
and upon each future Holder, the Company and the Warrant Agent. In the event of any amendment, the
Company will give prompt notice thereof to all Registered Holders and, if appropriate,
notation thereof will be made on all Warrant Certificates thereafter surrendered for registration
of transfer or exchange.

          Section 8.2 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.

          (a) Any notice or communication from the Warrant Agent to the Company with respect to this
Agreement shall be addressed to Tronox Incorporated, 3301 NW 150th

25

 

Street, Oklahoma City, OK 73134,
Attention: President, and any notice or communication from the Company to the Warrant Agent with
respect to this Agreement shall be addressed to such address as shall be specified in writing by
the Warrant Agent to the Company from time to time (or such other address as shall be specified in
writing by the Warrant Agent or by the Company). Any notice or communication that is given to any
Holder pursuant to this Agreement or with respect to any Warrant, Book-Entry Warrant or Warrant
Certificate shall be addressed to such Holder’s address as it appears on the books of the Warrant
Agent.

          (b) All notices and communications made to the Company, the Warrant Agent or any Holder
pursuant to this Agreement or any Warrant Certificate shall be in writing and shall be conclusively
deemed to have been duly given (i) when hand delivered to the receiving party; (ii) three (3)
Business Days after deposit in the U.S. mail with first class or certified mail receipt requested
postage prepaid; or (iii) the next Business Day after deposit with a national overnight delivery
service, postage prepaid, with next Business Day delivery guaranteed, provided that the sending
party receives a confirmation of delivery from the delivery service provider.

          Section 8.3 Applicable Law; Waiver of Jury Trial. The validity, interpretation and
performance of this Agreement and each Warrant Certificate issued hereunder and of the respective
terms and provisions hereof and thereof shall be governed by, and construed in accordance with, the
laws of the State of Delaware, without regard to any conflicts of law provision that would require
the application of the law of any other jurisdiction. Nothing herein is intended to circumvent any
duties owed by the parties to one another (including without limitation any duties owed to the
Holders as express third-party beneficiaries), or to limit any implied covenant of good faith and
fair dealing as applicable hereto, under the governing law of this Warrant Agreement. THE COMPANY,
THE WARRANT AGENT, AND EACH HOLDER HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ANY
RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF,
UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY WARRANT CERTIFICATE OR WARRANT ISSUED
HEREUNDER.

          Section 8.4 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 8.5 Counterparts. This Agreement may be executed in any number of counterparts,
any of which may be delivered via facsimile, PDF, or other forms of electronic delivery, 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.

          Section 8.6 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 Book-Entry Warrant or Warrant Certificate. The Warrant Agent may require such Holder
of a Warrant Certificate to submit such Warrant Certificate for inspection by it.

26

 

          Section 8.7 Benefits of This Agreement. This Agreement is otherwise intended solely for
the benefit of the Company, the Warrant Agent and their respective successors and permitted
assigns, and this Agreement shall not confer any rights upon any other Person.

          Section 8.8 Termination. This Agreement shall terminate at the earliest to occur of (a)
the exercise of all Warrants, (b) the expiration of the Exercise Period, and (c) the Company’s
termination hereof pursuant to Section 6.5; provided, however, that Section 7.2 and
this Article 8 shall survive any termination or expiration hereof.

          Section 8.9 Confidentiality. The Warrant Agent and the Company agree that all books,
records, information and data pertaining to the business of the other party, including inter alia,
personal, non-public warrant holder information, which are exchanged or received pursuant to the
negotiation or the carrying out of this Agreement including the fees for services set forth in the
attached schedule shall remain confidential, and shall not be voluntarily disclosed to any other
person, except as may be required by law.

[Signature Page Follows]

27

 

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

	 	 	 	 	 
	 	TRONOX INCORPORATED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPUTERSHARE INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT A-1

FORM OF WARRANT STATEMENT

FOR SERIES A WARRANTS

[As provided by the Warrant Agent]

 

 

EXHIBIT A-2

FORM OF WARRANT STATEMENT

FOR SERIES B WARRANTS

[As provided by the Warrant Agent]

 

 

EXHIBIT A-3

FORM OF FACE OF

GLOBAL WARRANT CERTIFICATE

FOR SERIES A WARRANTS

VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON •, 2018

This Global Warrant Certificate is held by The Depository Trust Company (the “Depositary”) or
its nominee in custody for the benefit of the beneficial owners hereof, and is not transferable to
any person under any circumstances except that (i) this Global Warrant Certificate may be exchanged
in whole but not in part pursuant to Section 5.2(a) of the Warrant Agreement dated as of •, 2011
(the “Warrant Agreement”), (ii) this Global Warrant Certificate may be delivered to the Warrant
Agent for cancellation pursuant to Section 5.1(h) of the Warrant Agreement and (iii) this Global
Warrant Certificate may be transferred to a successor Depositary with the prior written consent of
the Company.

Unless this Global Warrant Certificate is presented by an authorized representative of the
Depositary to the Company or the Warrant Agent for registration of transfer, exchange or payment
and any certificate issued is registered in the name of • or such other entity as is requested by
an authorized representative of the Depositary (and any payment hereon is made to • or to 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 or to any person is wrongful because the
registered owner hereof, •, has an interest herein.

Transfers of this Global Warrant Certificate shall be limited to transfers in whole, but not in
part, to nominees of the Depositary or to a successor thereof or such successor’s nominee, and
transfers of portions of this Global Warrant Certificate shall be limited to transfers made in
accordance with the restrictions set forth in Section 5 of the Warrant Agreement.

No registration or transfer of the securities issuable pursuant to the Series A Warrant will be
recorded on the books of the Company until such provisions have been complied with.

 

 

     THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON
EXERCISE OF THE SERIES A WARRANT) ARE SUBJECT TO ADDITIONAL AGREEMENTS SET FORTH IN THE WARRANT
AGREEMENT, DATED AS OF •, 2011, BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT (THE “WARRANT
AGREEMENT”).

THIS SERIES A WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO

5:00 P.M., NEW YORK CITY TIME, ON •, 2018

SERIES A WARRANT TO PURCHASE

______________ SHARES OF COMMON STOCK OF

TRONOX INCORPORATED

CUSIP # •

ISSUE DATE: •, 2011

No. A-1

     This certifies that, for value received, ___________________________, and its registered
assigns (collectively, the “Registered Holder”), is entitled to purchase from Tronox Incorporated,
a corporation incorporated under the laws of the State of Delaware (the “Company”), subject to the
terms and conditions hereof, at any time before 5:00 p.m., New York time, on •, 2018, the number of
fully paid and nonassessable shares of Common Stock of the Company set forth above at the Exercise
Price (as defined in the Warrant Agreement) applicable to Series A Warrants. The Exercise Price
and the number and kind of shares purchasable hereunder are subject to adjustment from time to time
as provided in Article 6 of the Warrant Agreement. The initial Exercise Price shall be $62.13.

     This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent.

     IN WITNESS WHEREOF, this Series A Warrant has been duly executed by the Company under its
corporate seal as of the ____ day of ___________________, 2011.

	 	 	 	 	 
	 	TRONOX INCORPORATED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	Attest:  	
 	 
	 	 	Secretary 	 
	 	 	 	 
	 

•,

as Warrant Agent

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Page 2 of Exhibit A-3

 

Address of Registered Holder for Notices (until changed in accordance with this Series A Warrant):

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS WARRANT CERTIFICATE SET FORTH ON
THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH
FULLY SET FORTH AT THIS PLACE.

Page 3 of Exhibit A-3

 

FORM OF REVERSE OF SERIES A WARRANT

     The Series A Warrant evidenced by this Warrant Certificate is a part of a duly authorized
issue of Series A Warrants to purchase 544,041 shares of Common Stock issued pursuant to that the
Warrant Agreement, a copy of which may be inspected at the Warrant Agent’s office. The Warrant
Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations, duties and
immunities thereunder of the Warrant Agent, the Company and the Registered Holders of the Series A
Warrants. All capitalized terms used on the face of this Series A Warrant herein but not defined
that are defined in the Warrant Agreement shall have the meanings assigned to them therein.

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

     The Company shall not be required to issue fractions of Warrant Shares or any certificates
that evidence fractional Warrant Shares.

     No Series A Warrants may be sold, exchanged or otherwise transferred in violation of the
Securities Act or state securities laws.

     This Series A Warrant does not entitle the Registered Holder to any of the rights of a
stockholder of the Company.

     The Company and Warrant Agent may deem and treat the Registered Holder hereof as the absolute
owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing
hereon made by anyone) for the purpose of any exercise hereof and for all other purposes, and
neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

Page 4 of Exhibit A-3

 

EXHIBIT A-4

FORM OF FACE OF

GLOBAL WARRANT CERTIFICATE

FOR SERIES B WARRANTS

VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON •, 2018

This Global Warrant Certificate is held by The Depository Trust Company (the “Depositary”) or
its nominee in custody for the benefit of the beneficial owners hereof, and is not transferable to
any person under any circumstances except that (i) this Global Warrant Certificate may be exchanged
in whole but not in part pursuant to Section 5.2(a) of the Warrant Agreement dated as of •, 2011
(the “Warrant Agreement”), (ii) this Global Warrant Certificate may be delivered to the Warrant
Agent for cancellation pursuant to Section 5.1(h) of the Warrant Agreement and (iii) this Global
Warrant Certificate may be transferred to a successor Depositary with the prior written consent of
the Company.

Unless this Global Warrant Certificate is presented by an authorized representative of the
Depositary to the Company or the Warrant Agent for registration of transfer, exchange or payment
and any certificate issued is registered in the name of • or such other entity as is requested by
an authorized representative of the Depositary (and any payment hereon is made to • or to 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 or to any person is wrongful because the
registered owner hereof, •, has an interest herein.

Transfers of this Global Warrant Certificate shall be limited to transfers in whole, but not in
part, to nominees of the Depositary or to a successor thereof or such successor’s nominee, and
transfers of portions of this Global Warrant Certificate shall be limited to transfers made in
accordance with the restrictions set forth in Section 5 of the Warrant Agreement.

No registration or transfer of the securities issuable pursuant to the Series B Warrant will be
recorded on the books of the Company until such provisions have been complied with.

 

 

     THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON
EXERCISE OF THE SERIES B WARRANT) ARE SUBJECT TO ADDITIONAL AGREEMENTS SET FORTH IN THE WARRANT
AGREEMENT, DATED AS OF •, 2011, BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT (THE “WARRANT
AGREEMENT”).

THIS SERIES B WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO

5:00 P.M., NEW YORK CITY TIME, ON •, 2018

SERIES B WARRANT TO PURCHASE

______________ SHARES OF COMMON STOCK OF

TRONOX INCORPORATED

CUSIP # •

ISSUE DATE: •, 2011

No. B-1

     This certifies that, for value received, ___________________________, and its registered
assigns (collectively, the “Registered Holder”), is entitled to purchase from Tronox Incorporated,
a corporation incorporated under the laws of the State of Delaware (the “Company”), subject to the
terms and conditions hereof, at any time before 5:00 p.m., New York time, on •, 2018, the number of
fully paid and nonassessable shares of Common Stock of the Company set forth above at the Exercise
Price (as defined in the Warrant Agreement) applicable to Series B Warrants. The Exercise Price
and the number and kind of shares purchasable hereunder are subject to adjustment from time to time
as provided in Article 6 of the Warrant Agreement. The initial Exercise Price shall be $68.56.

     This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent.

     IN WITNESS WHEREOF, this Series B Warrant has been duly executed by the Company under its
corporate seal as of the ____ day of ___________________, 2011.

	 	 	 	 	 
	 	TRONOX INCORPORATED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	Attest:  	
 	 
	 	 	Secretary 	 
	 	 	 	 

        •,

as Warrant Agent

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Page 2 of Exhibit A-4

 

	 	 	 	 	 

Address of Registered Holder for Notices (until changed in accordance with this Series B Warrant):

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS WARRANT CERTIFICATE SET FORTH ON
THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH
FULLY SET FORTH AT THIS PLACE.

Page 3 of Exhibit A-4

 

FORM OF REVERSE OF SERIES B WARRANT

     The Series B Warrant evidenced by this Warrant Certificate is a part of a duly authorized
issue of Series B Warrants to purchase 672,175 shares of Common Stock issued pursuant to that the
Warrant Agreement, a copy of which may be inspected at the Warrant Agent’s office. The Warrant
Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations, duties and
immunities thereunder of the Warrant Agent, the Company and the Registered Holders of the Series B
Warrants. All capitalized terms used on the face of this Series B Warrant herein but not defined
that are defined in the Warrant Agreement shall have the meanings assigned to them therein.

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

     The Company shall not be required to issue fractions of Warrant Shares or any certificates
that evidence fractional Warrant Shares.

     No Series B Warrants may be sold, exchanged or otherwise transferred in violation of the
Securities Act or state securities laws.

     This Series B Warrant does not entitle the Registered Holder to any of the rights of a
stockholder of the Company.

     The Company and Warrant Agent may deem and treat the Registered Holder hereof as the absolute
owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing
hereon made by anyone) for the purpose of any exercise hereof and for all other purposes, and
neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

Page 4 of Exhibit A-4

 

EXHIBIT B

EXERCISE FORM FOR REGISTERED HOLDERS

HOLDING BOOK-ENTRY SERIES [A][/][B] WARRANTS

(To be executed upon exercise of Series [A][/][B] Warrant)

     The undersigned hereby irrevocably elects to exercise the right, represented by the Book-Entry
Warrants, to purchase Warrant Shares and (check one):

	 	o	 	herewith tenders payment for _______ of the Warrant Shares to the order of Tronox
Incorporated in the amount of $_________ in accordance with the terms of the Warrant
Agreement and this Series [A][/][B] Warrant; or
	 
	 	o	 	herewith tenders this Series [A][/][B] Warrant for _______ Warrant Shares pursuant
to the net issuance exercise provisions of Section 3.2(d) of the Warrant Agreement.
This exercise and election shall o be immediately effective or o shall be effective as
of 5:00 p.m., New York time, on [insert date].

The undersigned requests that [a statement representing] the Warrant Shares be delivered as follows:

	 	 	 	 	 
	 	 	 
	 	 	Name 	 	 
	 	 	Address 	 	 
	 	 	 	 	 
	 
	 	 	Delivery Address (if different)
	 	 	 	 	 
	 	 	 	 	 
	 

     If said number of shares shall not be all the shares purchasable under the within Book-Entry
Warrants, the undersigned requests that a new Book-Entry Warrant representing the balance of such
Series [A][/][B] Warrants shall be registered, with the appropriate Warrant Statement delivered as
follows:

	 	 	 	 	 
	 	 	 
	 	 	Name 	 	 
	 	 	Address 	 	 
	 	 	 	 	 
	 
	 	 	Delivery Address (if different)
	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	 	 

	 

	 	Signature	 	 
	 

	 	 	 	 
	Social Security or Other Taxpayer
Identification Number of Holder
	 	 	 	 
	 
	 	 	 	 
	 	 	Note: If the statement representing the Warrant
Shares or any Book-Entry Warrants representing
Warrants not exercised is to be registered in a
name other than that in which the Book-Entry
Warrants are registered, the signature of the
holder hereof must be guaranteed.
	 
	 	 	 	 
	 	 	SIGNATURE GUARANTEED BY:
	 
	 	 	 	 
	 

	 	 

	 

 

 

	 	 	 

	 

	 	Signatures must be guaranteed by a participant in
the Securities Transfer Agent Medallion Program,
the Stock Exchanges Medallion Program or the New
York Stock Exchange, Inc. Medallion Signature
Program.
	 
	 	 
	 

	 	Countersigned:
	 

	 	Dated: ____________, 20                    
	 
	 	 
	 

	 	•,
	 

	 	as Warrant Agent

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Page 2 of Exhibit B

 

	 	 	 	 	 

EXHIBIT C

FORM OF ASSIGNMENT

(To be executed only upon assignment of Warrant)

     For value received, ____________________ hereby sells, assigns and transfers unto the
Assignee(s) named below the rights represented by such Series [A][/][B] Warrant to purchase number
of Warrant Shares listed opposite the respective name(s) of the Assignee(s) named below and all
other rights of the Registered Holder under the within Series [A][/][B] Warrant, and does hereby
irrevocably constitute and appoint _____________________________ attorney, to transfer said Series
[A][/][B] Warrant on the books of the within-named Company with respect to the number of Warrant
Shares set forth below, with full power of substitution in the premises:

	 	 	 	 	 
	Name(s) of	 	 	 	 
	Assignee(s)	 	Address	 	No. of Warrant Shares
	 
	 	 
	 	 

And if said number of Warrant Shares shall not be all the Warrant Shares represented by the Series
[A][/][B] Warrant, a new Series [A][/][B] Warrant is to be issued in the name of said undersigned
for the balance remaining of the Warrant Shares registered by said Series [A][/][B] Warrant.

	 	 	 	 	 

	     Dated:                                   ,  20                    	 	Signature                                                             
	 
	 	 	 	 
	 

	 	Note:
	 	The above signature should correspond exactly
with 

the name on the face of this Series [A][/][B]
Warrantexv10w1

Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

among

TRONOX INCORPORATED

and

EACH OF THE STOCKHOLDERS

of

TRONOX INCORPORATED

PARTY HERETO

Dated as of February 14, 2011

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1.

	 	Definitions
	 	 	2	 
	 
	 	 	 	 	 	 
	2.

	 	Registration
	 	 	5	 
	 
	 	 	 	 	 	 
	3.

	 	Demand Registration
	 	 	6	 
	 
	 	 	 	 	 	 
	4.

	 	Piggyback Registration
	 	 	8	 
	 
	 	 	 	 	 	 
	5.

	 	Registration Procedures
	 	 	9	 
	 
	 	 	 	 	 	 
	6.

	 	Registration Expenses
	 	 	13	 
	 
	 	 	 	 	 	 
	7.

	 	Underwriting Requirements
	 	 	13	 
	 
	 	 	 	 	 	 
	8.

	 	Indemnification; Liquidated Damages
	 	 	14	 
	 
	 	 	 	 	 	 
	9.

	 	Rule 144 Information
	 	 	17	 
	 
	 	 	 	 	 	 
	10.

	 	Miscellaneous
	 	 	17	 

i

 

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT, dated as of February 14, 2011 (this “Agreement”), is
entered into among TRONOX INCORPORATED, a Delaware corporation (the “Company”), and the Holders.
Capitalized terms not otherwise defined herein have the meanings set forth in Section 1.

W I T N E S S E T H :

     WHEREAS, on January 11, 2009 the Company and certain of its direct and indirect subsidiaries
each filed a voluntary petition in the United States Bankruptcy Court for the Southern District of
New York (the “Bankruptcy Court”) initiating cases under chapter 11 of title 11 of the United
States Code (the “Bankruptcy Code”);

          WHEREAS, the First Amended Joint Plan of Reorganization of Tronox Incorporated, et al., as
confirmed on November 17, 2010 by an order of the Bankruptcy Court entered on November 30, 2010
(the “Plan”), provides that the Company shall issue to unsecured creditors of the Company and its
subsidiaries shares of Common Stock;

     WHEREAS, the shares of Common Stock to be issued to unsecured creditors of the Company and its
subsidiaries pursuant to the Plan, including pursuant to a rights offering (the “Rights Offering”)
in which the Company shall issue Common Stock to the purchasers thereof who properly and timely
subscribe in the Rights Offering. The shares of Common Stock issued in the Rights Offering are
being issued in reliance upon Section 1145 of the Bankruptcy Code (“Section 1145”) without
registration under the Securities Act or any state securities laws;

     WHEREAS, notwithstanding the provisions of Section 1145, resales of the Shares may be required
to be registered under the Securities Act and applicable state securities laws, depending upon the
status of a Holder or the intended method of distribution of the Shares; and

     WHEREAS, the Company and the Backstop Parties have entered into that certain Equity Commitment
Agreement dated as of August 27, 2010 (the “Commitment Agreement”), pursuant to which the Backstop
Parties agreed to purchase shares of Common Stock purchasable upon the exercise of Rights which are
not so purchased in the Rights Offering (“Unsubscribed Shares”) without registration under the
Securities Act or any state securities laws in reliance upon the exemption from registration under
the Securities Act provided by Section 4(2) thereof;

     WHEREAS, the Unsubscribed Shares purchased by the Backstop Holders and the shares of Common
Stock issued pursuant to Section 3(a) of the Commitment Agreement will be “restricted securities”
within the meaning of Rule 144 under the Securities Act and resale of such shares may be required
to be registered under the Securities Act and applicable state securities laws;

     WHEREAS, in order to induce the Holders (including the Backstop Holders) to complete the
transactions contemplated by the Plan, on the effective date of the Plan, the Company is granting
to the Holders certain rights to cause the Company to register the Shares and certain other
Registrable Securities, on the terms and subject to the conditions set forth herein.

1

 

     NOW, THEREFORE, in consideration of the premises set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound hereby, agree as follows:

1. Definitions. As used in this Agreement, the following terms have the following meanings:

     “Affiliate” means, with respect to any specified Person, any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such
specified Person. For the purposes of this definition, “control” when used with respect to any
specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing.

     “Agreement” has the meaning set forth in the introduction.

     “Bankruptcy Code” has the meaning set forth in the preamble.

     “Backstop Holder” means the Holders that are parties to the Commitment Agreement.

     “Bankruptcy Court” has the meaning set forth in the preamble.

     “Business Day” means any day (other than a day which is a Saturday, Sunday or legal holiday in
the States of New York) on which banks are open for business in the States of New York.

     “Capital Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated) of corporate stock issued by such person,
including each class of common stock and preferred stock of such person.

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

     “Commitment Agreement” has the meaning set forth in the preamble.

     “Common Stock” means the Company’s common stock, par value $0.01 per share.

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

     “Delay Period” has the meaning set forth in Section 3(d).

     “Demand Notice” has the meaning set forth in Section 3(a)(i).

     “Demand Registration” has the meaning set forth in Section 3(b).

     “Effectiveness Period” has the meaning set forth in Section 3(c).

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC promulgated thereunder.

2

 

     “Free Writing Prospectus” shall have the meaning set forth in Rule 405 under the Securities
Act.

     “Holder” means each person identified as a Holder on the signature pages hereto who is the
record or beneficial owner of Registrable Securities, together with their respective successors and
permitted assigns who become parties to this Agreement.

     “Indemnified Party” shall have the meaning set forth in Section 8(c).

     “Indemnifying Party” shall have the meaning set forth in Section 8(c).

     “Initial Outstanding Amount” has the meaning set forth in Section 3(a).

     “Inspectors” has the meaning set forth in Section 5(j).

     “Interruption Period” has the meaning set forth in Section 5.

     “Losses” has the meaning set forth in Section 8(a).

     “Marketing Materials” has the meaning set forth in Section 8(a).

     “No-Action Relief” means the written concurrence from the SEC with the Company’s position
regarding its financial statements set forth in its letter dated November 30, 2010 to the Office of
Chief Accountant of the Division of Corporate Finance of the SEC.

     “Outside Date” has the meaning set forth in Section 8(e).

     “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.

     “Piggyback Registration” has the meaning set forth in Section 4(a).

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

     “Prospectus” means the prospectus included in any Registration Statement (including a
prospectus that discloses information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion of the Registrable
Securities covered by such Registration Statement and all other amendments and supplements to such
prospectus, including post-effective amendments, and all material incorporated by reference or
deemed to be incorporated by reference in such prospectus, including any Free Writing Prospectus.

     “Records” has the meaning set forth in Section 5(j).

     “Registrable Securities” means (i) the Shares, and (ii) any additional shares of Common Stock
acquired by any Holder after the date hereof, including u any shares of Common Stock issued or
distributed by way of a dividend, stock split or other distribution in respect of the

3

 

Shares or the Preferred Stock or acquired by way of any rights offering or similar offering
made in respect of the Shares if such shares of Common Stock would, in the hands of such Holder,
not be freely transferable in accordance with the intended method of disposition (x) in accordance
with Section 1145 or (y) under Rule 144 under the Securities Act, without regard to any
information, volume, manner of sale or holding period restriction under Rule 144 under the
Securities Act. As to any particular Registrable Securities, once issued, such securities shall
cease to be Registrable Securities when (i) a registration statement with respect to the sale of
such Registrable Securities shall have become effective under the Securities Act and such
securities shall have been disposed of in accordance with such registration statement, (ii) they
shall have been distributed pursuant to Rule 144 under the Securities Act and are no longer
“restricted securities”, or (iii) they shall have ceased to be outstanding.

     “Registration” means registration under the Securities Act of an offering of Registrable
Securities pursuant to a Demand Registration or a Piggyback Registration.

     “Registration Date” has the meaning set forth in Section 2(a).

     “Registration Failure” has the meaning set forth in Section 8(e).

     “Registration Statement” means any registration statement of the Company filed under the
Securities Act that covers resales of any of the Registrable Securities pursuant to the provisions
of this Agreement, including the related Prospectus, all amendments and supplements to such
registration statement, including pre- and post-effective amendments, all exhibits thereto and all
material incorporated by reference or deemed to be incorporated by reference in such registration
statement. The term “Registration Statement” shall also include any registration statement filed
pursuant to Rule 462(b) to register additional securities in connection with any offering.

     “Rights Offering” has the meaning set forth in the preamble.

     “road show” means any “road show” as defined in Rule 433 under the Securities Act, including
an electronic road show.

     “SEC” means the Securities and Exchange Commission or any other governmental agency at the
time administering the Securities Act.

     “Section 1145” has the meaning set forth in the preamble.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
of the SEC promulgated thereunder.

     “Shares” means the shares of Common Stock to be issued pursuant to the Plan (which, for the
avoidance of doubt, shall include all shares of Common Stock issued in connection with the Rights
Offering or pursuant to the Commitment Agreement).

     “Shelf Registration” has the meaning set forth in Section 2(b).

4

 

     “underwritten registration” or “underwritten offering” means a registration under the
Securities Act in which securities of the Company are sold to an underwriter for reoffering to the
public.

     “Unsubscribed Shares” has the meaning set forth in the preamble.

2. Registration.

     (a) The Company shall, as soon as practicable after obtaining audited financial statements as
are required to be filed with the SEC pursuant to Section 13(a) of the Exchange Act, but in any
event not later than September 30, 2011 file to register its shares of Common Stock pursuant to the
Exchange Act and file, after such registration becomes effective, all reports and other information
necessary to satisfy the reporting requirements under the Exchange Act (the date on which the
Company’s registration under the Exchange Act is thus effected is referred to herein as the
“Registration Date”).

     (b) As soon as practicable after the Registration Date or earlier, at the option of the
Company, the Company shall notify in writing all Holders of the intent of the Company to file a
Registration Statement relating to all Registrable Securities, to provide for the sale by the
holders thereof of the Registrable Securities from time to time on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act (a “Shelf Registration”).

     (c) Notwithstanding anything herein, the Company shall include in the Shelf Registration
Statement (i) all Registrable Securities then known to the Company and (ii) any other Registrable
Securities held by a Holder which any Holder notifies the Company should be included in such
Registration Statement. Any Holder wishing not to have its Registrable Securities (or any portion
thereof) included in the Shelf Registration shall provide a written notice thereof to the Company
within ten (10) Business Days after the receipt of the Company’s notice pursuant to Section
2(b). In the event that a Holder subsequently notifies the Company that it wishes to include
Registrable Securities in the Registration Statement, the Company shall promptly amend the
Registration Statement, if it has not been declared effective to include such Registrable
Securities. If such Registrable Securities were held by a Registrable Holder at the filing of the
Shelf Registration and should have been included pursuant to the terms hereof, the Company shall
amend the Registration Statement to include such Registrable Securities (including, if necessary,
by filing a Registration Statement that will be part of the same Prospectus pursuant to Rule 429
under the Securities Act).

     (d) Any Holder wishing not to have its Registrable Securities (or any portion thereof)
included in the Shelf Registration shall provide a written notice thereof to the Company within ten
(10) Business Days after the receipt of the Company’s notice pursuant to Section 2(b).

     (e) Within fifteen (15) days after the Registration Date, the Company shall file with the SEC,
and the Company shall use its commercially reasonable efforts to cause to be declared effective as
promptly as practicable thereafter, the Shelf Registration with respect to all Registrable
Securities other than those excluded by the Holders pursuant to Section 2(d).

     (f) The Company shall use commercially reasonable efforts to keep the Registration Statement
filed pursuant to this Section 2 continuously effective and usable for the resale of the

5

 

Registrable Securities covered thereby for a period of three (3) years from the date on which the
SEC declares such Registration Statement effective, or until such earlier date as all of the
Registrable Securities covered by such Registration Statement have been sold pursuant to such
Registration Statement. If any Registrable Securities remain issued and outstanding after three
(3) years following the initial effective date of such Shelf Registration, upon the request of
Holder(s) of at least ten percent (10%) of the Registrable Securities then outstanding, the Company
shall, prior to the expiration of such Shelf Registration, file a new Shelf Registration and shall
thereafter use its commercially reasonable efforts to cause to be declared effective as promptly as
practical, such new Shelf Registration.

3. Demand Registration.

     (a) (i) Provided that the Company does not have the Registration Statement filed pursuant to
Section 2 effective and usable to such Holder or group of Holders requesting a Demand
Registration under this Section, at any time after the date that the Company becomes a registrant
under the Exchange Act, any Holder or group of Holders holding, in the aggregate, ten percent (10%)
or more of the Registrable Securities issued and outstanding immediately following the effective
date of the Plan (the “Initial Outstanding Amount”), shall have the right, by written notice given
to the Company (a “Demand Notice”), to request the Company to register under and in accordance with
the provisions of the Securities Act all or any portion of the Registrable Securities designated by
such Holder(s); provided, however, that (x) the Registrable Securities requested to
be registered constitute at least ten percent (10%) of the Initial Outstanding Amount, and (y)
prior to the time the Company is eligible to use Form S-3 for the registration of Registrable
Securities for resale, such Holder(s), in the aggregate, shall only be entitled to three (3) Demand
Registrations pursuant to the provisions of this Section 3(a)(i) unless any Demand
Registration does not become effective or is not maintained in effect for the respective periods
set forth in Section 3(c), in which case the relevant Holder(s) will be entitled to an
additional Demand Registration pursuant hereto. Following the time that the Company becomes
eligible for use of Form S-3 (or any successor form), any Holder or group of Holders holding, in
the aggregate, ten percent (10%) or more of the Initial Outstanding Amount, shall have the right to
request the Company to register under and in accordance with the provisions of the Securities Act
all or any portion of the Registrable Securities designated by such Holder(s); provided,
however, that such Registrable Securities represent at least ten percent (10%) of the
Initial Outstanding Amount, provided, however, that there shall be no more than
five (5) Demand Registrations pursuant to this Agreement.

          (ii) Upon receipt of a Demand Notice, the Company shall promptly (and in any event within ten
(10) Business Days from the date of receipt of such Demand Notice), notify all other Holders of the
receipt of such Demand Notice and allow them the opportunity to include Registrable Securities held
by them in the proposed registration by submitting their own Demand Notice. In connection with any
Demand Registration in which more than one Holder participates, in the event that such Demand
Registration involves an underwritten offering and the managing underwriter or underwriters
participating in such offering advise in writing the
Holders of Registrable Securities to be included in such offering that the total number of
Registrable Securities to be included in such offering exceeds the amount that can be sold in (or
during the time of) such offering without delaying or jeopardizing the success of such offering
(including the price per share of the Registrable Securities to be sold), then the Registrable

6

 

Securities to be offered shall be distributed amongst the participating Holders pro rata according
to each Holder’s overall percentage of ownership in the Company. In the event of such a pro-rata
distribution, to the extent that any Holder (or Holders) has not submitted a Demand Notice, or
withdraws from the underwriting, then those Shares that would have been allocated pro-rata to the
non-participating Holder if they had participated shall be distributed amongst the participating
Holders, pro rata according to each participating Holder’s overall percentage of ownership in the
Company.

     (b) The Company, within forty-five (45) days of the date on which the Company receives a
Demand Notice given by Holders in accordance with Section 3(a), shall file with the SEC,
and the Company shall thereafter use its commercially reasonable efforts to cause to be declared
effective as promptly as practicable, a Registration Statement on the appropriate form for the
registration and sale, in accordance with the intended method or methods of distribution, of the
total number of Registrable Securities specified by the Holders in such Demand Notice (a “Demand
Registration”). Any Demand Registration may, at the request of the Holders submitting the Demand
Notice, be a Shelf Registration.

     (c) The Company shall use commercially reasonable efforts to keep each Registration Statement
filed pursuant to this Section 3 continuously effective and usable for the resale of the
Registrable Securities covered thereby (i) in the case of a Registration that is not a Shelf
Registration, for a period of one hundred twenty (120) days from the date on which the SEC declares
such Registration Statement effective and (ii) in the case of a Shelf Registration, for a period of
three (3) years from the date on which the SEC declares such Registration Statement effective, in
either case (x) until such earlier date as all of the Registrable Securities covered by such
Registration Statement have been sold pursuant to such Registration Statement, and (y) as such
period may be extended pursuant to this Section 3. The time period for which the Company
is required to maintain the effectiveness of any Registration Statement shall be extended by the
aggregate number of days of all Delay Periods and all Interruption Periods occurring with respect
to such Registration and such period and any extension thereof is hereinafter referred to as the
“Effectiveness Period”.

     (d) The Company shall be entitled to postpone the filing of any Registration Statement
otherwise required to be prepared and filed by the Company pursuant to this Section 3, or
suspend the use of any effective Registration Statement under this Section 3, for a
reasonable period of time (a “Delay Period”), if the Board of Directors of the Company determines
in the Board of Directors’ reasonable judgment and in good faith that the registration and
distribution of the Registrable Securities covered or to be covered by such Registration Statement
would materially interfere with any pending material financing, acquisition, disposition, or
corporate reorganization or other material corporate development involving the Company or any of
its subsidiaries or would require premature disclosure thereof and promptly gives the Holders
written notice of such determination, containing a general statement of the reasons for such
postponement and an approximation of the period of the anticipated delay; provided,
however, that (i) the aggregate number of days included in all Delay Periods during any
consecutive
twelve (12) months shall not exceed the aggregate of (x) sixty (60) days minus (y) the number
of days occurring during all Interruption Periods during such consecutive twelve (12) months and
(ii) a period of at least forty-five (45) days shall elapse between the termination of any Delay
Period or Interruption Period and the commencement of the immediately succeeding Delay

7

 

Period. If
the Company shall so postpone the filing of a Registration Statement, the Holders of Registrable
Securities to be registered shall have the right to withdraw the request for registration by giving
written notice from the Holders of a majority of the Registrable Securities that were to be
registered to the Company within forty-five (45) days after receipt of the notice of postponement
or, if earlier, the termination of such Delay Period (and, in the event of such withdrawal, such
request shall not be counted for purposes of determining the number of requests for registration to
which the Holders of Registrable Securities are entitled pursuant to this Section 3). The
Company shall not be entitled to initiate or continue a Delay Period unless it shall (A)
concurrently prohibit sales by all other security holders under registration statements covering
securities held by such other security holders and (B) in accordance with the Company’s policies
from time to time in effect, forbid purchases and sales in the open market by directors and
executive officers of the Company.

     (e) The Company shall not include any securities (whether for its own account or otherwise)
that are not Registrable Securities in any Registration Statement filed pursuant to this
Section 3 without the prior written consent of the Holders of a majority in number of the
Registrable Securities covered by such Registration Statement. Any such securities so included
shall be subject to the cut-back provisions of Section 3(a)(ii).

     (f) Holders of a majority in number of the Registrable Securities to be included in a
Registration Statement pursuant to this Section 3 may, at any time prior to the effective
date of the Registration Statement relating to such Registration, revoke such request by providing
a written notice to the Company revoking such request. Any such Demand Request so withdrawn shall
not be counted for purposes of determining the number of requests for registration to which the
Holders of Registrable Securities are entitled pursuant to this Section 3 if the Holders of
Registrable Securities who revoked such request reimburse the Company for all its out-of-pocket
expenses incurred in the preparation, filing and processing of the Registration Statement;
provided, however, that, if such revocation was based on (i) the Company’s failure
to comply in any material respect with its obligations hereunder or (ii) the institution by the
Company of a Delay Period or the occurrence of any Interruption Period, such reimbursement shall
not be required.

4. Piggyback Registration.

     (a) Right to Piggyback. If at any time the Company proposes to file a registration
statement under the Securities Act with respect to a public offering by the Company for its own
account or for the account of any other Person who is a holder of securities of the same type as
the Registrable Securities (other than a registration statement (i) on Form S-8 or Form S-4 or any
successor forms thereto, or (ii) filed solely in connection with a dividend reinvestment plan or an
employee benefit plan covering only officers or directors of the Company or its Affiliates), then
the Company shall give written notice of such proposed filing to the Holders at least fifteen (15)
days before the anticipated filing date. Such notice shall offer the Holders the opportunity
to register such amount of Registrable Securities as they may request (a “Piggyback Registration”).
Subject to Section 4(b), the Company shall include in each such Piggyback Registration all
Registrable Securities with respect to which the Company has received written requests for
inclusion therein within ten (10) days after notice has been given to the Holders. Each Holder
shall be permitted to withdraw all or any portion of the Registrable Securities of such Holder

8

 

from
a Piggyback Registration at any time prior to the effective date of such Piggyback Registration.

     (b) Priority on Piggyback Registrations. The Company shall permit the Holders to
include all such Registrable Securities on the same terms and conditions as any similar securities,
if any, of the Company or any other persons included therein. Notwithstanding the foregoing, if
the Company or the managing underwriter or underwriters participating in such offering advise the
Holders in writing that the total amount of securities requested to be included in such Piggyback
Registration exceeds the amount which can be sold in (or during the time of) such offering without
delaying or jeopardizing the success of the offering (including the price per share of the
securities to be sold), then the amount of securities to be offered for the account of the Holders
and other holders of securities who have piggyback registration rights with respect thereto shall
be reduced (to zero if necessary) pro rata on the basis of the number of Common Stock equivalents
requested to be registered by each such Holder or other holder participating in such offering.

     (c) Right To Abandon. Nothing in this Section 4 shall create any liability on
the part of the Company to the Holders if the Company in its sole discretion should decide not to
file a registration statement proposed to be filed pursuant to Section 4(a) or to withdraw
such registration statement subsequent to its filing, regardless of any action whatsoever that a
Holder may have taken, whether as a result of the issuance by the Company of any notice hereunder
or otherwise. Any such determination not to file or to withdraw a registration statement shall not
affect the obligations of the Company to pay or to reimburse all Registration Expenses pursuant to
Section 6.

5. Registration Procedures. In connection with the registration obligations of the Company
pursuant to and in accordance with Sections 2, 3 and 4 (and subject to
Sections 2, 3 and 4), the Company shall use commercially reasonable efforts
to effect such registration to permit the sale of such Registrable Securities in accordance with
the intended method or methods of disposition thereof, and pursuant thereto the Company shall as
expeditiously as possible:

     (a) prepare and file with the SEC a Registration Statement for the sale of the Registrable
Securities on any form for which the Company then qualifies or which counsel for the Company shall
deem appropriate in accordance with such Holders’ intended method or methods of distribution
thereof, and, subject to the Company’s right to terminate or abandon a registration pursuant to
Section 4(c), use commercially reasonable efforts to cause such Registration Statement to
become effective and remain effective as provided herein;

     (b) prepare and file with the SEC such amendments (including post-effective amendments) to
such Registration Statement, and such supplements to the related Prospectus, as may be required by
the rules, regulations or instructions applicable under the Securities Act during the applicable
period in accordance with the intended methods of disposition specified by the Holders of the
Registrable Securities covered by such Registration Statement, make generally available earnings
statements satisfying the provisions of Section 11(a) of the Securities Act (provided that
the Company shall be deemed to have complied with this Section if it has complied with Rule 158
under the Securities Act), and cause the related Prospectus as so supplemented to be filed pursuant
to Rule 424 under the Securities Act; provided, however, that

9

 

before filing a
Registration Statement or Prospectus, or any amendments or supplements thereto (other than reports
required to be filed by it under the Exchange Act that are incorporated or deemed to be
incorporated by reference into the Registration Statement and the Prospectus except to the extent
that such reports related primarily to the offering), the Company shall furnish to the Holders of
Registrable Securities covered by such Registration Statement and their counsel for review and
comment, copies of all documents required to be filed;

     (c) notify the Holders of any Registrable Securities covered by such Registration Statement
promptly and (if requested) confirm such notice in writing, (i) when a Prospectus or any Prospectus
supplement or post-effective amendment has been filed, and, with respect to such Registration
Statement or any post-effective amendment, when the same has become effective, (ii) of any request
by the SEC for amendments or supplements to such Registration Statement or the related Prospectus
or for additional information regarding the Company or the Holders, (iii) of the issuance by the
SEC of any stop order suspending the effectiveness of such Registration Statement or the initiation
of any proceedings for that purpose, (iv) of the receipt by the Company of any notification with
respect to the suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose, and (v) of the happening of any event that requires the making of any
changes in such Registration Statement, Prospectus or documents incorporated or deemed to be
incorporated therein by reference so that they will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein not misleading;

     (d) use commercially reasonable efforts to prevent the issuance of any order suspending the
effectiveness of such Registration Statement or the qualification or exemption from qualification
of any Registrable Securities for sale in any jurisdiction in the United States, and to obtain the
lifting or withdrawal of any such order at the earliest practicable time;

     (e) furnish to the Holder such number of copies of the preliminary prospectus, any amended
preliminary prospectus, any Free Writing Prospectus, each final Prospectus and any post-effective
amendment or supplement thereto, as such Holder may reasonably request in order to facilitate the
disposition of the Registrable Securities of such Holder covered by such Registration Statement in
conformity with the requirements of the Securities Act;

     (f) prior to any public offering of Registrable Securities covered by such Registration
Statement, use its commercially reasonable efforts to register or qualify such Registrable
Securities for offer and sale under the securities or “Blue Sky” laws of such jurisdictions as the
Holders of such Registrable Securities shall reasonably request in writing; provided,
however,
that the Company shall in no event be required to qualify generally to do business as a
foreign corporation or as a dealer in any jurisdiction where it is not at the time required to be
so qualified or to execute or file a general consent to service of process in any such jurisdiction
where it has not theretofore done so or to take any action that would subject it to general service
of process or taxation in any such jurisdiction where it is not then subject;

     (g) upon the occurrence of any event contemplated by Section 5(c)(v), prepare a
supplement or post-effective amendment to such Registration Statement or the related Prospectus or
any document incorporated or deemed to be incorporated therein by reference and file any

10

 

other
required document so that, as thereafter delivered to the purchasers of the Registrable Securities
being sold thereunder (including upon the termination of any Delay Period), such Prospectus will
not contain an untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading;

     (h) use commercially reasonable efforts to cause all Registrable Securities covered by such
Registration Statement to be listed on each securities exchange or automated interdealer quotation
system, if any, on which similar securities issued by the Company are then listed or quoted, or, if
none, on such securities exchange or automated interdealer quotation system reasonably selected by
the Company;

     (i) if such offering is an underwritten offering, make available for inspection by any Holder
of Registrable Securities included in such Registration Statement, any underwriter participating in
any offering pursuant to such Registration Statement, and any attorney, accountant or other agent
retained by any such Holder or underwriter (collectively, the “Inspectors”), all financial and
other records and other information, pertinent corporate documents and properties of any of the
Company and its subsidiaries and affiliates (collectively, the “Records”), as shall be reasonably
necessary to enable them to exercise their due diligence responsibilities; provided,
however, that the Records that the Company determines, in good faith, to be confidential
and which it notifies the Inspectors in writing are confidential shall not be disclosed to any
Inspector unless such Inspector signs a confidentiality agreement reasonably satisfactory to the
Company, which shall permit the disclosure of such Records in such Registration Statement or the
related Prospectus if (i) necessary to avoid or correct a material misstatement in or material
omission from such Registration Statement or Prospectus or (ii) the release of such Records is
ordered pursuant to a subpoena or other order from a court of competent jurisdiction;
provided further, however, that (A) any decision regarding the disclosure
of information pursuant to subsection (i) shall be made only after consultation with counsel for
the applicable Inspectors and the Company and (B) with respect to any release of Records pursuant
to subsection (ii), each Holder of Registrable Securities agrees that it shall, promptly after
learning that disclosure of such Records is sought in a court having jurisdiction, give notice to
the Company so that the Company, at the Company’s expense, may undertake appropriate action to
prevent disclosure of such Records;

     (j) not later than the effective date of a Registration Statement, the Company shall provide
to the Holders the CUSIP number for all Registrable Securities; and

     (k) if such offering is an underwritten offering, enter into such agreements (including an
underwriting agreement in form, scope and substance as is customary in underwritten offerings) and
take all such other appropriate and reasonable actions requested by the Holders of a majority of
the Registrable Securities being sold in connection therewith (including those reasonably requested
by the managing underwriters) in order to expedite or facilitate the disposition of such
Registrable Securities, and in such connection, (i) use commercially reasonable efforts to obtain
opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope
and substance) shall be reasonably satisfactory to the managing underwriters, addressed to each of
the underwriters as to the matters customarily covered in opinions requested in underwritten
offerings and such other matters as may be

11

 

reasonably requested by the underwriters, (ii) use
commercially reasonable efforts to obtain “cold comfort” letters and updates thereof from the
independent certified public accountants of the Company (and, if necessary, any other independent
certified public accountants of any subsidiary of the Company or of any business acquired by the
Company for which financial statements and financial data are, or are required to be, included in
the Registration Statement), addressed to each selling Holder of Registrable Securities covered by
the Registration Statement (unless such accountants shall be prohibited from so addressing such
letters by applicable standards of the accounting profession) and each of the underwriters, such
letters to be in customary form and covering matters of the type customarily covered in “cold
comfort” letters in connection with underwritten offerings, (iii) if requested and if an
underwriting agreement is entered into, provide indemnification provisions and procedures customary
for underwritten public offerings, but in any event no less favorable to the indemnified parties
than the provisions set forth in Section 8, and (iv) provide for the reasonable
participation and cooperation by the management of the Company with respect thereto, including
participation by management in road shows, investor meetings and other customary cooperation. The
above shall be done at each closing under such underwriting or similar agreement, or as and to the
extent required thereunder.

     The Company may require each Holder of Registrable Securities covered by a Registration
Statement to furnish such information regarding such Holder and such Holder’s intended method of
disposition of such Registrable Securities as it may from time to time reasonably request in
writing. If any such information is not furnished within a reasonable period of time after receipt
of such request, the Company may exclude such Holder’s Registrable Securities from such
Registration Statement. Notwithstanding the foregoing, in no event shall any Holder be required to
provide any information about its investors unless required by the SEC to do so.

     Each Holder of Registrable Securities covered by a Registration Statement agrees that, upon
receipt of any notice from the Company of the happening of any event of the kind described in
Section 5(c)(ii), 5(c)(iii), 5(c)(iv) or 5(c)(v), that such Holder
shall discontinue disposition of any Registrable Securities covered by such Registration Statement
or the related Prospectus until receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 5(g), or until such Holder is advised in writing by the Company
that the use of the applicable Prospectus may be resumed, and has received copies of any amended or
supplemented Prospectus or any additional or supplemental filings which are incorporated, or deemed
to be incorporated, by reference in such Prospectus (such period during which disposition is
discontinued being an “Interruption Period”) and, if requested by the Company, the Holder shall
deliver to the Company (at the expense of the Company) all copies then in its possession,
other than permanent file copies then in such holder’s possession, of the Prospectus covering such
Registrable Securities at the time of receipt of such request.

     Each Holder of Registrable Securities covered by a Registration Statement further agrees not
to utilize any material other than the applicable current preliminary prospectus, Free Writing
Prospectus, road show or Prospectus in connection with the offering of such Registrable Securities.

12

 

6. Registration Expenses. Whether or not any Registration Statement is filed or becomes
effective, the Company shall pay all costs, fees and expenses incident to the Company’s performance
of or compliance with this Agreement, including (i) all registration and filing fees, including
FINRA filing fees, (ii) all fees and expenses of compliance with securities or “Blue Sky” laws,
including reasonable fees and disbursements of counsel in connection therewith, (iii) printing
expenses (including expenses of printing certificates for Registrable Securities and of printing
prospectuses if the printing of prospectuses is requested by the Holders or the managing
underwriter, if any) and the expenses ordinarily paid by issuers in connection with a road show,
(iv) messenger, telephone and delivery expenses, (v) fees and disbursements of counsel for the
Company, (vi) fees and disbursements of all independent certified public accountants of the Company
(including expenses of any “cold comfort” letters required in connection with this Agreement) and
all other persons retained by the Company in connection with such Registration Statement, (vii) the
reasonable fees and disbursements of one counsel, other than the Company’s counsel, selected by
Holders of a majority of the Registrable Securities being registered, to represent all such
Holders, (viii) in the event of an underwritten offering, the expenses of the Company and the
underwriters associated with any “road show” which are customarily paid or reimbursed by issuers,
and (ix) all other costs, fees and expenses incident to the Company’s performance or compliance
with this Agreement. Notwithstanding the foregoing, the fees and expenses of any persons retained
by any Holder, other than one counsel for all such Holders, and any discounts, commissions or
brokers’ fees or fees of similar securities industry professionals and any transfer taxes relating
to the disposition of the Registrable Securities by a Holder, will be payable by such Holder and
the Company will have no obligation to pay any such amounts.

7. Underwriting Requirements.

     (a) Subject to Section 7(c), any Holder shall have the right, by written notice, to
request that any Demand Registration provide for an underwritten offering but the Company shall be
under no obligation to conduct more than two (2) underwritten offerings hereunder.

     (b) In the case of any underwritten offering pursuant to a Demand Registration, the Holders of
a majority of the Registrable Securities to be disposed of in connection therewith shall select the
institution or institutions that shall manage or lead such offering, which institution or
institutions shall be reasonably satisfactory to the Company. In the case of any underwritten
offering pursuant to a Piggyback Registration, the Company shall select the institution or
institutions that shall manage or lead such offering.

     (c) In the case of any Piggyback Registration that is an underwritten offering, no Holder
shall be entitled to participate in an underwritten offering unless and until such Holder has
entered into (i) an underwriting or other agreement with such institution or institutions for such
offering, and (ii) powers of attorney and custody agreements, in each case in such form as the
Company and such institution or institutions shall reasonably determine; provided, that no
holder of Registrable Securities included in any underwritten registration shall be required to
make any representation or warranties to the Company or the underwriters (other than
representations and warranties regarding such holder and such holder’s ownership of the shares to
be sold pursuant to such underwriting, such holder’s stabilization activities, and with respect to
information provided in writing by such holder expressly for use in any Registration

13

 

Statement) or
to undertake any indemnification or contribution obligations to the Company or any underwriter with
respect thereto, other than as specifically provided in Section 8.

8. Indemnification; Liquidated Damages.

     (a) Indemnification by the Company. The Company shall, without limitation as to time,
indemnify and hold harmless, to the fullest extent permitted by law, each Holder of Registrable
Securities whose Registrable Securities are covered by a Registration Statement or Prospectus, the
officers, directors and agents and employees of each of them, each Person who controls each such
Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
and the officers, directors, agents and employees of each such controlling person, to the fullest
extent lawful, from and against any and all losses, claims, damages, liabilities, judgment, costs
(including costs of investigation or preparation and reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred, arising out of or based upon (w) any untrue or alleged
untrue statement of a material fact contained in such Registration Statement or Prospectus or in
any amendment or supplement thereto, any preliminary prospectus, any Free Writing Prospectus, any
information the Company has filed or is required to file pursuant to Rule 433(d) under the
Securities Act, or any other material or information provided to or made available to investors by,
or with the approval of, the Company in connection with the offering, including any road show for
the offering (collectively, “Marketing Materials”), or (x) any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as the same are based upon information furnished in writing to the
Company by or on behalf of such Holder expressly for use in the Marketing Materials;
provided, however, that the Company shall not be liable to any such Holder to the
extent that any such Losses arise out of or are based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in any preliminary prospectus if (i) having
previously been furnished by or on behalf of the Company with copies of the Prospectus, such Holder
failed to send or deliver a copy of the Prospectus with or prior to the delivery of written
confirmation of the sale of Registrable Securities by such Holder to the person asserting the claim
from which such Losses arise and (ii) the Prospectus would have corrected in all material respects
such untrue statement or alleged untrue statement or such omission or alleged omission; and
provided further, however, that the Company shall not be liable in any such
case to the extent that any such Losses arise out of or are based upon an untrue statement or
alleged untrue statement or omission or alleged omission in the Prospectus, if (A) such untrue
statement or alleged untrue statement, omission or alleged omission is corrected in
all material respects in an amendment or supplement to the Prospectus, (B) having previously
been furnished by or on behalf of the Company with copies of the Prospectus as so amended or
supplemented, such Holder thereafter fails to deliver such Prospectus as so amended or
supplemented, prior to or concurrently with the sale of Registrable Securities, and (C) such losses
relate to sales during an Interruption Period or Delay Period.

     (b) Indemnification by Holder of Registrable Securities. In connection with any
Registration Statement in which a Holder is participating, such Holder shall furnish to the Company
in writing such information as the Company reasonably requests for use in connection with the
Marketing Materials and agrees to indemnify, severally and not jointly with the other Holders and
to the full extent permitted by law, the Company, its directors, officers, agents or employees,
each Person who controls the Company (within the meaning of Section 15 of the

14

 

Securities Act and
Section 20 of the Exchange Act) and the directors, officers, agents or employees of such
controlling Persons, from and against all Losses arising out of or based upon (x) any untrue or
alleged untrue statement of a material fact contained in the Marketing Materials or (y) any
omission or alleged omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, to the extent, but only to the extent, that such untrue or
alleged untrue statement or omission or alleged omission is based upon and is consistent with
information so furnished in writing by or on behalf of such Holder to the Company expressly for use
in such Marketing Materials. No Holder shall be held liable for any damages in excess of the total
amount of proceeds received by such Holder from the sale of the Registrable Securities sold by such
Holder (net of all underwriting discounts and commissions) under that particular Registration
Statement.

     (c) Conduct of Indemnification Proceedings. If any Person shall be entitled to
indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall give prompt notice to
the party from which such indemnity is sought (the “Indemnifying Party”) of any claim or of the
commencement of any proceeding with respect to which such Indemnified Party seeks indemnification
or contribution pursuant hereto; provided, however, that the delay or failure to so
notify the Indemnifying Party shall not relieve the Indemnifying Party from any obligation or
liability except to the extent that the Indemnifying Party has been materially prejudiced by such
delay or failure. The Indemnifying Party shall have the right, exercisable by giving written
notice to an Indemnified Party promptly after the receipt of written notice from such Indemnified
Party of such claim or proceeding, to assume, at the Indemnifying Party’s expense, the defense of
any such claim or proceeding, with counsel reasonably satisfactory to such Indemnified Party;
provided, however, that (i) an Indemnified Party shall have the right to employ
separate counsel in any such claim or proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (1) the
Indemnifying Party agrees to pay such fees and expenses; (2) the Indemnifying Party fails promptly
to assume the defense of such claim or proceeding or fails to employ counsel reasonably
satisfactory to such Indemnified Party; or (3) the named parties to any proceeding (including
impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such
Indemnified Party shall have been advised by counsel that there may be one or more legal defenses
available to it that are in addition to or are inconsistent with those available to the
Indemnifying Party or that a conflict of interest is likely to exist among such Indemnified Party
and any other indemnified parties (in which case the Indemnifying Party shall not have the right to
assume the defense of such action on behalf of such Indemnified Party); and (ii) subject to
subsection (3) above, the Indemnifying Party shall not, in connection with any one such claim
or proceeding or separate but substantially similar or related claims or proceedings in the same
jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees
and expenses of more than one firm of attorneys (together with appropriate local counsel) at any
time for all of the indemnified parties. Whether or not such defense is assumed by the
Indemnifying Party, such Indemnified Party shall not be subject to any liability for any settlement
made without its consent, which consent shall not be unreasonably withheld, conditioned or delayed.
The Indemnifying Party shall not consent to entry of any judgment or enter into any settlement
that does not include as an unconditional term thereof the giving by the claimant or plaintiff to
such Indemnified Party of a release, in form and substance reasonably satisfactory to the
Indemnified Party, from all liability in respect of such claim or litigation for which such
Indemnified Party would be entitled to indemnification hereunder.

15

 

     (d) Contribution. If the indemnification provided for in this Section 8 is
applicable in accordance with its terms but is legally unavailable to an Indemnified Party in
respect of any Losses, then each applicable Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a
result of such Losses, in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection
with the actions, statements or omissions that resulted in such Losses as well as any other
relevant equitable considerations. The relative fault of such Indemnifying Party, on the one hand,
and Indemnified Party, on the other hand, shall be determined by reference to, among other things,
whether any action in question, including any untrue statement of a material fact or omission or
alleged omission to state a material fact, has been taken by, or relates to information supplied
by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent any such action, statement or omission.
The amount paid or payable by a party as a result of any Losses shall be deemed to include any
legal or other fees or expenses incurred by such party in connection with any investigation or
proceeding. The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 8(d) were determined by pro rata allocation or by any other method
of allocation that does not take account of the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 8(d), an
Indemnifying Party that is a Holder shall not be required to contribute any amount which is in
excess of the amount by which the total proceeds received by such Holder from the sale of the
Registrable Securities sold by such Holder (net of all underwriting discounts and commissions)
exceeds the amount of any damages that such Indemnifying Party has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation.

     (e) Liquidated Damages. Notwithstanding anything to the contrary herein, if (i) the
Company does not receive No-Action Relief from the SEC, and the Shelf Registration is not filed as
provided for in Section 2(e) on or before September 30, 2011, (ii) the Company receives
No-Action Relief on or prior to June 29, 2011 and the Shelf Registration as provided for in
Section 2(e) is not declared effective by the SEC on or before the later of (a) 90 days
after receiving such No-Action Relief or (b) June 30, 2011, (iii) the effectiveness of the Shelf
Registration is not continuously maintained for the period specified in Section 2(f)
(other than as a result of any Delay Periods or Interruption Periods permitted under this
Agreement); or (iv) the aggregate number of days in all Delay Periods and Interruption Periods
occurring during any twelve (12) month period exceeds sixty (60) days (any such event, in clauses
(i) through (iv) immediately above (a “Registration Failure”), then the Company shall be obligated
to pay to each Holder of Registrable Securities, as liquidated damages and not as a penalty, an
amount equal to $.0054 multiplied by the number of Registrable Securities held by such Holder on
such day (as certified in writing by such Holders) for each day that a Registration Failure is
continuing and has not been cured. Such payment shall be made by wire transfer to an account
designated by the Holder on the first day of each month following the date on which such amounts
become payable and shall continue to be made on the first day of each subsequent month for which
amounts have accrued under this Section 8(e) until all amounts due have been paid. The
Company shall not be required to make any payment to any Holder until it receives a

16

 

certification
as to the number of Registrable Securities held by such Holder at such time. The parties agree
that in the event that a Registration Failure occurs the Holders of Registrable Securities will
suffer damages and that the amount of such damages will be difficult to estimate. Accordingly,
each party agrees that the receipt of the liquidated damages provided for in this Section
8(e) are reasonable and shall be the sole measure of damages of the Registered Holders in the
event that a Registration Failure occurs; provided, that nothing shall prevent a Holder of
Registrable Securities from seeking specific performance of the Company’s obligations hereunder as
provided in Section 10(f). Notwithstanding the foregoing, the aggregated amount of such
liquidated damages payable by the Company under this Agreement shall not exceed $2,000,000.

9. Rule 144 Information. With a view to making available the benefits of certain rules and
regulations of the Commission which may at any time permit the sale of the Registrable Securities
to the public without registration, after such time as a registration statement relating to the
Common Stock has been declared effective under either the Securities Act or the Exchange Act, the
Company agrees to use its commercially reasonable efforts to:

     (a) Make and keep public information available, as those terms are understood and defined in
Rule 144 under the Securities Act, at all times after the earlier of (i) such time as a
registration statement relating to the Common Stock has been declared effective under either the
Securities Act or the Exchange Act or (ii) the date that the Company becomes subject to the
periodic reporting requirements under Section 13 or 15(d) of the Exchange Act, for so long as the
Company remains subject to the periodic reporting requirements under Section 13 or 15(d) of the
Exchange Act.

     (b) Use its commercially reasonable efforts to file with the Commission in a timely manner all
reports and other documents required of the Company under the Securities Act and the Exchange Act
(at any time it is subject to such reporting requirements).

     (c) Furnish to any Holder forthwith upon request a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 under the Securities Act (at any time after
ninety (90) days after the effective date of the first registration statement filed by the
Company for an offering of its securities to the general public), and of the Securities Act
and the Exchange Act (at any time after it has become subject to the reporting requirements of the
Exchange Act), a copy of the most recent annual or quarterly report of the Company, and such other
reports and documents of the Company and other information as such Holder may reasonably request in
availing itself of any rule or regulation of the Commission allowing such Holder to sell any such
securities without registration.

10. Miscellaneous.

     (a) Limitations on Subsequent Registration Rights. After the date of this Agreement,
the Company shall not grant registration rights with respect to any securities of the same class,
or securities that are convertible into or exchangeable or exercisable for the same class, as the
Registrable Securities which (i) permit any other person to register securities on terms which are
more advantageous in any respect to the persons holding such other securities than the rights
granted to the Holders of Registrable Securities hereunder, or (ii) permit the inclusion of

17

 

securities in any Registration Statement (other than one requested by the holders of such
securities) unless the rights to include such other securities are junior or secondary to the
rights granted to the Holders of the Registrable Securities hereunder

     (b) Termination. This Agreement and the obligations of the Company and the Holders
hereunder (other than with respect to Section 8) shall terminate on the first date on which
no Registrable Securities remain outstanding. In addition, the obligations of the Company and of
any Holder, other than those obligations contained in Section 8, shall terminate with
respect to the Company and such Holder when such Holder no longer holds any Registrable Securities.

     (c) Notices. All notices, requests, waivers and other communications made pursuant to
this Agreement shall be in writing and shall be deemed to have been effectively given (i) when
personally delivered to the party to be notified; (ii) when sent by confirmed facsimile to the
party to be notified at the number set forth below; (iii) when sent by email to the party to be
notified at the email address set forth below; (iv) three (3) Business Days after deposit in the
United States mail postage prepaid by certified or registered mail return receipt requested and
addressed to the party to be notified as set forth below; or (v) one (1) Business Day after deposit
with a national overnight delivery service, postage prepaid, addressed to the party to be notified
as set forth below with next-business-day delivery guaranteed, in each case as follows:

In the case of the Company, to:

Tronox, Inc.

3301 N.W. 150th Street

Oklahoma City, Oklahoma 73134

Attention: Michael J. Foster

Telephone: 405.775.5171

M: 405.802.4185

Facsimile: 405.302.4706

e-mail: michael.foster@tronox.com

With a copy (which shall not constitute notice) to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention: Christian O. Nagler

Telephone: 212-446-4660

Facsimile:

Email: Christian.Nagler@kirkland.com

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In the case of the Backstop Holders:

To the names and addresses set forth on the signature pages hereto.

With a copy (which copy shall not constitute notice) to:

Milbank, Tweed, Hadley & McCloy llp

1 Chase Manhattan Plaza

New York, New York 10005

Attention: Thomas C. Janson

Telephone: (212) 530-5000

Facsimile: (212) 530-5219

Email: tjanson@milbank.com

In the case of any other Holder, to such Holder at its address set forth in the stock ledger of the
Company.

     (d) Separability. If any provision of this Agreement shall be declared to be invalid
or unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the
remaining provisions hereof which shall remain in full force and effect.

     (e) Assignment. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, devisees, legatees, legal representatives, successors
and assigns. The rights to cause the Company to register Registrable Securities pursuant to
Sections 2, 3 and 4 may be assigned in connection with any transfer or
assignment by a Holder of Registrable Securities, provided, that: (i) such transfer may
otherwise be effected in accordance with applicable securities laws; (ii) such transfer is effected
in compliance with the restrictions on transfer contained in this Agreement and in any other
agreement between the Company and the Holder; and (iii) such assignee or transferee executes this
Agreement and is (A) an affiliate of the Holder (B) a partner or member of the Holder or an
affiliate of the Holder or (C) holds (after giving effect to such transfer) (I) at least one
percent (1%) of the issued and outstanding shares or (II) all shares of Registrable Securities held
by a Holder prior to such transfer if transferred to a single entity. No transfer or assignment
will divest a Holder or any subsequent owner of any rights or powers hereunder unless all
Registrable Securities are transferred or assigned.

     (f) Specific Performance. The Company acknowledges and agrees that (a) irreparable
damages would occur in the event that any of the provisions of this Agreement are not performed in
accordance with their specific terms or are otherwise breached and (b) remedies at law would not be
adequate to compensate the non-breaching party. Accordingly, the Company agrees that each Holder
of Registrable Securities shall have the right, in addition to any other rights and remedies
existing in its favor, to an injunction or injunctions to prevent breaches of this Agreement and to
enforce its rights hereunder. The right to equitable relief, including an injunction, shall not be
limited by any other provision of this Agreement. In any action or proceeding against it seeking
an injunction or other equitable relief to enforce the provisions of this Agreement, the Company
hereby (i) waives and agrees not to assert any

19

 

defense that an adequate remedy exists at law or
that a Holder of Registrable Securities would not be irreparably harmed and (ii) waives and agrees
not to seek any requirement for the posting of any bond or other security in connection with any
such action or proceeding.

     (g) Entire Agreement. This Agreement represents the entire agreement of the parties
and shall supersede any and all previous contracts, arrangements or understandings between the
parties hereto with respect to the subject matter hereof.

     (h) Amendments and Waivers. Except as otherwise provided herein, the provisions of
this Agreement may not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, unless (i) the Company has obtained the written
consent of Holders of at least a majority in number of the Registrable Securities then outstanding,
or (ii) such changes are not adverse to any Holder.

     (i) Publicity. No public release or announcement concerning the transactions
contemplated hereby shall be issued by any party without the prior consent of the Company and any
other party mentioned in such release or announcement, except to the extent that such issuing party
is advised by counsel that such release or announcement is necessary or advisable under applicable
law or the rules or regulations of any securities exchange, in which case the party required to
make the release or announcement shall to the extent practicable provide the Company and any such
other party with an opportunity to review and comment on such release or announcement in advance of
its issuance.

     (j) Expenses. Whether or not the transactions contemplated hereby are consummated,
except as otherwise provided herein, all costs and expenses incurred in connection with the
execution of this Agreement shall be paid by the party incurring such costs or expenses, except as
otherwise set forth herein.

     (k) Interpretation.

          (i) The headings contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement.

          (ii) The meaning assigned to each term defined herein shall be equally applicable to both the
singular and the plural forms of such term and vice versa, and words denoting either gender shall
include both genders as the context requires. Where a word or
phrase is defined herein, each of its other grammatical forms shall have a corresponding
meaning.

          (iii) The terms “hereof”, “herein” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement.

          (iv) When a reference is made in this Agreement to a Section, paragraph, Exhibit or Schedule,
such reference is to a Section, paragraph, Exhibit or Schedule to this Agreement unless otherwise
specified.

20

 

          (v) The word “include”, “includes”, and “including” when used in this Agreement shall be
deemed to include the words “without limitation”, unless otherwise specified.

          (vi) A reference to any party to this Agreement or any other agreement or document shall
include such party’s predecessors, successors and permitted assigns.

     (l) Counterparts. This Agreement may be executed in two or more counterparts, all of
which shall be one and the same agreement, and shall become effective when counterparts have been
signed by each of the parties and delivered to each other party.

     (m) Governing Law. This Agreement shall be construed, interpreted, and governed in
accordance with the internal laws of the State of New York.

     (n) Calculation of Time Periods. Except as otherwise indicated, all periods of time
referred to herein shall include all Saturdays, Sundays and holidays; provided,
however, that if the date to perform the act or give any notice with respect to this
Agreement shall fall on a day other than a Business Day, such act or notice may be timely performed
or given if performed or given on the next succeeding Business Day.

     (o) FWP Consent. No Holder shall use a Holder Free Writing Prospectus without the
prior written consent of the Company, which consent shall not be unreasonably withheld.

[Signature Pages Follow]

21

 

          IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written.

	 	 	 	 	 
	 	TRONOX INCORPORATED.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Registration Rights Agreement]

 

 

	 	 	 	 	 
	 	BACKSTOP HOLDER

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address:	 	 
	 
	 	 	 	 
	 
	 	 	 	 

[Signature Page to Registration Rights Agreement]

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