Document:

Employment and Non-competition Agreement

 Exhibit 10.29 
 EMPLOYMENT AND NON-COMPETITION AGREEMENT 
 THIS EMPLOYMENT AND NON-COMPETITION AGREEMENT (this “Agreement”) made as of this 16th day
of April, 2007 (the “Effective Date”), by and among Michael G. Archbold (the “Executive”), VS Parent, Inc., a Delaware corporation (“Parent”), Vitamin Shoppe Industries Inc., a New York corporation (the
“Company”), and VS Holdings, Inc., a Delaware corporation (“Holdings”). 
 W I T
N E S S E T H: 
 WHEREAS, the Executive is commencing his employment with the Company
and the parties desire to set forth the terms and provisions of such employment. 
 NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and in consideration of the mutual covenants and obligations herein contained, the parties hereto agree as follows: 
 1. Position and Responsibilities. The Executive shall serve as Executive Vice President, Chief Operating Officer and Chief Financial Officer of
each of Parent, Holdings and the Company and, in such capacity, shall be responsible for the general management of the finance, operations, information technology, loss prevention and certain real estate affairs and operations of Parent, Holdings
and the Company, shall perform such duties as are customarily performed by an officer with similar responsibilities of a company of a similar size, together with such other responsibilities that may be assigned to him by the Chief Executive Officer
and the Board of Directors of Parent, Holdings or the Company, and shall have such power and authority as shall reasonably be required to enable him to perform his duties hereunder; provided, however, that in exercising such power and
authority and performing such duties, he shall at all times be subject to the authority of the Chief Executive Officer and the Board of Directors of Parent, Holdings and the Company. The Executive agrees to devote substantially all of his business
time, attention and services to the diligent, faithful and competent discharge of such duties for the successful operation of Parent’s, Holdings’ and the Company’s business. Notwithstanding the foregoing, upon the approval of the
Compensation Committee of Parent, the Executive may serve as a director of a publicly traded company that is not a Competitive Business (hereinafter defined), provided that such service does not interfere with the Executive’s obligations
hereunder. 
 2. Compensation; Salary, Bonus and Other Benefits. During the term of this Agreement, the Company shall pay the
Executive the following compensation, including the following annual salary, bonus and other fringe benefits, subject to all applicable federal and state withholding, payroll and other taxes. 
 (A) Salary. In consideration of the services to be rendered by the Executive to the Company, the Company shall pay to the Executive
a base salary of $450,000 per annum (such salary as it may be increased from time to time being hereinafter referred to as the “Base Salary”). Except as may otherwise be agreed, the Base Salary shall be payable in conformity with
the Company’s customary practices for executive compensation as such practices shall be established or modified from time to time but shall be payable not less 

 
frequently than monthly. The Executive shall receive such increases in his Base Salary as the Board of Directors of the Company may from time to time approve
in its sole discretion; provided, however, that the Executive’s Base Salary will be reviewed not less often than annually, with the first performance and financial review to occur by March 31, 2008. The Executive’s Base
Salary may not be decreased without his written consent. 
 (B)
Bonus. Each calendar year during the term of this Agreement, the Executive shall be eligible for a cash bonus award (the “Annual Cash Bonus”) in an amount not to exceed fifty percent (50%) of his then current base salary
pursuant to the Company’s then current Management Incentive Program (“MIP”). As currently constituted the MIP is based upon (i) the Company’s satisfaction of operating objectives specified by the Company’s Board
of Directors each year in its sole discretion, and (ii) individual members of management’s satisfaction of certain individual operating objectives based upon their area of responsibility as specified by the Company’s Board of
Directors and Chief Executive Officer in their sole discretion. Executive acknowledges that Company reserves the right to change the structure of the MIP from time to time, provided that any change will not affect Executive’s ability to receive
an Annual Cash Bonus of up to fifty percent (50%) of Executive base salary. Executive shall be paid his Annual Cash Bonus on or about March 16th of the calendar year following the year to which such bonus relates, but before the end of such calendar year. The parties acknowledge that the determination of the Annual Cash Bonus for the year in
which Executive’s employment terminates (and possibly for the prior year) shall not be known on the date Executive’s employment terminates, and, if any, shall be paid by Company to Executive not more than thirty (30) days after the
determination thereof, but in all events on or after March 16th of the calendar year following the calendar
year of termination, but before the end of such calendar year. 
 (C) Benefits. The Executive will be entitled to
participate, in accordance with the provisions thereof, in any health, disability and life insurance and other employee benefit plans and programs made available by the Company to executives in positions comparable to the Executive’s position.

 (D) Reimbursement of Expenses. The Company shall reimburse the Executive for any and all out-of-pocket expenses
reasonably incurred by the Executive during the term of his employment in connection with his duties and responsibilities as Executive Vice President and Chief Operating Officer of the Company, provided that the Executive complies with the policies,
practices and procedures of the Company regarding expense reimbursement, including submission of expense reports, receipts or similar documentation of such expenses. 
 (E) Vacation. The Executive shall be entitled to vacation time in accordance with the plans, practices, policies, and programs
applicable to the Company’s management employees generally, but in no event less than four (4) weeks per year. 
 3. Term.
The term of Executive’s employment hereunder shall commence on the Effective Date and shall terminate on April 15, 2010 (the “Initial Term”), unless earlier terminated as provided in Section 5 of this Agreement.
Following the Initial Term, this Agreement and the Executive’s employment hereunder shall automatically renew for up to three (3) successive one (1) year periods (each a “Renewal Term”), unless either the Company or
the Executive shall notify the other in writing not later than six (6) months prior to the end of the 

  

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Initial Term or the then current Renewal Term that such party elects for this Agreement and the Executive’s employment hereunder to terminate at the end
of the Initial Term or such Renewal Term, as applicable; provided, however, that each Renewal Term shall be subject to earlier termination as provided in Section 5 of this Agreement. For purposes of this Agreement
“Termination Date” shall mean the last day of the Initial Term or any Renewal Term for which the six-month period for such Renewal Term to be canceled by either party has transpired without the same having been canceled, as applicable.

 4. Key Man Life Insurance. The Company may apply for and obtain and maintain a Key Man Life Insurance policy in the name of the
Executive in such amount as the Company may determine, the beneficiary of which shall be the Company. The Executive shall submit to physical examinations and answer reasonable questions in connection with the application for and, if obtained, the
maintenance of, as may be required, such insurance policy. 
 5. Termination. The Executive’s term of employment under this
Agreement may be earlier terminated as follows: 
 (A) At the Executive’s Option. The Executive may terminate his
employment at any time upon at least six (6) months’ advance written notice to the Company. In such event, the Executive shall be entitled to no severance or other termination benefits from and after the termination of his employment,
except as provided in Section 5(I) hereof. 
 (B) At the Election of the Company With Cause. The Company may,
unilaterally, terminate the Executive’s employment hereunder “with cause” at any time during the term of this Agreement upon written notice to the Executive. Termination of the Executive’s employment by the Company shall
constitute a termination “with cause” under this Section 5(B) only if such termination is for one or more of the following causes: (i) wrongful misappropriation of Company assets of a material value; (ii) alcoholism or drug
addiction, any of which materially impairs the ability of the Executive to perform his duties and responsibilities hereunder or is seriously injurious to the business of the Company; (iii) the conviction of a felony; (iv) intentionally
causing the Company to violate a material local, state or federal law in any material respect; (v) gross negligence or willful misconduct in the conduct or management of the Company; (vi) willful refusal to comply with any significant
policy, directive or decision of the Chief Executive Officer or the Board in furtherance of a lawful business purpose or willful refusal to perform the duties lawfully assigned to the Executive by Chief Executive Officer and/or the Board consistent
with the Executive’s functions, duties and responsibilities set forth in Section 1 hereof, in each case, in any material respect, and only if not remedied within ten (10) days after receipt of written notice from the Company; or
(vii) breach by the Executive of this Agreement, in any material respect, not remedied within ten (10) days after receipt of written notice from the Company (including any termination by Executive without notice as required in
Section 5(A)). In the event of a termination “with cause” pursuant to the provisions of clauses (i) through (vii) above, inclusive, the Executive shall be entitled to no severance or other termination benefits, except as
provided in Section 5(I) hereof. 
 (C) At the Election of the Company for Reasons Other than With Cause. The
Company may, unilaterally, terminate the Executive’s employment hereunder at any time during the term of this Agreement without cause upon five (5) business days prior written notice 

  

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to the Executive of the Company’s election to terminate. Upon a termination under this Section 5(C), the Company shall: 
 (i) Pay the Executive his Base Salary from the date of the termination of the Executive’s employment through the earlier to occur of
(1) the Termination Date, and (2) the date that is twelve (12) months following Executive’s termination. Such payments shall be payable under a fixed payment schedule on a weekly basis following the Executive’s termination
in the same manner as the same was paid prior to Executive’s termination and shall be subject to all applicable federal and state withholding taxes. 
 (ii) Pay to the Executive (x) the full amount of any unpaid Annual Cash Bonus for any calendar year of the Company prior to the calendar year in which the Executive’s employment is terminated, and
(y) if the Executive’s employment is terminated after one-half (1/2) or more of a calendar year has transpired, pay to the Executive a portion of the Annual Cash Bonus for such calendar year in an amount, if any, provided for in
Section 5(L). 
 (iii) Until the earlier to occur of (x) twelve (12) months from the date of termination of
Executive’s employment, and (y) the time when the Executive becomes eligible for insurance coverage offered by any subsequent employer (the “Insurance Continuation Period”), allow the Executive to continue to participate
in all life, health, disability and similar insurance plans and programs of the Company to the extent that such continued participation is possible under the general terms and provisions of such plans and programs, with the Company and the Executive
paying the same portion of the cost of each such plan or program as existed at the time of the Executive’s termination. In the event that the Executive’s continued participation in any group plans and programs is not permitted, then in
lieu thereof, Executive shall acquire individual insurance policies providing comparable coverage for the Executive for the Insurance Continuation Period and Company shall reimburse Executive for the portion of the costs that Executive shall pay,
such that Executive shall pay a net amount equal to the amount that he would have paid had he remained an employee of the Company; provided, that the Company shall not be obligated to pay for any such individual coverage more than three
(3) times the Company’s cost of such group coverage. 
 Notwithstanding the foregoing, if during the period from the
date of the termination of the Executive’s employment hereunder through the end of the period for which any severance is payable pursuant to this Section 5(C) (the “Severance Period”), the Executive (i) becomes
employed or (ii) performs 390 or more hours of consulting services for a single client in any ninety (90) day period, the Executive shall promptly notify the Company of such employment or consulting engagement, and the severance payable
pursuant to paragraph 5(C)(i) hereof shall be reduced by the gross amount of the compensation or consulting fees earned by the Executive during the Severance Period pursuant to such employment or consulting engagement (the “Alternate
Compensation”). Executive agrees that in the event his employment with Company is terminated as provided in this Section 5(C), at all times more than thirty (30) days after the date Executive’s employment with Company is
terminated, Executive shall endeavor diligently and in good faith to obtain alternate employment that is appropriate for Executive’s training and experience (“Reasonable Alternate Employment”). Company shall have the right to
request evidence that Executive has used good faith efforts to obtain Reasonable Alternate Employment and has not been successful in obtaining the same and/or that Executive 

  

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has not received Alternate Compensation. If Company has provided to Executive any “outplacement” or other employment assistance in order to
facilitate him finding alternative employment, Executive hereby irrevocably authorizes any such party to respond directly to Company with information on Executive’s efforts to obtain Reasonable Alternate Employment. 
 (D) At the Election of the Executive for Certain Reasons. The Executive may terminate his employment immediately upon written
notice to the Company upon the occurrence of a Change of Control (as defined below) followed, within twelve (12) months after the date of the Change of Control, by a material adverse change in the Executive’s function, duties or
responsibilities from those described in Section 1 hereof without the written consent of the Executive which is not remedied by the Company within 30 days after Executive gives written notice to the Parent’s Board of Directors of such
change (an “Adverse Change in Status”). Executive shall provide notice to Parent’s Board of Directors as aforesaid not more than ninety (90) days after the occurrence of the events that Executive believes has created the
Adverse Change in Status. In the event the Executive exercises his right to terminate his employment under this Section 5(D), the Company shall: 
 (i) pay to the Executive his Base Salary from the date of the termination of the Executive’s employment for a period of twelve (12) months following the Adverse Change in Status. Such payments shall be
payable under a fixed payment schedule on a weekly basis following the Executive’s termination in the same manner as the same was paid prior to Executive’s termination and shall be subject to all applicable federal and state withholding
taxes. 
 (ii) pay to the Executive (x) the full amount of any unpaid Annual Cash Bonus for any calendar year of the
Company prior to the calendar year in which the Executive’s employment is terminated, and (y) if the Executive’s employment is terminated after one-half (1/2) or more of a calendar year has transpired, pay to the Executive a
portion of the Annual Cash Bonus for such calendar year in an amount, if any, provided for in Section 5(L). 
 (iii)
during the Insurance Continuation Period, allow the Executive to continue to participate in all life, health, disability and similar insurance plans and programs of the Company to the extent that such continued participation is possible under the
general terms and provisions of such plans and programs, with the Company and the Executive paying the same portion of the cost of each such plan or program as existed at the time of the Executive’s termination. In the event that the
Executive’s continued participation in any group plans and programs is not permitted, then in lieu thereof, Executive shall acquire individual insurance policies providing comparable coverage for the Executive for the Insurance Continuation
Period and Company shall reimburse Executive for a portion of the costs that Executive shall pay, such that Executive shall pay a net amount equal to the amount that he would have paid had he remained an employee of the Company; provided, that the
Company shall not be obligated to pay for any such individual coverage more than three (3) times the Company’s cost of such group coverage. 
 For the purposes of this Agreement, a “Change of Control” of the Company shall be deemed to have occurred if any person (including any individual, firm, partnership or other entity) together with all
Affiliates and Associates (as defined under Rule 

  

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12b-2 of the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) of such person,
becomes the Beneficial Owner (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company, Parent or Holdings representing a majority of the combined voting power of the Company’s,
Parent’s or Holdings’ then outstanding securities, but excluding (A) any person who is a Beneficial Owner of Holdings’, Parent’s or the Company’ securities outstanding as of the Effective Date or any Affiliate of such
person, (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Company, Parent or Holdings, or any subsidiary of the Company, Parent or Holdings, or (C) Parent, Holdings, the Company or any subsidiary of
Holdings or the Company. 
 (E) Disability of Executive. In the event of the disability of the Executive, the Company
may, unilaterally, terminate the Executive’s employment hereunder at any time upon written notice to the Executive. In the event the Executive’s employment is terminated pursuant to this Section 5(E), the Executive shall be entitled
to no severance or other termination benefits from and after the termination of his employment except as provided in Section 5(I) hereof. For purposes of this Agreement, “disability” shall mean the inability, by reason of
bodily injury or physical or mental disease, or any combination thereof, of the Executive to perform his customary or other comparable duties with the Company for ninety (90) consecutive days. In the event the parties are unable to agree as to
whether the Executive is suffering a disability, the Executive and the Company shall each select a physician and the two physicians so chosen shall make the determination or, if they are unable to agree, they shall select a third physician, and the
determination as to whether the Executive is suffering a disability shall be based upon the determination of a majority of the three physicians. Any other rights and benefits the Executive may have under employee benefit plans and programs of the
Company generally in the event of the Executive’s disability shall be determined in accordance with the terms of such plans and programs. 
 Notwithstanding the foregoing, in the event that the Executive’s employment is terminated pursuant to this Section 5(E), the Executive shall be entitled to receive (i) the full amount of any unpaid
Annual Cash Bonus for any calendar year prior to the year in which the Executive’s employment is terminated, and (ii) if the Executive’s employment is terminated after one-half (1/2) or more of a calendar year has transpired, pay
to the Executive a portion of the Annual Cash Bonus for such calendar year in an amount, if any, provided for in Section 5(L). 
 (F) Executive’s Death. The Executive’s employment shall be terminated upon the death of the Executive. Any rights and benefits that the Executive’s estate or any other person may have under employee benefit plans and
programs of the Company generally in the event of the Executive’s death shall be determined in accordance with the terms of such plans and programs. In the event the Executive’s employment is terminated pursuant to this Section 5(F),
the Executive shall be entitled to no severance or other termination benefits from and after the termination of his employment except as provide in Section 5(I) hereof. 
 Notwithstanding the foregoing, in the event that the Executive’s employment is terminated pursuant to this Section 5(F), the
Executive (or his estate) shall be entitled to receive (i) the full amount of any unpaid Annual Cash Bonus for any calendar year 

  

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prior to the year in which the Executive’s employment is terminated, and (ii) if the Executive’s employment is terminated after one-half
(1/2) or more of a calendar year has transpired, pay to the Executive a portion of the Annual Cash Bonus for such calendar year in an amount, if any, provided for in Section 5(L). 
 (G) Accrued and Unpaid Base Salary. If the Executive’s employment is terminated pursuant to this Section 5, the Executive
(or his estate) shall be entitled to receive any and all accrued but unpaid Base Salary earned through the date of termination. 
 (H) Reimbursement of Expenses. In the event of the Executive’s termination pursuant to this Section 5, the Company shall reimburse the Executive (or his estate) for any and all out-of-pocket expenses reasonably incurred by
the Executive consistent with Company policy prior to the date of such termination. 
 (I) Continuing Benefits.
Termination pursuant to this Section 5 shall not modify or affect in any way whatsoever any vested right of the Executive to benefits payable under any retirement or pension plan or under any other employee benefit plan of the Company, and all
such benefits shall continue, in accordance with, and subject to, the terms and conditions of such plans, to be payable in full to or on account of the Executive after such termination. 
 (J) Company’s Obligation. The Company’s obligation to make the severance payments and provide benefits in each case
required under this Section 5 is conditioned upon Executive’s (i) execution and delivery to the Company of a general release of legal claims, including, but not limited to, employment-related claims (but not claims as a shareholder)
in form satisfactory to the Company, and (ii) continued observance in all material respects of the covenants contained in Sections 6, 7, 8 and 9 of this Agreement. 
 (K) Revisions to Payment Schedule. Anything herein to the contrary notwithstanding, the parties hereby agree that (i) all
payments required to be made under Sections 5(C)(i) and 5(D)(i) hereof that have not been paid on or before March 15 of the following calendar year shall be due and payable on March 15 of the following calendar year, and (ii) all
payments required to be made under Sections 5(C)(ii) and 5(D)(ii) hereof shall be made before the end of the calendar year following the calendar year of termination. In the event that the adjustments in timing of payments pursuant to this
Section 5(K) shall result in Executive receiving money that would otherwise not be paid to Executive due to Executive obtaining Reasonable Alternate Employment as provided in the last paragraph of Section 5(C) after the acceleration in the
payment thereof, Executive shall repay to the Company, as and when payments of Alternate Compensation are received by Executive, but not more frequently than monthly, an amount equal to the lesser of (1) the amount paid under
Section 5(C)(i) that was accelerated and that is attributable to the period when Executive was engaged in Reasonable Alternate Employment, and (2) the amount of Alternate Compensation received by Executive on account of the Reasonable
Alternate Employment. 
 (L) Partial Year Bonus. If Executive’s employment is terminated pursuant to any of
Sections 5(C, D, E or F) after more than one-half (1/2) of the calendar year shall have transpired, the Company shall pay to the Executive at the time specified below the Fraction (hereinafter defined) times the portion of the Annual Cash Bonus
based upon Executive’s salary 

  

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and maximum bonus percentage at that time that is attributable to the performance of the Company as a whole, but not any portion thereof that is attributable
to the performance of the Executive and/or a portion of the Company of which the Executive is a part. The numerator of the Fraction shall be the number of months (including any fractional month as a full month) that Executive was an employee of the
Company during such calendar year, minus six (6), and the denominator of the Fraction shall be six (6). As an example, if the Executive’s employment with the Company is terminated in the first week of the tenth (10th) month, the Fraction shall be four-sixths (4/6), determined as follows: (x) ten (10) minus six (6), divided by
(y) six (6). Any payment on account of a partial year bonus shall be made at the same time as payment is made to other executives of the Company under the MIP as stated in Section 2(B). If in connection with or following the termination of
Executive’s employment the Company shall amend the MIP and the Executive is entitled to benefits under any of Section 5(C, D, E or F) hereof, the amount of the Annual Cash Bonus to be paid thereunder shall equal the amount determined under
the MIP as the same existed prior to the amendment thereof. 
 6. Noncompetition Covenant. Executive acknowledges and agrees that the
business of the Company is conducted primarily in the United States (the “Territory”), and that the Company’s reputation and goodwill are an integral part of its business success throughout the Territory. If Executive deprives
the Company of any of the Company’s goodwill or in any manner utilizes its reputation and goodwill in competition with the Company, the Company will be deprived of the benefits it has bargained for. Accordingly, Executive agrees that during the
term of Executive’s employment by the Company and for a period of two (2) years thereafter (the “Non-competition Period”), the Executive shall not, without the Company’s prior written consent, directly or indirectly,
own, manage, operate, join, control or participate in the ownership, management, operation or control of, or be connected as a director, officer, employee, partner, consultant or otherwise with, any profit or non-profit business or organization in
the Territory that, directly or indirectly, manufactures, markets, distributes or sells (through wholesale, retail or direct marketing channels including, but not limited to, mail order and internet distribution) (i) vitamins, minerals,
nutritional supplements, herbal products, sports nutrition products, bodybuilding formulas or homeopathic remedies or (ii) any other product category sold by the Company or its subsidiaries which represented four percent (4%) or more of
the Company’s consolidated gross revenue in the quarter preceding Executive’s termination (any such business being a “Competitive Business”). Notwithstanding the foregoing, Executive may be a passive owner (which shall not
prohibit the exercise of any rights as a shareholder) of not more than 5% of the outstanding stock of any class of any public corporation that engages in a Competitive Business. 
 7. Nonsolicitation. 
 (A) For a period commencing on the Effective Date and ending on the second
(2nd) anniversary of the termination of the Executive’s employment, the Executive shall not directly or
indirectly either for himself or for any other person, business, partnership, association, firm, company or corporation, hire from the Company or its subsidiaries or attempt to hire, divert or take away from the Company or its subsidiaries, any of
the business of the Company or its subsidiaries or officers or employees of the Company or its subsidiaries in existence from time to time during his employment with the Company. 
  

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 (B) For a period commencing on the
Effective Date and ending on the second (2nd) anniversary of the termination of the Executive’s
employment, the Executive shall not, directly or indirectly, knowingly make any statement or other communication that impugns or attacks the reputation or character of the Company or its subsidiaries or joint venture entities, directors, officers or
employees or damages the goodwill of the Company or its subsidiaries or joint venture entities, or knowingly take any action, directly or indirectly, that would interfere with any contractual or customer or supplier relationships of the Company or
its subsidiaries or joint venture entities. 
 8. Nondisclosure Obligation. The Executive shall not at any time, whether during or
after the termination of his employment, reveal to any person, association or company marketing plans, strategies, pricing policies, product formulations and other specifications, customer lists and accounts, business finances or financial
information of the Company or its subsidiaries or other information that the Company or its subsidiaries considers proprietary or confidential so far as they have come or may come to his knowledge, except as may be required in the ordinary course of
performing his duties as an officer of the Company or as may be in the public domain through no fault of his or as may be required by law. 
 9. Intellectual Property, Inventions and Patents. Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications,
copyrightable work and mask work (whether or not including any confidential information) and all registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable)
which relate to the Company’s or its subsidiary’s actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by Executive (whether alone or jointly with
others) while employed by the Company whether before or after the date of this Agreement (“Work Product”), belong to the Company or such subsidiary. Executive shall promptly disclose such Work Product to the Board and, at the
Company’s expense, perform all actions reasonably requested by the Board (whether during or after Executive’s employment with the Company) to establish and confirm such ownership (including, without limitation, assignments, consents,
powers of attorney and other instruments). 
 10. Remedies Upon Breach. The Executive agrees that any breach of Sections 6, 7, 8 and 9
of this Agreement by him could cause irreparable damage to the Company and that in the event of such breach the Company shall have, in addition to any and all remedies of law, the right to an injunction, specific performance or other equitable
relief to prevent the violation of any obligations hereunder, without the necessity of posting a bond, plus, if the Company finally prevails with respect to any dispute between the Company and the Executive as to the interpretation, terms, validity
or enforceability of (including any dispute about the amount of any payment pursuant to) this Agreement, the recovery of any and all costs and expenses incurred by the Company, including reasonable attorneys’ fees in connection with the
enforcement of this Agreement. 
 11. Excise Taxes. Company and Executive acknowledge that certain payments to be made under this
Agreement or in connection with stock options granted to Executive pursuant to the Amended and Restated VS Parent, Inc. 2006 Stock Option Plan (the “Plan”) may be 

  

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subject to section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), Section 280G of the Code, or other provisions of
tax law which may impose penalties or excise taxes on certain types of compensation or payments made to Executive (collectively “Penalty Taxes”). During the period of employment and thereafter, the Company, in its sole discretion,
may propose any amendments or changes to the terms of this Agreement or the Plan for the purpose of avoiding the imposition of any such Penalty Taxes. Executive shall fully cooperate with any such amendments or changes proposed by Company in order
to avoid the imposition of any Penalty Taxes on any payments made to or received by Executive, including but not limited to requesting that Company’s shareholders approve the payment of any moneys due to Executive hereunder and/or under the
Plan. 
 12. Indemnification. If the Executive becomes a party to or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding by reason of the fact that he is or was an officer, director, agent or employee of the Company or is or was serving at the request of the Company as an officer, director, agent or employee of another corporation
or other entity, he shall be indemnified by the Company to the maximum extent permitted by applicable law and not inconsistent with the provisions of the certificate of incorporation and by-laws of the Company. The right of indemnification herein
provided for shall not be deemed exclusive of any other rights to which the Executive may be entitled as a matter of law and any rights of indemnity under any policy of insurance carried by the Company. 
 13. Indemnification and Reimbursement of Payments on Behalf of Executive. The Executive shall be solely responsible for all applicable taxes
imposed upon him as a result of any payment made to him by the Company, Parent or Holdings, including any such payments that are subject to withholding taxes. In the event the Company, Parent or Holdings is required to make any payment of such
taxes, Executive shall indemnify the Company, Parent and Holdings for any amounts so paid (excluding any interest and penalties related thereto). 
 14. Acknowledgements. The Executive hereby acknowledges that the enforcement of the provisions of Sections 6 and 7 hereof may potentially interfere with his ability to pursue a proper livelihood. The Executive recognizes and agrees
that the enforcement of this Agreement is necessary to ensure the preservation, protection and continuity of the business, trade secrets and goodwill of the Company. The Executive agrees that, due to the proprietary nature of the Company’s
business, the restrictions set forth in this Agreement are reasonable as to time and scope and do not unreasonably impair his ability to earn a living. The Executive hereby acknowledges that he has been advised to consult with an attorney before
executing this Agreement and that he has done so or, after careful reading and consideration, he has chosen not to do so of his own volition. 
 15. Consent and Waiver by Third Parties. The Executive hereby represents and warrants that his employment with the Company on the terms and conditions set forth herein and his execution and performance of this Agreement do not
constitute a breach or violation of any other agreement, obligation or understanding with any third party. The Executive represents that he is not bound by any agreement or any other existing or previous business relationship which conflicts with,
or may conflict with, the performance of his obligations hereunder or prevent the full performance of his duties and obligations hereunder. 
  

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 16. Governing Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York, without giving effect to any conflict of law provisions thereof. 
 17. Severability. In case
any one or more of the provisions contained in this Agreement for any reason shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement
but this Agreement shall be construed as if such invalid, illegal or unenforceable provisions has never been contained herein. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively
broad as to the scope, activity or subject so as to be unenforceable at law, such provision or provisions shall be construed and reformed by the appropriate judicial body by limiting and reducing such provision or provisions, so as to be enforceable
to the maximum extent compatible with the applicable law. 
 18. Waivers and Modifications. This Agreement may be modified, and the
rights and remedies of any provisions hereof may be waived, only in accordance with this Section 18. No modification or waiver by the Company shall be effective without the express written consent of the Chief Executive Officer of Parent then
in office at the time of such modification or waiver. No waiver by either party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other provision of this
Agreement. Moreover, in the event that the Company determines reasonably and in good faith that there is any provision of this Agreement that could cause Executive or the Company to be subject to the provisions of Section 409A of the Code, as
amended, such provision shall be interpreted and resolved in the manner the Company reasonably and in good faith deems necessary to prevent the application of Section 409A, provided that the Company shall act in a good faith to minimize the
amount of any the reduction in any benefits or compensation paid to or received by Executive (including either the delay or acceleration in the payment thereof) in order to prevent the imposition of Section 409A from applying to such provision.

 19. Entire Agreement. This Agreement sets forth all of the terms of the understandings between the parties with reference to the
subject matter set forth herein and supersedes all prior agreements and understandings, both written and oral, between the Company and the Executive, including, without limitation, the offer letter dated March 19, 2007 setting forth the terms of
Executive’s employment, and may not be waived, changed, discharged or terminated orally or by any course of dealing between the parties, but only by an instrument in writing signed by the party against whom any waiver, change, discharge or
termination is sought. 
 20. Assignment. The Executive acknowledges that the services to be rendered by him are unique and personal.
Accordingly, the Executive may not assign any of his rights or delegate any of his duties or obligations under this Agreement. The Company shall have the right to assign this Agreement to its successors and assigns, and the rights and obligations of
the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. 
 21.
Notices. Unless otherwise stated, all notices hereunder shall be (i) delivered by hand, (ii) sent by first-class certified mail, postage prepaid, return receipt requested, or (iii) delivered by overnight commercial courier, to
the following address of the party to whom such 

  

 -11- 

 
notice is to be made, or to such other address as such party may designate in the same manner provided herein: 
 If to the Company, Parent or Holdings: 
 Vitamin Shoppe Industries Inc. 
 2101 91st Street 
 North Bergen, New Jersey 07047

 Attention: Chief Executive Officer 
 and 
 Vitamin Shoppe Industries Inc. 
 2101 91st Street 
 North Bergen, NJ 07047 
 Attention: General Counsel 
 If to the
Executive: to the Executive’s last known address on the records of the Company 
 22. Survival of Obligations. The provisions of
Sections 6, 7, 8 and 9 shall survive the termination or expiration of this Agreement as a continuing agreement of the Company, Holdings and Parent and the Executive. The existence of any claim or cause of action by Executive against the Company
shall not constitute and shall not be asserted as a defense to the enforcement by the Company of this Agreement. 
 23. Arbitration.
Any dispute, controversy, or claim arising out of or in connection with this Agreement or relating to Executive’s employment by Company that cannot be resolved by the Executive and the Company shall be submitted to and resolved by arbitration
in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association. The arbitration shall be conducted in Manhattan, New York. Any award rendered shall be final and conclusive upon the parties and
a judgment thereon may be entered in a court having competent jurisdiction. THE PARTIES HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY FOR ANY DISPUTES HEREUNDER. Notwithstanding the foregoing, nothing in this Section 23 shall prevent the parties
from exercising their right to bring an action in any court of competent jurisdiction for injunctive or other provisional relief to compel the other party hereto to comply with its obligations under Sections 6, 7, 8 and 9 of this Agreement.

 24. Use of the Term “Company”. The term Company as used herein shall mean Company, Parent and/or Holdings and any
subsidiaries of Company, unless the context shall dictate otherwise, and the obligations of Company, Parent and Holdings hereunder shall be joint and several. 
  

 -12- 

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

  

			
	VS HOLDINGS, INC.
		
	By:	 	/s/ Thomas Tolworthy
		 	Name: Thomas Tolworthy
		 	Title: Chief Executive Officer
	
	VITAMIN SHOPPE INDUSTRIES INC.
		
	By:	 	/s/ Thomas Tolworthy
		 	Name: Thomas Tolworthy
		 	Title: Chief Executive Officer
	
	VS PARENT, INC.
		
	By:	 	/s/ Thomas Tolworthy
		 	Name: Thomas Tolworthy
		 	Title: Chief Executive Officer
		
		 	/s/ Michael G. Archbold
		 	Michael G. ArchboldWarrant Agreement

 Exhibit 4.2 
 EXECUTION COPY 
  

 WARRANT AGREEMENT 
 Dated as of 
 February 10, 2006 
 between 
 CYPRESS SHARPRIDGE INVESTMENTS, INC. 
 and 
 NATIONAL CITY BANK, 
 as Warrant Agent

  

 Warrants for

 Common Stock of 
 Cypress
Sharpridge Investments, Inc. 
  

  
  

 Table of Contents 
 Page 
  

					
	 ARTICLE I

	
	 DEFINITIONS

	 Section 1.01.
	  	Definitions	  	1
	 Section 1.02.
	  	Other Definitions	  	4
	 Section 1.03.
	  	Rules of Construction	  	4
	
	 ARTICLE II

	
	 WARRANT CERTIFICATES

			
	 Section 2.01.
	  	Form and Dating	  	5
	 Section 2.02.
	  	Execution and Countersignature	  	5
	 Section 2.03.
	  	Certificate Register	  	5
	 Section 2.04.
	  	Transfer	  	6
	 Section 2.05.
	  	Agents	  	8
	 Section 2.06.
	  	Replacement Certificates	  	8
	 Section 2.07.
	  	Outstanding Warrants	  	8
	 Section 2.08.
	  	Cancellation	  	9
	 Section 2.09.
	  	CUSIP Numbers	  	9
	
	 ARTICLE III

	
	 EXERCISE TERMS

			
	 Section 3.01.
	  	Exercise	  	9
	 Section 3.02.
	  	Exercise Period	  	9
	 Section 3.03.
	  	Expiration	  	9
	 Section 3.04.
	  	Manner of Exercise	  	10
	 Section 3.05.
	  	Issuance of Warrant Shares	  	10
	 Section 3.06.
	  	Fractional Warrant Shares	  	11
	 Section 3.07.
	  	Reservation of Warrant Shares	  	11
	 Section 3.08.
	  	Compliance with Law	  	11
	
	 ARTICLE IV

	
	 ANTIDILUTION PROVISIONS

			
	 Section 4.01.
	  	Changes in Common Stock	  	12
	 Section 4.02.
	  	Cash Dividends and Other Distributions	  	12
	 Section 4.03.
	  	Common Stock Issue	  	13
	 Section 4.04.
	  	Issuance of Rights or Options	  	13
	 Section 4.05.
	  	Combination; Liquidation	  	14
	 Section 4.06.
	  	Other Events	  	15

  

 i 

					
	 Section 4.07.
	  	Superseding Adjustment	  	15
	 Section 4.08.
	  	Notice of Adjustment	  	15
	 Section 4.09.
	  	Notice of Certain Transactions	  	16
	 Section 4.10.
	  	Adjustment to Warrant Certificate	  	17
	 Section 4.11.
	  	Calculation of Consideration	  	17
	 Section 4.12.
	  	Minimum Adjustment	  	17
	
	 ARTICLE V

	
	 REGISTRATION RIGHTS

			
	 Section 5.01.
	  	Piggy-Back and Shelf Registrations	  	18
	 Section 5.02.
	  	Reduction of Piggy-Back Registration	  	19
	 Section 5.03.
	  	Listing and Other Offering Rights	  	19
	 Section 5.04.
	  	Registration Procedures	  	20
	 Section 5.05.
	  	Indemnification and Contribution	  	23
	 Section 5.06.
	  	Underwritten Registrations	  	26
	
	 ARTICLE VI

	
	 WARRANT AGENT

			
	 Section 6.01.
	  	Appointment of Warrant Agent	  	27
	 Section 6.02.
	  	Rights and Duties of Warrant Agent	  	27
	 Section 6.03.
	  	Individual Rights of Warrant Agent	  	28
	 Section 6.04.
	  	Warrant Agent’s Disclaimer	  	28
	 Section 6.05.
	  	Compensation and Indemnity	  	28
	 Section 6.06.
	  	Successor Warrant Agent	  	28
	
	 ARTICLE VII

	
	 MISCELLANEOUS

			
	 Section 7.01.
	  	Persons Benefiting	  	30
	 Section 7.02.
	  	Rights of Holders	  	30
	 Section 7.03.
	  	Amendment	  	30
	 Section 7.04.
	  	Notices	  	31
	 Section 7.05.
	  	Governing Law	  	31
	 Section 7.06.
	  	Successors	  	31
	 Section 7.07.
	  	Multiple Originals; Counterparts	  	31
	 Section 7.08.
	  	Table of Contents	  	32
	 Section 7.09.
	  	Severability	  	32
			
	 EXHIBIT A
	  	Form of Warrant Certificate	  	

  

 ii 

 WARRANT AGREEMENT dated as of February 10, 2006 (this “Agreement”), between CYPRESS
SHARPRIDGE INVESTMENTS, INC., a Maryland corporation (the “Company”), and NATIONAL CITY BANK, as Warrant Agent (the “Warrant Agent”). 
 The Company desires to issue the warrants described herein. The Warrants (as defined herein) will entitle the holders thereof (the “Holders”) to purchase, in the aggregate, 3,900,000 shares of Common Stock,
par value $0.01 per share, of the Company (“Common Stock”) in connection with an offering (the “Offering”) by the Company of 3,900,000 units (the “Units”). Each Unit consists of (i) two shares of Common Stock (the
“Unit Shares”) and (ii) one warrant (each, a “Warrant”) to purchase one share of Common Stock of the Company. 
 The
Company further desires the Warrant Agent to act on behalf of the Company in connection with the issuance of the Warrants as provided herein and the Warrant Agent is willing to so act. 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of Warrants: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. 
 “Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect control with such specified Person. For the purposes of this definition,
“control” when used with respect to any 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; provided that beneficial ownership of 10% or more of the voting securities of a Person shall be deemed to be control. 
 “Board” means the Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board of Directors.

 “Business Day” means each day that is not a Saturday, a Sunday or a day on which banking institutions are not required to be
open in the State of New York. 
 “Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity. 
 “Cashless Exercise Ratio” means a fraction, the numerator of which is the excess of the Current Market Value per share of Common Stock on the
Exercise Date over the Exercise Price per share as of the Exercise Date and the denominator of which is the Current Market Value per share of the Common Stock on the Exercise Date. 
  

 “Combination” means an event in which the Company consolidates with, merges with or into, or
sells all or substantially all of its assets to, another Person. 
 “Current Market Value” per share of Common Stock or any other
security at any date means (i) if the security is not registered under the Exchange Act, (a) the value of the security, determined in good faith by the Board and certified in a Board resolution, based on the most recently completed
arm’s-length transaction between the Company and a Person other than an Affiliate of the Company, the closing of which shall have occurred on such date or within the six-month period preceding such date, or (b) if no such transaction shall
have occurred on such date or within such six-month period, the value of the security as determined by an independent financial expert or (ii) if the security is registered under the Exchange Act, the average of the daily closing bid prices (or
the equivalent in an over-the-counter market) for each Business Day during the period commencing 15 Business Days before such date and ending on the date one day prior to such date, or if the security has been registered under the Exchange Act for
less than 15 consecutive Business Days before such date, then the average of the daily closing bid prices (or such equivalent) for all of the Business Days before such date for which daily closing bid prices are available; provided,
however, that if the closing bid price is not determinable for at least ten Business Days in such period, the “Current Market Value” of the security shall be determined as if the security were not registered under the Exchange Act.

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 
 “Exercise Date” means, for a given Warrant, the day on which such Warrant is exercised pursuant to Section 3.04. 
 “Officer” means the Chairman of the Board, the President, any Vice President, the Treasurer, or an Assistant Treasurer, or the Secretary or an
Assistant Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed by two Officers. 
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Warrant Agent. Such counsel may be an
employee of or counsel to the Company or the Warrant Agent. 
 “Person” means any individual, corporation, partnership, joint
venture, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which is
preferred as to the payment of dividends or distributions, or as to the payment of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person. 
 “Private Placement Memorandum” means the private placement memorandum, dated as of February 10, 2006, used in connection with the sale of
the Units to certain accredited investors under Rule 506 of Regulation D of the Securities Act of 1933. 
  

 2 

 “Prospectus” shall mean the prospectus included in any Registration Statement (including,
without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated pursuant to the Securities Act), as amended or supplemented
by any prospectus supplement, with respect to the terms of the offering of any portion of the Transfer Restricted Securities covered by such Registration Statement, and all other amendments and supplements to any such prospectus, including
post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus. 
 “Registration Expenses” shall mean any and all expenses incident to performance of or compliance by the Company with this Agreement, including without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of counsel for any underwriters or
Holders in connection with blue sky qualification of the Transfer Restricted Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any
Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) the fees
and disbursements of the Warrant Agent and its counsel, (v) the fees and disbursements of counsel for the Company and the fees and disbursements of one counsel for the Holders and (vi) the fees and disbursements of the independent public
accountants of the Company, including the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the underwriters
(other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of the Transfer Restricted Securities by a Holder.

 “Registration Statement” shall mean any registration statement of the Company under the Securities Act which covers any class of
Equity Securities and all amendments and supplements thereto, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “SEC” means the Securities and Exchange Commission. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
 “Transfer Restricted
Securities” means the Unit Shares and the Warrant Shares which may be issued to Holders upon exercise of the Warrants, whether or not such exercise has been effected. Each such security shall cease to be a Transfer Restricted Security when
(i) it has been disposed of pursuant to a Registration Statement of the Company filed with the SEC and declared effective by the SEC that covers the disposition of such Transfer Restricted Security, (ii) it has been distributed pursuant to
Rule 144 promulgated under the Securities Act (or any similar provisions under the Securities Act then in effect) or (iii) it may be resold without registration under the Securities Act, whether pursuant to Rule l44(k)under the Securities Act
or otherwise. 
  

 3 

 “Warrant Certificates” mean the registered certificates issued by the Company under this
Agreement representing the Warrants. 
 “Warrant Shares” mean the shares of Common Stock (and any other securities) for which the
Warrants are exercisable or which have been issued upon exercise of Warrants. 
 Section 1.02. Other Definitions. 
  

			
	     Term
	  	 Defined in
 Section

	 “Advice”
	  	5.06(m)
	 “Agreement”
	  	Recitals
	 “Cashless Exercise”
	  	3.04
	 “Certificate Register”
	  	2.03
	 “Common Stock”
	  	Recitals
	 “Company”
	  	Recitals
	 “Equity Securities”
	  	5.01
	 “Exercise Price”
	  	3.01
	 “Expiration Date”
	  	3.03
	 “Holders”
	  	Recitals
	 “Offering”
	  	Recitals
	 “Piggy-Back Registration”
	  	5.01
	 “Registrar”
	  	3.07
	 “Successor Company”
	  	4.05(a)
	 “Transfer Agent”
	  	3.05
	 “Units”
	  	Recitals
	 “Unit Shares”
	  	Recitals
	 “Warrant”
	  	Recitals
	 “Warrant Agent”
	  	Recitals
	 “Withdrawal Election”
	  	5.02(c)

 Section 1.03. Rules of Construction. Unless the text otherwise requires: 
 (i) a defined term has the meaning assigned to it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles
as in effect on the date hereof; 
 (iii) “or” is not exclusive; 
 (iv) “including” means including, without limitation; and 
 (v) words in the singular include the plural and words in the plural include the singular. 
  

 4 

 ARTICLE II 
 WARRANT CERTIFICATES 
 Section 2.01. Form and Dating. The Warrants shall be offered and sold
by the Company pursuant to the Subscription Agreement included as Annex A to the Private Placement Memorandum. All Warrants shall be issued as part of Units consisting of two shares of Common Stock and one Warrant. The Warrants shall be represented
by Warrant Certificates in the form of Exhibit A attached hereto. 
 Section 2.02. Execution and Countersignature. Two Officers shall
sign the Warrant Certificates for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Warrant Certificate
no longer holds that office at time the Warrant Agent countersigns the Warrant Certificate, the Warrants evidenced by such Warrant Certificate shall be valid nevertheless. 
 The Warrant Agent shall initially countersign and deliver Warrant Certificates entitling the Holders thereof to purchase in the aggregate not more than
3,900,000 Warrant Shares upon a written order of the Company signed by two Officers of the Company. 
 The Warrant Agent may appoint an agent
reasonably acceptable to the Company to countersign the Warrant Certificates. Unless limited by the terms of such appointment, such agent may countersign Warrant Certificates whenever the Warrant Agent may do so. Each reference in this Agreement to
countersignature by the Warrant Agent includes countersignature by such agent. Such agent will have the same rights as the Warrant Agent for service of notices and demands. 
 At any time and from time to time after the execution of this Agreement, the Warrant Agent or an agent reasonably acceptable to the Company shall upon
receipt of a written order of the Company signed by two Officers of the Company manually countersign for original issue a Warrant Certificate evidencing the number of Warrants specified in such order; provided, however, that the
Warrant Agent shall be entitled to receive an Officers’ Certificate and an Opinion of Counsel of the Company that it may reasonably request in connection with such countersignature of Warrants. Such order shall specify the number of Warrants to
be evidenced on the Warrant Certificate to be countersigned, the date on which such Warrant Certificate is to be countersigned and the number of Warrants then authorized. 
 The Warrants evidenced by a Warrant Certificate shall not be valid until an authorized signatory of the Warrant Agent or its agent as provided above manually countersigns the Warrant Certificate. Such signature shall
be solely for the purpose of authenticating the Warrant Certificate and shall be conclusive evidence that the Warrant Certificate has been countersigned under this Agreement. 
 Section 2.03. Certificate Register. The Warrant Agent shall keep a register (“Certificate Register”) of the Warrant Certificates and of
their transfer and exchange. The Certificate Register shall show the names and addresses of the respective Holders and the date and number of Warrants evidenced on the face of each of the Warrant Certificates. The Company 

  

 5 

 
and the Warrant Agent may deem and treat the Person in whose name a Warrant Certificate is registered as the absolute owner of such Warrant Certificate for
all purposes whatsoever and neither the Company nor the Warrant Agent shall be affected by notice to the contrary. 
 Section 2.04.
Transfer. 
 (a) Transfer of Warrants. The Warrants will not be transferable except together with the Unit Shares to which such
Warrants relate (i) to the Company or (ii) to an Affiliate of the Holder thereof or another Person approved by the Board in its sole and absolute discretion. 
 (b) Legend. 
 (i) To the extent permitted by applicable law, each Warrant Certificate
(and all Warrants Certificates issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form: 
 “THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. 
 THE HOLDER OF THIS SECURITY AGREES FOR
THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TOGETHER WITH THE SHARES OF COMMON STOCK INITIALLY CONSISTING OF PART OF A UNIT WITH THIS SECURITY (I) TO THE CORPORATION OR
(II) TO AN AFFILIATE OF THE HOLDER OR ANOTHER PERSON APPROVED BY THE CORPORATION’S BOARD OF DIRECTORS IN ITS SOLE AND ABSOLUTE DISCRETION, IN EACH CASE UNDER THIS CLAUSE (II) EITHER (W) TO INSIDE THE UNITED STATES TO A PERSON WHOM THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (X) OUTSIDE THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904
UNDER THE SECURITIES ACT, (Y) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (Z) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH
OF CASES (W) THROUGH (Z), IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF
THIS 

  

 6 

 
SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
 HEDGING TRANSACTIONS INVOLVING THE WARRANTS OR THE COMMON STOCK UNDERLYING THE WARRANTS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT AND THE RULES AND REGULATIONS ISSUED THEREUNDER. 
 THE WARRANTS EVIDENCED BY THIS SECURITY AND THE COMMON STOCK TO BE ISSUED UPON THEIR EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND MAY
NOT BE EXERCISED UNLESS REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. 
 THE ARTICLES OF
AMENDMENT AND RESTATEMENT OF THE ARTICLES OF INCORPORATION OF THE CORPORATION CONTAIN SIGNIFICANT RESTRICTIONS ON TRANSFER AND OWNERSHIP OF THE COMMON STOCK TO BE ISSUED UPON THE WARRANTS EVIDENCED BY THIS SECURITY. THE CORPORATION WILL FURNISH TO
ANY HOLDER OF WARRANTS, ON REQUEST AND WITHOUT CHARGE, A FULL STATEMENT OF SUCH RESTRICTIONS ON TRANSFER. 
 THE WARRANTS EVIDENCED BY THIS
SECURITY SHALL EXPIRE ON THE EARLIER OF (I) THE CLOSE OF BUSINESS ON THE DECEMBER 31, 2008 OR (II) THE DATE THE SHARES OF COMMON STOCK INITIALLY CONSISTING OF PART OF A UNIT WITH THIS WARRANT SHALL BE TRANSFERRED, OTHER THAN TRANSFERS TO AN
AFFILIATE OF THE HOLDER OR AS OTHERWISE MAY BE APPROVED BY THE BOARD OF DIRECTORS OF THE CORPORATION IN ITS SOLE AND ABSOLUTE DISCRETION. 
 (ii) To the extent permitted by applicable law, all Warrant Shares shall bear legends regarding restrictions on transfer as set forth in the Subscription Agreement included as Annex A to the Private Placement
Memorandum. After a transfer of any Warrant Shares pursuant to an effective Registration Statement, all requirements pertaining to legends on such Warrant relating to the Securities Act will cease to apply and a Warrant without such legends will be
available to the transferee of such Warrant Shares upon exchange of such transferring Holder’s Warrant Shares. 
 (c) Obligations
with Respect to Transfers and Exchanges of Warrants. 
 (i) To permit registrations of permitted transfers and exchanges
of Warrants, the Company shall execute and the Warrant Agent shall countersign Warrants as required pursuant to the provisions of Section 2.02 and this Section 2.04. 
 (ii) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover 

  

 7 

 
any transfer tax, assessments, or similar governmental charge payable in connection therewith. 
 (iii) Prior to the due presentation for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the
Person in whose name a Warrant is registered as the absolute owner of such Warrant, and neither the Company nor the Warrant Agent shall be affected by notice to the contrary. 
 (iv) All Warrants issued upon any transfer or exchange pursuant to the terms of this Agreement shall be the valid obligations of the
Company entitled to the same benefits under this Agreement as the Warrants surrendered upon such transfer or exchange. 
 (d) No
Obligation of the Warrant Agent. The Warrant Agent shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Agreement or under applicable law with respect to any
transfer of any interest in any Warrant other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Agreement, and to examine
the same to determine substantial compliance as to form with the express requirements hereof. 
 (e) No Registration of Transfer. The
Company shall not, and shall cause the Warrant Agent not to, register any transfer of Warrants or Warrant Shares not made pursuant to the terms of this Agreement. 
 Section 2.05. Agents. The registered Holder of a Warrant may authorize any Person to take any action which a Holder is entitled to take under this Agreement or the Warrants. 
 Section 2.06. Replacement Certificates. If a mutilated Warrant Certificate is surrendered to the Warrant Agent or if the Holder of a Warrant
Certificate claims that the Warrant Certificate has been lost, destroyed or wrongfully taken, the Company shall issue and the Warrant Agent shall countersign a replacement Warrant Certificate if the reasonable requirements of the Warrant Agent and
the Company are met. If required by the Warrant Agent or the Company, such Holder shall furnish a lost stock affidavit and/or an indemnity bond sufficient in the judgment of the Company and the Warrant Agent to protect the Company and the Warrant
Agent from any loss which either of them may suffer if a Warrant Certificate is replaced. The Company and the Warrant Agent may charge the Holder for their expenses in replacing a Warrant Certificate. Every replacement Warrant Certificate evidences
an additional obligation of the Company. 
 Section 2.07. Outstanding Warrants. Warrants outstanding at any time are all Warrants
evidenced on all Warrant Certificates authenticated by the Warrant Agent except for those canceled by it and those delivered to it for cancellation. A Warrant ceases to be outstanding if the Company or an Affiliate of the Company holds the Warrant.

 If a Warrant Certificate is replaced pursuant to Section 2.06, the Warrants evidenced thereby cease to be outstanding unless the
Warrant Agent and the Company receive proof satisfactory to them that the replaced Warrant Certificate is held by a bona fide purchaser. 
  

 8 

 Section 2.08. Cancellation. (a) In the event the Company shall purchase or otherwise acquire
Warrants, the same shall thereupon be delivered to the Warrant Agent for cancellation. 
 (b) The Warrant Agent and no one else shall cancel
and destroy all Warrant Certificates surrendered for transfer, exchange, replacement, exercise or cancellation and deliver a certificate of such destruction to the Company unless the Company directs the Warrant Agent to deliver canceled Warrant
Certificates to the Company. The Company may not issue new Warrant Certificates to replace Warrant Certificates to the extent they evidence Warrants which have been exercised or Warrants which the Company has purchased or otherwise acquired.

 Section 2.09. CUSIP Numbers. The Company in issuing the Warrants may use “CUSIP” numbers (if then generally in use) and,
if so, the Warrant Agent shall use “CUSIP” numbers in notices as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Warrant Certificates or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Warrant Certificates. 
 ARTICLE III 
 EXERCISE TERMS 
 Section 3.01. Exercise. Each Warrant, when exercised, shall initially entitle the Holder thereof, subject to adjustment pursuant to the terms of
this Agreement, to purchase one share of Common Stock. The exercise price (the “Exercise Price”) of each Warrant is $10.00 per share. 
 Section 3.02. Exercise Period. Subject to the terms and conditions set forth herein, the Warrants shall be exercisable at any time and from time to time on or after February 10, 2006 until such Warrant expires pursuant to
Section 3.03 (the “Exercise Period”). Notwithstanding the foregoing, holders of Warrants will be able to exercise their Warrants only if the exercise of such Warrants is exempt from the registration requirements of the Securities Act
and the Warrant Shares are qualified for sale or exempt from qualification under the applicable securities laws of the states or other jurisdictions in which such holders reside. 
 Section 3.03. Expiration. A Warrant shall terminate and become void as of the earlier of (i) the close of business on the December 31,
2008 (the “Expiration Date”) or (ii) the date the Unit Shares to which such Warrant relates shall be transferred by the Holder of such Warrant, other than transfers to an Affiliate of such Holder or as otherwise may be approved by the
Board in its sole and absolute discretion. The Company shall give notice not less than 30, and not more than 60 days prior to the Expiration Date to the Holders of all then outstanding Warrants to the effect that the Warrants will terminate and
become void as of the close of business on the Expiration Date; provided, however, that if the Company fails to give notice as provided in this Section 3.03, the Warrants will nevertheless expire and become void on the Expiration
Date. 
  

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 Section 3.04. Manner of Exercise. Warrants may be exercised upon (i) surrender to the Warrant
Agent at the office of the Warrant Agent of the related Warrant Certificate, together with the form of election attached thereto to purchase Common Stock on the reverse thereof duly filled in and signed by the Holder thereof and (ii) payment to
the Warrant Agent, for the account of the Company, of the Exercise Price for each Warrant Share or other security issuable upon the exercise of such Warrants then exercised. Such payment shall be made (i) in cash or by certified or official
bank check payable to the order of the Company or by wire transfer of funds to an account designated by the Company for such purpose or (ii) without the payment of cash, by reducing the number of shares of Common Stock obtainable upon the
exercise of a Warrant and payment of the Exercise Price in cash so as to yield a number of shares of Common Stock upon the exercise of such Warrant equal to the product of (a) the number of shares of Common Stock issuable as of the Exercise
Date upon the exercise of such Warrant (if payment of Exercise Price were being made in cash) and (b) the Cashless Exercise Ratio. An exercise of a Warrant in accordance with the immediately preceding sentence is herein called a “Cashless
Exercise”. Upon surrender of a Warrant Certificate representing more than one Warrant in connection with the holder’s option to elect a Cashless Exercise, the number of shares of Common Stock deliverable upon a Cashless Exercise shall be
equal to the number of shares of Common Stock issuable upon the exercise of Warrants that the holder specifies are to be exercised pursuant to a Cashless Exercise multiplied by the Cashless Exercise Ratio. All provisions of this Agreement shall be
applicable with respect to a surrender of a Warrant Certificate pursuant to a Cashless Exercise multiplied by the Cashless Exercise Ratio. All provisions of this Agreement shall be applicable with respect to a surrender of a Warrant Certificate
pursuant to a Cashless Exercise for less than the full number of Warrants represented thereby. Subject to Section 3.02, the rights represented by the Warrants shall be exercisable at the election of the Holders thereof either in full at any
time or from time to time in part and in the event that a Warrant Certificate is surrendered for exercise of less than all the Warrants represented by such Warrant Certificate at any time prior to the Expiration Date, a new Warrant Certificate
representing the remaining Warrants shall be issued. The Warrant Agent shall countersign and deliver the required new Warrant Certificates, and the Company, at the Warrant Agent’s request, shall supply the Warrant Agent with Warrant
Certificates duly signed on behalf of the Company for such purpose. 
 Section 3.05. Issuance of Warrant Shares. Subject to
Section 2.06, upon the surrender of Warrant Certificates and payment of the per share Exercise Price, as set forth in Section 3.04, the Company shall issue to the Holder thereof such number of Warrant Shares to which such Holder is
entitled and cause the transfer agent for the Common Stock (the “Transfer Agent”) to countersign and deliver to or upon the written order of the Holder and in such name or names as the Holder may designate, a certificate or certificates
for the number of full Warrant Shares so purchased upon the exercise of such Warrants or other securities or property to which it is entitled, registered or otherwise, to the Person or Persons entitled to receive the same (including any depositary
institution so designated by a Holder), together with cash as provided in Section 3.06 in respect of any fractional Warrant Shares otherwise issuable upon such exercise. Such certificate or certificates shall be deemed to have been issued and
any Person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares as of the date of the surrender of such Warrant Certificates and payment of the per share Exercise Price, as aforesaid;
provided, however, that if, at such date, the transfer books for the Warrant Shares shall be closed, the certificates for the Warrant Shares in respect of which 

  

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such Warrants are then exercised shall be issuable as of the date on which such books shall next be opened and until such date the Company shall be under no
duty to deliver any certificates for such Warrant Shares; provided further, however, that such transfer books, unless otherwise required by law, shall not be closed at any one time for a period longer than 20 calendar days. 
 Section 3.06. Fractional Warrant Shares. The Company shall not be required to issue fractional Warrant Shares on the exercise of Warrants. If more
than one Warrant shall be exercised in full at the same time by the same Holder, the number of full Warrant Shares which shall be issuable upon such exercise shall be computed on the basis of the aggregate number of Warrant Shares which may be
purchasable pursuant thereto. If any fraction of a Warrant Share would, except for the provisions of this Section 3.06, be issuable upon the exercise of any Warrant (or specified portion thereof), the Company shall pay, in lieu of issuing
fractional shares, an amount in cash equal to the Current Market Value per Warrant Share, as determined on the day immediately preceding the date the Warrant is presented for exercise, multiplied by such fraction, computed to the nearest whole cent.

 Section 3.07. Reservation of Warrant Shares. The Company shall at all times keep reserved out of its authorized shares of Common
Stock a number of shares of Common Stock sufficient to provide for the exercise of all outstanding Warrants. The Company shall cause the registrar for the Common Stock (the “Registrar”) at all times until the Expiration Date to reserve
such number of authorized but unissued shares as shall be required for such purpose. The Company will keep a copy of this Agreement on file with the Transfer Agent. The Company will supply such Transfer Agent with duly executed stock certificates
for such purpose and will itself provide or otherwise make available any cash which may be payable as provided in Section 3.06. The Company will furnish to such Transfer Agent a copy of all notices of adjustments (and certificates related
thereto) transmitted to each Holder. 
 Before taking any action which would cause an adjustment pursuant to Article IV to reduce the
Exercise Price below the then par value (if any) of the Common Stock, the Company shall take any and all corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and
nonassessable shares of Common Stock at the Exercise Price as so adjusted. 
 The Company covenants that all Warrant Shares which may be
issued upon exercise of Warrants shall, upon issue, be fully paid, nonassessable, free of preemptive rights, free from all taxes and free from all liens, charges and security interests with respect to the issue thereof. 
 Section 3.08. Compliance with Law. (a) Notwithstanding anything in this Agreement to the contrary, in no event shall a Holder be entitled to
exercise a Warrant unless in the opinion of counsel to the Company addressed to the Warrant Agent, the exercise of such Warrants is exempt from the registration requirements of the Securities Act and such securities are qualified for sale or exempt
from qualification under the applicable securities laws of the states or other jurisdictions in which such Holders reside. 
  

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 (b) If any shares of Common Stock required to be reserved for purposes of the exercise of Warrants
require, under any other Federal or state law or applicable governing rule or regulation of any national securities exchange, registration with or approval of any governmental authority, or listing on any such national securities exchange before
such shares may be issued upon exercise, the Company will use its reasonable best efforts to cause such shares to be duly registered or approved by such governmental authority or listed on the relevant national securities exchange, as the case may
be. 
 ARTICLE IV 
 ANTIDILUTION PROVISIONS 
 Section 4.01. Changes in Common Stock. In the event that at any time and from time to time
the Company shall (i) pay a dividend or make a distribution on the Common Stock in shares of Common Stock or other shares of Capital Stock, (ii) subdivide its outstanding shares of Common Stock into a larger number of shares of Common
Stock, (iii) combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock or (iv) increase or decrease the number of shares of Common Stock outstanding by reclassification of its Common Stock, then the
number of shares of Common Stock issuable upon exercise of each Warrant immediately after the happening of such event shall be adjusted so that, after giving effect to such adjustment, the Holder of each Warrant shall be entitled to receive the
number of shares of Common Stock upon exercise of such Warrant that such Holder would have owned or would have been entitled to receive had such Warrants been exercised immediately prior to the happening of the events described above (or, in the
case of a dividend or distribution of Common Stock, immediately prior to the record date therefor). An adjustment made pursuant to this Section 4.01 shall become effective immediately after the distribution date, retroactive to the record date
therefor in the case of a dividend or distribution in shares of Common Stock or other shares of Capital Stock, and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. 

Section 4.02. Cash Dividends and Other Distributions. In the event that at any time and from time to time the Company shall distribute to all
holders of Common Stock (i) any dividend or other distribution (including any dividend or distribution made in connection with a consolidation or merger in which the Company is the continuing corporation) of cash, evidences of its indebtedness,
shares of its Capital Stock or any other properties or securities or (ii) any options, warrants or other rights to subscribe for or purchase any of the foregoing (other than, in the case of clause (i) and (ii) above, (A) any
dividend or distribution described in Section 4.01, (B) any rights, options, warrants or securities described in Section 4.03 or Section 4.04 and (C) any ordinary cash dividends or other cash distributions from current or
retained earnings), then the number of shares of Common Stock issuable upon the exercise of each Warrant immediately prior to such record date for any such dividend or distribution shall be increased to a number determined by multiplying the number
of shares of Common Stock issuable upon the exercise of such Warrant immediately prior to such record date for any such dividend or distribution by a fraction the numerator of which shall be the Current Market Value per share of Common Stock on the
record date for such dividend or distribution, and the denominator of which shall be such Current Market Value per share of Common Stock less the sum of (x) the amount of cash, if any, distributed per share of Common Stock and (y) the then
fair value (as determined in good faith 

  

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by the Board, whose determination shall be evidenced by a board resolution filed with the Warrant Agent, a copy of which will be sent to Holders upon request) of the portion, if any, of the distribution applicable to one share of Common Stock consisting of evidences
of indebtedness, shares of stock, securities, other property, warrants, options or subscription or purchase rights; and subject to Section 4.08, the Exercise Price shall be adjusted to a number determined by dividing the Exercise Price
immediately prior to such record date by the above fraction. Such adjustments shall be made, and shall only become effective, whenever any dividend or distribution is made; provided, however, that the Company is not required to make an
adjustment pursuant to this Section 4.02 if at the time of such distribution the Company makes the same distribution to Holders of Warrants as it makes to holders of Common Stock pro rata based on the number of shares of Common Stock for which
such Warrants are exercisable (whether or not currently exercisable). No adjustment shall be made pursuant to this Section 4.02 which shall have the effect of decreasing the number of shares of Common Stock issuable upon exercise of each
Warrant or increasing the Exercise Price. 
 Section 4.03. Common Stock Issue.
In the event that at any time or from time to time the Company shall issue shares of Common Stock for a consideration per share that is less than the Current Market Value per share of Common Stock as of the issuance date of such shares, the number
of shares of Common Stock issuable upon the exercise of each Warrant immediately after such issuance date shall be determined by multiplying the number of shares of Common Stock issuable upon exercise of each Warrant immediately prior to such
issuance date by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately preceding the issuance of such shares plus the number of additional shares of Common Stock to be issued in such transaction,
and the denominator of which shall be the number of shares of Common Stock outstanding immediately preceding the date for the issuance of such shares plus the total number of shares of Common Stock which the aggregate consideration expected to be
received by the Company upon the issuance of such shares (as determined in good faith by the Board, whose determination shall be evidenced by a board resolution filed with the Warrant Agent, a copy of which will be sent to Holders upon request)
would purchase at the Current Market Value per share of Common Stock as of the date of such issuance; and, subject to Section 4.12, in the event of any such adjustment, the Exercise Price shall be adjusted to a number determined by dividing the
Exercise Price immediately prior to such date of issuance by the aforementioned fraction. Notwithstanding the foregoing, in the event that the Company shall issue shares of Common Stock for a consideration per share that is less than the Exercise
Price as of the issuance date of such shares, upon the first such occurrence only the Exercise Price shall be adjusted to equal the price per share of such additional shares of Common Stock issued. No adjustment shall be made pursuant to this
Section 4.03 as a result of any issuance of Common Stock (A) in connection with the exercise of Warrants, (B) to officers, directors or employees of the Company pursuant to customary stock incentive plans, (C) in connection with acquisitions of assets or businesses other than from Affiliates of the Company or (D) which shall have the
effect of decreasing the number of shares of Common Stock issuable upon exercise of each Warrant or increasing the Exercise Price. 
 Section
4.04. Issuance of Rights or Options. In the event that at any time or from time to time the Company shall issue to all holders of Common Stock (i) rights, options or warrants to acquire (provided, however, that no
adjustment shall be made under Section 4.03 or this Section 4.04 upon the exercise of such rights, options or warrants), or (ii) securities 

  

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convertible, exchangeable or exercisable into (provided, however, that no adjustment shall be made under Section 4.03 or this
Section 4.04 upon the conversion or exchange of such securities (other than issuances specified in clauses (i) or (ii) which are made as the result of anti-dilution adjustments in such securities)), Common Stock entitling the holders
thereof to subscribe for or purchase shares of Common Stock at a price per share that is less than the Current Market Value per share of Common Stock in effect immediately prior to such issuance other than in connection with the adoption of a
shareholder rights plan by the Company, the number of shares of Common Stock issuable upon the exercise of each Warrant immediately after such issuance shall be determined by multiplying the number of shares of Common Stock issuable upon exercise of
each Warrant immediately prior to such issuance by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to the issuance of such rights, options, warrants or securities plus the number of
additional shares of Common Stock offered for subscription or purchase or into which such securities are convertible or exchangeable, and the denominator of which shall be the number of shares of Common Stock outstanding immediately prior to the
issuance of such rights, options, warrants or securities plus the total number of shares of Common Stock which the aggregate consideration expected to be received by the Company upon the exercise, conversion or exchange of such rights, options,
warrants or securities (as determined in good faith by the Board, whose determination shall be evidenced by a Board resolution filed with the Warrant Agent, a copy of which will be sent to Holders upon request) would purchase at the Current Market
Value per share of Common Stock as of the record date; and, subject to Section 4.08, in the event of any such adjustment, the Exercise Price shall be adjusted to a number determined by dividing the Exercise Price immediately prior to such date
of issuance by the aforementioned fraction. Such adjustment shall be made, and shall only become effective, whenever such rights, options, warrants or securities are issued. No adjustment shall be made pursuant to this Section 4.04 as a result
of any issuance of rights, options or warrants (A) in connection with the exercise of Warrants, (B) to officers, directors or employees of the Company pursuant to customary stock incentive plans, (C) in connection with acquisitions of
assets or businesses other than from Affiliates of the Company or (D) which shall have the effect of decreasing the number of shares of Common Stock issuable upon exercise of each Warrant or increasing the Exercise Price. 
 Section 4.05. Combination; Liquidation. (a) Except as provided in Section 4.05(b), in the event of a Combination, each Holder shall have
the right to receive upon exercise of the Warrants the kind and amount of shares of Capital Stock or other securities or property which such Holder would have been entitled to receive upon completion of or as a result of such Combination had such
Warrant been exercised immediately prior to such event or to the relevant record date for any such entitlement. Unless paragraph (b) is applicable to a Combination, the Company shall provide that the surviving or acquiring Person (the
“Successor Company”) in such Combination will enter into an agreement with the Warrant Agent confirming the Holders’ rights pursuant to this Section 4.05(a) and providing for adjustments, which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article IV. The provisions of this Section 4.05(a) shall similarly apply to successive Combinations involving any Successor Company. 
 (b) In the event of (i) a Combination where consideration to the holders of Common Stock in exchange for their shares is payable solely in cash
or (ii) the dissolution, liquidation or winding-up of the Company, the Holders of the Warrants shall be entitled to 
  

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receive, upon surrender of their Warrant Certificates, such cash distributions on an equal basis with the holders of Common Stock or other securities
issuable upon exercise of the Warrants, as if the Warrants had been exercised immediately prior to such event, less the Exercise Price. 
 In
the event of any Combination described in this Section 4.05(b), the surviving or acquiring Person and, in the event of any dissolution, liquidation or winding-up of the Company, the Company, shall deposit promptly with the Warrant Agent the
funds, if any, necessary to pay the Holders of the Warrants the amounts to which they are entitled as described above. After such funds and the surrendered Warrant Certificates are received, the Warrant Agent shall make payment to the Holders by
delivering a check in such amount as is appropriate (or, in the case of consideration other than cash, such other consideration as is appropriate) to such Person or Persons as it may be directed in writing by the Holders surrendering such Warrants.

 Section 4.06. Other Events. If any event occurs as to which the foregoing provisions of this Article IV are not strictly applicable
or, if strictly applicable, would not, in the good faith judgment of the Board, fairly and adequately protect the purchase rights of the Warrants in accordance with the essential intent and principles of such provisions, then such Board shall make
such adjustments in the application of such provisions, in accordance with such essential intent and principles, as shall be reasonably necessary, in the good faith opinion of such Board, to protect such purchase rights as aforesaid, but in no event
shall any such adjustment have the effect of increasing the Exercise Price or decreasing the number of shares of Common Stock issuable upon exercise of the Warrants. 
 Section 4.07. Superseding Adjustment. Upon the expiration of any rights, options, warrants or conversion or exchange privileges which resulted in adjustments pursuant to this Article IV, if any thereof shall
not have been exercised, the number of Warrant Shares issuable upon the exercise of each Warrant shall be readjusted pursuant to the applicable section of Article IV as if (i) the only shares of Common Stock issuable upon exercise of such
rights, options, warrants, conversion or exchange privileges were the shares of Common Stock, if any, actually issued upon the exercise of such rights, options, warrants or conversion or exchange privileges and (ii) shares of Common Stock
actually issued, if any, were issuable for the consideration actually received by the Company upon such exercise plus the aggregate consideration, if any, actually received by the Company for the issuance, sale or grant of all such rights, options,
warrants or conversion or exchange privileges whether or not exercised and the Exercise Price shall be readjusted inversely; provided, however, that no such readjustment (except by reason of an intervening adjustment under
Section 4.01) shall have the effect of decreasing the number of Warrant Shares issuable upon the exercise of each Warrant or increasing the Exercise Price by an amount in excess of the amount of the adjustment initially made in respect of the
issuance, sale or grant of such rights, options, warrants or conversion or exchange privileges. 
 Section 4.08. Notice of Adjustment.
Whenever the Exercise Price or the number of shares of Common Stock and other property, if any, issuable upon exercise of the Warrants is adjusted, as herein provided the Company shall deliver to the Warrant Agent a certificate of a firm of
independent accountants selected by the Board (who may, to the extent it would not compromise its “independence”, be the regular accountants employed by the Company) setting 

  

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forth, in reasonable detail, the event requiring the adjustment and the method by which such adjustment was calculated (including a description of the basis
on which (i) the Board determined the then fair value of any evidences of indebtedness, other securities or property or warrants, options or other subscription or purchase rights and (ii) the Current Market Value of the Common Stock was
determined, if either of such determinations were required), and specifying the Exercise Price and the number of shares of Common Stock issuable upon exercise of the Warrants after giving effect to such adjustment. The Company shall promptly cause
the Warrant Agent to mail a copy of such certificate to each Holder in accordance with Section 7.04. The Warrant Agent shall be entitled to rely on such certificate and shall be under no duty or responsibility with respect to any such
certificate, except to exhibit the same from time to time, to any Holder desiring an inspection thereof during reasonable business hours. The Warrant Agent shall not at any time be under any duty or responsibility to any Holder to determine whether
any facts exist which may require any adjustment of the Exercise Price or the number of shares of Common Stock or other stock or property issuable on exercise of the Warrants, or with respect to the nature or extent of any such adjustment when made,
or with respect to the method employed in making such adjustment or the validity or value of any shares of Common Stock, evidences of indebtedness, warrants, options, or other securities or property. 
 Section 4.09. Notice of Certain Transactions. In the event that the Company shall propose to (a) pay any dividend payable in securities of
any class to the holders of its Common Stock or to make any other non-cash dividend or distribution to the holders of its Common Stock, (b) offer the holders of its Common Stock rights to subscribe for or to purchase any securities convertible
into shares of Common Stock or shares of stock of any class or any other securities, rights or options, (c) issue any (i) shares of Common Stock, (ii) rights, options or warrants entitling the holders thereof to subscribe for shares
of Common Stock or (iii) securities convertible into or exchangeable or exercisable for Common Stock (in the case of (i), (ii) and (iii), if such issuance or adjustment would result in an adjustment hereunder), (d) effect any capital
reorganization, reclassification, consolidation or merger, (e) effect the voluntary or involuntary dissolution, liquidation or winding-up of the Company or (f) make a tender offer or exchange offer with respect to the Common Stock, the Company
shall within five days after any such action or offer send to the Warrant Agent a notice and the Warrant Agent shall within five days after receipt thereof send the Holders a notice (in such form as shall be furnished to the Warrant Agent by the
Company) of such proposed action or offer. Such notice shall be mailed by the Warrant Agent to the Holders at their addresses as they appear in the Certificate Register, which shall specify the record date for the purposes of such dividend,
distribution or rights, or the date such issuance or event is to take place and the date of participation therein by the holders of Common Stock, if any such date is to be fixed, and shall briefly indicate the effect, if any, of such action on the
Common Stock and on the number and kind of any other shares of stock and on other property, if any, and the number of shares of Common Stock and other property, if any, issuable upon exercise of each Warrant and the Exercise Price after giving
effect to any adjustment pursuant to Article IV which will be required as a result of such action. Such notice shall be given as promptly as possible and, to the extent practicable (x) in the case of any action covered by clause (a) or
(b) above, at least 10 days prior to the record date for determining holders of the Common Stock for purposes of such action or (y) in the case of any other such action, at least 20 days prior to the date of the taking of such proposed
action or the date of participation therein by the holders of Common Stock, whichever shall be the earlier. 
  

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 Section 4.10. Adjustment to Warrant Certificate. The form of Warrant Certificate need not be
changed because of any adjustment made pursuant to this Article IV, and Warrant Certificates issued after such adjustment may state the same Exercise Price and the same number of shares of Common Stock issuable upon exercise of the Warrants as are
stated in the Warrant Certificates initially issued pursuant to this Agreement. The Company, however, may at any time in its sole discretion make any change in the form of Warrant Certificate that it may deem appropriate to give effect to such
adjustments and that does not affect the substance of the Warrant Certificate, and any Warrant Certificate 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 4.11. Calculation of Consideration. For purposes of any computation respecting consideration received
pursuant to this Article IV, the following shall apply: 
 (a) in the case of the issuance of additional Common Stock for cash, the
consideration shall be the amount of such cash, provided that in no case shall any deduction be made for any commissions, discounts or other expenses incurred by the Company for any underwriting of the issue or otherwise in connection therewith; and

 (b) in the case of the issuance of securities convertible into or exchangeable or exercisable for Common Stock, the aggregate
consideration received therefor shall be deemed to be the consideration received by the Company for the issuance of such securities plus the additional minimum consideration, if any, to be received by the Company upon the conversion, exchange or
exercise thereof (exclusive of the securities so converted, exchanged or exercised) (the consideration in each case to be determined in the same manner as provided in clause (1) of this subsection). 
 Section 4.12. Minimum Adjustment. The adjustments required by the preceding sections of this Article IV shall be made whenever and as often as any
specified event requiring an adjustment shall occur, except that no adjustment of the Exercise Price or the number of shares of Common Stock issuable upon exercise of the Warrants that would otherwise be required shall be made unless and until such
adjustment either by itself or with other adjustments not previously made increases or decreases by at least 1% the Exercise Price or the number of shares of Common Stock issuable upon exercise of the Warrants immediately prior to the making of such
adjustment. Any adjustment representing a change of less than such minimum amount shall be carried forward and made as soon as such adjustment, together with other adjustments required by this Article IV and not previously made, would result in a
minimum adjustment. For the purpose of any adjustment, any specified event shall be deemed to have occurred at the close of business on the date of its occurrence. In computing adjustments under this Article IV, fractional interests in Common Stock
shall be taken into account to the nearest one-hundredth of a share. 
  

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 ARTICLE V 
 REGISTRATION RIGHTS 
 Section 5.01. Piggy-Back and Shelf Registrations. 
 (a) Piggy-Back Registration. If at any time the Company proposes to file a Registration Statement under the Securities Act with respect to an
offering by the Company for its own account or for the account of any of its securityholders covering the sale of any class of equity securities of the Company, including shares of Common Stock, Preferred Stock, any class of convertible shares or
any other class or designation (collectively referred to herein as “Equity Securities”) (other than a Registration Statement on Form S-4 or S-8 or any similar or successor form), then the Company shall give written notice of such proposed
filing to the Holders of Warrants and the holders of Transfer Restricted Securities as soon as practicable (but in no event less than 10 Business Days before the anticipated filing date), and such notice shall offer such Holders the opportunity to
register the number of Transfer Restricted Securities as each such Holder may request (which request shall specify the Transfer Restricted Securities intended to be disposed of by such Holder and the intended method of distribution thereof) (a
“Piggy-Back Registration”). 
 In the event the proposed offering is an underwritten offering, the Company shall use its
commercially reasonable efforts to cause the managing underwriter or underwriters to permit the Transfer Restricted Securities requested to be included in a Piggy-Back Registration to be included on the same terms and conditions as any similar
securities of the Company or any other securityholder included therein and to permit the sale or other disposition of such Transfer Restricted Securities in accordance with the intended method of distribution thereof. 
 Any Holder shall have the right to withdraw its request for inclusion of its Transfer Restricted Securities in any Registration Statement pursuant to
this Section 5.01 by giving written notice to the Company of its request to withdraw. The Company may withdraw a Piggy-Back Registration at any time prior to the time it becomes effective; provided that the Company shall give prompt
notice thereof to participating Holders. The Company will pay all Registration Expenses in connection with each registration of Transfer Restricted Securities requested pursuant to this Section 5.01, and each Holder shall pay all underwriting
discounts or commissions, fees of counsel to the Holders or transfer taxes, if any, relating to the sale or disposition of such Holder’s Transfer Restricted Securities pursuant to a Registration Statement effected pursuant to this
Section 5.01. 
 (b) Shelf Registration Statement. Notwithstanding Section 5.01(a), the Company shall cause to be filed
pursuant to Rule 415 (or any successor provision) of the Securities Act, within 270 days after the date that the Registration Statement relating to the Company’s initial public offering of Common Stock shall have been declared effective, a
shelf Registration Statement relating to the offer and sale of Transfer Restricted Securities by the Holders from time to time in accordance with the methods of distribution elected by such holders and set forth in such Registration Statement (the
“Shelf Registration Statement”), and shall use its commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act within 120 days after the filing of such Shelf Registration

  

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Statement. The Company shall use its commercially reasonable efforts to cause (a) the Shelf Registration Statement to remain effective until the
earliest of (i) such time as all Transfer Restricted Securities have been sold thereunder, (ii) one year after its effective date and (iii) until all Warrant Shares and Unit Shares have ceased to be Transfer Restricted Securities.

 (c) No failure to effect a registration under this Section 5.01 and to complete the sale of Transfer Restricted Securities in
connection therewith shall relieve the Company of any other obligation under this Agreement. 
 Section 5.02. Reduction of Piggy-Back
Registration. 
 (a) If the lead managing underwriter of any underwritten offering described in Section 5.01(a) has informed, in
writing, the Holders of the Transfer Restricted Securities requesting inclusion in such offering that it is its view that the total number of securities which the Company, the Holders and any other Persons desiring to participate in such
registration intend to include in such offering exceeds the number which can be sold in an orderly manner within a price range acceptable to the Company and without adversely affecting the marketability of the offering, then the securities the
Company proposes to sell shall first be included in such offering, and then the number of Transfer Restricted Securities to be offered for the account of such Holders and the number of such securities to be offered for the account of all such other
Persons (other than the Company) participating in such registration shall be reduced or limited pro rata in proportion to the respective number of securities requested to be registered to the extent necessary to reduce the total number of securities
requested to be included in such offering to the number of securities, if any, recommended by such lead managing underwriter. 
 (b) If the
lead managing underwriter of any underwritten offering described in Section 5.01(a) notifies the Holders requesting inclusion of Transfer Restricted Securities in such offering that the kind of securities that such Holders, the Company and any
other Persons desiring to participate in such registration intend to include in such offering is such as to materially and adversely affect the success of such offering, (x) the Transfer Restricted Securities to be included in such offering
shall be reduced as described in clause (a) above or (y) if a reduction in the Transfer Restricted Securities pursuant to clause (a) above would, in the judgment of the lead managing underwriter, be insufficient to substantially
eliminate the adverse effect that inclusion of the Transfer Restricted Securities requested to be included would have on such offering, such Transfer Restricted Securities will be excluded from such offering. 
 (c) If, as a result of the proration provisions of this Section 5.02, any Holder shall not be entitled to include all Transfer Restricted Securities
in a Piggy-Back Registration that such Holder has requested to be included, such Holder may elect to withdraw his request to include Transfer Restricted Securities in such registration (a “Withdrawal Election”); provided that a
Withdrawal Election shall be irrevocable and, after making a Withdrawal Election, a Holder shall no longer have any right to include Transfer Restricted Securities in the registration as to which such Withdrawal Election was made. 
 Section 5.03. Listing and Other Offering Rights. If at any time the Company proposes to submit an application for a listing or authorization for
quotation of any class of Equity Securities on any nationally recognized securities exchange or quotation system, the 

  

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Company shall give written notice to holders Warrant Shares as soon as practicable (but in no event less than 10 Business Days before the anticipated filing
date of such application for listing or authorization for quotation) and shall include, to the extent not prohibited by law or the rules of such securities exchange or quotation system because of the restricted nature of such Warrant Shares or
otherwise, all issued and outstanding Warrant Shares in the application for such listing or authorization for quotation. Following such listing or authorization for quotation, the Company will from time to time take all necessary action so that all
other Warrant Shares, immediately upon their issuance upon the exercise of the Warrants, to the extent not prohibited by law or the rules of such securities exchange or quotation system because of the restricted nature of such Warrant Shares or
otherwise, will be listed or authorized for quotation on such securities exchange or quotation system (and shall file all documentation and pay all fees required in relation thereto). 
 Section 5.04. Registration Procedures. In connection with the obligations of the Company with respect to any Registration Statement pursuant to
Section 5.01, the Company shall: 
 (a) A reasonable period of time prior to the initial filing of a Registration Statement or
Prospectus and a reasonable period of time prior to the filing of any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), furnish to the Warrant Agent and the holders
of Transfer Restricted Securities included therein copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of such Holders and cause
the officers and directors of the Company, counsel to the Company and independent certified public accountants to the Company to respond to such reasonable inquiries of such Holders; 
 (b) Prepare and file with the SEC such amendments, including post-effective amendments, to each Registration Statement as may be necessary to keep such
Registration Statement continuously effective for the applicable time period required hereunder; cause the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the
Securities Act; and comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all securities covered by such Transfer Restricted Securities during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented; 
 (c)
Notify the holders of Transfer Restricted Securities to be sold and (if requested by any such person), confirm such notice in writing, (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment is proposed to be filed, and
(B) with respect to a Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a
Registration Statement or related Prospectus or for additional information, (iii) of the issuance by the SEC, any state securities commission, any other governmental agency or any court of any stop order, order or injunction suspending or
enjoining the use of a Prospectus or the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) of the receipt by the Company of any notification with 

  

 20 

 
respect to the suspension of the qualification or exemption from qualification of any of the Transfer Restricted 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 or information becoming known that makes any statement made in a Registration Statement or related Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in such Registration Statement, Prospectus or documents so that it 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, and that in the case of a Prospectus, it 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, in light of the circumstances under which they were made, not misleading; 
 (d) Use its reasonable best efforts to avoid the issuance of or, if issued, obtain the withdrawal of any order enjoining or suspending the use of a Prospectus or the effectiveness of a Registration Statement or the
lifting of any suspension of the qualification (or exemption from qualification) of any of the Transfer Restricted Securities for sale in any jurisdiction, at the earliest practicable moment; 
 (e) Upon written request to the Company, furnish to each Holder of Transfer Restricted Securities to be sold pursuant to a Registration Statement without
charge, at least one conformed copy of such Registration Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference, and all exhibits to the extent
requested (including those previously furnished or incorporated by reference) as soon as practicable after the filing of such documents with the SEC; 
 (f) Deliver to each Holder of Transfer Restricted Securities to be sold pursuant to a Registration Statement, without charge, as many copies of the Prospectus (including each form of prospectus) and each amendment or
supplement thereto as such persons reasonably request; and the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Transfer Restricted Securities and the underwriters, if
any, in connection with the offering and sale of the Transfer Restricted Securities covered by such Prospectus and any amendment or supplement thereto; 
 (g) Prior to any public offering of Transfer Restricted Securities, use its best efforts to register or qualify or cooperate with the Holders of Transfer Restricted Securities to be sold and their counsel in
connection with the registration or qualification (or exemption from such registration or qualification) of such Transfer Restricted Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as any such Holder
reasonably requests in writing; keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective hereunder and do any and all other acts or things
necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the applicable Registration Statement; provided, however, that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where they are not so subject; 
  

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 (h) In connection with any sale or transfer of Transfer Restricted Securities that will result in such
securities no longer being Transfer Restricted Securities, cooperate with the Holders thereof to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold; 
 (i) Upon the occurrence of any event contemplated by Section 5.04(c)(v), as promptly as practicable, prepare a supplement or amendment, including,
if appropriate, a post-effective amendment, to each Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as
thereafter delivered, such Prospectus will not contain an untrue statement of a material fact or omit to state a 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; 
 (j) In the event an underwriting agreement is entered into, (i) make such representations and warranties
to the Holders of such Transfer Restricted Securities with respect to the business of the Company and its subsidiaries (including with respect to businesses or assets acquired or to be acquired by any of them), and the Registration Statement,
Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, as made by the Company to the underwriters in the case of an underwritten offering, and confirm the same if and when requested; (ii) if an
underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable to the selling Holders than those set forth in Section 5.05 (or such other provisions and procedures acceptable to
Holders of a majority of Transfer Restricted Securities covered by such Registration Statement); (iii) deliver such documents and certificates as may be reasonably requested by the Holders of a majority of the Transfer Restricted Securities
being sold to evidence the continued validity of the representations and warranties made pursuant to clause (i) above and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered
into by the Company, (iv) obtain such opinions of counsel to the Company addressed to as are customary and reasonable in connection with such Registration Statement and (v) obtain such “comfort” letters and updates thereof from
the independent certified public accountants of the Company addressed to the Holders as are customary and reasonable in connection with such Registration Statements. The Company will furnish the Warrant Agent with current Prospectuses meeting the
requirements of the Securities Act in sufficient quantity to permit the Warrant Agent to deliver, at the Company’s expense, a prospectus to each holder of a Warrant upon the exercise thereof. The Company shall promptly inform the Warrant Agent
of any change in the status of the effectiveness or availability of any Registration Statement. 
 (k) Cause the officers, directors, agents
and employees of the Company to supply information relating to the preparation of such Registration Statement to the extent reasonably requested by any counsel representing the holders of Transfer Restricted Securities; 
 (l) Comply with all applicable rules and regulations of the SEC and make generally available to their securityholders earning statements satisfying the
provisions of Section 11(a) of the Securities Act and Rule 158 under the Securities Act, no later than 60 days after the end of any 12-month period (or 135 days after the end of any 12-month period if such period is a fiscal year)
(i) commencing at the end of any fiscal quarter in which Transfer 

  

 22 

 
Restricted Securities are sold to underwriters in a firm commitment or reasonable efforts underwritten offering and (ii) if not sold to underwriters in
such an offering, commencing on the first day of the first fiscal quarter after the effective date of a Registration Statement, which statement shall cover said period, consistent with the requirements of Rule 158 under the Securities Act; and

 (m) Cooperate with each seller of Transfer Restricted Securities covered by any Registration Statement participating in the disposition of
such Transfer Restricted Securities and their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers, Inc. 
 The Company may require a Holder of Transfer Restricted Securities to be included in a Registration Statement to furnish to the Company such information
regarding (i) the intended method of distribution of such Transfer Restricted Securities, (ii) such Holder and (iii) the Transfer Restricted Securities held by such Holder as is required by law to be disclosed in such Registration
Statement, and the Company may exclude from such Registration Statement the Transfer Restricted Securities of any Holder who unreasonably fails to furnish such information within a reasonable time after receiving such request. If any such
Registration Statement refers to any Holder by name or otherwise as the Holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably
satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s securities covered thereby and that such holding
does not imply that such Holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act, the deletion of the
reference to such Holder in any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
 Each Holder of Transfer Restricted Securities agrees by acquisition of such Transfer Restricted Securities that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 5.04(c)(ii), 5.04(c)(iii), 5.04(c)(iv) or 5.04(c)(v), such Holder will forthwith discontinue disposition of such Transfer Restricted Securities covered by such Registration Statement or Prospectus until such Holder’s receipt of the
copies of the supplemented or amended Prospectus contemplated by Section 5.04(i), or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has
received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus. 
 Section 5.05. Indemnification and Contribution. 
 (a) The Company
shall indemnify and hold harmless each Holder of Transfer Restricted Securities and each investment banker and manager that administers any underwritten public offering, their respective Affiliates, each Person, if any, who controls any of such
parties ,within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and each
of their respective directors, officers, employees and agents, as follows: 
  

 23 

 (i) against any and all loss, liability, claim, damage and expense whatsoever, joint or
several, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto), covering Transfer Restricted Securities, including all documents
incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
 (ii) against
any and all loss, liability, claim, damage and expense whatsoever, joint or several, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any court or governmental agency or
body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the prior written consent of the Company; and

 (iii) against any and all expenses whatsoever, as incurred, reasonably incurred in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any court or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission, to the extent that any such expense is not paid under subparagraph (i) or (ii) of this Section 5.05(a); 
 provided that this
indemnity does not apply to any loss, liability, claim, damage or expense to the extent arising out of an untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished
to the Company by such Holder in writing expressly for use in the Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement thereto). 
 (b) By accepting the benefits of this Agreement, each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold
harmless the Company, the other selling Holders and each investment banker and manager that administers any underwritten public offering, their respective Affiliates, each Person, if any, who controls any of such parties within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act and each of their respective directors, officers, employees and agents, from and against any and all loss, liability, claim, damage and expense whatsoever described in the
indemnity contained in Section 5.05(a), as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto) or any Prospectus (or any
amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Company by such selling Holder expressly for use in the Registration Statement (or any amendment thereto), or any such Prospectus (or any
amendment or supplement thereto). 
  

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 (c) Each indemnified party shall give prompt notice to each indemnifying party of any action commenced
against it in respect of which indemnity may be sought hereunder, enclosing a copy of all papers properly served on such indemnified party, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. In case any such action is brought against
any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent it may wish, jointly with any other indemnifying party similarly notified,
unless such indemnified party shall have one or more legal defenses available to it which are not available to the indemnifying party, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party. After notice from
the indemnifying party to such indemnified party of its election as aforesaid to assume the defense thereof and approval by such indemnified party of counsel appointed to defend such action, the indemnifying party will not be liable to such
indemnified party under this Section 5.05 for any legal or other expenses other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof. An indemnifying party may
participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. 
 In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from
their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without
the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any Judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever in respect of which indemnification or contribution could be sought under this Section 5.05 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent
(i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a
failure to act by or on behalf of any indemnified party. 
 (d) If at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement effected without its written consent if (i) such settlement is entered into more than 45 days
after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. 
 (e) In order to provide for just and equitable contribution in circumstances under which any of the indemnity provisions set forth in this Section 5.05 is for any reason held to be unavailable to the indemnified parties although
applicable in accordance with its terms, the Company and the Holders shall contribute to the aggregate losses, liabilities, claims, damages 

  

 25 

 
and expenses of the nature contemplated by such indemnity agreement incurred by the Company, and the Holders, as incurred; provided that 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 that was not guilty of such fraudulent misrepresentation. As between the Company and the
Holders, such parties shall contribute to such aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by such indemnity agreement in such proportion as shall be appropriate to reflect the relative fault of the
Company, on the one hand, and the Holders, on the other hand, with respect to the statements or omissions which resulted in such loss, liability, claim, damage or expense, or action in respect thereof, as well as any other relevant equitable
considerations. The relative fault of the Company, on the one hand, and of the Holders, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or by or on behalf of the Holders, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The Company and the Holders of the Transfer Restricted Securities agree that it would not be just and equitable if contribution pursuant to this Section 5 were to be determined by pro rata
allocation or by any other method of allocation that does not take into account the relevant equitable considerations. For purposes of this Section 5, each Affiliate of a Holder, and each director, officer, employee, agent and Person, if any,
who controls a Holder or such Affiliate within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Holder, and each director of the Company, each officer of
the Company who signed the Registration Statement, and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the
Company. 
 Section 5.06. Underwritten Registrations. 
 No Person may participate in any underwritten public offering hereunder unless such person (i) agrees to sell such Transfer Restricted Securities on the basis reasonably provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such
underwriting arrangements. 
 Nothing in this Agreement shall be construed as creating an obligation on the part of the Company to undertake
underwritten public offering or otherwise proscribe the terms and conditions upon which the Company may undertake an underwritten public offering. 
 If the Company has complied with all its obligations under this Agreement with respect to a Piggy-Back Registration relating to an underwritten public offering, all holders of Transfer Restricted Securities included in such Piggy-Back
Registration, upon request of the lead managing underwriter with respect to such underwritten public offering, will be required to not sell or otherwise dispose of any Warrant, Warrant Share or Transfer Restricted Security owned by them for 30 days
prior to and within 210 days (or such shorter period as the lead managing underwriter may agree) from the consummation of such underwritten public offering. 
  

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 ARTICLE VI 
 WARRANT AGENT 
 Section 6.01. Appointment of Warrant Agent. The Company hereby appoints the
Warrant Agent to act as agent for the Company in accordance with the provisions of this Agreement and the Warrant Agent hereby accepts such appointment. The Warrant Agent shall not be liable for anything that it may do or refrain from doing in
connection with this Agreement, except for its own gross negligence, willful misconduct or bad faith. 
 Section 6.02. Rights and Duties
of Warrant Agent. (a) Agent for the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligation or
relationship or agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants. 
 (b) Counsel. The Warrant Agent may consult with counsel satisfactory to it (who may be counsel to 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. 
 (c) Documents. 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, 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. 
 (d) No Implied
Obligations. The Warrant Agent shall be obligated to perform only such duties as are specifically set forth herein and in the Warrant Certificates, and no implied duties or obligations of the Warrant Agent 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 for which it does not receive indemnity if such indemnity
is reasonably requested. 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 Holders or on behalf
of the Holders pursuant to this Agreement or for the application by the Company of the proceeds of the Warrants. 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 with respect to such default, including any duty or responsibility to initiate or attempt to initiate any proceedings at law
or otherwise. 
 (e) Not Responsible for Adjustments or Validity of Stock. The Warrant Agent shall not at any time be under any duty
or responsibility to any Holder to determine whether any facts exist that may require an adjustment of the number of shares of Common Stock issuable upon exercise of each Warrant or the Exercise Price, or with respect to the nature or extent of any
adjustment when made, or with respect to the method employed, or herein or in 

  

 27 

 
any supplemental agreement provided to be employed, in making the same. The Warrant Agent shall not be accountable with respect to the validity or value of
any shares of Common Stock or of any securities or property which may at any time be issued or delivered upon the exercise of any Warrant or upon any adjustment pursuant to Article IV, and it makes no representation with respect thereto. The Warrant
Agent shall not be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any shares of Common Stock or stock certificates upon the surrender of any Warrant Certificate for the purpose of exercise or
upon any adjustment pursuant to Article IV, or to comply with any of the covenants of the Company contained in Article IV. 
 Section 6.03.
Individual Rights of Warrant Agent. The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or its affiliates or become
pecuniarily interested in transactions in which the Company or its affiliates may be interested, or contract with or lend money to the Company or its affiliates or otherwise act as fully and freely as though it were not the Warrant Agent under this
Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 
 Section 6.04. Warrant Agent’s Disclaimer. The Warrant Agent shall not be responsible for and makes no representation as to the validity or adequacy of this Agreement or the Warrant Certificates and it shall not be responsible
for any statement in this Agreement or the Warrant Certificates other than its countersignature thereon. 
 Section 6.05. Compensation and
Indemnity. The Company agrees to pay the Warrant Agent from time to time reasonable compensation for its services as set forth on Schedule A attached hereto and to reimburse the Warrant Agent upon request for all reasonable out-of-pocket
expenses incurred by it, including the reasonable compensation and expenses of the Warrant Agent’s agents and counsel. The Company shall indemnify the Warrant Agent, its officers, directors, agents and counsel against any loss, liability or
expense (including reasonable agents’ and attorneys’ fees and expenses) incurred by it without gross negligence, willful misconduct or bad faith on its part arising out of or in connection with the acceptance or performance of its duties
under this Agreement. The Warrant Agent shall notify the Company promptly of any claim for which it may seek indemnity. The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Warrant Agent through
willful misconduct, gross negligence or bad faith. The Company’s payment obligations pursuant to this Section 6.05 shall survive the termination of this Agreement. 
 To secure the Company’s payment obligations under this Agreement, the Warrant Agent shall have a lien prior to the Holders on all money or property
held or collected by the Warrant Agent. 
 Section 6.06. Successor Warrant Agent. (a) The Company to Provide and Maintain
Warrant Agent. The Company agrees for the benefit of the Holders that there shall at all times be a Warrant Agent hereunder until all the Warrants have been exercised or cancelled or are no longer exercisable. Any Warrant Agent to qualify as the
Warrant Agent hereunder must be able to qualify as the trustee under the indenture relating to the Notes. 
  

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 (b) Resignation and Removal. The Warrant Agent may at any time resign by giving written notice to
the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided, however, that such date shall not be less than 60 days after the date on which such notice is given
unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the date when it shall become
effective, which date shall not be less than 60 days after such notice is given unless the Warrant Agent otherwise agrees. Any removal under this Section 6.06 shall take effect upon the appointment by the Company as hereinafter provided of a
successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. 

(c) The Company To Appoint Successor. In the event that at any time the Warrant Agent shall resign, or shall be removed, or shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable U.S. Federal or state bankruptcy, insolvency or
similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment
for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in
the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or similar law, or a
decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or
affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be
appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. In the event that a successor Warrant Agent is not appointed by the Company, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the
Warrant Agent or the Warrant Agent shall petition a court to appoint a successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall
cease to be Warrant Agent hereunder; provided, however, that in the event of the resignation of the Warrant Agent under this subsection (c), such resignation shall be effective on the earlier of (i) the date specified in the
Warrant Agent’s notice of resignation and (ii) the appointment and acceptance of a successor Warrant Agent hereunder. 
 (d)
Successor To Expressly Assume Duties. Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such
successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the rights and obligations of such predecessor with like effect as if originally named as Warrant 

  

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 Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become
obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder. 
 (e) Successor by Merger. Any corporation into which the Warrant Agent hereunder may be merged or consolidated, or any corporation resulting from
any merger or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all of its assets and business, shall be the successor Warrant Agent under
this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto provided, however, that it shall be qualified as aforesaid. 
 ARTICLE VII 
 MISCELLANEOUS 

Section 7.01. Persons Benefiting. Nothing in this Agreement is intended or shall be construed to confer upon any Person other than the Company,
the Warrant Agent and the Holders any right, remedy or claim under or by reason of this Agreement or any part hereof. 
 Section 7.02.
Rights of Holders. Holders of unexercised Warrants are not entitled to (i) receive dividends or other distributions, (ii) receive notice of or vote at any meeting of the stockholders, (iii) consent to any action of the
stockholders, (iv) receive notice of any other proceedings of the Company, (v) exercise any preemptive right or (vi) exercise any other rights whatsoever as stockholders of the Company. 
 Section 7.03. Amendment. This Agreement may be amended by the parties hereto without the
consent of any Holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this
Agreement as the Company and the Warrant Agent may deem necessary or desirable (including without limitation any addition or modification to provide for compliance with the transfer restrictions set forth herein); provided, however,
that such action shall not adversely affect the rights of any of the Holders. Any amendment or supplement to this Agreement that has an adverse effect on the interests of the Holders shall require the written consent of the Holders of a majority of
the then outstanding Warrants. The consent of each Holder affected shall be required for any amendment pursuant to which (i) the Exercise Price would be increased, (ii) the number of Warrant Shares issuable upon exercise of Warrants would
be decreased (other than pursuant to adjustments provided for herein), (iii) the Exercise Period would be decreased or (iv) any other material change is made that adversely affects the rights of any Holder. In determining whether the
Holders of the required number of Warrants have concurred in any direction, waiver or consent, Warrants owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Warrant Agent shall be protected in relying on any such direction, waiver or consent, only Warrants 

  

 30 

 
which the Warrant Agent knows are so owned shall be so disregarded. Also, subject to the foregoing, only Warrants outstanding at the time shall be considered
in any such determination. 
 Section 7.04. Notices. Any notice or communication shall be in writing and delivered in Person or mailed
by first-class mail addressed as follows: 
 if to the Company: 
 Cypress Sharpridge Investments, Inc. 
 65 East 55th Street 
 New York, New York 
 Telephone: (212) 705-0150 
 Facsimile:
(212) 705-0199 
 Attention: Kevin E. Grant 
 if to the Warrant Agent: 
 National City Bank 
 629 Euclid Avenue, Suite 635 
 Cleveland, Ohio
44114-3484 
 Telephone: (216) 222-3963 
 Facsimile: (216) 222-2649 
 Attention: Megan Gibson 
 The Company or the Warrant Agent by notice to the other may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears on the Certificate
Register and shall be sufficiently given if so mailed within the time prescribed. 
 Failure to mail a notice or communication to a Holder or
any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 Section 7.05. Governing Law. The laws of the State of New York shall govern this Agreement and the Warrant Certificates. 
 Section 7.06. Successors. All agreements of the Company in this Agreement and the Warrant Certificates shall bind its successors. All agreements
of the Warrant Agent in this Agreement shall bind its successors. 
 Section 7.07. Multiple Originals; Counterparts. The parties may
sign any number of copies of this Agreement and may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, 

  

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and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement,
individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. One signed copy is enough to prove this Agreement. 
 Section 7.08. Table of Contents. The table of contents and headings of the Articles and Sections of this Agreement have been inserted for convenience of reference only, are not intended to be considered a part
hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 7.09. Severability. The provisions of this
Agreement are severable, and if any clause or provision shall be held invalid, or illegal or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or provision in any other jurisdiction or any other clause or provision of this Agreement in any jurisdiction. 
  

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

			
	CYPRESS SHARPRIDGE INVESTMENTS, INC.
		
	by	 	/s/ Walter C. Keenan
		 	 Name:    Walter C. Keenan
 Title:      President

  
  

			
	 NATIONAL CITY BANK,
 as Warrant
Agent,

		
	by	 	/s/ Megan Gibson
		 	 Name:    Megan Gibson
 Title:      Assistant Vice President

  

 33

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