Document:

sttmarch2020notesregistr

                                                                                              REGISTRATION RIGHTS AGREEMENT          This REGISTRATION RIGHTS AGREEMENT, dated as of March 30, 2020   (this “Agreement”), is entered into by and among State Street Corporation, a   Massachusetts corporation (the “Company”), and Morgan Stanley & Co. LLC, BofA   Securities, Inc. and Wells Fargo Securities, LLC, as representatives (the  “Representatives”) of the initial purchasers set forth on Schedule 1 to the Purchase   Agreement (as defined herein) (the “Initial Purchasers”).          The Company and the Representatives are parties to the Purchase Agreement   dated March 26, 2020 (the “Purchase Agreement”), which provides for the sale by the   Company to the Initial Purchasers of $750,000,000 in principal amount of the Company’s   Fixed-to-Floating Rate Senior Notes due 2023 (the “2023 Notes”), $500,000,000 in   principal amount of the Company’s Fixed-to-Floating Rate Senior Notes due 2026 (the   “2026 Notes”) and $500,000,000 in principal amount of the Company’s Fixed-to-  Floating Rate Senior Notes due 2031 (the “2031 Notes” and, together with the 2023   Notes and the 2026 Notes, the “Securities”). The Securities will be issued by the   Company under an indenture (the “Original Indenture”) dated as of October 31, 2014,   between the Company and U.S. Bank National Association, as trustee, as supplemented   by the first supplemental indenture dated as of May 8, 2017 and the second supplemental  indenture dated as of the date hereof, in each case between the Company and the Trustee  (the first and second supplemental indentures together with the Original Indenture, the  “Indenture”).           As an inducement to the Initial Purchasers to enter into the Purchase Agreement,   the Company has agreed to provide for the Initial Purchasers and their direct and indirect   transferees to receive the registration rights set forth in this Agreement.  The execution   and delivery of this Agreement is a condition to the obligations of the Initial Purchasers   set forth in Section 6(g) of the Purchase Agreement.          In consideration of the foregoing, the parties hereto agree as follows:          1. Definitions.  As used in this Agreement, the following capitalized defined   terms shall have the following meanings:          “2023 Notes” shall have the meaning set forth in the preamble.           “2026 Notes” shall have the meaning set forth in the preamble.           “2031 Notes” shall have the meaning set forth in the preamble.           “Agreement” shall have the meaning set forth in the preamble.          “Business Day” shall mean any day that is not a Saturday, Sunday or other day on   which commercial banks in New York City, New York or Boston, Massachusetts are   authorized or required by law to remain closed.  For purposes of this Agreement, if the   day on which any deadline specified in this Agreement expires is not a Business Day,   such deadline shall be deemed to expire on the next succeeding Business Day.       

 

         “Closing Date” shall have the meaning set forth in the Purchase Agreement.          “Company” shall have the meaning set forth in the preamble.          “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended  from time to time.         “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof.         “Exchange Offer” shall mean the exchange offer of Exchange Securities for  Registrable Securities pursuant to Section 2(a) hereof.         “Exchange Offer Registration” shall mean a registration under the Securities Act  effected pursuant to Section 2(a) hereof.         “Exchange Offer Registration Statement” shall mean an exchange offer  registration statement on Form S-4 (or, if applicable, on another appropriate form) and all  amendments and supplements to such registration statement, in each case including the  Prospectus contained therein or deemed a part thereof, all exhibits thereto and any  document incorporated by reference therein.         “Exchange Securities” shall mean senior unsecured notes issued by the Company  under the Indenture containing terms identical to the Registrable Securities (except that  such notes will be registered under the Securities Act and the transfer restrictions,  registration rights and additional annual interest rate for failure to comply with this  Agreement applicable to the Registrable Securities will not apply to such notes) and to be  offered to Holders of Registrable Securities in exchange for Securities pursuant to the  Exchange Offer.         “FINRA” shall mean the Financial Industry Regulatory Authority, Inc.         “Free Writing Prospectus” shall mean each free writing prospectus (as defined in  Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or  referred to by the Company in connection with the offer and sale of the Securities or the  Exchange Securities.         “Holder Notice” shall have the meaning set forth in Section 2(b) hereof.         “Holders” shall mean the Initial Purchasers, for so long as they own any  Registrable Securities, and each of their successors, assigns and direct and indirect  transferees who become owners of Registrable Securities under the Indenture; provided  that for purposes of Sections 4 and 6 hereof, the term “Holders” shall include  Participating Broker-Dealers.         “Indemnified Person” shall have the meaning set forth in Section 5(c) hereof.         “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof.                                      -2-   

 

         “Indenture” shall have the meaning set forth in the preamble.          “Initial Purchasers” shall have the meaning set forth in the preamble.         “Inspector” shall have the meaning set forth in Section 3(a)(xiv) hereof.         “Issuer Information” shall have the meaning set forth in Section 5(a) hereof.         “Majority Holders” shall mean the Holders of a majority of the aggregate  principal amount of the outstanding Registrable Securities; provided that whenever the  consent or approval of Holders of a specified percentage of Registrable Securities is  required hereunder, any Registrable Securities owned directly or indirectly by the  Company or any of its affiliates shall not be counted in determining whether such consent  or approval was given by the Holders of such required percentage or amount; and  provided, further, that if the Company shall issue any additional Securities under the  Indenture prior to consummation of the Exchange Offer or, if applicable, the  effectiveness of any Shelf Registration Statement, such additional Securities and the  Registrable Securities to which this Agreement relates shall be treated together as one  class for purposes of determining whether the consent or approval of Holders of a  specified percentage of Registrable Securities has been obtained.         “Original Indenture” shall have the meaning set forth in the preamble.          “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a)  hereof.         “Person” shall mean an individual, partnership, limited liability company,  corporation, trust or unincorporated organization, or a government or agency or political  subdivision thereof.         “Prospectus” shall mean the prospectus included in, or, pursuant to the rules and  regulations of the Securities Act, deemed a part of, a Registration Statement, including (i)  any preliminary prospectus and (ii) any such prospectus as amended or supplemented by  any prospectus supplement, including a prospectus supplement with respect to the terms  of the offering of any portion of the Registrable Securities covered by a Shelf  Registration Statement, and by all other amendments and supplements to such  prospectus, and in each case including any document incorporated by reference therein.         “Purchase Agreement” shall have the meaning set forth in the preamble.         “Registrable Securities” shall mean the Securities; provided that any Securities  shall cease to be Registrable Securities (i) when a Registration Statement with respect to  such Securities has become effective under the Securities Act and the Securities have  been exchanged, disposed of or distributed pursuant to such Registration Statement, (ii)  when such Securities cease to be outstanding or (iii) when the Exchange Offer is  consummated, except in the case of Securities that otherwise remain Registrable  Securities that are held by a Holder that was ineligible to participate in the Exchange                                     -3-   

 

     Offer or participated in the Exchange Offer and did not receive fully tradable Exchange  Securities pursuant to the Exchange Offer.          “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 FINRA registration and filing fees, (ii) all fees and expenses   incurred by the Company in connection with compliance with state securities or blue sky   laws (including reasonable fees and disbursements of one firm of counsel for any   Underwriters or Holders in connection with blue sky qualification of any Exchange   Securities or Registrable Securities, which firm shall be selected by the Underwriters or   the Majority Holders), (iii) the costs incident to the preparing, word processing, printing   and distributing any Registration Statement, any Prospectus, any Free Writing 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) all rating agency fees, (v) all  fees and disbursements relating to the qualification of the Indenture under applicable  securities laws, (vi) the reasonable fees and disbursements of the Trustee, (vii) the  reasonable fees and disbursements of counsel for the Company and, in the case of a Shelf  Registration Statement, the reasonable fees (not to exceed $50,000) and disbursements of  one counsel for the Holders (which counsel shall be Cravath, Swaine & Moore LLP) and  (viii) the fees and disbursements of the independent public accountants of the Company,  including the expenses of any “comfort” letters required by or incident to the  performance of and compliance with this Agreement, but excluding any or all fees and  expenses of advisors or counsel to any Underwriters (other than fees and expenses set   forth in clause (ii) above) or the Holders, any underwriting discounts and commissions,   and any brokerage commissions and transfer taxes, if any, relating to the sale or   disposition of Registrable Securities by a Holder.          “Registration Statement” shall mean any registration statement that covers any of   the Exchange Securities or Registrable Securities pursuant to the provisions of this   Agreement and all amendments and supplements to any such registration statement,   including post-effective amendments, in each case including the Prospectus contained   therein or deemed a part thereof, all exhibits thereto and any document incorporated by   reference therein.          “Representatives” shall have the meaning set forth in the preamble.            “SEC” shall mean the United States Securities and Exchange Commission.          “Securities” shall have the meaning set forth in the preamble.          “Securities Act” shall mean the Securities Act of 1933, as amended from time to   time.          “Shelf Additional Interest Date” shall have the meaning set forth in Section 2(d)   hereof.                                       -4-    

 

           “Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b)   hereof.          “Shelf Registration” shall mean a registration effected pursuant to Section 2(b)   hereof.          “Shelf Registration Statement” shall mean a “shelf” registration statement that   covers all or a portion of the Registrable Securities (but no other securities unless   approved by a majority of the Holders whose Registrable Securities are to be covered by   such Shelf Registration Statement) on an appropriate form under Rule 415 under the   Securities Act, or any similar rule that may be adopted by the SEC, and all amendments   and supplements to such registration statement, including post-effective amendments, in   each case including the Prospectus contained therein or deemed a part thereof, all exhibits   thereto and any document incorporated by reference therein.          “Shelf Request” shall have the meaning set forth in Section 2(b) hereof.          “Staff” shall mean the staff of the SEC.          “Target Registration Date” shall mean the date which is 366 days from the   Closing Date.          “Trigger Date” shall have the meaning set forth in Section 2(d) hereof.          “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended   from time to time.          “Trustee” shall mean the trustee with respect to the Securities under the Indenture.          “Underwriter” shall have the meaning set forth in Section 3(e) hereof.          “Underwritten Offering” shall mean an offering in which Registrable Securities   are sold to an Underwriter for reoffering to the public.          2. Registration under the Securities Act.          (a) To the extent not prohibited by any applicable law or applicable   interpretations of the Staff, the Company shall use its reasonable best efforts to (x) cause   to be filed an Exchange Offer Registration Statement covering an offer to the Holders to   exchange all outstanding Registrable Securities for Exchange Securities and (y) cause   such Registration Statement to remain effective until 180 days after the date the   Exchange Offer Registration Statement became effective for use by one or more   Participating Broker-Dealers.  The Company shall cause the Exchange Offer to be  commenced promptly after the Exchange Offer Registration Statement is declared  effective by the SEC and use its reasonable best efforts to cause the Exchange Offer to be  completed no later than the Target Registration Date.                                       -5-    

 

         The Company shall cause the Exchange Offer to be commenced by mailing or  making available the related Prospectus, appropriate letters of transmittal and other  accompanying documents to each Holder stating, in addition to such other disclosures as  are required by applicable law, substantially the following:               (i) that the Exchange Offer is being made pursuant to this Agreement and       that all Registrable Securities validly tendered and not properly withdrawn will be       accepted for exchange, except to the extent not permitted by law, applicable        interpretations of the Staff or as otherwise contemplated in this Agreement;               (ii) the dates of acceptance for exchange (which shall be a period of at        least 20 Business Days (in accordance with the Exchange Act) from the date such        notice is mailed or made available) (the “Exchange Dates”);               (iii) that any Registrable Security not tendered will remain outstanding        and continue to accrue interest but will not retain any rights under this Agreement,        except as otherwise specified herein;               (iv) that any Holder electing to have a Registrable Security exchanged        pursuant to the Exchange Offer will be required to (A) surrender such Registrable        Security, together with the appropriate letters of transmittal, to the institution and        at the address and in the manner specified in the notice, or (B) effect such        exchange otherwise in compliance with the applicable procedures of the        depositary for such Registrable Security, in each case prior to the close of        business on the last Exchange Date; and               (v) that any Holder will be entitled to withdraw its election, not later than        the close of business on the last Exchange Date, by effecting such withdrawal in        compliance with the applicable procedures of the institution as shall be set forth in        the letter(s) of transmittal and in compliance with the applicable procedures of the        depositary for the Registrable Securities.         As a condition to participating in the Exchange Offer, a Holder will be required to  represent to the Company that (I) any Exchange Securities to be received by it will be  acquired in the ordinary course of its business, (II) at the time of the commencement of  the Exchange Offer it is not engaged in, and does not intend to engage in, and it has no  arrangement or understanding with any Person to participate in, the distribution (within  the meaning of the Securities Act) of the Exchange Securities in violation of the  Securities Act, (III) it is not an “affiliate” (as defined in Rule 405 under the Securities  Act) of the Company or, if it is such an “affiliate,” such Holder will comply with the  prospectus delivery requirements of the Securities Act to the extent applicable in  connection with any resale of the Exchange Securities and (IV) if such Holder is a  broker-dealer that will receive Exchange Securities for its own account in exchange for  Registrable Securities that were acquired as a result of market making or other trading  activities, then such Holder will comply with the prospectus delivery requirements of the  Securities Act, to the extent applicable, in connection with any resale of the Exchange  Securities.  Each Holder hereby acknowledges and agrees that any broker-dealer and any                                     -6-   

 

     such Holder using the Exchange Offer to participate in a distribution of the securities to   be acquired in the Exchange Offer (1) could not under SEC policy as in effect on the date   of this Agreement rely on the position of the SEC enunciated in Morgan Stanley and Co.,   Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13,   1988), as interpreted in the SEC’s letter to Shearman & Sterling dated July 2, 1993, and   similar no-action letters, and (2) must comply with the registration and prospectus   delivery requirements of the Securities Act in connection with a secondary resale   transaction and that such a secondary resale transaction should be covered by an effective   registration statement containing the selling security holder information required by Item   507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities   obtained by such Holder in exchange for Registrable Securities acquired by such Holder   directly from the Company.          As soon as practicable after the last Exchange Date, the Company shall:                (i) cause the Registrable Securities or portions thereof validly tendered and         not properly withdrawn pursuant to the Exchange Offer to be accepted for         exchange;                (ii) cause all Registrable Securities or portions thereof so accepted for        exchange to be delivered to the Trustee for cancellation;                (iii) issue Exchange Securities equal in principal amount to the principal         amount of the Registrable Securities validly tendered by such Holder; and                (iv) cause the Trustee to promptly authenticate and deliver to each Holder         such Exchange Securities.          The Company shall use its reasonable best efforts to cause the Exchange Offer to  be completed as provided above and shall comply with the applicable requirements of the  Securities Act, the Exchange Act and other applicable laws and regulations in connection  with the Exchange Offer.  The Exchange Offer shall not be subject to any conditions,  other than that the Exchange Offer does not violate any applicable law or applicable  interpretations of the Staff and customary conditions relating to the delivery of Securities  or other actions customarily taken by Holders participating in the Exchange Offer or the  execution and delivery of customary documentation relating to the Exchange Offer.          (b) In the event that (i) the Company determines that the Exchange Offer   Registration provided for in Section 2(a) hereof is not available or may not be completed   as soon as practicable after the last Exchange Date because it would violate any   applicable law or applicable interpretations of the Staff, (ii) a Holder participating in the   Exchange Offer does not receive Exchange Securities on the date of the exchange that   may be sold without restriction under state and federal securities laws (other than due   solely to the status of such Holder as an affiliate of the Company within the meaning of   the Securities Act) and notifies (a “Holder Notice”) the Company within 30 days after   such Holder first becomes aware of such restrictions, (iii) the Exchange Offer, for any   other reason, is not completed by the Target Registration Date or (iv) the Company                                      -7-    

 

     receives a written request (a “Shelf Request”) from any Initial Purchaser representing that   it holds Registrable Securities that are or were ineligible to be exchanged in the Exchange   Offer, the Company shall use its reasonable best efforts to cause to be filed, as soon as   practicable after the date of such determination, Holder Notice or Shelf Request, as the   case may be, a Shelf Registration Statement providing for the sale of all the Registrable   Securities by the Holders thereof and to have such Shelf Registration Statement become   effective.          In the event that the Company is required to file a Shelf Registration Statement   pursuant to clause (iii) or (iv) of the preceding sentence, the Company shall use its   reasonable best efforts to cause to be filed and become effective both an Exchange Offer  Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable  Securities and a Shelf Registration Statement (which may be a combined Registration  Statement with the Exchange Offer Registration Statement) with respect to offers and  sales of Registrable Securities held by the Initial Purchasers, if any, after completion of  the Exchange Offer.          The Company agrees to use its reasonable best efforts to keep the Shelf   Registration Statement continuously effective for a period of one year from the effective   date of such Shelf Registration Statement or such shorter period that will terminate when   all of the Securities covered by the Shelf Registration Statement cease to be Registrable   Securities (the “Shelf Effectiveness Period”).  The Company further agrees to supplement   or amend the Shelf Registration Statement, the related Prospectus and any Free Writing   Prospectus if required by the rules, regulations or instructions applicable to the   registration form used by the Company for such Shelf Registration Statement or by the   Securities Act or by any other rules and regulations thereunder or if reasonably requested   by a Holder of Registrable Securities with respect to information relating to such Holder,   and to use its reasonable best efforts to cause any such amendment to become effective, if   required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus,   as the case may be, to become usable as soon as thereafter practicable.  The Company   agrees to furnish to the Holders of Registrable Securities registered on such Shelf   Registration Statement copies of any such supplement or amendment promptly after its   being used or filed with the SEC.          (c) The Company shall pay all Registration Expenses in connection with any   registration pursuant to Section 2(a) or Section 2(b) hereof.  Each Holder shall pay all   underwriting discounts and commissions, brokerage commissions and transfer taxes, if   any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to   any Shelf Registration Statement.         (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof   will not be deemed to have become effective unless it has been declared effective by the   SEC.  A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed   to have become effective unless it has been declared effective by the SEC or is   automatically effective upon filing with the SEC as provided by Rule 462 under the   Securities Act.                                       -8-    

 

           In the event that either the Exchange Offer is not completed by the Target   Registration Date or the Shelf Registration Statement, if required pursuant to Sections   2(b)(i) or 2(b)(iii) hereof, is not effective by the Target Registration Date, the interest rate   on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90- day period immediately following such date and (ii) an additional 0.25% per annum with  respect to each subsequent 90-day period, in each case until the Exchange Offer is  completed or the Shelf Registration Statement, if required hereby, becomes effective, up  to a maximum total increase of 0.50% per annum. In the event that the Company receives  a Holder Notice or Shelf Request pursuant to Sections 2(b)(ii) or 2(b)(iv) hereof, and the  Shelf Registration Statement required to be filed thereby has not become effective by the  later of (x) the Target Registration Date or (y) 90 days after delivery of such Holder  Notice or Shelf Request (such later date, the “Shelf Additional Interest Date”), then the   interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for   the first 90-day period payable commencing from one day after the Shelf Additional   Interest Date and (ii) an additional 0.25% per annum with respect to each subsequent 90-  day period, in each case until the Shelf Registration Statement becomes effective, up to a   maximum total increase of 0.50% per annum.          If the Shelf Registration Statement, if required hereby, is effective and thereafter   either ceases to be effective or the Prospectus contained therein ceases to be usable, in   each case whether or not permitted by this Agreement, at any time during the Shelf   Effectiveness Period, and such failure to remain effective or usable exists for more than   60 days (whether or not consecutive) in any 12-month period (the 60th such date, the   “Trigger Date”), then the interest rate on the Registrable Securities will be increased by   (i) 0.25% per annum for the first 90-day period immediately following the Trigger Date   and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, up   to a maximum increase of 0.50% per annum, and ending on such date that the Shelf   Registration Statement is again effective or the Prospectus again becomes usable.          Any additional interest payable by the Company due to the increases in annual   interest rate described in this Agreement will be paid in accordance with and pursuant to   the terms of the Indenture. The additional interest referenced in this Section 2(d) shall be   the sole remedy of any Holder (other than a Participating Broker-Dealer) with respect to   any Exchange Offer Registration and Shelf Registration and related matters provided for   in this Agreement.          3. Registration Procedures.          (a) In connection with its obligations pursuant to Section 2(a) and Section 2(b)   hereof, the Company shall as soon as reasonably practicable:                (i) cause the preparation and filing with the SEC of a Registration         Statement on the appropriate form under the Securities Act, which form (x) shall         be selected by the Company, (y) shall, in the case of a Shelf Registration, be         available for the sale of the Registrable Securities by the Holders thereof and (z)         shall comply as to form in all material respects with the requirements of the         applicable form and include all financial statements required by the SEC to be                                      -9-    

 

                    filed therewith; and use its reasonable best efforts to cause such Registration   Statement to become effective and remain effective for the applicable period in   accordance with Section 2 hereof;          (ii) cause the preparation and filing with the SEC of such amendments and  post-effective amendments to each Registration Statement as may be necessary to  keep such Registration Statement effective for the applicable period in accordance  with Section 2 hereof and cause each 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 cause each Prospectus to be kept current  during the period described in Section 4(3) of and Rule 174 under the Securities  Act that is applicable to transactions by brokers or dealers with respect to the  Registrable Securities or Exchange Securities;         (iii) to the extent any Free Writing Prospectus is used, cause the filing  with the SEC of any Free Writing Prospectus that is required to be filed by the  Company with the SEC in accordance with the Securities Act and the retention of  any Free Writing Prospectus not required to be filed to the extent required by SEC  rules;         (iv) in the case of a Shelf Registration, use its reasonable best efforts upon  written request, to furnish to each Holder of Registrable Securities included on  such Shelf Registration Statement, to counsel for the Initial Purchasers, to counsel  for such Holders and to each Underwriter of an Underwritten Offering of  Registrable Securities, if any, without charge, as many copies of each Prospectus,  preliminary prospectus or Free Writing Prospectus, and any amendment or  supplement thereto, as such Holder, counsel or Underwriter may reasonably  request in writing in order to facilitate the sale or other disposition of the  Registrable Securities thereunder; and the Company consents to the use of such  Prospectus, preliminary prospectus or such Free Writing Prospectus and any  amendment or supplement thereto in accordance with applicable law by each of  the Holders of Registrable Securities and any such Underwriters in connection  with the offering and sale of the Registrable Securities covered by and in the  manner described in such Prospectus, preliminary prospectus or such Free  Writing Prospectus or any amendment or supplement thereto in accordance with  applicable law;         (v) in the case of an Exchange Offer Registration Statement, use its  reasonable best efforts to cause the registration and qualification of the  Registrable Securities under all applicable state securities or blue sky laws, if and  to the extent legally required in order to effect the Exchange Offer, and, in the  case of a Shelf Registration Statement and if necessary to permit sales under the  Shelf Registration Statement, cooperate with the selling Holders and its counsel to  register or qualify the Registrable Securities under the applicable state securities  or blue sky laws of such jurisdictions as any Holder of Registrable Securities  covered by such Shelf Registration Statement shall reasonably request in writing  by the time the applicable Shelf Registration Statement becomes effective;                                -10-                   

 

                    cooperate with such Holders in connection with any filings required to be made   with FINRA; and use its reasonable best efforts to cause any and all other acts and   things that may be reasonably necessary or advisable to enable each Holder to   complete the disposition in each such jurisdiction of the Registrable Securities   owned by such Holder; provided that the Company shall not be required to (1)   qualify as a foreign corporation or other entity or as a dealer in securities in any   such jurisdiction where it would not otherwise be required to so qualify, (2) file   any general consent to subject itself to service of process in any such jurisdiction   or (3) subject itself to taxation in any such jurisdiction if it is not so subject;          (vi) notify counsel for the Initial Purchasers and, in the case of a Shelf  Registration, notify each Holder of Registrable Securities included on such Shelf  Registration Statement and counsel for such Holders promptly and, if requested  by any such Holder or counsel, confirm such advice in writing (1) when a  Registration Statement has become effective, when any post-effective amendment   thereto has been filed and becomes effective, when any Free Writing Prospectus   has been filed or any amendment or supplement to the Prospectus or any Free   Writing Prospectus has been filed, (2) of any request by the SEC or any state   securities authority for amendments and supplements to a Registration Statement,   Prospectus or any Free Writing Prospectus or for additional information after the   Registration Statement has become effective, (3) of the issuance by the SEC or   any state securities authority of any stop order suspending the effectiveness of a   Registration Statement or the initiation of any proceedings for that purpose,   including the receipt by the Company of any notice of objection of the SEC to the   use of a Shelf Registration Statement or any post-effective amendment thereto   pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable   effective date of a Shelf Registration Statement and the closing of any sale of   Registrable Securities covered thereby, the Company receives any notification   with respect to the suspension of the qualification of the Registrable Securities for   sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of   the happening of any event during the period a Registration Statement is effective   that makes any statement made in such Registration Statement or the related   Prospectus or any Free Writing Prospectus or any amendment or supplement   thereto untrue in any material respect or that requires the making of any changes   in such Registration Statement or Prospectus or any Free Writing Prospectus in   order to make the statements therein not misleading (in the case of the Prospectus,   in light of the circumstances under which they were made) and (6) of any   determination by the Company that a post-effective amendment to a Registration   Statement or any amendment or supplement to the Prospectus or any Free Writing   Prospectus would be required;          (vii) use its reasonable best efforts to obtain the withdrawal of any order   suspending the effectiveness of a Registration Statement, or, in the case of a Shelf   Registration, the resolution of any objection of the SEC pursuant to Rule   401(g)(2) under the Securities Act, including by filing an amendment to such   Shelf Registration Statement on the proper form, as promptly as reasonably                                -11-                   

 

                   practicable and provide prompt notice to each Holder of the withdrawal of any  such order or such resolution;         (viii) in the case of a Shelf Registration, furnish to each Holder of  Registrable Securities included on such Shelf Registration Statement, without  charge, upon written request, at least one conformed copy of each Registration  Statement and any post-effective amendment thereto (without any documents  incorporated therein by reference or exhibits thereto, unless requested in writing),  if such documents are not available via EDGAR;         (ix) in the case of a Shelf Registration, cooperate with the Holders of  Registrable Securities included on such Shelf Registration Statement to facilitate  the timely preparation and delivery of certificates representing Registrable  Securities to be sold and not bearing any restrictive legends and enable such  Registrable Securities to be issued in such denominations and, in the case of  certificated securities, registered in such names (consistent with the provisions of  the Indenture) as such Holders may reasonably request at least three Business  Days prior to the closing of any sale of Registrable Securities;         (x) upon the occurrence of any event contemplated by Section 3(a)(vi)(5)  hereof, use its reasonable best efforts to cause the preparation and filing with the  SEC of a supplement or post-effective amendment to such Registration Statement  or the related Prospectus or any Free Writing Prospectus or any document  incorporated therein by reference or file any other required document so that, as  thereafter delivered (or, to the extent permitted by law, made available) to  purchasers of the Registrable Securities, such Prospectus or Free Writing  Prospectus, as the case may be, will not contain any untrue statement of a material  fact or omit to state a material fact necessary to make the statements therein, in  the light of the circumstances under which they were made, not misleading; and  the Company shall notify the Holders of Registrable Securities and the Initial  Purchasers, as applicable, to suspend use of the Prospectus or any Free Writing  Prospectus as promptly as reasonably practicable after the occurrence of such an  event, and such Holders and Initial Purchasers, as applicable, hereby agree to  suspend use of the Prospectus or any Free Writing Prospectus, as the case may be,  until the Company has caused the Prospectus or the Free Writing Prospectus, as  the case may be, to be amended or supplemented to correct such misstatement or  omission;         (xi) within a reasonable time prior to the filing of any Registration  Statement, any Prospectus, any Free Writing Prospectus, or any amendment of or  supplement to a Registration Statement, a Prospectus or a Free Writing  Prospectus, in each case, excluding any document that is to be incorporated by  reference into such Registration Statement, Prospectus, Free Writing Prospectus  or any amendment or supplement thereto after the initial filing of a Registration  Statement, provide copies of such document to the Initial Purchasers and their  counsel (and, in the case of a Shelf Registration Statement, to the Holders of  Registrable Securities included on such Shelf Registration Statement and their                               -12-                   

 

                    counsel) and make representatives of the Company, as shall be reasonably   requested by the Initial Purchasers or their counsel (and, in the case of a Shelf   Registration Statement, the Holders of Registrable Securities included on such   Shelf Registration Statement or their counsel), available for discussion of such   document; and the Company shall not, at any time after initial filing of a   Registration Statement, use or file any Prospectus, any Free Writing Prospectus,   any amendment of or supplement to a Registration Statement, a Prospectus or a   Free Writing Prospectus, or any document that is to be incorporated by reference   into a Registration Statement, a Prospectus or a Free Writing Prospectus, of which   the Initial Purchasers and their counsel (and, in the case of a Shelf Registration   Statement, the Holders of Registrable Securities and their counsel) shall not have   previously been advised and furnished a copy or to which the Initial Purchasers or   their counsel (and, in the case of a Shelf Registration Statement, the Holders of   Registrable Securities or their counsel) shall have previously reasonably objected   in writing within five Business Days after receipt thereof, unless the Company in  good faith reasonably believes such Prospectus, amendment or supplement to a  Prospectus is required by applicable law;         (xii) use reasonable best efforts to obtain a CUSIP number for all  Exchange Securities or Registrable Securities, as the case may be, not later than  the initial effective date of a Registration Statement;         (xiii) cause the Indenture to be qualified under the Trust Indenture Act in  connection with the registration of the Exchange Securities or Registrable  Securities, as the case may be; cooperate with the Trustee and the Holders to  effect such changes to the Indenture as may be required for the Indenture to be so  qualified in accordance with the terms of the Trust Indenture Act; and execute,  and use its reasonable best efforts to cause the Trustee to execute, all documents  as may be required to effect such changes and all other forms and documents  required to be filed with the SEC to enable the Indenture to be so qualified in a  timely manner;          (xiv) in the case of a Shelf Registration, make available for inspection,   solely for due diligence purposes to the extent appropriate, by a representative of   the Holders of the Registrable Securities (an “Inspector”), any Underwriter   participating in any disposition pursuant to such Shelf Registration Statement, one   firm of counsel and one firm of accountants designated by a majority of the   Holders of Registrable Securities to be included in such Shelf Registration and   any attorneys and accountants designated by such Underwriter, at reasonable   times and in a reasonable manner, such financial and other records, pertinent  documents and access to properties of the Company and its subsidiaries as such  persons may reasonably request, and cause the officers, directors and employees  of the Company to supply all such information and access reasonably requested  by any such Inspector, Underwriter, attorney or accountant in connection with a  Shelf Registration Statement; provided that each Person receiving such   information shall take such actions as are reasonably necessary to protect the                                -13-                   

 

                    confidentiality of such information (including, without limitation, entering into a  confidentiality agreement in customary form if requested by the Company);          (xv) if reasonably requested by any Holder of Registrable Securities  covered by a Shelf Registration Statement, promptly include in a Prospectus  supplement or post-effective amendment such information with respect to such  Holder as such Holder reasonably concludes is required to be included therein and  make all required filings of such Prospectus supplement or such post-effective  amendment as soon as reasonably practicable after the Company has received  notification of the matters to be so included in such filing; and         (xvi) in the case of a Shelf Registration, enter into such customary  agreements and take all such other actions in connection therewith (including  those reasonably requested by the Holders of a majority in principal amount of the  Registrable Securities covered by the Shelf Registration Statement) in order to  expedite or facilitate the disposition of such Registrable Securities including, but  not limited to, in an Underwritten Offering and in such connection, (1) to the  extent possible, make such representations and warranties to the Holders and any  Underwriters of such Registrable Securities with respect to the business of the  Company and its subsidiaries and the Registration Statement, Prospectus, any  Free Writing Prospectus and documents incorporated by reference or deemed  incorporated by reference, if any, in each case, in form, substance and scope as  are customarily made by issuers to underwriters in underwritten offerings and  confirm the same if and when required by the applicable underwriting agreement  or requested by the Holder, as applicable, (2) solely with respect to an  Underwritten Offering, obtain opinions of counsel to the Company (which  counsel and opinions, in form, scope and substance, shall be reasonably  satisfactory to the Holders of a majority in principal amount of the Registrable  Securities being sold and such Underwriters and their respective counsel)  addressed to each selling Holder and Underwriter of such Registrable Securities,  covering the matters customarily covered in opinions requested in underwritten  offerings, (3) solely with respect to an Underwritten Offering, obtain “comfort”  letters from the independent certified public accountants of the Company (and, if  necessary, any other certified public accountant of any subsidiary of the  Company, or of any business acquired by the Company for which financial  statements and financial data are or are required to be included in the Registration  Statement) addressed to each selling Holder (to the extent permitted by applicable  professional standards) and Underwriter of such Registrable Securities, such  letters to be in customary form and covering matters of the type customarily  covered in “comfort” letters in connection with underwritten offerings, including  but not limited to financial information contained in any preliminary prospectus,  Prospectus or Free Writing Prospectus, and (4) deliver such documents and  certificates as may be reasonably requested by the Holders of a majority in  principal amount of the Registrable Securities being sold or the Underwriters, and  which are customarily delivered in underwritten offerings, to evidence the  continued validity of the representations and warranties of the Company made  pursuant to clause (1) above and to evidence compliance with any customary                                -14-                   

 

           conditions contained in an underwriting agreement; it being agreed that the         representations and warranties, opinions of counsel and comfort letters delivered         in connection with the initial offering of the Securities are customary.           (b) In the case of a Shelf Registration Statement, the Company may require each   Holder of Registrable Securities to furnish to the Company such information regarding   such Holder and the proposed disposition by such Holder of such Registrable Securities   as the Company may from time to time reasonably request in writing; provided that if   such Holder fails to provide the requested information within 15 Business Days, the   Company may exclude such Holder’s Registrable Securities from such Shelf Registration   Statement until such time as the information is provided.          (c) In the case of a Shelf Registration Statement, each Holder of Registrable  Securities covered in such Shelf Registration Statement agrees that, upon receipt of any  notice from the Company of the happening of any event of the kind described in Sections  3(a)(vi)(3) or 3(a)(vi)(5) hereof, such Holder will forthwith discontinue disposition of  Registrable Securities pursuant to the Shelf Registration Statement until such Holder’s  receipt of the copies of the supplemented or amended Prospectus and any Free Writing  Prospectus contemplated by Section 3(a)(x) hereof and, if so directed by the Company,  such Holder will deliver to the Company (at its expense) all copies in its possession, other  than permanent file copies then in such Holder’s possession, of the Prospectus and any  Free Writing Prospectus covering such Registrable Securities that is current at the time of  receipt of such notice.         (d) If the Company shall give any notice to suspend the disposition of Registrable  Securities pursuant to a Registration Statement, the Company shall extend the period  during which such Registration Statement shall be maintained effective pursuant to this  Agreement by the number of days during the period from and including the date of the  giving of such notice to and including the date when the Holders of such Registrable  Securities shall have received copies of the supplemented or amended Prospectus or any  Free Writing Prospectus necessary to resume such dispositions.  The Company may give  any such notice only twice during any 365-day period, any such suspensions shall not  exceed 60 days for each suspension and there shall not be more than two suspensions in  effect during any 365-day period.          (e) The Holders of Registrable Securities covered by a Shelf Registration   Statement who desire to do so may sell such Registrable Securities in an Underwritten   Offering.  In any such Underwritten Offering, the investment bank or investment banks   and manager or managers (each an “Underwriter”) that will administer the offering will   be selected by the Company (provided the lead Underwriter shall also be reasonably   acceptable to Holders of a majority in principal amount of the Registrable Securities   included in such offering).  However, in the event of an Underwritten Offering, each   Holder agrees that, neither such Holder nor any Underwriter participating in any   disposition pursuant to any Registration Statement on such Holder’s behalf, will make   any offer relating to the Registrable Securities that would constitute an Issuer Free   Writing Prospectus (as defined in Rule 433 under the Securities Act) or that would   otherwise constitute a “free writing prospectus” (as defined in Rule 405 under the                                      -15-    

 

     Securities Act) required to be filed by the Company with the SEC or retained by the   Company under Rule 433 of the Securities Act, unless it has obtained the prior written   consent of the Company.          4. Participation of Broker-Dealers in Exchange Offer.          (a) The Company has been advised that the Staff has taken the position that any   broker-dealer that receives Exchange Securities for its own account in the Exchange   Offer in exchange for Securities that were acquired by such broker-dealer as a result of   market-making or other trading activities (a “Participating Broker-Dealer”) may be   deemed to be an “underwriter” within the meaning of the Securities Act and must deliver   a prospectus meeting the requirements of the Securities Act in connection with any resale   of such Exchange Securities.          The Company has been advised that it is the Staff’s position that if the Prospectus  contained in the Exchange Offer Registration Statement includes a plan of distribution  containing a statement to the above effect and the means by which Participating Broker- Dealers may resell the Exchange Securities, without naming the Participating Broker- Dealers or specifying the amount of Exchange Securities owned by them, such  Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted  by law, made available to purchasers) to satisfy their prospectus delivery obligation under  the Securities Act in connection with resales of Exchange Securities for their own  accounts, so long as the Prospectus otherwise meets the requirements of the Securities  Act.         (b) In light of the above, and notwithstanding the other provisions of this  Agreement, the Company agrees, if so requested by one or more Holders who is a  Participating Broker-Dealer, to use its reasonable best efforts to cause the Prospectus  contained in the Exchange Offer Registration Statement to be amended or supplemented  for a period ending on the earlier of (i) 180 days after the date the Exchange Offer  Registration Statement becomes effective (as such period may be extended pursuant to  Section 3(d) hereof) and (ii) the date on which each Participating Broker-Dealer is no  longer required to deliver a prospectus in connection with market making or other trading  activities, in each case to the extent necessary to ensure that the Exchange Offer  Registration Statement is available for resale of the Registrable Securities acquired by the  Participating Broker-Dealers.  The Company further consents to the delivery of (or, to the  extent permitted by law, agree to make available) such Prospectus by Participating  Broker-Dealers during such period in connection with the resales contemplated by this  Section 4.         (c) The Initial Purchasers shall have no liability to the Company or any Holder  with respect to any request that a Holder may make pursuant to Section 4(b) hereof.          5. Indemnification and Contribution.          (a) The Company agrees to indemnify and hold harmless each Initial Purchaser,   each Holder, their respective affiliates, directors and officers and each Person, if any,                                      -16-    

 

   who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the  Securities Act or Section 20 of the Exchange Act, from and against any and all losses,  claims, damages and liabilities (including, without limitation, reasonable legal fees and  other expenses reasonably incurred in connection with any suit, action or proceeding or  any claim asserted, as such fees and expenses are incurred), joint or several, that arise out  of, or are based upon, (1) any untrue statement or alleged untrue statement of a material  fact contained in any Registration Statement or any omission or alleged omission to state  therein a material fact required to be stated therein or necessary in order to make the  statements therein not misleading, or (2) any untrue statement or alleged untrue statement  of a material fact contained in any Prospectus, or in any amendment thereof or any  supplement thereto, any Free Writing Prospectus or any “issuer information” (“Issuer  Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities  Act, or any omission or alleged omission to state therein a material fact necessary in  order to make the statements therein, in the light of the circumstances under which they  were made, not misleading, in each case except insofar as such losses, claims, damages or  liabilities arise out of, or are based upon, any untrue statement or omission or alleged  untrue statement or omission made in reliance upon and in conformity with any  information relating to any Initial Purchaser or information relating to any Holder  furnished to the Company in writing by or on behalf of such parties expressly for use  therein.  In connection with any Underwritten Offering permitted by Section 3 hereof, the  Company agrees to also indemnify the Underwriters, if any, their respective affiliates and  each Person who controls such Persons (within the meaning of the Securities Act and the  Exchange Act) to the same extent as provided above with respect to the indemnification  of the Holders, if requested in connection with any Registration Statement, any  Prospectus, any Free Writing Prospectus or any Issuer Information.         (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless  the Company and its affiliates, directors and officers, and the Initial Purchasers and the  other selling Holders and each Person, if any, who controls the Company, any Initial  Purchaser and any other selling Holder within the meaning of Section 15 of the Securities  Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in  paragraph (a) above, but only with respect to any losses, claims, damages or liabilities  (including without limitation, legal fees and other expenses incurred in connection with  any suit, action or proceeding or any claim asserted, as such fees and expenses are  incurred) that arise out of, or are based upon, any untrue statement or omission or alleged  untrue statement or omission made in reliance upon and in conformity with any  information relating to such Holder furnished to the Company in writing by or on behalf  of such Holder expressly for use in any Registration Statement, any Prospectus or any  Free Writing Prospectus.         (c) If any suit, action, proceeding (including any governmental or regulatory  investigation), claim or demand shall be brought or asserted against any Person in respect  of which indemnification may be sought pursuant to either paragraph (a) or (b) above,  such Person (the “Indemnified Person”) shall promptly notify the Person against whom  such indemnification may be sought (the “Indemnifying Person”) in writing; provided  that the failure to notify the Indemnifying Person shall not relieve it from any liability  that it may have under paragraph (a) or (b) above except to the extent that it has been                                     -17-   

 

   materially prejudiced (through the forfeiture of substantive rights or defenses) by such  failure; and provided, further, that the failure to notify the Indemnifying Person shall not  relieve it from any liability that it may have to an Indemnified Person otherwise than  under paragraph (a) or (b).  If any such proceeding shall be brought or asserted against an  Indemnified Person and it shall have notified the Indemnifying Person thereof, the  Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified  Person to represent the Indemnified Person and any others entitled to indemnification  pursuant to this Section 5 that the Indemnifying Person may designate in such proceeding  and shall pay the reasonable fees and expenses of such proceeding and shall pay the  reasonable fees and expenses of such counsel related to such proceeding, as incurred.  In  any such proceeding, any Indemnified Person shall have the right to retain its own  counsel, but the fees and expenses of such counsel shall be at the expense of such  Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall  have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a  reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii)  the Indemnified Person shall have reasonably concluded that there may be legal defenses  available to it that are different from or in addition to those available to the Indemnifying  Person; or (iv) the named parties in any such proceeding (including any impleaded  parties) include both the Indemnifying Person and the Indemnified Person and  representation of both parties by the same counsel would be inappropriate due to actual or  potential differing interests between them.  It is understood and agreed that the  Indemnifying Person shall not, in connection with any proceeding or related proceeding  in the same jurisdiction, be liable for the fees and expenses of more than one separate  firm (in addition to any local counsel) for all Indemnified Persons, and that all such  reasonable fees and expenses shall be reimbursed as they are incurred.  Any such separate  firm (x) for any Initial Purchaser or its affiliates, directors and officers and any control  Persons of such Initial Purchaser shall be designated in writing by such Initial Purchasers,  (y) for any Holder, its directors and officers and any control Persons of such Holder shall  be designated in writing by the Majority Holders and (z) in all other cases shall be  designated in writing by the Company.  The Indemnifying Person shall not be liable for  any settlement of any proceeding effected without its written consent, but if settled with  such consent or if there be a final judgment for the plaintiff, the Indemnifying Person  agrees to indemnify each Indemnified Person from and against any loss or liability by  reason of such settlement or judgment.  No Indemnifying Person shall, without the  written consent of the Indemnified Person, effect any settlement of any pending or  threatened proceeding in respect of which any Indemnified Person is or could have been a  party and indemnification could have been sought hereunder by such Indemnified Person,  unless such settlement (A) includes an unconditional release of such Indemnified Person,  in form and substance reasonably satisfactory to such Indemnified Person, from all  liability on claims that are the subject matter of such proceeding and (B) does not include  any statement as to or any admission of fault, culpability or failure to act by or on behalf  of any Indemnified Person.         (d) If the indemnification provided for in paragraphs (a) or (b) above is  unavailable to an Indemnified Person or insufficient in respect of any losses, claims,  damages or liabilities referred to therein, then each Indemnifying Person under such  paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute                                     -18-   

 

     to the amount paid or payable by such Indemnified Person as a result of such losses,   claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative   benefits received by the Company from the offering of the Securities and the Exchange   Securities, on the one hand, and by the Holders from receiving Securities or Exchange   Securities registered under the Securities Act, on the other hand, or (ii) if the allocation   provided by clause (i) is not permitted by applicable law, in such proportion as is   appropriate to reflect not only the relative benefits referred to in clause (i) but also the   relative fault of the Company, on the one hand, and the Holders, on the other, in   connection with the statements or omissions that resulted in such losses, claims, damages   or liabilities, as well as any other relevant equitable considerations.  The relative fault of  the Company, on the one hand, and the Holders, on the other, 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 or by the Holders, as applicable, and the parties’   relative intent, knowledge, access to information and opportunity to correct or prevent   such statement or omission.          (e) The Company and the Holders agree that it would not be just and equitable if   contribution pursuant to this Section 5 were determined by pro rata allocation (even if the   Holders were treated as one entity for such purpose) or by any other method of allocation   that does not take account of the equitable considerations referred to in paragraph (d)   above.  The amount paid or payable by an Indemnified Person as a result of the losses,   claims, damages and liabilities referred to in paragraph (d) above shall be deemed to   include, subject to the limitations set forth above, any legal or other expenses reasonably   incurred by such Indemnified Person in connection with any such action or claim.    Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to   contribute any amount in excess of the amount by which the total price at which the   Securities or Exchange Securities sold by such Holder exceeds the amount of any   damages that such Holder has otherwise been required to pay by reason of such untrue or   alleged untrue statement or omission or alleged omission.  No Person guilty of fraudulent   misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be   entitled to contribution from any Person who was not guilty of such fraudulent   misrepresentation.  The Holders’ obligations to contribute pursuant to this Section 5 are   several and not joint.          (f) The remedies provided for in this Section 5 are not exclusive and shall not   limit any rights or remedies that may otherwise be available to any Indemnified Person at   law or in equity.          (g) The indemnity and contribution provisions contained in this Section 5 shall  remain operative and in full force and effect regardless of (i) any termination of this  Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any  Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf  of the Company or the officers or directors of or any Person controlling the Company,  (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable  Securities pursuant to a Shelf Registration Statement.                                      -19-    

 

           6. General.          (a) No Inconsistent Agreements.  The Company represents, warrants and agrees   that (i) the rights granted to the Holders hereunder do not in any way conflict with and   are not inconsistent with the rights granted to the holders of any other outstanding   securities issued or guaranteed by the Company under any other agreement and (ii) the   Company has not entered into, and on or after the date of this Agreement, will not enter   into, any agreement that is inconsistent with the rights granted to the Holders of   Registrable Securities in this Agreement or otherwise conflicts with the provisions   hereof.          (b) Amendments and Waivers.  The provisions of this Agreement, including the   provisions of this sentence, may not be amended, modified or supplemented, and waivers   or consents to departures from the provisions hereof may not be given unless the   Company has obtained the written consent of Holders of at least a majority in aggregate   principal amount of the outstanding Registrable Securities affected by such amendment,   modification, supplement, waiver or consent; provided that no amendment, modification,   supplement, waiver or consent to any departure from the provisions of Section 6 hereof   shall be effective as against any Holder of Registrable Securities unless consented to in   writing by such Holder.  Any amendments, modifications, supplements, waivers or   consents pursuant to this Section 6(b) shall be by a writing executed by each of the   parties hereto.          (c) Notices.  Except as otherwise specified herein, all notices and other   communications provided for or permitted hereunder shall be made in writing by hand-  delivery, registered first-class mail, email or any courier guaranteeing overnight delivery   (i) if to a Holder, at the most current address given by such Holder to the Company by   means of a notice given in accordance with the provisions of this Section 6(c), which   address initially is, with respect to the Initial Purchasers, the address set forth in the   Purchase Agreement; (ii) if to the Company, initially at the Company’s address set forth   in the Purchase Agreement and thereafter at such other address, notice of which is given   in accordance with the provisions of this Section 6(c); and (iii) if to such other persons, at  their respective addresses as provided in the Purchase Agreement and thereafter at such  other address, notice of which is given in accordance with the provisions of this Section  6(c).  All such notices and communications shall be deemed to have been duly given: at  the time delivered by hand, if personally delivered; five Business Days after being  deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if  emailed; and on the next Business Day if timely delivered to an air courier guaranteeing  overnight delivery.  Copies of all such notices, demands or other communications shall  be concurrently delivered by the Person giving the same to the Trustee, at the address  specified in the Indenture.          (d) Successors and Assigns.  This Agreement shall inure to the benefit of and be   binding upon the successors, assigns and transferees of each of the parties, including,   without limitation and without the need for an express assignment, subsequent Holders;   provided that nothing herein shall be deemed to permit any assignment, transfer or other   disposition of Registrable Securities in violation of the terms of the Purchase Agreement                                      -20-    

 

     or the Indenture.  If any transferee of any Holder shall acquire Registrable Securities in   any manner, whether by operation of law or otherwise, such Registrable Securities shall   be held subject to all the terms of this Agreement, and by taking and holding such   Registrable Securities such Person shall be conclusively deemed to have agreed to be   bound by and to perform all of the terms and provisions of this Agreement and such   Person shall be entitled to receive the benefits hereof.  The Initial Purchasers (in their   capacity as Initial Purchasers) shall have no liability or obligation to the Company with   respect to any failure by a Holder to comply with, or any breach by any Holder of, any of   the obligations of such Holder under this Agreement.            (e) Third-Party Beneficiaries.  Each Holder shall be a third-party beneficiary to   the agreements made hereunder between the Company, on the one hand, and the Initial   Purchasers, on the other hand, and shall have the right to enforce such agreements   directly to the extent it deems such enforcement necessary or advisable to protect its   rights or the rights of other Holders hereunder.          (f) Counterparts.  This Agreement may be executed in any number of  counterparts, each of which shall be deemed to be an original, but all such counterparts  shall together constitute one and the same Agreement.         (g) Headings.  The headings in this Agreement are for convenience of reference  only, are not a part of this Agreement and shall not limit or otherwise affect the meaning  hereof.         (h) Governing Law.  This Agreement shall be governed by, and construed in  accordance with, the laws of the State of New York.         (i) Entire Agreement; Severability.  This Agreement contains the entire agreement  between the parties relating to the subject matter hereof and supersedes all oral  statements and prior writings with respect thereto.  If any term, provision, covenant or  restriction contained in this Agreement is held by a court of competent jurisdiction to be  invalid, void or unenforceable or against public policy, the remainder of the terms,  provisions, covenants and restrictions contained herein shall remain in full force and  effect and shall in no way be affected, impaired or invalidated.  The Company and the  Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or  unenforceable provisions with valid provisions the economic effect of which comes as  close as possible to that of such invalid, void or unenforceable provisions.         (j) Delegation by the Company.  All references to obligations of the Company to   take or not take any actions shall be satisfied so long as the Company causes such actions   to be taken or not taken, as applicable.                              [Signatures on following pages]                                      -21-    

 

                                                                                                                                                    IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first  written above.                                       STATE STREET CORPORATION                                                                             By:  __/s/ John J. Slyconish_____________________________                                                                                                        Name: John J. Slyconish                                          Title:   Executive Vice President                                                          amd Treasurer                                                                                                                                       [Signature Page to the Registration Rights Agreement]     

 

   The foregoing Registration Rights Agreement is hereby  confirmed and accepted as of the date first above  written.        MORGAN STANLEY & CO. LLC            By:       /s/ Ian Drewe       Name:  Ian Drewe       Title:  Executive Director       BOFA SECURITIES, INC.            By:       /s/ Robert J. Little       Name:  Robert J. Little       Title:  Managing Director     WELLS FARGO SECURITIES, LLC            By:      /s/ Carolyn Hurley        Name:  Carolyn Hurley       Title:  Director    Acting on behalf of themselves and as the  Representatives of the several Initial Purchasers.                   [Signature Page to the Registration Rights Agreement]Exhibit
4.1

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

U.S.
GOLD CORP.

 

	Warrant
    Shares: [_______	 	Initial
    Exercise Date: _______, 2020
	 	 	Issue
    Date: [March] __, 2020

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after __________________, 20201 (the “Initial Exercise Date”) and on
or prior to 5:00 p.m. (New York City time) on five year anniversary of the Initial Exercise Date (the “Termination Date”)
but not thereafter, to subscribe for and purchase from U.S. GOLD CORP., a Nevada corporation (the “Company”),
up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase
price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated March _____, 2020, among the Company and the
purchasers signatory thereto.

 

 

1
NTD: Date that is six-months after the closing date.

 

    	 	1	 

     

    

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly
executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto
(the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below
is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein
to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is
delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant
Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in
an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount
stated on the face hereof.

 

b)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $7.00, subject to adjustment
hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may only be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice
of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

    	 	2	 

     

    

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any
position contrary to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in
interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in
interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

    	 	3	 

     

    

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise
pursuant to this Section 2(c).

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder
without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise
by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder
in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the
Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number
of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date,
the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for
all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than
in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason
to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20
per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used
herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading
Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the
Notice of Exercise.

 

    	 	4	 

     

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with
the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that
the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell
order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

    	 	5	 

     

    

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    	 	6	 

     

    

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the
number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be [9.99/4.99%]
of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon
exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the
Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	 	7	 

     

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

    	 	8	 

     

    

 

b)
[RESERVED]

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will
be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could
have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase
Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right
to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a
record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common
Stock are to be determined for the participation in such Distribution (provided, however, that, to the extent that
the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership
of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held
in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time
of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder
has exercised this Warrant.

 

    	 	9	 

     

    

 

e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company
(and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any,
direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property
and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off,
merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this
Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section
2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not
the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this
Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is
exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise
of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead
to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the
Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein.

 

    	 	10	 

     

    

 

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (and
all of its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company,
or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company
shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each
case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address
as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record
to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date
as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common
Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect
the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

    	 	11	 

     

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without
limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender
this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company
assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

 

    	 	12	 

     

    

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the original Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of the Purchase Agreement.

 

e)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein,
in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

    	 	13	 

     

    

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

    	 	14	 

     

    

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Purchase Agreement.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    	 	15	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	 	U.S.
    GOLD CORP.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	16	 

     

    

 

NOTICE
OF EXERCISE

 

To:
U.S. GOLD CORP.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ]
in lawful money of the United States; or

 

[  ]
[if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: _______________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
_______________________________________________________________________________________

 

    	 	 	 

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please
    Print)
	Address:	 
	 	(Please
    Print)
	 	 
	Phone
    Number:	 
	Email
    Address:	 
	Dated:
    _______________ __, ______	 
	Holder’s
    Signature: ______________________________	 
	Holder’s
    Address: _______________________________

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