Document:

EX-4.9

 Exhibit 4.9 
  

 
 QUANERGY SYSTEMS, INC. 

and 
 CONTINENTAL STOCK
TRANSFER & TRUST, LLC, as 
 Warrant Agent 
  

 
 Warrant Agency Agreement 

Dated as of                     , 2022 

 

 WARRANT AGENCY AGREEMENT 

WARRANT AGENCY AGREEMENT, dated as of
                    , 2022 (“Agreement”), between Quanergy Systems, Inc., a corporation organized under the laws of the State of
Delaware (the “Company”), and Continental Stock Transfer & Trust LLC (the “Warrant Agent”). 
 W I
T N E S S E T H 
 WHEREAS, pursuant to a registered offering by the Company of
             Units (the “Offering”), with each Unit consisting of one share of the Company’s common stock, par value $0.0001 per share (the “Common
Stock”) and two warrants (the “Warrants”) each Warrant to purchase one share of Common Stock (the “Warrant Shares”) at a price of $            
per share (or     % of the price of each share of Common Stock sold in the Offering); and 
 WHEREAS, the Company
granted to the underwriters an over-allotment option to purchase up to an additional              shares of common stock at a per share price of
$             and/or up to an additional              Warrants to purchase up to
             Warrant Shares at a price per Warrant of $            , less, in each case, any underwriting discounts and
commissions, if any; and 
 WHEREAS, upon the terms and subject to the conditions hereinafter set forth and pursuant to an effective
registration statement on Form S-1, as amended (File No. 333- 267420) (the “Registration Statement”), and the terms and conditions of the Warrant Certificate, the Company wishes to issue
the Warrants in book entry form entitling the respective holders of the Warrants (the “Holders,” which term shall include a Holder’s transferees, successors and assigns and “Holder” shall include, if the Warrants are
held in “street name,” a Participant (as defined below) or a designee appointed by such Participant); and 
 WHEREAS, the shares
of Common Stock and Warrants to be issued in connection with the Offering shall be immediately separable and will be issued separately, but will be purchased together, as Units, in the Offering; and 

WHEREAS, the Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with
the issuance, registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent’s capacity as the Company’s transfer agent, the delivery of the Warrant Shares (as defined below). 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows: 

Section 1. Certain Definitions. For purposes of this Agreement, the following terms have the meanings indicated: 

(a) “Affiliate” has the meaning ascribed to it in Rule 12b-2 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). 
 (b) “Business Day” means any day except any
Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which the New York Stock Exchange is authorized or required by law or other governmental action to close. 

(c) “Close of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however,
that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day. 
 (d)
“Person” means an individual, corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity.

  
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 (e) “Warrant Certificate” means a certificate in substantially the form
attached as Exhibit 1 hereto, representing such number of Warrant Shares as is indicated therein, provided that any reference to the delivery of a Warrant Certificate in this Agreement shall include delivery of a Definitive Certificate or a
Global Warrant (each as defined below). 
 All other capitalized terms used but not otherwise defined herein shall have the meaning ascribed
to such terms in the Warrant Certificate. 
 Section 2. Appointment of Warrant Agent. The Company hereby appoints the Warrant
Agent to act as agent for the Company in accordance with the terms and conditions hereof, and the Warrant Agent hereby accepts such appointment. 

Section 3. Global Warrants. 

(a) The Warrants shall be registered securities and shall be evidenced by a global warrant (the “Global Warrants”), in the
form of the Warrant Certificate, which shall be deposited with the Warrant Agent and registered in the name of Cede & Co., a nominee of The Depository Trust Company (the “Depositary”), or as otherwise directed by the
Depositary. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Global Warrant or
(ii) institutions that have accounts with the Depositary (such institution, with respect to a Warrant in its account, a “Participant”). 

(b) If the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the
Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written
instructions to the Depositary to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent to deliver to each Holder a Warrant Certificate. 

(c) A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate
Request Notice (as defined below). Upon written notice by a Holder to the Company and the Warrant Agent for the exchange of some or all of such Holder’s Global Warrants for a separate certificate in the form attached hereto as Exhibit 1
(such separate certificate, a “Definitive Certificate”) evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit 2 (a “Warrant Certificate Request Notice” and the
date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the surrender by the Holder to the Warrant Agent of a number of Global Warrants for the same number of
Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”), the the Warrant Agent shall promptly effect the Warrant Exchange and shall promptly issue and deliver to the Holder a Definitive Certificate for such number of
Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company, shall be in the form
attached hereto as Exhibit 1and shall be reasonably acceptable in all respects to such Holder. In connection with a Warrant Exchange, the Company agrees to deliver, or direct the Warrant Agent to deliver, the Definitive Certificate to the
Holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company fails for any
reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate 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 evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants) of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant
Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant
Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the
terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than Sections 3(c), 3(d) and 9 herein, shall not apply to the Warrants evidenced by the Definitive Certificate. Notwithstanding
anything herein to the contrary, the Company shall act as warrant agent with respect to any 

  
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Definitive Certificate requested and issued pursuant to this section. Notwithstanding anything to the contrary contained in this Agreement, in the event of inconsistency between any provision in
this Agreement and any provision in a Definitive Certificate, as it may from time to time be amended, the terms of such Definitive Certificate shall control. 

(d) A Holder of a Definitive Certificate (pursuant to a Warrant Exchange or otherwise) has the right to elect at any time or from time to time
a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below). Upon written notice by a Holder to the Company for the exchange of some or all of such Holder’s Warrants evidenced by a Definitive
Certificate for a beneficial interest in Global Warrants held in book-entry form through the Depositary evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit 3 (a “Global Warrants
Request Notice” and the date of delivery of such Global Warrants Request Notice by the Holder, the “Global Warrants Request Notice Date” and the surrender upon delivery by the Holder of the Warrants evidenced by Definitive
Certificates for the same number of Warrants evidenced by a beneficial interest in Global Warrants held in book-entry form through the Depositary, a “Global Warrants Exchange”), the Company shall direct the Warrant Agent to promptly
effect the Global Warrants Exchange and issue and deliver to the Holder Global Warrants for such number of Warrants in the Global Warrants Request Notice, which beneficial interest in such Global Warrants shall be delivered by the Depositary’s
Deposit or Withdrawal at Custodian system to the Holder pursuant to the instructions in the Global Warrants Request Notice. In connection with a Global Warrants Exchange, the Company shall direct the Warrant Agent to deliver the beneficial interest
in such Global Warrants to the Holder within ten (10) Business Days of the Global Warrants Request Notice pursuant to the delivery instructions in the Global Warrant Request Notice (“Global Warrants Delivery Date”). If the
Company fails for any reason to deliver to the Holder Global Warrants subject to the Global Warrants Request Notice by the Global Warrants 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 evidenced by such Global Warrants (based on the VWAP (as defined in the Warrants) of the Common Stock on the Global Warrants Request Notice Date), $10 per Business Day for each Business Day after such Global Warrants
Delivery Date until such Global Warrants are delivered or, prior to delivery of such Global Warrants, the Holder rescinds such Global Warrants Exchange. The Company covenants and agrees that, upon the date of delivery of the Global Warrants Request
Notice, the Holder shall be deemed to be the beneficial holder of such Global Warrants. 
 Section 4. Form of Warrant
Certificate. The Warrant Certificate, together with the form of election to purchase Common Stock (“Notice of Exercise”) and the form of assignment to be printed on the reverse thereof, shall be in the form of Exhibit 1
hereto. 
 Section 5. Countersignature and Registration. The Global Warrant shall be executed on behalf of the Company by its
Chief Executive Officer, Chief Financial Officer or Vice President, by facsimile signature or electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other
applicable law). The Global Warrant shall be countersigned by the Warrant Agent by facsimile signature or electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions
Act or other applicable law), and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed the Global Warrant shall cease to be such officer of the Company before countersignature by the
Warrant Agent and issuance and delivery by the Company, such Global Warrant, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Global Warrant had not
ceased to be such officer of the Company; and any Global Warrant may be signed on behalf of the Company by any person who, at the actual date of the execution of such Global Warrant, shall be a proper officer of the Company to sign such Global
Warrant, although at the date of the execution of this Warrant Agreement any such person was not such an officer. 
 The Warrant Agent will
keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration and transfer of the Global Warrants issued hereunder. Such books shall show the names and addresses of the respective Holders of the
Global Warrant, the number of warrants evidenced on the face of each of such Global Warrant and the date of each of such Global Warrant. The Warrant Agent will create a special account for the issuance of Global Warrants. 

  
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 Section 6. Transfer, Split Up, Combination and Exchange of Warrant Certificates;
Mutilated, Destroyed, Lost or Stolen Warrant Certificates. With respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first paragraph of Section 6 and subject to applicable law,
rules or regulations, or any “stop transfer” instructions the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the Termination Date (as such term is
defined in the Warrant Certificate), any Global Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Global Warrant or Global Warrants, entitling the Holder to purchase a like number of shares of Common Stock as
the Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Global Warrant shall make such request in writing delivered to the Warrant Agent, and shall
surrender the Global Warrant to be transferred, split up, combined or exchanged at the principal office of the Warrant Agent. Any requested transfer of Warrants, whether in book-entry form or certificate form, shall be accompanied by reasonable
evidence of authority of the party making such request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this first paragraph of Section 6, countersign and deliver to the Person
entitled thereto a Global Warrant or Global Warrants, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any
transfer, split up, combination or exchange of Global Warrants. The Company shall compensate the Warrant Agent per the fee schedule mutually agreed upon by the parties hereto and provided separately on the date hereof. 

Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant
Certificate, which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and, in case of loss, theft or destruction, of indemnity in customary form and amount (but, with
respect to any Definitive Certificates, shall not include the posting of any bond by the Holder), and satisfaction of any other reasonable requirements established by Section 8-405 of the Uniform
Commercial Code as in effect in the State of Delaware, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if
mutilated, the Company will make and deliver a new Warrant Certificate of like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated. 

Section 7. Exercise of Warrants; Exercise Price; Termination Date. 

(a) The Warrants shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable and shall terminate
and become void as set forth in the Warrant Certificate. Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant may exercise the Warrant in whole or in part pursuant to Section 2 of the Warrant Certificate. Payment of
the Exercise Price, may be made, at the option of the Holder, by wire transfer or by certified or official bank check in United States dollars, as set forth in the Warrant Certificate. In the case of the Holder of a Global Warrant, the Holder shall
deliver the executed Notice of Exercise and the payment of the Exercise Price as described herein. Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held
in book-entry form through the Depositary (or another established clearing corporation performing similar functions), shall effect exercises by delivering to the Depositary (or such other clearing corporation, as applicable) the appropriate
instruction form for exercise, complying with the procedures to effect exercise that are required by the Depositary (or such other clearing corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent
in connection with the services provided under this Agreement will be in its name and that the Warrant Agent may receive investment earnings in connection with the investment at Warrant Agent risk and for its benefit of funds held in those accounts
from time to time. Neither the Company nor the Holders will receive interest on any deposits or Exercise Price. 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. The Company hereby acknowledges and agrees that, with respect to a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry
form through the Depositary (or another established clearing corporation performing similar functions), upon delivery of irrevocable instructions to such holder’s Participant to exercise such warrants, that solely for purposes of Regulation SHO
that such holder shall be deemed to have exercised such warrants. 

  
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 (b) Upon receipt of a Notice of Exercise for a cashless exercise pursuant to
Section 2(c) of the Warrant Certificate (each, a “Cashless Exercise”), the Company will promptly calculate and transmit to the Warrant Agent the number of Warrant Shares issuable in connection with such Cashless Exercise and
deliver a copy of the Notice of Exercise to the Warrant Agent, which shall issue such number of Warrant Shares in connection with such Cashless Exercise. 

(c) Upon the exercise of the Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the Warrant Agent shall
cause the Warrant Shares underlying such Warrant Certificate or Global Warrant to be delivered to or upon the order of the Holder of such Warrant Certificate or Global Warrant, registered in such name or names as may be designated by such Holder, no
later than the Warrant Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant in the DWAC system of the Depositary and either (A) there is an effective registration statement permitting
the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder by
crediting the account of the Holder’s broker with the Depositary through its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant
Certificate, such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement, except in the case of a Cashless Exercise, if any Holder fails to duly deliver
payment to the Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery Date, the
Warrant Agent, or, at the direction of the Company, the Company’s transfer agent, will not obligated to deliver such Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date
shall be deemed extended by one day for each day (or part thereof) until such payment is delivered to the Warrant Agent.  

(d) The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the Company
maintained with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise the Company via email at the end of each day on which notices of exercise are received or funds for the exercise of
any Warrant are received of the amount so deposited to its account. 
 Section 8. Cancellation and Destruction of Warrant
Certificates. All Warrant Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for cancellation or in
canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificate shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the
Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all
canceled Warrant Certificates to the Company, or shall, at the written request of the Company, destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof to the Company, subject to any applicable
law, rule or regulation requiring the Warrant Agent to retain such canceled certificates. 
 Section 9. Certain Representations;
Reservation and Availability of Shares of Common Stock or Cash. 
 (a) This Agreement has been duly authorized, executed and delivered
by the Company and, assuming due authorization, execution and delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and the Warrants have
been duly authorized, executed and issued by the Company and, assuming due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute valid and legally
binding obligations of the Company enforceable against the Company in accordance with their terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and
other similar laws relating to or affecting creditors’ rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  
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 (b) The Company covenants and agrees that it will, while the Warrants are issued and
outstanding, cause to be reserved and kept available out of its authorized and unissued shares of Common Stock or its authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common
Stock that will be sufficient to permit the exercise in full of all outstanding Warrants. 
 (c) The Warrant Agent will create a special
account for the issuance of Common Stock upon the exercise of Warrants. 
 (d) The Company further covenants and agrees that it will pay
when due and payable any and all federal and state transfer taxes and charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon exercise of the Warrants. The
Company shall not, however, be required to pay any tax or governmental charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for Common Stock
in a name other than that of the Holder of the Warrant Certificate evidencing Warrants surrendered for exercise or to issue or deliver any certificate for shares of Common Stock upon the exercise of any Warrants until any such tax or governmental
charge shall have been paid (any such tax or governmental charge being payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax or
governmental charge is due. 
 Section 10. Common Stock Record Date. Each Person in whose name any certificate for shares of
Common Stock is issued (or to whose broker’s account is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to have become the holder of record for the Common Stock represented
thereby on, and such certificate shall be dated, the date on which submission of the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant is duly surrendered (but only if required herein) and payment of the
Exercise Price (and any applicable transfer taxes) is received on or prior to the Warrant Share Delivery Date; provided, however, that if the date of submission of the Notice of Exercise is a date upon which the Common Stock transfer
books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding day on which the Common Stock transfer books of the Company are open. 

Section 11. Adjustment of Exercise Price, Number of Shares of Common Stock or Number of the Company Warrants. The Exercise Price,
the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section 3 of the Warrant Certificate. In the event that at any time, as a result of an adjustment
made pursuant to Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than shares of Common Stock, thereafter the number of such
other shares so receivable upon exercise of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the shares contained in Section 3 of the
Warrant Certificate and the provisions of Sections 7, 11 and 13 of this Agreement with respect to the shares of Common Stock shall apply on like terms to any such other shares. All Warrants originally issued by the Company subsequent to any
adjustment made to the Exercise Price pursuant to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price, the number of shares of Common Stock purchasable from time to time hereunder upon exercise of the
Warrants, all subject to further adjustment as provided herein. 
 Section 12. Certification of Adjusted Exercise Price or Number of
Shares of Common Stock. Whenever the Exercise Price or the number of shares of Common Stock issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly prepare a certificate
setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Stock a copy of such
certificate and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate. 

  
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 Section 13. Fractional Shares of Common Stock. 

(a) The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any
fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction to the nearest whole Warrant (rounded down). 

(b) The Company shall not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock certificates which evidence
fractional shares of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed, the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v)
of the Warrant Certificate. 
 Section 14. Conditions of the Warrant Agent’s Obligations. The Warrant Agent accepts its
obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the Holders from time to time of the Warrant Certificates shall be subject:

  

	 	(a)	 Indemnification. The Company agrees to indemnify the Warrant Agent for, and to hold it harmless against,
any loss, liability or expense incurred without gross negligence, or willful misconduct on the part of the Warrant Agent, finally adjudicated to have been directly caused by Warrant Agent hereunder, including the reasonable costs and expenses of
defending against any claim of such liability. The Warrant Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection herewith or to take any other action likely to involve the Warrant Agent in
expense, unless first indemnified to the Warrant Agent’s reasonable satisfaction. The indemnities provided by this paragraph shall survive the resignation or discharge of the Warrant Agent or the termination of this Agreement. Anything in this
Agreement to the contrary notwithstanding, in no event shall the Warrant Agent be liable under or in connection with the Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but
not limited to lost profits, whether or not foreseeable, even if the Warrant Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought, and the Warrant Agent’s aggregate liability to
the Company, or any of the Company’s representatives or agents, under this Section 14(a) or under any other term or provision of this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any
circumstances, one (1) year’s fees received by the Warrant Agent as fees and charges under this Agreement, but not including reimbursable expenses previously reimbursed to the Warrant Agent by the Company. 

 

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

 

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

  

	 	(d)	 Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any
action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the
proper parties. 

  

	 	(e)	 Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner
of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent 

  
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hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee
or agent for, any committee or body of Holders of Warrant Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent from acting as
trustee under any indenture to which the Company is a party. 

  

	 	(f)	 No Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no
liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 

  

	 	(g)	 No Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of
this Agreement or the Warrant Certificate (except as to the Warrant Agent’s countersignature thereon). 

  

	 	(h)	 No Responsibility for Representations. The Warrant Agent shall not be responsible for any of the
recitals or representations herein or in the Warrant Certificate (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company. 

 

	 	(i)	 No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein
and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any
action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility
for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificate. The
Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a
Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law. 

Section 15. Purchase or Consolidation or Change of Name of Warrant Agent. Any entity into which the Warrant Agent or any successor
Warrant Agent may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which the Warrant Agent or any successor Warrant Agent shall be party, or any entity succeeding to the corporate trust
business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that
such corporation would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor Warrant Agent shall succeed to the agency created by this Agreement any of the Warrant
Certificates shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver such Warrant Certificates so countersigned; and in case at that time any of
the Warrant Certificates shall not have been countersigned, any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such
cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement. 
 In case at any time
the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant
Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such
cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement. 

  
 9 

 Section 16. Duties of Warrant Agent. The Warrant Agent undertakes the duties and
obligations imposed by this Agreement upon the following terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound: 

(a) The Warrant Agent may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the Company), and the
opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by it in good faith and in accordance with such opinion. 

(b) Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or
matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be full authentication to the Warrant Agent for any action taken or suffered in good faith by it
under the provisions of this Agreement in reliance upon such certificate. 
 (c) Subject to the limitation set forth in Section 14, the
Warrant Agent shall be liable hereunder only for its own gross negligence or willful misconduct, or for a breach by it of this Agreement. 

(d) The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the
Warrant Certificate (except its countersignature thereof) by the Company or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

(e) The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof
(except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change in the number of shares of Common Stock required under the provisions of
Section 11 or 13 or responsible for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except with respect to the exercise of Warrants evidenced by the
Warrant Certificates after actual notice of any adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued
pursuant to this Agreement or any Warrant Certificate or as to whether any shares of Common Stock will, when issued, be duly authorized, validly issued, fully paid and nonassessable. 

(f) Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the carrying out or performing by any party of the provisions of this Agreement. 

(g) The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief
Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action
taken or suffered to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without gross negligence or willful misconduct. 

(h) The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or
other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under
this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

  
 10 

 (i) The Warrant Agent may execute and exercise any of the rights or powers hereby vested in
it or perform any duty hereunder either itself or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents or for any loss to the
Company resulting from any such act, default, neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof. 

Section 17. Change of Warrant Agent. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of
acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 60 days after such removal or after it has been notified in writing of such resignation or incapacity by the
resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate may apply to any court of
competent jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant Agent, whether
appointed by the Company or by such a court, shall be a corporation organized and doing business under the laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate trust powers and
is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be
vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any
property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing
with the predecessor Warrant Agent and each transfer agent of the Common Stock, and mail a notice thereof in writing to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or any defect
therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the case may be. 

Section 18. Issuance of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or of the Warrants to
the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or
class of shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement. 

Section 19. Notices. Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the
Holder of any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any Warrant Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent
to the Holder of any Warrant Certificate shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with Federal Express or another recognized overnight courier, if
sent by Federal Express or another recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested), and (d) the date of
transmission, if such notice or communication is delivered via email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day after the date of transmission, if such notice or communication is
delivered via email attachment on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties at the following addresses (or at such other address for a party as shall be specified
by like notice): 
 (a) If to the Company, to: 

Quanergy Systems, Inc. 
 433
Lakeside Drive 
 Sunnyvale, California 94085 

Attention: 

  
 11 

 (b) If to the Warrant Agent, to: 

Continental Stock Transfer & Trust, LLC 

[            ] 

For any notice delivered by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered on the
next business day following such email, unless the recipient of such email has acknowledged via return email receipt of such email. 
 (c)
If to the Holder of any Warrant Certificate to the address of such Holder as shown on the registry books of the Company. Any notice required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of
the Company. Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any Warrant, such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to
the procedures of the Depositary or its designee. 
 Section 20. Supplements and Amendments. 

(a) The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Global
Warrants in order to (i) add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants, (ii) to surrender any rights or power reserved to or conferred upon the Company in this Agreement,
(iii) to cure any ambiguity, (iv) to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, or (v) to make any other provisions with regard to matters or questions
arising hereunder which the Company and the Warrant Agent may deem necessary or desirable, provided that such addition, correction or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in
any material respect. 
 (b) In addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to
receive not less than a majority of the shares of Common Stock issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or modifying in any manner the rights of the Holders of the Global Warrants; provided, however, that no modification of the terms (including but not limited to the adjustments described in Section 11)
upon which the Warrants are exercisable or the rights of holders of Warrants to receive liquidated damages or other payments in cash from the Company or reducing the percentage required for consent to modification of this Agreement may be made
without the consent of the Holder of each outstanding Warrant Certificate affected thereby; provided further, however, that no amendment hereunder shall affect any terms of any Warrant Certificate issued in a Warrant Exchange.
As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment complies with the
terms of this Section 20. 
 Section 21. Successors. All covenants and provisions of this Agreement by or for the benefit
of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

Section 22. Benefits of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the Company,
the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement. This Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant
Certificates. Notwithstanding anything to the contrary contained herein, to the extent any provision of a Warrant Certificate conflicts with any provision of this Agreement, the provision of the Warrant Certificate shall govern and be controlling.

  
 12 

 Section 23. Governing Law. This Agreement and each Warrant Certificate and
Global Warrant issued hereunder shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to the conflicts of law principles thereof. 

Section 24. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

Section 25. Captions. The captions of the sections of this Agreement have been inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof. 
 Section 26. No Rights as Shareholder. Except as
otherwise specifically provided herein or in the Warrant Certificate, a Holder, solely in its capacity as a holder of Warrants, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any
purpose, nor shall anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of Warrants, any of the rights of a shareholder of the Company or any right to vote, give or
withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights or rights
to participate in new issues of shares, or otherwise, prior to the exercise of such Warrants by the Holder. 
 [Signature page to
follow] 

  
 13 

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

			
	QUANERGY SYSTEMS, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	CONTINENTAL STOCK TRANSFER & TRUST, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 14 

 Exhibit 1 

Form of Warrant Certificate 

 Exhibit 2 

Form of Warrant Certificate Request Notice 

WARRANT CERTIFICATE REQUEST NOTICE 
 To:
Continental Stock Transfer & Trust, LLC, as Warrant Agent for Quanergy Systems, Inc. (the “Company”) 
 The undersigned Holder of Common
Stock Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below: 

 

	1.	 Name of Holder of Warrants in form of Global Warrants:
                                         
                

  

	2.	 Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global
Warrants):
                                         
                

  

	3.	 Number of Warrants in name of Holder in form of Global Warrants:
                                        

  

	4.	 Number of Warrants for which Warrant Certificate shall be issued:
                                        

  

	5.	 Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any:
                     

  

	6.	 Warrant Certificate shall be delivered to the following address: 

 
  

 
  

 
  

 
  

The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is
deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Warrant Certificate. 

[SIGNATURE OF HOLDER] 
 Name of Investing Entity:
                                         
                                         
                       
 Signature of
Authorized Signatory of Investing Entity:
                                         
                    
 Name of Authorized Signatory:
                                         
                                         
               
 Title of Authorized Signatory:
                                         
                                         
                 
 Date:
                                         
                                         
                                         
          

 Exhibit 3 

Form of Global Warrant Request Notice 

GLOBAL WARRANT REQUEST NOTICE 
 To: Continental
Stock Transfer & Trust, LLC, as Warrant Agent for Quanergy Systems, Inc. (the “Company”) 
 The undersigned Holder of Common Stock
Purchase Warrants (“Warrants”) in the form of Warrants Certificates issued by the Company hereby elects to receive a Global Warrant evidencing the Warrants held by the Holder as specified below: 

 

	1.	 Name of Holder of Warrants in form of Warrant Certificates:
                                         
                

  

	2.	 Name of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant
Certificates):
                                         
                

  

	3.	 Number of Warrants in name of Holder in form of Warrant Certificates:
                                        

  

	4.	 Number of Warrants for which Global Warrant shall be issued:
                                        

  

	5.	 Number of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant, if any:
                     

  

	6.	 Global Warrant shall be delivered to the following address: 

 
  

 
  

 
  

 
  

The undersigned hereby acknowledges and agrees that, in connection with this Global Warrant Exchange and the issuance of the Global Warrant, the Holder is
deemed to have surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the number of Warrants evidenced by the Global Warrant. 

[SIGNATURE OF HOLDER] 
 Name of Investing Entity:
                                         
                                         
                       
 Signature of
Authorized Signatory of Investing Entity:
                                         
                    
 Name of Authorized Signatory:
                                         
                                         
               
 Title of Authorized Signatory:
                                         
                                         
                 
 Date:Exhibit 4.1

 

 

 

SUBSCRIPTION AGENT AGREEMENT

 

This SUBSCRIPTION AGENT AGREEMENT
(this “Agreement”) is entered into as of October 24, 2022, by and between American Stock Transfer & Trust Company, LLC
(the “Subscription Agent”) and Vitru Limited (the “Company”).

 

		1.	The Company is offering (the “Rights Offering”) to the holders of common shares, par value
US$0.00005 per share (“Common Shares”), on October 21, 2022 (the “Record Date”), the right (“Rights”)
to subscribe for new Common Shares. Except as set forth in Sections 9 and 10 below, Rights shall cease to be exercisable at 5:00 P.M.,
New York City time, on November 17, 2022 or such later date of which the Company notifies the Subscription Agent orally and confirms in
writing (the “Expiration Date”). One Right is being issued for every six Common Shares held on the Record Date. One Right
and payment in full of the subscription price of US$16.02 (the “Subscription Price”) is required to subscribe for one Common
Share. Rights are evidenced by non-transferable subscription certificates in registered form (“Subscription Certificates”).
The Rights Offering will be conducted in the manner and upon the terms set forth in the Company’s prospectus dated October 25, 2021,
as supplemented by the prospectus supplement dated October 24, 2022 (the “Prospectus”).

 

		2.	The Subscription Agent is hereby appointed by the Company to effect the Rights Offering as set forth herein,
and the Subscription Agent accepts such appointment. The Subscription Agent may rely on, and shall be protected in acting upon, any certificate,
instrument, opinion, representation, notice letter or other document delivered to it and reasonably believed by it to be genuine and to
have been signed by the proper party or parties.

 

		3.	Enclosed herewith are the following, the receipt of which the Subscription Agent acknowledges by its execution
hereof:

 

		(a)	a copy of the Prospectus;

 

		(b)	the form of Subscription Certificate (with instructions); and

 

		(c)	resolutions adopted by the board of directors of the Company in connection with the Rights Offering.

 

		4.	As soon as is reasonably practicable, the Subscription Agent shall mail or cause to be mailed, or deliver
or cause to be delivered, which delivery may be effected electronically through the facilities of the Depository Trust Company (“DTC”),
to each holder of Common Shares at 5:00 p.m. New York City time on the Record Date (each, a “Record Holder”), a Subscription
Certificate evidencing the Rights to which such holder is entitled, a Prospectus and, in case of physical mailing or delivery, an envelope
addressed to the Subscription Agent. Prior to

 

    Exhibit 4.1 - 1 

     

    

mailing,
the Company shall provide the Subscription Agent with (a) the form of Subscription Certificates in electronic form which the Subscription
Agent shall prepare and issue in the names of Record Holders and for the number of Rights to which each respective Record Holder is entitled,
and (b) the Prospectus in electronic form, which the Subscription Agent shall duplicate, or procure to be duplicated, in the quantities
required in order to be mailed with the Subscription Certificates.

 

		5.	Subscription Procedure.

 

		(a)	Upon the Subscription Agent’s receipt prior to 5:00 P.M., New York City time, on the Expiration
Date (by mail or delivery, including electronic delivery through the facilities of the DTC) of (i) any Subscription Certificate completed
and endorsed for exercise, as provided on the reverse side of the Subscription Certificate (except as provided in Section 9 hereof), and
(ii) payment in full of the Subscription Price in U.S. funds by check, bank draft or money order payable at par (without deduction for
bank service charges or otherwise) to the order of “American Stock Transfer & Trust Company, LLC” the Subscription Agent
shall as soon as practicable after the Expiration Date, but after performing the procedures described in subsections (b) and (c) below,
mail to the subscriber’s registered address on the books of the Company (or such other address as the subscriber may request in
his or her properly completed Subscription Certificate) certificates representing the Common Share duly subscribed for and furnish a list
of all such information to the Company.

 

		(b)	As soon as practicable after the Expiration Date, the Subscription Agent shall calculate the number of
Common Shares to which each subscriber is entitled.

 

		(c)	Upon calculating the number of Common Shares to which each subscriber is entitled and the amount overpaid,
if any, by each subscriber, the Subscription Agent shall, as soon as practicable, furnish a list of all such information to the Company.

 

		(d)	If a lesser number of Common Shares is allotted to a subscriber than the subscriber has tendered payment
for, the Subscription Agent shall remit the difference to the subscriber without interest or deduction at the same time as certificates
representing the Common Shares allotted are mailed.

 

		(e)	Funds received by the Subscription Agent shall be held by it in a segregated account. Upon mailing certificates
representing the Common Shares and refunding subscribers for Common Shares subscribed for but not allocated, if any, the Subscription
Agent shall promptly remit to the Company all funds received in payment of the Subscription Price for Common Shares issued in the Rights
Offering. The Subscription Agent will not be obligated to calculate or pay interest to any holder or party.

 

		(f)	In the event that the Rights Offering is not consummated because the Company has withdrawn, cancelled
or terminated the Rights Offering, the Subscription Agent shall, upon receipt of notice from the Company of such withdrawal, cancellation
or termination, liquidate the segregated account in which the monies were held as

 

    Exhibit 4.1 - 2 

     

    

promptly
as practicable and remit to each subscribing Record Holder the funds tendered by such holder upon exercise of his or her Rights. For
the avoidance of doubt, Section 12 below shall apply irrespective of any withdrawal, cancellation or termination pursuant to this Section
5.

 

		6.	Until 5:00 P.M., New York City time, on the third Business Day (as defined below) prior to the Expiration
Date, the Subscription Agent shall facilitate subdivision of Subscription Certificates by issuing new Subscription Certificates in accordance
with the instructions set forth on the reverse side of the Subscription Certificates. As used herein, “Business Day” shall
mean any day other than a Saturday, a Sunday, or a day on which banking institutions in the State of New York, in the Cayman Islands or
in Brazil are authorized or obligated by law or executive order to close.

 

		7.	The Company shall have the absolute right to reject any defective exercise of Rights or to waive any defect
in exercise. Unless requested to do so by the Company, the Subscription Agent shall not be under any duty to give notification to holders
of Subscription Certificates of any defects or irregularities in subscriptions. Subscriptions will not be deemed to have been made until
any such defects or irregularities have been cured or waived within such time as the Company shall determine. The Subscription Agent shall
as soon as practicable return Subscription Certificates with the defects or irregularities which have not been cured or waived to the
holder of the Rights. If any Subscription Certificate is alleged to have been lost, stolen or destroyed, the Subscription Agent will follow
the same procedures followed for lost stock certificates representing Common Shares it uses in its capacity as transfer agent for the
Company’s Common Shares.

 

		8.	The Subscription Agent shall deliver to the Company copies of the exercised Subscription Certificates
in accordance with written directions received from the Company, and the Subscription Agent shall deliver to the subscribers who have
duly exercised Rights, at their registered addresses certificates representing the securities subscribed for as instructed on the reverse
side of the Subscription Certificates.

 

		9.	The Subscription Agent shall notify the Company by telephone before the close of business on each Business
Day during the period commencing five (5) Business Days after the mailing of the Rights and ending at the Expiration Date (a “daily
notice”), which notice shall thereafter be confirmed in writing, of (i) the number of Rights exercised an the day covered by such
daily notice, (ii) the number of Rights for which defective exercises have been received on the day covered by such daily notice, and
(iii) the cumulative total of the information set forth in clauses (i) and (ii) above. At or before 5:00 P.M., New York City time, on
the first Trading Day following the Expiration Date the Subscription Agent shall certify in writing to the Company the cumulative total
through the Expiration Date of all the information set forth in clauses (i) through (iii) above. The Subscription Agent shall also maintain
and update a listing of holders who have fully or partially exercised their Rights and holders who have not exercised their Rights. The
Subscription Agent shall provide the Company or its designees with such information compiled by the Subscription Agent pursuant to this
Section 10 as any of them shall request.

 

    Exhibit 4.1 - 3 

     

    

		10.	With respect to notices or instructions to be provided by the Company hereunder, the Subscription Agent
may rely and act on any written instruction signed by any one or more of the following authorized officers or employees of the Company:

 

	Name	Title
	Carlos Freitas	Chief Executive Officer
	Amanda Caires	Head of Corporate Legal
	Maria Carolina Freitas	Head of Investors Relations

 

		11.	Whether or not the Rights Offering is consummated, the Company agrees to pay the Subscription Agent for
services rendered hereunder, as set forth in the schedule attached to this Agreement.

 

		12.	This Agreement shall terminate upon demand by the Company, at which time the Subscription Agent shall
remit to each subscribing Record Holder all funds received from such holder in payment of the Subscription Price for the Common Shares
subscribed for by such holder, without interest or penalty.

 

		13.	The Subscription Agent may employ or retain such agents (including but not limited to, vendors, advisors
and subcontractors) as it reasonably requires to perform its duties and obligations hereunder; may pay reasonable remuneration for all
services so performed by such agents; and, in the case of counsel, may rely on the written advice or opinion of such counsel, which shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Subscription Agent hereunder
in good faith and in accordance with such advice or opinion. Additionally, the Subscription Agent shall identify, report and deliver any
unclaimed property and/or payments to all states and jurisdictions for the Company, in accordance with applicable abandoned property law.

 

		14.	The Company hereby covenants and agrees to indemnify, reimburse and hold the Subscription Agent and its
officers, directors, employees and agents harmless against any loss, liability or reasonable expense (including legal and other fees and
expenses) incurred by the Subscription Agent arising out of or in connection with entering into this Agreement or the performance of its
duties hereunder, except for such losses, liabilities or expenses incurred as a result of its gross negligence, bad faith or willful misconduct.
The Company shall not be liable under this indemnity with respect to any claim against the Subscription Agent unless the Company is notified
of the written assertion of a claim against it, or of any action commenced against it, promptly after it shall have received any such
written information as to the nature and basis of the claim; provided, however, that failure by the Subscription Agent to provide such
notice shall not relieve the Company of any liability hereunder if no prejudice occurs.

 

Without the prior written consent of
the Company (which consent shall not be unreasonably withheld), the Subscription Agent will not settle, compromise or consent to the entry
of any judgment in any pending or threatened claim or proceeding in respect of which indemnification could be sought in accordance with
the indemnification provisions of this Agreement (whether or not the Subscription Agent, the Company or any directors, officers

 

    Exhibit 4.1 - 4 

     

    

or affiliates of the Subscription Agent
or the Company is an actual or potential party thereto). Under no circumstances shall the Company be liable for the expense or loss of
any settlement of any claim or proceeding effected by the Subscription Agent without the prior written consent of the Company.

 

In no event shall the Subscription Agent
have any liability for any incidental, special, statutory, indirect or consequential damages, or punitive damages (including, without
limitation, any loss of profits, business or anticipated savings)

 

All provisions regarding indemnification,
liability and limits thereon shall survive the resignation or removal of the Subscription Agent or the termination of this Agreement.

 

		15.	Any notice or communication by the Subscription Agent or the Company to the other is duly given if in
writing and delivered in person or via first class mail (postage prepaid), or overnight air courier to the other’s address.

 

If to the Company:

 

Vitru Limited

Rodovia José Carlos Daux, 5500, Torre Jurerê A,
2nd floor

Saco Grande, Florianópolis, Santa Catarina, 88032-005, Brazil

Attention: Carlos Freitas / Amanda Caires

Email: carlos.freitas@vitru.com.br
/ amanda.caires@vitru.com.br /

juridicosocietario@vitru.com.br

 

If to the Subscription Agent:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, New York 11219

Attn: Corporate Actions

Tel: (718) 921.8200

 

with copy to:

 

American Stock Transfer
& Trust Company, LLC

48 Wall Street,
22nd Floor

New York, NY 10005

Attention: Legal
Department

Email: legalteamAST@astfinancial.com

 

The Subscription Agent and the Company
may, by notice to the other, designate additional or different addresses for subsequent notices or communications.

 

		16.	If any provision of this Agreement shall be held illegal, invalid, or unenforceable by any court, this
Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an Agreement between
us to the full extent permitted

 

    Exhibit 4.1 - 5 

     

    

by applicable law.

 

		17.	This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
without giving effect to principles of conflicts of law, and shall inure to the benefit of and be binding upon the successors and permitted
assigns of the parties hereto.

 

		18.	Neither this Agreement, nor any rights or obligations hereunder, may be assigned by either party without
the written consent of the other party. However, the Subscription Agent may assign this Agreement or any rights granted hereunder, in
whole or in part, either to affiliates, another division, subsidiaries or in connection with its reorganization or to successors of all
or a majority of the Subscription Agent’s assets or business without the prior written consent of the Company.

 

		19.	EACH PARTY, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY RIGHT IT MIGHT HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE.

 

		20.	No provision of this Agreement may be amended, modified or waived, except in writing signed by all of
the parties hereto. This Agreement may be executed in counterparts, each of which shall be for all purposes deemed an original, but all
of which together shall constitute one and the same instrument.

 

		21.	Nothing herein contained shall amend, replace or supersede any agreement between the Company and the Subscription
Agent to act as the Company’s transfer agent, which agreement shall remain of full force and effect.

 

[signature page follows]

 

    Exhibit 4.1 - 6 

     

    

This Subscription Agent Agreement
has been executed by the parties hereto as of the date first written above.

 

	 	VITRU LIMITED
	 	 
	 	 
	 	By:	/s/ Pedro Jorge Guterres Quintans Graça
	 	 	Name:	Pedro Jorge Guterres Quintans Graça
	 	 	Title:	Chief Executive Officer

 

	 	By:	/s/ Carlos Henrique Boquimpani de Freitas
	 	 	Name:	Carlos Henrique Boquimpani de Freitas
	 	 	Title:	Chief Financial and Investor Relations Officer

 

Agreed & Accepted:

 

	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC 	 
	 	 
	 	 
	By:	/s/ Michael Legregin	 
	 	Name:	Michael Legregin	 
	 	
    Title:
	Senior Vice President, Corporate Actions

    

    Relationship Management & Operations

    
	 

    Exhibit 4.1 - 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]