Document:

EX-10.9

 Exhibit 10.9 

FORWARD PURCHASE AGREEMENT 

This Forward Purchase Agreement (this “Agreement”) is entered into as of June 21, 2020, between Pershing Square
Tontine Holdings, Ltd., a Delaware corporation (the “Company”), and Pershing Square, L.P., a Delaware limited partnership, Pershing Square International, Ltd., a Cayman Islands exempted company, and Pershing Square Holdings,
Ltd., a Guernsey company (each a “Purchaser”, and collectively, the “Purchasers”). The amount of Units (as defined below) subject to forward purchase by each Purchaser will be set forth, from time to
time, in an appendix hereto (as may be amended from time to time without further input from the Company provided that the Committed Purchase remains constant). 

RECITALS 
 WHEREAS, the
Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”); 

WHEREAS, the Company intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration
statement on Form S-1 (the “Registration Statement”) for its initial public offering (“IPO”) of 150,000,000 units (or 172,500,000 units if the IPO over-allotment
option is exercised in full), which amounts may be adjusted in connection with the Company’s marketing efforts relating to the IPO (the units so issued in the IPO, including any units issued in connection with an over-allotment exercise, are
referred to herein as the “Units”), at a price of $20.00 per Unit, each Unit comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the
“Class A Shares,” and the Class A Shares included in the Units, the “Public Shares”), and one-ninth of one redeemable
warrant (a “Detachable Redeemable Warrant”), where each whole redeemable warrant is exercisable to purchase one Class A Share at an exercise price of $23.00 per share; 

WHEREAS, following the closing of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a
Business Combination; 
 WHEREAS, it is expected that the Company’s amended and restated certificate of incorporation, as it may be
amended from time to time (the “Charter”), will provide that an aggregate of 33,333,333 redeemable warrants (or such adjusted amount as may be appropriate in connection with any adjustment in the number of Units issued in the
IPO and/or the exercise by the underwriters of the over-allotment option) (“Distributable Tontine Redeemable Warrants” and, collectively with the Detachable Redeemable Warrants, the “Redeemable
Warrants”), will be distributed on a pro rata basis only to holders of record of Class A Shares issued in the IPO (whether acquired in the IPO or afterwards) that are outstanding after the time at which the Company redeems any
shares of Class A Shares that the holders thereof have elected to redeem in connection with the Company’s Business Combination; 

 WHEREAS, the parties wish to enter into this Agreement, pursuant to which, at any time
subsequent to the date of the consummation of the IPO (but in no event later than immediately prior to consummation of the Company’s Business Combination (the “Business Combination Closing”)), (i) the
Company shall issue and sell to the Purchasers, and the Purchasers shall purchase in the aggregate from the Company, on a private placement basis, no less than $1,000,000,000 of units consisting of one Class A Share and one -third
of one warrant, where each whole warrant is exercisable to purchase one Class A Share at an exercise price of $23.00 per share (each, a “Forward Purchase Unit”), at a purchase price of $20.00 per Forward Purchase Unit
(the “Forward Purchase Price”) and (ii) the Purchasers may, at their election, purchase in the aggregate from the Company, and the Company shall issue and sell to the Purchasers, on a private placement basis, up to an
additional $2,000,000,000 of Forward Purchase Units at the Forward Purchase Price, in each case in accordance with Section 1 herein and otherwise in accordance with the terms and conditions set forth herein; 

WHEREAS, in connection with the IPO, Pershing Square TH Sponsor, LLC, an entity wholly owned by the Purchasers (the
“Sponsor”), will purchase from the Company at fair market value a warrant in a private placement that will close simultaneously with the IPO Closing (the “Sponsor Warrant”), which Sponsor Warrant, upon
the Business Combination Closing, will become exercisable, in whole or in part, for that number of shares constituting 5.95% of the common shares of the post-combination entity on a fully diluted basis as of the time immediately following the
Business Combination Closing, at an exercise price equal to $24.00 per common share of the post-combination entity; and 
 WHEREAS, proceeds
from the IPO and the sale of the Sponsor Warrant, in an aggregate amount equal to the gross proceeds from the IPO (“Gross Proceeds”), will be deposited into a trust account for the benefit of the holders of the Public Shares
(the “Trust Account”), and proceeds in excess of the Gross Proceeds, together with the proceeds of the sale of any Forward Purchase Units prior to the date of the Business Combination Closing, will not be deposited in the
Trust Account and will be held by the Company in its operating account, in each case as described in the Registration Statement. 
 NOW,
THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the
parties hereto agree as follows: 
 AGREEMENT 

1. Sale and Purchase. 

(a) Forward Purchase Units. 

(i) Committed Purchase. At any time subsequent to the date of the consummation of the IPO (but in no event later than
immediately prior to the Business Combination Closing), the Purchasers shall purchase in the aggregate no less than $1,000,000,000 of Forward Purchase Units (50,000,000 Forward Purchase Units) (the “Committed Purchase”). The
Committed Purchase shall be effectuated, at the Purchasers’ election, in one or more private placements of Forward Purchase Units. The closing of any such private placement (other than if occurring immediately prior to the Business 

  
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 Combination Closing) shall occur as soon as practicable but no later than three business
days after the Purchasers shall have issued a notice (a “Commited Purchase Election Notice”) to the Company electing to consummate all or such portion of the Committed Purchase. The obligation to
consummate the Committed Purchase set forth in this Section 1(a)(i) shall not be assignable or transferable by the Purchasers (provided that the obligation, as of any date of determination, of each Purchaser to consummate the
Committed Purchase shall be determined by multiplying the amount of the Committed Purchase by a fraction, (x) the numerator of which is the gross assets under management of such Purchaser as of the last day of the month prior to such date of
determination, and (y) the denominator of which is the gross assets under management of the Purchasers in the aggregate as of the last day of the month prior to such date of determination, adjusted in each case for future capital activity, including
but not limited to anticipated redemptions, as deemed necessary). If a partial exercise occurs of the Committed Purchase amount, the remainder will continue to exist as an obligation of the Purchasers. 

(ii) Additional Purchase. At any time subsequent to the date of the consummation of the IPO (but in no event later than
immediately prior to the Business Combination Closing), the Purchasers may, at their election, purchase up to an additional $2,000,000,000 of Forward Purchase Units (100,000,000 Forward Purchase Units) (the “Additional
Purchase”). The Additional Purchase shall be effectuated, if at all and at the Purchasers’ election, in one or more private placements of Forward Purchase Units. The closing of any such private placement shall occur as soon as
practicable but no later than three business days after the Purchasers shall have issued a notice (an “Additional Purchase Election Notice”, and together with a Committed Purchase Election Notice, an
“Election Notice”) to the Company electing to consummate all or such portion of the Additional Purchase. Any Additional Purchase as set forth in this Section 1(a)(ii) shall be allocated among
the Purchasers by multiplying the amount of such Additional Purchase by a fraction, (x) the numerator of which is the gross assets under management of such Purchaser as of the last day of the month prior to such Additional Purchase, and
(y) the denominator of which is the gross assets under management of the Purchasers in the aggregate as of the last day of the month prior to such Additional Purchase, adjusted in each case for future capital activity, including but not limited
to anticipated redemptions, as deemed necessary. The right to consummate the Additional Purchase as set forth in this Section 1(a)(ii) shall be transferable or assignable by the Purchasers to the extent set forth in
Section 4(c). If a partial exercise occurs of the Additional Purchase amount, the remainder will continue to exist as a right of the Purchasers. 

(iii) Each Forward Purchase Unit will have a purchase price of $20.00 and will consist of one Class A Share and one-third of one redeemable warrant, where each whole warrant is exercisable to purchase one Class A Share at an exercise price of $23.00 per share. Upon the occurrence of a Committed Purchase or an Additional
Purchase, respectively, the respective Purchaser (or transferee if applicable in the case of an Additional Purchase) will deliver in free and clear funds (to an account notified by the Company to the Purchaser (or transferee if applicable)) the
aggregate purchase price therefor and the Company shall issue the Forward Purchase Units, equal to the amount of Committed Purchase or Additional Purchase set forth in the relevant Election Notice. 

  
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 (iv) The Company shall issue the Forward Purchase Units to the Purchasers in
book-entry form, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws), registered in the name of the Purchasers (or its nominee in accordance with its delivery instructions),
or to a custodian designated by the Purchasers, as applicable pursuant to written instructions delivered by the Purchasers. 
 (b)
Legends. Each book entry for the Forward Purchase Units (and the Class A Shares and warrants comprising the Forward Purchase Units) shall contain a notation, and each certificate (if any) evidencing the Forward Purchase Units (and the
Class A Shares and warrants comprising the Forward Purchase Units) shall be stamped or otherwise imprinted with a legend, in substantially the following form: 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS. THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE AGREEMENT BY AND
AMONG THE HOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 
 (c)
Certificates. The Company shall cooperate with a Purchaser, at its request, to facilitate the timely preparation and delivery of physical certificates representing the Forward Purchase Units (and the Class A Shares and warrants
comprising the Forward Purchase Units should a Purchaser wish to separate the Forward Purchase Units into its components) and enable such certificates to be in such denominations or amounts, as the case may be, as the Purchasers may reasonably
request and registered in such names as the Purchasers may request. Any such physical certificates shall be stamped or otherwise imprinted with a legend substantially in the form set forth in Section 1(b). 

(d) Legend Removal. If the Forward Purchase Units (or the Class A Shares and warrants comprising the Forward Purchase Units) are
eligible to be sold without restriction under, and without the Company being in compliance with the current public information requirements of, Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), then at
the Purchasers’ request, the Company will cause the Company’s transfer agent to remove the legend set forth in Section 1(b) and Section 1(c). In connection therewith, if required by the
Company’s transfer agent, the Company will promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent that
authorize and direct the transfer agent to issue such Forward Purchase Units (or the Class A Shares and warrants comprising the Forward Purchase Units) without any such legend. 

  
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 2. Representations and Warranties of the Purchasers. Each Purchaser represents and warrants to the
Company as follows, as of the date hereof: 
 (a) Organization and Power. The Purchaser is duly organized, validly existing, and in
good standing under the laws of the jurisdiction of its formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted. 

(b) Authorization. The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered
by the Purchaser, will constitute the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights (as defined below) may be limited by applicable federal or state securities laws. 

(c) Governmental Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with the consummation of the transactions contemplated by this Agreement. 

(d) Compliance with Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement and the consummation
by the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it is a
party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound or
(v) of any provision of federal or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material adverse effect on the Purchaser or its ability to consummate the transactions
contemplated by this Agreement. 
 (e) Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon
the Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase Units to be acquired by the Purchaser will be acquired for investment for the
Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of any state or federal securities laws, and that the Purchaser has no present intention of selling, granting
any participation in, or otherwise distributing the same in violation of law (other than as set forth herein). By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking,
agreement or arrangement with any Person (other than another Purchaser) to sell, transfer or grant participations to such Person, with respect to any of the Forward Purchase Units. For purposes of this Agreement, “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or any government or any department or agency thereof. 

  
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 (f) Disclosure of Information. The Purchaser has had an opportunity to discuss the
Company’s business, management, financial affairs and the terms and conditions of the offering of the Forward Purchase Units, as well as the terms of the Company’s proposed IPO, with the Company’s management. 

(g) Restricted Securities. The Purchaser understands that the offer and sale of the Forward Purchase Units to the Purchaser has not
been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the
accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the Forward Purchase Units are “restricted securities” under applicable U.S. federal and state securities laws and that,
pursuant to these laws, the Purchaser must hold the Forward Purchase Units indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available.
The Purchaser acknowledges that the Company has no obligation to register or qualify the Forward Purchase Units for resale, except as provided herein (the “Registration Rights”). The Purchaser further acknowledges that if an
exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Forward Purchase Units, and on requirements relating to
the Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy. The Purchaser understands that the offering of the Forward Purchase Units is not and is not intended to be
part of the IPO, and that the Purchaser will not be able to rely on the protection of Section 11 of the Securities Act. 
 (h) No
Public Market. The Purchaser understands that no public market now exists for the Forward Purchase Units, and that the Company has made no assurances that a public market will ever exist for the Forward Purchase Units. 

(i) High Degree of Risk. The Purchaser understands that its agreement to purchase the Forward Purchase Units involves a high degree of
risk which could cause the Purchaser to lose all or part of its investment. 
 (j) Accredited Investor. The Purchaser is an accredited
investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. 
 (k) No General Solicitation. Neither the
Purchaser, nor, to its knowledge, any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or
(ii) published any advertisement in connection with the offer and sale of the Forward Purchase Units. 
 (l) Residence. The
Purchaser’s principal place of business is the office or offices located at the address of the Purchaser set forth on the signature page hereof. 

(m) Adequacy of Financing. The Purchaser has available to it sufficient funds to satisfy its obligations under this Agreement. 

  
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 (n) Affiliation of Certain FINRA Members. The Purchaser is neither a person
associated nor affiliated with Citigroup Global Markets Inc., Jefferies LLC, UBS Securities LLC, CastleOak Securities, L.P., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc., Siebert Williams Shank & Co., Inc., Academy
Securities, Inc., C.L. King & Associates, Inc. or Roberts and Ryan Investments Inc. or, to its actual knowledge, any other member of the Financial Industry Regulatory Authority (“FINRA”) that is participating in the
IPO. 
 (o) No Other Representations and Warranties; Non-Reliance. Except for the specific
representations and warranties contained in this Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on behalf of the Purchaser nor any of the
Purchaser’s affiliates (the “Purchaser Parties”) has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Purchaser and this offering, and the Purchaser
Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly made by the Company in Section 3 of this Agreement and in any certificate or agreement delivered
pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Company, any person on behalf of the Company or any of the Company’s affiliates
(collectively, the “Company Parties”). 
 3. Representations and Warranties of the Company. The Company represents and
warrants to the Purchasers as follows: 
 (a) Organization and Corporate Power. The Company is a corporation duly incorporated and
validly existing and in good standing as a corporation under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. The Company has no
subsidiaries. 
 (b) Capitalization. On the date hereof, the authorized share capital of the Company consists of: 

(i) 200,000,000 Class A Shares, none of which are issued and outstanding. 

(ii) 20,000,000 Class B Shares, 100 of which are issued and outstanding as of the date hereof. All of the outstanding
Class B Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws. 

(iii) 1,000,000 preferred shares, none of which are issued and outstanding. 

Prior to the closing of the IPO, the Company expects to amend and restate its certificate of incorporation to amend its authorized share
capital to the following: 
 (i) 3,000,000,000 Class A Shares. 

(ii) 20,000,000 Class B Shares. 

(iii) 1,000,000 preferred shares. 

  
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 (c) Authorization. All corporate action required to be taken by the Company’s
Board of Directors and stockholders in order to authorize the Company to enter into this Agreement and to issue the Forward Purchase Units has been taken or will be taken prior to the closing of the purchase and sale thereof (each, a
“Forward Closing”), including all corporate action required to authorize the issuance of the related redeemable warrants. All action on the part of the stockholders, directors and officers of the Company necessary for the
execution and delivery of this Agreement, the performance of all obligations of the Company under this Agreement to be performed as of a Forward Closing, and the issuance and delivery of the Forward Purchase Units has been taken or will be taken
prior to a Forward Closing. This Agreement, when executed and delivered by the Company, shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except (i) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights may be limited by applicable federal or state securities laws. 

(d) Valid Issuance of Securities. The Forward Purchase Units, when issued, sold and delivered in accordance with the terms and for the
consideration set forth in this Agreement, will be validly issued, fully paid and nonassessable, as applicable, and free of all preemptive or similar rights, taxes, liens, encumbrances and charges with respect to the issue thereof and restrictions
on transfer other than restrictions on transfer specified under this Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy of the representations of the
Purchasers in this Agreement and subject to the filings described in Section 3(e) below, the Forward Purchase Units will be issued in compliance with all applicable federal and state securities laws. 

(e) Governmental Consents and Filings. Assuming the accuracy of the representations made by the Purchasers in this Agreement, no
consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of
the transactions contemplated by this Agreement, except for filings pursuant to applicable state securities laws, if any, and pursuant to the Registration Rights. 

(f) Compliance with Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated by this Agreement will not result in any violation or default of any provisions of the Charter, bylaws or other governing documents of the Company, (ii) of any instrument, judgment, order, writ or decree to which the
Company is a party or by which it is bound, (iii) under any note, indenture or mortgage to which the Company is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which the Company is a party or
by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse effect on the Company or its ability to consummate
the transactions contemplated by this Agreement. 
 (g) Operations. As of the date hereof, the Company has not conducted, and prior to
the IPO Closing the Company will not conduct, any operations other than organizational activities and activities in connection with offerings of its securities. 

  
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 (h) No General Solicitation. Neither the Company, nor any of its officers, directors,
employees, agents or stockholders has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in connection with the offer and sale of the Forward
Purchase Units. 
 (i) No Other Representations and Warranties; Non-Reliance. Except for the
specific representations and warranties contained in this Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or shall be deemed to make any other express or
implied representation or warranty with respect to the Company, this offering, the proposed IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty. Except for the specific representations and
warranties expressly made by the Purchasers in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Company Parties specifically disclaim that they are relying upon any other
representations or warranties that may have been made by the Purchaser Parties. 
 4. Registration Rights; Transfer 

(a) Registration. The Company agrees that the Purchasers shall have the registration rights set forth on Exhibit A. 

(b) Indemnification. 

(i) The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless each Purchaser
(to the extent a seller under the Forward Registration Statement), the officers, directors, agents, partners, members, managers, stockholders, affiliates, employees and investment advisers of each Purchaser, each person who controls each Purchaser
(within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), and the officers, directors, partners, members, managers, stockholders,
agents, affiliates, employees and investment advisers of each such controlling person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation,
reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of
a material fact contained in the Forward Registration Statement, any prospectus included in the Forward Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or
relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance
of its obligations under this Section 4, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding a
Purchaser furnished in writing to the Company by such Purchaser expressly for use therein. 

  
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 The Company shall notify such Purchaser promptly of the institution, threat or assertion of
any proceeding arising from or in connection with the transactions contemplated by this Section 4 of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by
or on behalf of an indemnified party and shall survive the transfer of the Registrable Securities by the Company. 
 (ii)
Each Purchaser shall, severally and not jointly with any other selling stockholder named in the Forward Registration Statement, indemnify and hold harmless the Company, its directors, officers, agents and employees, each person who controls the
Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling persons, to the fullest extent permitted by applicable law, from and
against all Losses, as incurred, arising out of or that are based upon any untrue or alleged untrue statement of a material fact contained in the Forward Registration Statement, any prospectus included in the Forward Registration Statement, or any
form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statements or omissions are
based solely upon information regarding such Purchaser furnished in writing to the Company by such Purchaser expressly for use therein. In no event shall the liability of a Purchaser be greater in amount than the dollar amount of the net proceeds
received by such Purchaser upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 (c)
Transfer. All of the Purchasers’ rights and obligations hereunder with respect to the Additional Purchase (including the Purchasers’ right to exercise the Additional Purchase) may be transferred or assigned, at any time and from
time to time and in whole or in part, to any entity that is managed by Pershing Square Capital Management, L.P., but not to other third parties (each such transferee or assignee, a “Transferee”). Upon any such transfer or
assignment: 
 (i) the applicable Transferee shall execute a signature page to this Agreement, substantially in the form of
the Purchasers’ signature page hereto (the “Joinder Agreement”), which shall reflect the number of Forward Purchase Units such Transferee shall have the right to purchase (the
“Transferee Securities”), and, upon such execution, such Transferee shall have all the same rights and obligations of the Purchasers hereunder with respect to the Transferee Securities, and references herein to the
“Purchasers” shall be deemed to refer to and include any such Transferee with respect to such Transferee and to its Transferee Securities; provided, that any representations, warranties, covenants and agreements of the
Purchasers and any such Transferee shall be several and not joint and shall be made as to the Purchasers or any such Transferee, as applicable, as to itself only; and 
  

  
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 (ii) upon a Transferee’s execution and delivery of a Joinder Agreement,
the number of Forward Purchase Units permitted to be purchased by the Purchasers in the Additional Purchase hereunder shall be reduced by the total number of Forward Purchase Units permitted to be purchased by the applicable Transferee pursuant to
the applicable Joinder Agreement, which reduction shall be evidenced by the Purchasers and the Company amending Schedule A to this Agreement to reflect each transfer and updating the “Number of Forward Purchase Units (Additional
Purchase)”, and “Aggregate Purchase Price for Forward Purchase Units (Additional Purchase)” on the Purchasers’ signature page hereto to reflect such reduced number of Forward Purchase Units. For the avoidance of doubt, this
Agreement need not be amended and restated in its entirety, but only Schedule A and the Purchasers’ signature page hereto need be so amended and updated and executed by each of the Purchasers and the Company upon the occurrence of
any such transfer of Transferee Securities. 
 5. Additional Agreements and Acknowledgements of the Purchasers. 

(a) Trust Account. 

(i) Each Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of
its public stockholders upon the IPO Closing. Each Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, except for redemption and
liquidation rights, if any, such Purchaser may have in respect of any Public Shares, if any, held by it. 
 (ii) Each
Purchaser hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby
irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future, except for redemption and liquidation rights, if any, such Purchaser may have in respect of any Public Shares held by it. In the event a
Purchaser has any Claim against the Company under this Agreement, such Purchaser shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the property or any monies in the Trust Account, except for
redemption and liquidation rights, if any, such Purchaser may have in respect of any Public Shares held by it. 
 (b) Voting. Each
Purchaser hereby agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, such Purchaser shall vote any Class A Shares owned by it in favor of any
proposed Business Combination. 
 (c) No Short Sales. Each Purchaser hereby agrees that neither it, nor any person or entity acting on
its behalf or pursuant to any understanding with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination Closing. For purposes of this Section, “Short Sales” shall
include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of
business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), each of such foregoing instruments that is naked short, and short sales and other
short transactions through non-U.S. broker dealers or foreign regulated brokers. 

  
 -11- 

 6. Listing. The Company will use commercially reasonable efforts to effect and maintain the listing
of the Class A Shares and the Redeemable Warrants on the New York Stock Exchange (or another national securities exchange). 
 7. Forward Closing
Conditions. 
 (a) The obligation of each Purchaser to purchase the Forward Purchase Units at a Forward Closing under this Agreement
shall be subject to the fulfillment, at or prior to such Forward Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Purchaser: 

(i) (A) With respect to a Forward Closing occurring on the date of the Business Combination Closing, the Business
Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase Units and (B) with respect to a Forward Closing occurring prior to the date of the Business Combination Closing, Purchasers shall not have
delivered to the Company a revocation of the Election Notice with respect to such Forward Purchase; 
 (ii) The Company shall
have delivered to the Purchasers a certificate evidencing the Company’s good standing as a Delaware corporation; 

(iii) The representations and warranties of the Company set forth in Section 3 of this Agreement
shall have been true and correct as of the date hereof and shall be true and correct as of such Forward Closing Date, as applicable, with the same effect as though such representations and warranties had been made on and as of such date (other than
any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not have a material adverse effect on the
Company or its ability to consummate the transactions contemplated by this Agreement; 
 (iv) The Company shall have
performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to such Forward Closing; and 

(v) No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental,
regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchasers of the Forward Purchase Units. 

(b) The obligation of the Company to sell the Forward Purchase Units at a Forward Closing under this Agreement shall be subject to the
fulfillment, at or prior to such Forward Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Company: 

  
 -12- 

 (i) (A) With respect to a Forward Closing occurring on the date of the
Business Combination Closing, the Business Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase Units and (B) with respect to a Forward Closing occurring prior to the date of the Business
Combination Closing, Purchasers shall not have delivered to the Company a revocation of the Election Notice with respect to such Forward Purchase; 

(ii) The representations and warranties of the Purchasers set forth in Section 2 of this Agreement
shall have been true and correct as of the date hereof and shall be true and correct as of such Forward Closing Date, as applicable, with the same effect as though such representations and warranties had been made on and as of such date (other than
any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not have a material adverse effect on the
Purchasers or their ability to consummate the transactions contemplated by this Agreement; 
 (iii) The Purchasers shall have
performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Purchasers at or prior to such Forward Closing; and 

(iv) No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental,
regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchasers of the Forward Purchase Units. 

8. Termination. This Agreement may be terminated at any time: 

(a) by mutual written consent of the Company and the Purchaser; 

(b) automatically: 

(i) if the IPO is not consummated on or prior to September 30, 2020; or 

(ii) if the Business Combination is not consummated within 24 months from the IPO Closing (or 30 months from the closing of
this offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination within 24 months from the closing of the IPO but has not completed the initial business combination
within such 24 month period). 
 In the event of any termination of this Agreement pursuant to this Section 8, any
Forward Purchase Price (and interest thereon, if any), if previously paid, shall be promptly returned to the Purchasers, the Company shall ensure appropriate instruments are executed to ensure that the any holder of Class A Share issued in the
IPO will have no claim to such funds, and thereafter this Agreement shall forthwith become null and void and have no effect, without any liability on the part of the Purchasers or the Company and their respective directors, officers, employees,
partners, managers, members, or stockholders and all rights and obligations of each of the parties shall cease; provided, however, that nothing contained in this Section 8 shall relieve either party from liabilities
or damages arising out of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained in this Agreement. 

  
 -13- 

 9. General Provisions. 

(a) Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and if not sent
during normal business hours, then on the recipient’s next Business Day, (c) five (5) Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) Business Day after
deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent to: Pershing Square Tontine Holdings, Ltd.,
787 Eleventh Avenue, 9th Floor, New York, New York 10019, Attention: Steve Milankov and emailed to milankov@persq.com, with a copy sent to the Company’s counsel at Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New
York 10281, Attention: Stephen Fraidin, Esq. and Gregory P. Patti, Jr., Esq., and emailed to stephen.fraidin@cwt.com and greg.patti@cwt.com. 

All communications to the Purchasers shall be sent to the Purchasers’ address as set forth on the signature page hereof, or to such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 9(a). 

(b) No Finder’s Fees. Each of the parties represents that it neither is nor will be obligated for any finder’s fee or
commission in connection with this transaction. The Purchasers agree to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this
transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Purchasers or their respective officers, employees or representatives is responsible. The Company agrees to indemnify and hold harmless
the Purchasers from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for
which the Company or any of its officers, employees or representatives is responsible. 
 (c) Adjustments to Notional Amounts. In the
event of any change to the capital structure of the Company, whether dilutive or otherwise, by way of a stock dividend or stock split, or any other dividend however described, the Forward Purchase Units and the Forward Purchase Price will be
adjusted to account for such changes. 
 (d) Survival of Representations and Warranties. All of the representations and warranties
contained herein shall survive the consummation of the transactions contemplated by this Agreement or (subject to Section 8 herein) the termination hereof. 

(e) Entire Agreement. This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto or
referenced herein, constitute the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to
the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 

  
 -14- 

 (f) Successors. All of the terms, agreements, covenants, representations, warranties,
and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

(g) Assignments. Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its
rights, interests, or obligations hereunder without the prior written approval of the other party. 
 (h) Counterparts. This Agreement
may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. 

(i) Headings. The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the
meaning or interpretation of this Agreement. 
 (j) Governing Law. This Agreement, the entire relationship of the parties hereto, and
any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect to its choice of
laws principles. 
 (k) Jurisdiction. The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the
state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to
commence any suit, action or other proceeding arising out of or based upon this Agreement except in state courts of New York or the United States District Court for the Southern District of New York, and (c) hereby waive, and agree not to
assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or
execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

(l) Waiver of Jury Trial. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this
Agreement and the transactions contemplated hereby. 
 (m) Amendments. This Agreement may not be amended, modified or waived as to any
particular provision, except with the prior written consent of the Company and the Purchaser. 

  
 -15- 

 (n) Severability. The provisions of this Agreement will be deemed severable and the
invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance, is
adjudged by a governmental authority, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination will have the power to
modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced. 

(o) Expenses. Each of the Company and the Purchasers will bear its own costs and expenses incurred in connection with the performance of
this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible for the fees of its transfer
agent, stamp taxes and all The Depository Trust Company fees associated with the issuance of the Forward Purchase Units. 
 (p)
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the
parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to
refer to law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including” will be
deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice
versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of
similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If
any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels
of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. 

(q) Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent occurrence. 

(r) Specific Performance. The Purchasers agree that irreparable damage may occur in the event any provision of this Agreement was not
performed by the Purchasers in accordance with the terms hereof and that the Company shall be entitled to seek specific performance of the terms hereof, in addition to any other remedy at law or equity. 

[Signature Page Follows] 

  
 -16- 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be
effective as of the date first set forth above. 
  

			
	PURCHASERS:
	
	PERSHING SQUARE, L.P.
		
	By:	 	Pershing Square Capital Management, L.P., its Investment Manager
		
	By:	 	PS Management, GP, LLC, its General
		 	Partner
		
	By:	 	 /s/ William A. Ackman

		 	Name: William A. Ackman
		 	Title: Managing Member
	
	Address for Notices: 787 Eleventh Avenue,
		 	   9th Floor,

		 	   New York, NY 10019

	
	PERSHING SQUARE INTERNATIONAL,
	 LTD.

		
	By:	 	Pershing Square Capital Management, L.P., its Investment Manager
		
	By:	 	PS Management, GP, LLC, its General
		 	Partner
		
	By:	 	 /s/ William A. Ackman

		 	Name: William A. Ackman
		 	Title: Managing Member

 [Signature Page to Forward Purchase Agreement] 

 
			
	Address for Notices: 787 Eleventh Avenue,
		 	   9th Floor,

		 	   New York, NY 10019

	
	PERSHING SQUARE HOLDINGS, LTD.
		
	By:	 	Pershing Square Capital Management, L.P., its Investment Manager
		
	By:	 	PS Management, GP, LLC, its General Partner
		
	By:	 	 /s/ William A. Ackman

		 	Name: William A. Ackman
		 	Title: Managing Member
	
	Address for Notices: 787 Eleventh Avenue,
		 	   9th Floor,

		 	   New York, NY 10019

	
	COMPANY:
	
	PERSHING SQUARE TONTINE HOLDINGS,
		 	LTD.
		
	By:	 	 /s/ William A. Ackman

		 	Name: William A. Ackman
		 	Title: Chairman and Chief Executive Officer

 [Signature Page to Forward Purchase Agreement] 

 SCHEDULE A 

SCHEDULE OF TRANSFERS OF FORWARD PURCHASE UNITS 

(ADDITIONAL PURCHASE) 
 The following
transfers of a portion of the original number of Forward Purchase Units have been made: 
  

							
	 	 	 	 	 	  	Purchaser
	 	 	 	 	Number of	  	Revised
	 	 	 	 	Forward	  	Forward
	Date of	 	 	 	Purchase	  	Purchase
	 	 	 	Units	  	Unit
	 Transfer
	 	 Transferee
	 	 Transferred
	  	 Amount

TO BE EXECUTED UPON ANY ASSIGNMENT OR FINAL DETERMINATION OF FORWARD PURCHASE UNITS: 

Schedule A as of , 202[    ], accepted and agreed to as of this day of , 202[    ] by: 

 

			
	PERSHING SQUARE TONTINE HOLDINGS, LTD.
		
	By:	 	
                     

  

			
	By:	 	
                     
        

		 	Name:
		 	Title:

 EXHIBIT A 

REGISTRATION RIGHTS 
  

	1.	 The Company shall (i) use commercially reasonable efforts to file within one hundred eighty
(180) days after the Business Combination Closing a registration statement on Form S-3 for a secondary offering (including any successor registration statement covering the resale of the Registrable
Securities a “Forward Registration Statement”) of (x) the Forward Purchase Units, (y) any other equity security of the Company issued or issuable with respect to the securities referred to in clause (x) by way
of a stock dividend or stock split or by way of a conversion from a warrant, or by way of a separation of the units into common stock and warrants, or in connection with a combination of shares, recapitalization, merger, consolidation or
reorganization and (z) any other shares or warrants of the Company that the Purchasers may have purchased in the open market (collectively, the “Registrable Securities”) pursuant to Rule 415 under the Securities Act;
provided that if Form S-3 is unavailable for such a registration, the Company shall register the resale of the Registrable Securities on another appropriate form and undertake to register the Registrable
Securities on Form S-3 as soon as such form is available, (ii) use best efforts to cause the Forward Registration Statement to be declared effective under the Securities Act as soon as practicable
thereafter, but in no event later than sixty (60) days thereafter, and (iii) use commercially reasonable efforts to maintain the effectiveness of such Forward Registration Statement with respect to the Registrable Securities until the
earlier of (A) the date on which the Purchasers cease to hold Registrable Securities covered by such Forward Registration Statement and (B) the date all of the Registrable Securities covered by the Forward Registration Statement can be
sold publicly without restriction or limitation under Rule 144 under the Securities Act and without the requirement to be in compliance with Rule 144(c)(1) under the Securities Act. 

 

	2.	 In the event the Company is prohibited by applicable rule, regulation or interpretation by the staff
(“Staff”) of the Securities and Exchange Commission (“SEC”) from registering all of the Registrable Securities on a Forward Registration Statement or the Staff requires that each Purchaser be
specifically identified as an “underwriter” in order to permit such registration statement to become effective, and such Purchaser does not consent in writing to being so named as an underwriter in such registration statement, the number
of Registrable Securities to be registered on such Forward Registration Statement will be reduced on a pro rata basis among all the holders of Registrable Securities to be so included, unless otherwise required by the Staff, so that the number of
Registrable Securities to be registered is permitted by the Staff and such Purchaser is not required to be named as an “underwriter”; provided, that any Registrable Securities not registered due to this paragraph 2 of this Exhibit A
shall thereafter as soon as allowed by the SEC guidance be registered to the extent the prohibition no longer is applicable. 

  

	3.	 If at any time the Company proposes to file a registration statement (a “Registration
Statement”) on its own behalf, or on behalf of any other Persons who have registration rights (“Other Holders”), relating to an underwritten offering of shares, or engage in an underwritten
takedown off an existing registration statement (a “Company Offering”), 

  
 Exhibit A-1 

	 	then the Company will provide the Purchasers and any Transferee (collectively, the “Piggyback Holders”) with notice in writing (an “Offer Notice”) at least five
(5) Business Days prior to such filing, which Offer Notice will offer to include in the Registration Statement a minimum amount of Registrable Securities of the Purchasers as reasonably and mutually determined by the Company and the Purchaser
at such time (collectively “Piggyback Securities”). Within five (5) Business Days (or, in the case of an Offer Notice delivered to the Piggyback Holders in connection with an underwritten takedown, within three
(3) Business Days) after receiving the Offer Notice, the Piggyback Holders may make a written request (a “Piggyback Request”) to the Company to include some or all of the Piggyback Holders’ Registrable Securities in
the Registration Statement. If the underwriter(s) for any Company Offering advise the Company that marketing factors require a limitation on the number of securities that may be included in the Company Offering: (A) if the Registration
Statement relating to the Company Offering is to be filed on behalf of the Company then the number of securities to be so included shall be allocated as follows (i) first, to the Company; and (ii) second, to the Piggyback Holders and
holders of Class A Shares or other equity securities of the Company or other persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons (pro rata based
on the respective number of Registrable Securities held by such person prior to the applicable Company Offering); and (B) if the Registration Statement relating to the Company Offering is to be filed on behalf of Other Holders then the number of
securities to be so included shall be allocated as follows: (i) first to such Other Holders; (ii) second, to the Piggyback Holders and holders of Class A Shares or other equity securities of the Company other persons or entities that
the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons (pro rata based on the respective number of Registrable Securities held by such person prior to the applicable Company
Offering); and (iii) third, to the Company. Notwithstanding anything to the contrary in this paragraph 3, the Company hereby agrees that it will not provide an Offer Notice to any Piggyback Holder unless such Piggyback Holder agrees in writing
to treat the contents of such Offer Notice as material non-public information. 

  

	4.	 The determination of whether any offering of Registrable Securities pursuant to a Forward Registration
Statement will be an underwritten offering shall be made in the sole discretion of the Purchasers, after consultation with the Company, and the Purchasers shall have the right, after consultation with the Company, to determine the plan of
distribution, including the price at which the Registrable Securities are to be sold and the underwriting commissions, discounts and fees. The Purchasers shall select the investment banker or bankers and managers to administer the offering,
including the lead managing underwriter (provided that such investment banker or bankers and managers shall be reasonably satisfactory to the Company). 

  

	5.	 In connection with any underwritten offering, the Company shall enter into such customary agreements and take
all such other actions in connection therewith (including those requested by the Purchasers) in order to facilitate the disposition of such Registrable Securities as are reasonably necessary or required, and in such connection enter into a customary
underwriting agreement that provides for customary opinions, comfort letters and officer’s certificates and other customary deliverables. 

  

  
 Exhibit A-2 

	6.	 The Company shall pay all fees and expenses incident to the performance of or compliance with its obligation to
prepare, file and maintain each Forward Registration Statement (including the fees of its counsel and accountants). The Company shall also pay all Registration Expenses. For purposes of this paragraph 6, “Registration
Expenses” shall mean the out-of-pocket expenses of the Purchasers and Company in connection with each Forward Registration Statement and offerings
thereunder, including, without limitation, the following: (i) all registration and filing fees (including fees with respect to filings required to be made with FINRA) and any securities exchange on which the Registrable Securities are then
listed; (ii) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities); (iii)
printing, messenger, telephone and delivery expenses; (iv) reasonable fees and disbursements of counsel for Purchasers and the Company; and (v) reasonable fees and disbursements of all independent registered public accountants of the
Company incurred specifically in connection with such Forward Registration Statement and offering thereunder. 

  

	7.	 The Company may suspend the use of a prospectus included in a Forward Registration Statement by furnishing to
the Purchasers a written notice (“Suspension Notice”) stating that in the good faith judgment of the Company, it would be either (i) prohibited by the Company’s insider trading policy (as if the Purchasers were
covered by such policy) or (ii) materially detrimental to the Company and its stockholders for such prospectus to be used at such time. The Company’s right to suspend the use of such prospectus under clause (ii) of the preceding
sentence may be exercised for a period of not more than sixty (60) days after the date of such notice to the Purchaser; provided such period may be extended for an additional thirty (30) days with the consent of a majority-in-interest of the holders of Registrable Securities covered by such Forward Registration Statement, which consent shall not be unreasonably withheld; provided
further, that such right to suspend the use of a prospectus shall be exercised by the Company not more than once in any twelve (12) month period. A holder of Registrable Securities shall not effect any sales of Registrable Securities pursuant
to a Forward Registration Statement at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below). The holders may recommence effecting sales of the Registrable
Securities pursuant to such Forward Registration Statement following further written notice to such effect (an “End of Suspension Notice”) from the Company to the holders. The Company shall act in good faith to permit any
suspension period contemplated by this paragraph to be concluded as promptly as reasonably practicable. 

  

	8.	 Each Purchaser agrees that, except as required by applicable law, such Purchaser shall treat as confidential
the receipt of any Suspension Notice (provided that in no event shall such notice contain any material nonpublic information of the Company) hereunder and shall not disclose or use the information contained in such Suspension Notice without the
prior written consent of the Company until such time as the information contained therein is or becomes public, other than as a result of disclosure by a holder of Registrable Securities in breach of the terms of this Agreement.

  
 Exhibit A-3 

	9.	 The Company’s obligation under paragraph 1 of this Exhibit A is subject to the Purchasers’
furnishing to the Company in writing such information as the Company reasonably requests for use in connection with a Forward Registration Statement, the related prospectus, or any amendment or supplement thereto. 

 

	10.	 The Company shall cooperate with the Purchasers, to the extent the Registrable Securities become freely
tradable, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Forward Registration Statement and enable such certificates to be in
such denominations or amounts, as the case may be, as the Purchasers may reasonably request and registered in such names as the Purchasers may request. 

  

	11.	 If requested by a Purchaser, the Company shall as soon as practicable, subject to any Suspension Notice,
(i) incorporate in a prospectus supplement or post-effective amendment such information as such Purchaser reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation,
information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required
filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration
Statement if reasonably requested by the Purchasers holding any Registrable Securities. 

  

	12.	 As long as a Purchaser shall own Registrable Securities, the Company, at all times while it shall be reporting
under the Securities Exchange Act of 1934, as amended, covenants to file all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and to promptly
furnish the Purchasers with true and complete copies of all such filings, unless filed through the SEC’s EDGAR system. The Company further covenants that it shall take such further action as the Purchasers may reasonably request, all to the
extent required from time to time, to enable the Purchasers to sell the Class A Shares and warrants held by the Purchasers without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated
under the Securities Act, including providing any legal opinions. Upon the request of a Purchaser, the Company shall deliver to such Purchaser a written certification of a duly authorized officer as to whether it has complied with such requirements.

  

	13.	 The rights, duties and obligations of the Purchasers under this Exhibit A may be assigned or delegated
by the Purchasers in conjunction with and to the extent of any permitted transfer or assignment of Registrable Securities by the Purchasers to any permitted transferee or assignee. 

  
 Exhibit A-4EX-10.1

 Exhibit 10.1 

INDEMNITY AGREEMENT 
 This Indemnity
Agreement (“Agreement”) is entered into by and between 
 A. VASTA PLATFORM LIMITED, a company organized under the laws of the Cayman
Islands (“Company”); 
 B. COGNA EDUCAÇÃO S.A., a publicly-held joint stock company with its principal place of
business in the City of Belo Horizonte, State of Minas Gerais, at Rua Santa Madalena Sofia, 25, 4th floor, Suite 01, Postal Code 30380-650, Vila Paris, enrolled with the National Corporate Taxpayer Register
(CNPJ) under No. 02.800.026/0001-40 (“Cogna”); 
 C. SOMOS SISTEMAS DE ENSINO S.A., a
closely-held joint stock company with its principal place of business at Rodovia Presidente Dutra, Km 136, Block 03, Module 01, Eugênio de Mello, Postal Code 12.247-004, in the Municipality of São
José dos Campos, State of São Paulo, enrolled with the CNPJ under No. 49.323.314/0001-14 (“Somos Sistemas”; and jointly with the Company and Cogna,
“Companies”); and 
 D. [NAME], [identification], with offices at Avenida Paulista, 901, 2nd floor, Cerqueira Cesar district, Postal
Code 01310-200, City of São Paulo, State of São Paulo (“Manager”); 
 WHEREAS:

 a) the Manager has been elected as a member of the Board of Directors and/or Officer of the Company on [date]; 

b) the Manager and the Companies agree, for the performance of his/her office as member of the management and Officer of the Company
that the Company, with joint and several liability of Cogna and Somos Sistemas, as set forth in this Agreement, shall keep the Manager harmless from the Expenses (as defined below) that he/she would potentially incur, or, when applicable, indemnify
him/her for such Expenses, according to the terms and conditions hereof; 
 NOW, THEREFORE, considering the assumptions and commitments set forth
herein, the Companies and the Manager undertake and agree as follows: 
 1. Definitions 

(a) “Expenses” shall mean (i) the charges, costs and expenses that the Manager actually incurs or may incur
as a result of any Proceeding, provided that duly demonstrated when incurred, including charges and expenses incurred with experts, assistants and court costs, (ii) attorneys’ fees agreed upon in advance with the Company, in
reasonable amounts, according to the market standards for Proceedings of similar nature, complexity and relevance, (iii) disbursements, financial restrictions and withholding taxes that the Manager or his/her spouse may incur, including
expenses incurred due to pledge or unavailability of properties during the Proceedings, (iv) amounts due by the Manager under injunctions of final decisions involving the Proceedings, and (v) amounts under transactions or
deed of commitment that may have been previously approved by the Company. Expenses do not include purported loss of profit, pain and suffering, loss of professional or business opportunities, reputational losses, emerging damages, loss of chance, or
indirect damages, except to the extent the Manager is required by court decision or arbitration award to pay third parties for any such types of losses and damages. 

(b) “Entity” shall mean any individual or legal entity, company, corporation, partnership, joint venture, foundation,
association, organization, fund, collectivity of rights or legal entity of any nature. 
 (c) “Governmental Body”
shall mean any body of the public administration, regulatory body, member of the Prosecutors’ Office, court, arbitral tribunal or other body with an executive, legislative, judicial, regulatory, administrative or fiscal function of the federal,
state or municipal governments of Brazil, or equivalent body of any country or foreign jurisdiction, or any supranational organization. 

(d) “Proceeding” shall mean any court, arbitral or administrative proceeding filed by any Entity or Governmental Body at any
time (except the Company or any Cogna Group Entity), against the Manager, by virtue of the position held by the Manager in the Company Management. 
 2.
Indemnity Agreement. The Company and, jointly, Cogna and Somos Sistemas, undertake to advance to the Manager all Expenses that he or she may incur, or indemnify him or her for any Expenses incurred thereby, subject to the terms and conditions
set forth in this Agreement. 
 (a) The Manager undertakes to promptly inform the Company upon becoming aware of any Proceeding that
may result in Expenses indemnifiable under this Agreement, even upon receipt of any notice or service of process (“Initial Proceeding Notice”). In case the Manager willfully omits or delays the Initial Proceeding Notice thus adversely
affecting his or her defense, the Company shall be released from its obligations to indemnify the Manager hereunder. 

  
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 (b) The Manager shall provide the Company with (i) all information and documents
required to defend him or her, in addition to the Initial Proceeding Notice, and (ii) any additional information or documents that may be requested by the Company. 

(c) The Expenses required to defend the Manager shall be paid directly by the Company to the respective creditor or advanced to the
Manager within a reasonable time (not less than two (2) business days) from the date of written notice of the Manager demonstrating the obligation and payment term of such Expenses by the Manager. 

(d) The Manager undertakes to return any amounts received as indemnity for Expenses hereunder in case he or she verifies that the
Manager did not have the right to such indemnity, even due to supervening Conviction of the Manager, under Section 3 below, within thirty (30) days from receipt of notice from the Company requesting such refund. 

(e) The Manager confirms that in case he or she is in a position of conflict of interests he or she will declare his or her impediment,
refrain from participating in resolutions of any management body of the Company that may discuss this Agreement, its application or any interpretation hereof. 

3. Exceptions for Indemnity. No indemnity shall be due to the Manager under Section 2 if the grounds of the Proceeding is an act performed
by the Manager in bad-faith, fraud or willful intention to cause damages to the Company, acknowledged by (i) final, unappealable court or arbitral order, or (ii) express confession of the Manager
(“Manager Conviction”). 
 4. Cooperation with the Company on the Professional Liability Insurance (“D&O Insurance”) The
rights of the Manager under this Agreement shall be cumulative to his or her rights under the D&O Insurance taken out by the Companies (as the case may be), and no right conferred by this Agreement shall be subject or limited to any condition or
limitation applicable to the D&O Insurance. The Manager undertakes to: (i) cooperate with the Company and take such actions required or reasonably requested by the Company to preserve and exercise the rights set forth in the D&O
Insurance policies in force, to the fullest possible extent, aimed at obtaining with the D&O Insurance insurers indemnity for the Expenses incurred, or, as the case may be, reimbursement of the amounts disbursed by the Company under this
Agreement, whenever those constitute indemnifiable losses under the D&O Insurance, even by filing lawsuits or other judicial actions that may be necessary at the reasonable discretion of the Companies; and (ii) take all actions required to
preserve its rights and assist the Companies to preserve their rights under the D&O Insurance taken out by the Companies, even by timely notifying the Companies and insurers as required by the D&O Insurance policies in force. The Manager
further undertakes to compensate the Companies, as applicable, for any amounts that may be received from the insurers that issue the D&O Insurance relating to Expenses actually indemnified by the Companies under this Agreement, provided that, in
any event, the right of the Manager to compensate the losses demonstrably incurred due to any and all Proceedings shall be observed. 
 5. Warranties of
Cogna and Somos Sistemas Cogna and Somos Sistemas shall take joint and several liability until termination of the term of this Agreement for the accurate, full compliance with the obligations undertaken by the Company hereunder, and expressly
waive the benefits of Articles 366, 827 and 838 of the Civil Code. 
 6. Term. This Agreement shall remain in full force and effect as of the date
hereof until, in accordance with the applicable law, all Proceedings have expired and there are no further Expenses incurred or to be incurred by the Administrators. 

7. Partial Nullity. The Parties agree that, in the event any provision of this Agreement is regarded as null, ineffective or unenforceable under the
applicable law, the nullity, ineffectiveness or unenforceability of the provision at issue shall not affect the remaining provisions of this Agreement. In case such provision may be amended in order to cure such nullity, ineffectiveness or
unenforceability, the parties shall negotiate in good-faith to amend this Agreement in order to replace such wrongful provision, and maintain, to the fullest possible extent, the effects intended by the original provision. 

8. Supplementary Agreement. This Agreement does not amend and/or supersedes any other agreement existing between the Manager and the Companies and
shall be construed as a supplementary instrument. 
 9. Assignments; Successors and Assignees. The rights and obligations of the Parties under this
Agreement may not be assigned or transferred. 
 10. Amendments. This Agreement may only be amended or supplemented by a written instrument signed by
the Company and the Manager. 
 11. Applicable Law. This Agreement shall be governed by the laws of the Federative Republic of Brazil. 

12. Arbitration. Any litigation, dispute or claim arising from, generated by, or relating to, this Agreement, including any litigation based on its
validity or termination, or compliance with or violation of the provisions contained herein (“Litigation”) shall be finally resolved by arbitration conducted by the Market Arbitration Chamber (“CAM”), in accordance
with the CAM Arbitration Rules (“Rules”) in force at the time of the arbitration, and in accordance with Law No. 9.307/96. 

  
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 (a) The place of the arbitration shall be São Paulo, Brazil, and the proceedings shall be
conducted in Portuguese.  
 (b) The arbitration shall be conducted by three arbitrators (such panel of arbitrators is hereinafter referred to
as “Tribunal”). 
 (c) Each party to the arbitration shall appoint one co-arbitrator under
the Rules. In the event either party fails to appoint an arbitrator under the Rules, such arbitrator shall be appointed by CAM. Both arbitrators appointed in accordance with the provisions above shall appoint the third arbitrator under the Rules. In
the event the first two arbitrators appointed fail to appoint or fail to reach an agreement on the appointment of the third arbitrator within the regulatory term, the third arbitrator shall be appointed by CAM. The third arbitrator shall act as
chairman of the Tribunal. 
 (d) Witnesses whose native language is not Portuguese may testify orally or in writing in their native language, with
the due translation into Portuguese. Documental evidence may be submitted in their original language, with the due translation into Portuguese. 

(e) The arbitral award issued by the arbitrators shall be final and binding upon the parties. The arbitral award may be enforced in any court with
competent jurisdiction. 
 (f) Any arbitration set forth in this Agreement shall be confidential, and the parties and their agents shall not be
entitled to disclose to any person who is not a party to the arbitration any information on the arbitral Proceeding or the contents of the work conducted, except as required by the applicable law or for insurance purposes. 

(g) Before execution of the terms of reference, CAM may, upon request of either party to the arbitration and under the Rules, consolidate simultaneous
arbitral proceedings involving (i) either party, even though not all of them are parties to both Proceedings, and (ii) this Agreement and/or other related instruments executed by the parties and their respective successors. Upon execution
of the terms of reference, the consolidation shall be ordered by the arbitral tribunal, in accordance with the same criteria above, the compatibility of arbitration clauses and provided that there is no unjustifiable loss to either party of the
Proceedings. In such event, the authority to consolidate shall be of the first arbitral tribunal constituted, and its decision shall be binding upon all parties of the consolidated arbitrations. 

(h) By agreeing on the arbitration, the parties do not intend to deprive any court with competent jurisdiction from granting any type of injunction,
provisional measure in support to the arbitration or order any provisional or interlocutory measures, as set forth in Article 22-A, Law No. 9.307/96. For such purposes, the parties hereby irrevocably and
irreversibly 
 (i) elect and submit to the non-exclusive jurisdiction and venue of the courts
of the City of São Paulo, State of São Paulo, Brazil; and (ii) waive, to the fullest extent they may be allowed to, any claims for exception of non-suitability of any such
jurisdiction or venue in relation to themselves or their properties, including any exception to decline such jurisdiction or venue based on doctrines of forum non conveniens, or any right to claim exception of
non-suitability based on domicile or place of organization. Without prejudice to provisional measures that may be applicable according to the jurisdiction of any such court, upon commencement of the
arbitration, the Tribunal shall be legitimate to grant injunctive measures. 
 IN WITNESS WHEREOF, the parties execute this Agreement on the date
hereof in two (2) counterparts of equal content and form, in the presence of two (2) undersigned witnesses. 
 Belo Horizonte,
[date]. 
 [remainder of page intentionally left blank] 

  
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 [Signature Page of the Indemnity Agreement dated [•] by and between Vasta Platform
Limited, Cogna Educação S.A., Somos Sistemas de Ensino S.A. and Mario Ghio Junior] 
 VASTA PLATFORM LIMITED 

 

					
	 	 		 	 
	By: [•]	 		 	By: [•]
	Title: [•]	 		 	Title: [•]

 COGNA EDUCAÇÃO S.A. 

 

					
	 	 		 	 
	By: [•]	 		 	By: [•]
	Title: [•]	 		 	Title: [•]

 SOMOS SISTEMAS DE ENSINO S.A. 
  

					
	 	 		 	 
	By: [•]	 		 	By: [•]
	Title: [•]	 		 	Title: [•]

  

					
		  	 	  	
		  	[NAME]	  	

  

					
	Witnesses:	 		 	
	 	 		 	 
	Name: [•]	 		 	Name: [•]
	ID (RG): [•]	 		 	ID (RG): [•]
	Tax ID (CPF): [•]	 		 	Tax ID (CPF): [•]

  
 4

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