Document:

Form of Deposit Agreement

Table of Contents

 Exhibit 4.3 
  

THE PMI GROUP, INC. 
  
 [NAME OF DEPOSITARY] 
  
 and 
  
 THE HOLDERS FROM TIME TO TIME 
  
 OF 
  
 THE DEPOSITARY
RECEIPTS DESCRIBED HEREIN 
  

  
 Deposit Agreement 
  

  
 Dated as of
                    ,                  

Table of Contents

 
TABLE OF CONTENTS 
  

	 	  	 	  	Page

			
	 	  	ARTICLE I	  	 
			
	 	  	DEFINITIONS	  	 
			
	 	  	ARTICLE II	  	 
			
	 	  	 FORM OF RECEIPTS; DEPOSIT
OF STOCK; EXECUTION
 AND DELIVERY, TRANSFER,
SURRENDER AND REDEMPTION OF RECEIPTS
	  	 
			
	SECTION 2.01	  	 
BOOK-ENTRY FORM; FORM AND TRANSFER OF RECEIPTS
	  	3
			
	SECTION 2.02	  	 
DEPOSIT OF STOCK; EXECUTION AND DELIVERY OF RECEIPTS IN RESPECT
THEREOF 
	  	4
			
	SECTION 2.03	  	 
REDEMPTION OF STOCK 
	  	5
			
	SECTION 2.04	  	 
REGISTRATION OF TRANSFER OF RECEIPTS
	  	7
			
	SECTION 2.05	  	 
SPLIT-UPS AND COMBINATIONS OF RECEIPTS; SURRENDER OF RECEIPTS AND
WITHDRAWAL OF STOCK
	  	7
			
	SECTION 2.06	  	 
LIMITATIONS ON EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND EXCHANGE OF
RECEIPTS
	  	8
			
	SECTION 2.07	  	 
LOST RECEIPTS, ETC.
	  	9
			
	SECTION 2.08	  	 
CANCELLATION AND DESTRUCTION OF SURRENDERED RECEIPTS
	  	9
			
	SECTION 2.09	  	 
INTERCHANGEABILITY OF BOOK-ENTRY RECEIPTS AND RECEIPTS IN PHYSICAL,
CERTIFICATED FORM
	  	9
			
	SECTION 2.10	  	 
STOCK PURCHASE PLANS
	  	10
			
	 	  	ARTICLE III	  	 
			
	 	  	CERTAIN OBLIGATIONS OF THE HOLDERS OF RECEIPTS
AND THE COMPANY	  	 
			
	Section 3.01	  	 
FILING PROOFS, CERTIFICATES AND OTHER INFORMATION
	  	10
			
	Section 3.02	  	 
PAYMENT OF TAXES OR OTHER GOVERNMENTAL CHARGES
	  	11
			
	Section 3.03	  	 
WARRANTY AS TO STOCK
	  	11
			
	Section 3.04	  	 
WARRANTY AS TO RECEIPTS
	  	11
			
	 	  	ARTICLE IV	  	 
			
	 	  	THE DEPOSITED SECURITIES; NOTICES	  	 
			
	Section 4.01	  	 
CASH DISTRIBUTIONS
	  	11
			
	Section 4.02	  	 
DISTRIBUTIONS OTHER THAN CASH
	  	12
			
	Section 4.03	  	 
SUBSCRIPTION RIGHTS, PREFERENCES OR PRIVILEGES
	  	12
			
	Section 4.04	  	 
NOTICE OF DIVIDENDS, ETC.; FIXING OF RECORD DATE FOR HOLDERS
OF RECEIPTS
	  	13
			
	Section 4.05	  	 
VOTING RIGHTS
	  	14
			
	Section 4.06	  	 
CHANGES AFFECTING DEPOSITED SECURITIES AND RECLASSIFICATIONS, RECAPITALIZATIONS,
ETC.
	  	14
			
	Section 4.07	  	 
INSPECTION OF REPORTS
	  	15

  

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	Section 4.08	  	 
LIST OF RECEIPT HOLDERS
	  	15
	
	ARTICLE V
	
	 THE DEPOSITARY, THE
DEPOSITARY’S AGENTS,
 THE REGISTRAR AND
THE COMPANY

			
	Section 5.01	  	 
MAINTENANCE OF OFFICES, AGENCIES AND TRANSFER BOOKS BY THE DEPOSITARY;
REGISTRAR
	  	15
			
	Section 5.02	  	 
PREVENTION OF OR DELAY IN PERFORMANCE BY THE DEPOSITARY, THE
DEPOSITARY’S AGENTS, THE REGISTRAR OR THE COMPANY
	  	16
			
	Section 5.03	  	 
OBLIGATIONS OF THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR
AND THE COMPANY
	  	16
			
	Section 5.04	  	 
RESIGNATION AND REMOVAL OF THE DEPOSITARY: APPOINTMENT OF SUCCESSOR
DEPOSITARY
	  	18
			
	Section 5.05	  	 
CORPORATE NOTICES AND REPORTS
	  	19
			
	Section 5.06	  	 
INDEMNIFICATION BY THE COMPANY
	  	19
			
	Section 5.07	  	 
CHARGES AND EXPENSES
	  	19
	
	ARTICLE VI
	
	AMENDMENT AND TERMINATION
			
	Section 6.01	  	 
AMENDMENT
	  	20
			
	Section 6.02	  	 
TERMINATION
	  	20
	
	ARTICLE VII
	
	MISCELLANEOUS
			
	Section 7.01	  	 
COUNTERPARTS
	  	22
			
	Section 7.02	  	 
EXCLUSIVE BENEFIT OF PARTIES
	  	22
			
	Section 7.03	  	 
INVALIDITY OF PROVISIONS
	  	22
			
	Section 7.04	  	 
NOTICES
	  	22
			
	Section 7.05	  	 
DEPOSITARY’S AGENTS
	  	23
			
	Section 7.06	  	 
HOLDERS OF RECEIPTS ARE PARTIES
	  	23
			
	Section 7.07	  	 
GOVERNING LAW
	  	23
			
	Section 7.08	  	 
INSPECTION OF DEPOSIT AGREEMENT.
	  	23
			
	Section 7.09	  	 
HEADINGS
	  	23
		
	TESTIMONIUM	  	 
		
	SIGNATURES	  	 
	
	EXHIBIT A: Depositary Receipt

  

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 DEPOSIT AGREEMENT dated as of
                         ,
                 
  
 among 
  
 THE
PMI GROUP, INC.  
 a Delaware corporation, 
  
 [NAME OF DEPOSITARY]  
 a
                                , as Depositary, 
  
 AND THE HOLDERS FROM TIME TO TIME  
 OF THE RECEIPTS DESCRIBED HEREIN 
  
 WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series     
Preferred Stock, par value $0.01 per share, of The PMI Group, Inc. with the Depositary (as hereinafter defined) for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts (as hereinafter defined) by the
Depositary evidencing Depositary Shares in respect of the Stock (as hereinafter defined) so deposited; 
  
 NOW, THEREFORE, in consideration of the premises contained herein and such other good and valuable consideration, receipt of which is hereby acknowledged,
the parties hereto agree as follows: 
  
 ARTICLE I
 
  
 DEFINITIONS 
  
 The following definitions shall for all purposes, unless otherwise indicated,
apply to the respective terms used in this Deposit Agreement and the Receipts: 
  
 “Amendment” shall mean an amendment to the Restated Certificate of Incorporation, as amended, of the Company filed with the Secretary of State of the State of Delaware establishing the Stock as a series of
preferred stock of the Company. 
  
 “Company” shall mean
The PMI Group, Inc., a Delaware corporation, and its successors. 
  
 “Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time in accordance with the terms hereof. 
  
 “Depositary” shall mean
                    , a
                    , and any successor Depositary hereunder. 
  

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 “Depositary Shares” shall mean the Depositary Shares, each representing a
one-             (1/            th) interest in a share of Stock and which shall be evidenced by Receipts. 
  
 “Depositary’s Agent” shall mean an agent appointed by the
Depositary pursuant to Section 7.05. “Depositary’s Office” shall mean the principal office of the Depositary at which at any particular time its depositary business shall be administered. 
  
 “Receipt” shall mean one of the depositary receipts, issued
hereunder by the Depositary, each representing any number of whole Depositary Shares. The term “Receipt” shall be deemed to include the DTC Receipt (as defined in Section 2.01 hereof). 
  
 “record holder” with respect to a Receipt shall mean the
individual, entity or person in whose name a Receipt is registered on the books of the Depositary or any register of any Registrar maintained for such purpose at a given time. 
  
 “Registrar” shall mean any bank or trust company which shall be appointed by the Depositary to register ownership
and transfers of Receipts as herein provided and which may include the Depositary. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
  
 “Stock” shall mean shares of the Company’s Series              Preferred Stock,
par value $0.01 per share. 
  
  

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 ARTICLE II 
  
 FORM OF RECEIPTS; DEPOSIT OF STOCK;
EXECUTION AND DELIVERY, 
 TRANSFER, SURRENDER AND
REDEMPTION OF RECEIPTS 
  
 
Section 2.01 Book-Entry Form; Form And Transfer Of Receipts. All of the Receipts shall initially be represented by one or more global receipts (collectively, the “DTC Receipt”) deposited with The Depository
Trust Company (“DTC”) and registered in the name of Cede & Co., a nominee of DTC. The Depositary, or such other entity as is agreed to by DTC, may hold the DTC Receipt as custodian for DTC. So long as the Receipts are eligible for
book-entry settlement with DTC, except as provided for in Section 2.09 hereof, no person acquiring Depositary Shares traded on any securities exchange with book-entry settlement through DTC shall receive or be entitled to receive physical delivery
of the Receipts evidencing such Depositary Shares. Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC
Receipt, or (ii) institutions that have accounts with DTC. 
  
 If
DTC subsequently ceases to make its book-entry settlement system available for the Receipts, the Company may instruct the Depositary regarding making other arrangements for book-entry settlement. In the event that the Receipts are not eligible for,
or it is no longer necessary to have the Receipts available in, book-entry form, the Depositary shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Company shall instruct the Depositary to
deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive receipts in physical form evidencing such Depositary Shares. Such definitive Receipts shall be in the form annexed hereto as Exhibit A with
appropriate insertions, modifications and omissions, as hereafter provided. 
  
 The beneficial owners of Depositary Shares shall, except as stated above with respect to Depositary Shares in book-entry form represented by the DTC Receipt, be entitled to receive Receipts in physical, certificated
form as herein provided. 
  
 The Receipts may be typewritten in
the case of the DTC Receipts and otherwise shall, upon notice by the Company to the Depositary as provided above, be definitive Receipts. Definitive Receipts shall be engraved or printed or lithographed on steel-engraved borders and shall be
substantially in the form annexed hereto as Exhibit A, with appropriate insertions, modifications and omissions, as hereinafter provided. The DTC Receipt shall bear such legend or legends as may be required by DTC in order for it to accept the
Depositary Shares for its book-entry settlement system. 
  

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 Receipts shall be executed by the Depositary by the manual signature of a duly authorized officer of the
Depositary; provided, that such signature may be a facsimile if a Registrar for the Receipts (other than the Depositary) shall have been appointed and such Receipts are countersigned by manual signature of a duly authorized officer of the
Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually by a duly authorized officer of the Depositary or, if a Registrar for the
Receipts (other than the Depositary) shall have been appointed, by facsimile signature of a duly authorized officer of the Depositary and countersigned manually by a duly authorized officer of such Registrar. The Depositary shall record on its books
each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual or facsimile signatures of individuals who were at any time proper officers of the Depositary or the Registrar, as the case may be, shall constitute adequate
signatures hereunder, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the delivery of such Receipts or did not hold such offices on the date of delivery of such Receipts. 
  
 Receipts shall be in denominations of any number of whole Depositary Shares.

  
 Receipts may be endorsed with or have incorporated in the text
thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary and approved by the Company or required to comply with any applicable law or regulation or with the rules
and regulations of any securities exchange upon which the Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts are subject. 
  
 [Subject to any limitations set forth in
a Receipt or in this Deposit Agreement,] Title to Depositary Shares evidenced by a Receipt which is properly endorsed, or accompanied by a properly executed instrument of transfer, shall be transferable by delivery of such Receipt with the same
effect as if such Receipt were a negotiable instrument; provided, however, that until transfer of a Receipt shall be registered on the books of the Registrar, on behalf of the Depositary, as provided in Section 2.04, the Depositary may,
notwithstanding any notice to the contrary, treat the record holder as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions with respect to the Stock [, the exchange of
Depositary Shares for Stock, the right to exchange Receipts pursuant to Section 2.09] or to any notice provided for in this Deposit Agreement and for all other purposes. 
  
 The Depositary shall not lend any Stock deposited hereunder. 
  
 
Section 2.02 Deposit Of Stock; Execution And Delivery Of Receipts In Respect Thereof. Subject to the terms and conditions of this Deposit Agreement, the 

  

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Company [If shares of Stock may be deposited by holders thereof: or any holder of Stock] may from time to time deposit shares of Stock with the Depositary
under this Deposit Agreement by delivery to the Depositary of a certificate or certificates representing the Stock to be deposited. Such certificate or certificates representing the Stock shall be properly endorsed or accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement, and
together with a written order of the Company [If shares of Stock may be deposited by holders thereof: or such holder, as the case may be,] directing the Depositary to execute and deliver to, or upon the written order of, the person or persons named
in such order, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Stock. 
  
 All Stock deposited by the Company [If shares of Stock may be deposited by holders thereof: or any holder of Stock, as the case may be,] with the
Depositary shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. 
  
 Upon receipt by the Depositary of a certificate or certificates representing Stock deposited, with the Depositary by the Company [If shares of Stock may
be deposited by holders thereof: or any holder of Stock, as the case may be,] in accordance with the provisions of this Section, together with the other documents required as above specified, and upon recordation of the Stock so deposited on the
books of the Company in the name of the Depositary, the Depositary shall execute and deliver, to the person or persons named in the written order delivered to the Depositary, a Receipt or Receipts, evidencing in the aggregate the number of
Depositary Shares relating to the Stock so deposited. Such Receipt or Receipts shall be registered by the Depositary or the Registrar in such name or names as may be requested by the person or persons named in the written order. The Depositary shall
execute and deliver such Receipts at the Depositary’s Office or such other offices, if any, as such person may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. The DTC Receipt shall
provide that it shall evidence the aggregate amount of Depositary Shares from time to time indicated in the records of the Depositary and that the aggregate amount of Depositary Shares evidenced thereby may from time to time be increased or
decreased by making adjustments on such records of the Depositary. 
  
 Other than in the case of splits, combinations or other reclassifications affecting the Stock, or in the case of dividends or other distributions of Stock, if any, there shall be deposited with the Depositary hereunder not more than
                     shares of Stock. 
  
 
Section 2.03 Redemption of Stock. Whenever the Company shall elect to redeem shares of Stock in accordance with the provisions of the Amendment, it shall (unless otherwise agreed in writing with the Depositary)
mail notice to the Depositary of 
  

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such redemption, by first class mail, postage prepaid, not less than 40 nor more than 70 days prior to the date fixed for the redemption of Stock in
accordance with the provisions of the Amendment. On the date of such redemption, provided that the Company shall then have paid in full to the Depositary the redemption price required pursuant to the Amendment relating to the Stock to be redeemed,
the Depositary shall redeem the Depositary Shares relating to such Stock. The Depositary shall mail notice of such redemption, and the simultaneous redemption of the number of Depositary Shares relating to the Stock to be redeemed, by first-class
mail, postage prepaid, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”), to the record holders of the Receipts evidencing the Depositary Shares to
be so redeemed on the record date fixed pursuant to Section 4.04 hereof, at the addresses of such holders as they appear on the records of the Depositary; provided, however, that neither failure to mail any such notice to one or more such
holders nor any defect in any notice or in the mailing thereof to one or more such holders shall affect the validity of the proceedings for redemption of any Depositary Shares as to other holders. Each such notice of redemption shall state: (i) the
Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed and the method by
which the Depositary Shares will be chosen for redemption; (iii) the redemption price (including cumulative dividends to the Redemption Date); (iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered for payment of
the redemption price; (v) that dividends in respect of the Stock to be redeemed, which are represented by the Depositary Shares to be redeemed, will cease to accrue at the close of business on such Redemption Date and (vi) if a date other than the
Redemption Date, the date from and after which the Stock and Depositary Shares shall no longer be deemed to be outstanding. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be
selected by lot or pro rata as may be determined by the Company. 
  
 Notice having been mailed by the Depositary as aforesaid, from and after (a) the Redemption Date (unless the Company shall have failed to redeem the shares of Stock to be redeemed by it as set forth in the Company’s notice provided for
in the preceding paragraph), or (b) such earlier date (if applicable) upon which the Company deposits the Redemption Price with the paying agent for the holders of the Stock (regardless of whether such shares are actually surrendered for
cancellation), all dividends in respect of the shares of Stock so called for redemption shall cease to accrue, the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, all rights of the holders of Receipts
evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate and, upon surrender in accordance with such notice of the Receipts evidencing any such
Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to
1/    th of the redemption price per share paid in respect of the shares of Stock 

  

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plus all money and other property, if any, underlying such Depositary Shares, including all amounts paid by the Company in respect of dividends which on the
Redemption Date have accrued on the shares of Stock to be so redeemed and have not theretofore been paid. 
  
 If less than all the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon
its surrender to the Depositary, together with the payment of the redemption price, a new Receipt evidencing such number of Depositary Shares as were evidenced by such prior Receipt and not called for redemption; provided, however, that such
replacement Receipt shall be issued only in denominations of whole Depositary Shares and cash will be payable in respect of fractional interests. 
  
 
Section 2.04 Registration Of Transfer Of Receipts. Subject to the terms and conditions of this Deposit Agreement, the Registrar, on behalf of the Depositary, shall register on its books transfers of Receipts from time
to time upon notice to the Registrar by the Depositary of the surrender of a Receipt for transfer by the holder in person or by duly authorized attorney, which Receipt in each case must be properly endorsed or accompanied by a properly executed
instrument of transfer. Upon surrender of a properly endorsed Receipt or Receipt accompanied by an instrument of transfer, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those
evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the transferee named in the endorsement or instrument of transfer. 
  
 
Section 2.05 Split-Ups And Combinations Of Receipts; Surrender Of Receipts And Withdrawal Of Stock. Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may
designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, the Depositary shall execute and deliver a new Receipt or Receipts to the holder thereof or to such holder’s order in the denominations requested,
evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. The Depositary shall give prompt notice of such action and the certificate numbers to the Registrar for the purpose of recording such split-up or
consolidation. 
  
 Unless the related Depositary Shares have
previously been called for redemption, any holder of a Receipt or Receipts representing any number of whole shares of Stock (or such holder’s duly authorized attorney) may withdraw the number of whole shares of Stock underlying such Depositary
Shares and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. If such holder’s
Depositary Shares are being held by DTC or its nominee pursuant to Section 2.01, such holder shall request, in accordance with Section 2.09, withdrawal from the book-entry system of the number of Depositary Shares specified in the preceding 

  

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sentence. Thereafter, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as
hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares of Stock will not thereafter be entitled to
deposit such Stock hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such withdrawal shall evidence in the aggregate a number of Depositary Shares in excess of
the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Stock and such money and other property, if any, to be so
withdrawn, deliver to such holder, or (subject to Sections 2.04 and 3.02) upon his order, a new Receipt evidencing such excess number of Depositary Shares. Delivery of the Stock and the money and other property being withdrawn may be made by the
delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate. 
  
 Stock delivered pursuant to the preceding paragraph may be endorsed with or have incorporated in the text thereof such legend or recitals or changes not
inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the
Stock may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular shares of Stock are subject. 
  
 If the Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the
record holder of the Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts
surrendered by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 
  
 Delivery of the Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be
made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may
be designated by such holder. 
  
 
Section 2.06 Limitations On Execution And Delivery, Transfer, Surrender And Exchange Of Receipts. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or
exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the
reimbursement to it) of any charges or 

  

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expenses payable by the holder of a Receipt pursuant to Section 5.07, may require the production of evidence satisfactory to it as to the identity and
genuineness of any signature and may also require compliance with the rules and regulations of any governmental body, any stock exchange or any applicable self regulatory body, including without limitation, the National Association of Securities
Dealers, Inc. (the “NASD”) or such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement. 
  
 The [If shares of Stock may be deposited by holders thereof: deposit of Stock may be refused, the] delivery of Receipts
against Stock deposited with the Depositary may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the
register of stockholders of the Company is closed or (ii) if any such action is deemed necessary by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any
government, governmental body or commission, stock exchange or the NASD or under any provision of this Deposit Agreement. 
  
 
Section 2.07 Lost Receipts, Etc. If any mutilated Receipt is surrendered to the Depositary, the Depositary shall execute and deliver in exchange therefor a new Receipt of like form and tenor in exchange and
substitution for such mutilated Receipt. In case any Receipt shall be destroyed, lost or stolen, then, in the absence of notice to the Depositary that such Receipt has been acquired by a bona fide purchaser, the Depositary shall execute and deliver
a Receipt to the holder thereof of like form and tenor in exchange and substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence satisfactory to the Depositary and the Company
of such destruction or loss or theft of such Receipt, of the authenticity thereof and of such holder’s ownership thereof and (ii) the holder’s furnishing the Depositary with indemnification satisfactory to such Depositary and the Company.

  
 
Section 2.08 Cancellation And Destruction Of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s Agent shall be canceled by the Depositary. Except as prohibited by applicable law
or regulation, the Depositary is authorized to destroy all Receipts so canceled. Any Receipt evidenced in book-entry form shall be deemed canceled when the Depositary has caused the amount of Depositary Shares evidenced by the DTC Receipt to be
reduced in proportion to the number of Depositary Shares evidenced by the surrendered Receipt. 
  
 
Section 2.09 Interchangeability Of Book-Entry Receipts And Receipts In Physical, Certificated Form. Subject to the terms and conditions of this Deposit Agreement, upon receipt by the Depositary of written instructions
from a DTC participant on behalf of any person having a beneficial interest in Depositary Shares 

  

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evidenced by the DTC Receipt for the purpose of directing the Depositary to execute and deliver a Receipt in physical, certificated form evidencing such
Depositary Shares, the Depositary shall follow the procedures set forth in the FAST Agreement for the purpose of reducing the number of Depositary Shares evidenced by the DTC Receipt and, following such reduction, shall execute and deliver to or
upon the order of the person or persons named in such order a Receipt or Receipts registered in the name or names requested by such person and evidencing in the aggregate the number of Depositary Shares equal to the reduction in the number evidenced
by the DTC Receipt. The Depositary may require in such written instructions any certification or representations as it shall deem necessary to comply with applicable law. 
  
 Subject to the terms and conditions of this Deposit Agreement, upon receipt by the Depositary of a Receipt or Receipts in
physical, certificated form, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Depositary, including any required certifications, and together with written instructions directing the Depositary to
adjust its records to reflect an increase in the aggregate amount of Depositary Shares evidenced by the DTC Receipt (including, without limitation, information regarding the DTC participant account to be credited with such increase), and upon
payment of the fees and expenses of the Depositary, the Depositary shall cancel such Receipt or Receipts in physical, certificated form and shall follow the procedures set forth in the FAST Agreement for the purpose of reflecting such increase in
the number of Depositary Shares evidenced by the DTC Receipt. 
  
 
Section 2.10 Stock Purchase Plans. The Depositary shall take such action as shall be necessary or appropriate to permit the record holders of the Depositary Shares to participate in any dividend reinvestment or other
stock purchase plan sponsored by the Company that permits the participation by such holders on such terms and conditions as the Company may determine. 
  
 ARTICLE III 
  
 CERTAIN OBLIGATIONS OF THE HOLDERS 
 OF RECEIPTS AND THE COMPANY 
  
 
Section 3.01 Filing Proofs, Certificates And Other Information. Any holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to obtain such
guaranties of signature, to execute such certificates and to make such customary representations and warranties consistent with the terms of the Stock as the Depositary or the Company may deem necessary or proper. The Depositary or the Company may
withhold the delivery, or delay the registration of transfer, redemption or exchange, of any Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or 

  

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other information is filed or such certificates are executed or such representations and warranties are made. 
  
 
Section 3.02 Payment Of Taxes Or Other Governmental Charges. Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses as provided in Section 5.07, or provide evidence
satisfactory to the Depositary that such charges and expenses have been paid. Registration of transfer of any Receipt and delivery of all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused
until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or all or any part of the Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold
may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any
payment of such charges or expenses, the holder of such Receipt remaining liable for any deficiency. 
  
 
Section 3.03 Warranty As To Stock. The Company hereby represents and warrants to the Depositary that the Stock, when issued, will be validly issued, fully paid and nonassessable. Such representation and warranty shall
survive the deposit of the Stock and the issuance of Receipts. 
  
 
Section 3.04 Warranty As To Receipts. The Depositary hereby represents and warrants that the Receipts, when issued, will be legal, valid and binding obligations of the Depositary, enforceable against the Depositary in
accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium and other laws affecting creditors’ rights generally and by general equity principles. Such representation and warranty
shall survive the deposit of the Stock and the issuance of the Receipts. 
  
 ARTICLE IV 
  
 THE
DEPOSITED SECURITIES; NOTICES 
  
 
Section 4.01 Cash Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution with respect to the Stock, the Depositary shall, subject to Section 3.02, distribute to record
holders of Receipts on the record date fixed pursuant to Section 4.04 the pro rata portion, as nearly as practicable, of such dividend or distribution applicable to the number of Depositary Shares evidenced by the Receipts held by such holders;
provided, however, that in case the Company or the Depositary shall be required to withhold and shall withhold any monies from any cash 

  

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dividend or other cash distribution in respect of the Stock on account of taxes, the distribution in respect of Depositary Shares shall be reduced
accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Depositary Shares a fraction of one cent, and any balance not
so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next succeeding distribution to record holders of Receipts. 
  
 
Section 4.02 Distributions Other Than Cash. Whenever the Depositary shall receive any property (including securities) for distribution in a form other than cash with respect to the Stock, the Depositary shall, subject
to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 the pro rata portion, as nearly as practicable, of such property (including securities) received by it applicable to the number of Depositary
Shares evidenced by the Receipts held by such holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately
among such record holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Company, such distribution not to be
feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale of the property thus received, or any part thereof. The net
proceeds of any such sale shall, subject to Section 3.02, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts in accordance with the provisions of Section 4.01 for a distribution
received in cash. The Depositary shall have the right, prior to making any distribution of such securities, to require the Company to provide an opinion of counsel stating that such securities have been registered under the Securities Act or do not
need to be so registered. 
  
 
Section 4.03 Subscription Rights, Preferences Or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names Stock is recorded on the books of the Company any rights,
preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the
record holders of Receipts, pro rata in proportion to the Stock represented by such Receipt, in such manner as the Depositary may determine, either by the issue to such record holders of warrants representing such rights, preferences or privileges
or by such other method as may be approved by the Depositary in its discretion with the approval of the Company; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary
determines that it is not lawful or (after consultation with the Company) not feasible to make such rights, preferences or privileges available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed
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who do not desire to exercise such rights, preferences or privileges, then the Depositary, in its discretion (with the approval of the Company, in any case
where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences
or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sales shall be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by
Section 4.01 in the case of a distribution received in cash. The Depositary shall have the right, prior to making any distribution of such rights, preferences or privileges, to require the Company to provide an opinion of counsel stating that such
rights, preferences or privileges have been registered under the Securities Act or do not need to be so registered. 
  
 If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for holders of
Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such
rights, preferences or privileges and securities and use its reasonable best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or
privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any security unless
and until such registration statement shall have become effective, or unless the offering and sale of such securities to holders are exempt from registration under the Securities Act. 
  
 If any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or
permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees with the Depositary that the Company will use its reasonable best efforts to take such action or obtain such
authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 
  
 
Section 4.04 Notice Of Dividends, Etc.; Fixing Of Record Date For Holders Of Receipts. (i) Whenever any cash dividend or other cash distribution shall become payable or any distribution of property (including
securities) other than cash shall be made, (ii) if rights, preferences or privileges shall at any time be offered with respect to Stock, (iii) whenever the Depositary shall receive notice of (a) any meeting at which holders of Stock are entitled to
vote or of which holders of Stock are entitled to notice, or (b) any election on the part of the Company to redeem any shares of Stock, or (iv) whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall, in each
such instance, fix a record date (which shall be the same date as the record 

  

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date fixed by the Company with respect to the Stock) for the determination of the holders of Receipts who shall be entitled hereunder to receive a
distribution in respect of such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who should be entitled to receive
notice of such meeting or for any other appropriate reasons. 
  
 
Section 4.05 Voting Rights. Upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a
notice which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the holders may, subject to any applicable restrictions, authorize the Depositary to exercise the voting rights pertaining to the
amount of Stock underlying their respective Depositary Shares (including authority to give a discretionary proxy to a person designated by the Company) and a brief statement as to the manner in which such authorization may be given. The Depositary
shall endeavor, insofar as practicable, to vote or cause to be voted, in accordance with the authorization referred to above, the votes relating to the shares of Stock (or portion thereof) underlying the Depositary Shares evidenced by all Receipts
as to which such authorization has been received. The Company hereby agrees to take all such action as it deems necessary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of authorization from the
holder of a Receipt, the Depositary will abstain from voting (but, at its discretion, not from appearing at any meeting with respect to such Stock unless directed to the contrary by the holders of all the Receipts) to the extent of the Stock (or
portion thereof) underlying the Depositary Shares evidenced by such Receipt. 
  
 
Section 4.06 Changes Affecting Deposited Securities And Reclassifications, Recapitalizations, Etc. Upon any change in par or stated value, split-up, combination or any other reclassification of the Stock, or upon any
recapitalization, reorganization, merger, amalgamation or consolidation to which the Company is a party or sale of all or substantially all of the Company’s assets, the Depositary may with the approval of, and shall upon the instructions of,
the Company, and (in either case) in such manner as to retain as nearly as possible the percentage ownership interest in Stock of holders of the Receipts immediately prior to such event, (i) make such adjustments in (a) the fraction of an interest
in one share of Stock underlying one Depositary Share and (b) the ratio of the redemption price per Depositary Share to the redemption price of a share of Stock, in each case as it may deem necessary to reflect the effects of such change in par or
stated value, split-up, combination or other reclassification of Stock, or of such recapitalization, reorganization, merger, amalgamation or consolidation or sale, and (ii) treat any securities which shall be received by the Depositary in exchange
for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion of or in respect of the Stock. In any such case the Depositary may in its discretion, with the approval of the Company,
execute and deliver 
  
  

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additional Receipts, or may call for surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited
securities. 
  
 Anything to the contrary herein or in the Receipt
notwithstanding, holders of Receipts shall have the right from and after the effective date or any such change in par or stated value, split-up, combination or other reclassification of the Stock or any such recapitalization, reorganization, merger,
amalgamation, consolidation or sale, to the extent that holders of Stock had the right, prior to or on the applicable effective date, to convert, exchange or surrender shares of Stock into or for other stock, securities, property or cash, to
surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Stock represented thereby only into or for, as the case may be, the kind and amount of shares of stock and other securities and property and cash into
which the Stock represented by such Receipts has been converted or for which such Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 
  
 
Section 4.07 Inspection Of Reports. The Depositary shall make available for inspection by holders of Receipts at the Depositary’s Office, and at such other places as it may from time to time deem
advisable, any reports and communications received from the Company which are received by the Depositary as the holder of Stock. 
  
 
Section 4.08 List Of Receipt Holders. Promptly, upon request by the Company, the Depositary shall furnish to it a list, as of a specified date, of the names and addresses of all persons in whose names Receipts
are registered on the books of the Depositary, and the amount of Stock represented thereby. 
  
 ARTICLE V 
  
 THE DEPOSITARY, THE DEPOSITARY’S AGENTS,THE REGISTRAR AND THE COMPANY

  
 
Section 5.01 Maintenance Of Offices, Agencies And Transfer Books By The Depositary; Registrar. Upon execution of this Deposit Agreement, the Depositary shall maintain, at the Depositary’s Office,
facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender
and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 
  
 The Depositary shall, with the approval of the Company, appoint a Registrar for registration of such Receipts or Depositary Shares in accordance with any requirements of any applicable stock exchange in which the
Receipts or the Depositary 
  
  

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 Shares may be listed. Such Registrar (which may be the Depositary if so permitted by the requirements of such exchange)
may be removed and a substitute Registrar appointed by the Depositary upon the request or with the approval of the Company. If the Receipts, the Depositary Shares or the Stock are listed on one or more other stock exchanges, the Depositary will, at
the request of the Company, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Stock as may be required by law or applicable stock exchange
regulation. 
  
 The Registrar shall maintain books at the
Depositary’s Office for the registration and registration of transfer of Receipts or at such other place as shall be approved by the Company and of which the holders of Receipts shall have reasonable notice, which books at all reasonable times
shall be open for inspection by the record holders of Receipts. 
  
 The Depositary may cause the Registrar to close the books with respect to the Receipts, at any time or from time to time, when the register of stockholders of the Company is closed with respect to the Stock or when such action is deemed
necessary or advisable by the Depositary, any Depositary’s Agent or the Company because of any requirement of law or of any government, governmental body or commission, stock exchange or any applicable self-regulatory body, including, without
limitation, the NASD. 
  
 
Section 5.02 Prevention Of Or Delay In Performance By The Depositary, The Depositary’s Agents, The Registrar Or The Company. Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the
Company shall incur any liability to any holder of any Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the
Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Company’s Certificate of Incorporation, as amended (including the Amendment), or by reason of any act of God or war, the Depositary,
the Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any
Depositary’s Agent, any Registrar or the Company incur any liability or be subject to any obligation (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit
Agreement provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement, except in the event of the gross negligence or willful misconduct of the party
charged with such exercise or failure to exercise. 
  
 
Section 5.03 Obligations Of The Depositary, The Depositary’s Agents, The Registrar And The Company. Neither the Depositary nor any 
  
  

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 Depositary’s Agent nor any Registrar nor the Company assumes any obligation or shall be subject to any liability
under this Deposit Agreement to holders of Receipts other than for its gross negligence or willful misconduct. 
  
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity to such party against all expense and liability be furnished as often as
required. 
  
 Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Company shall be liable to any party hereto for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit
or any holder of a Receipt. The Depositary, any Depositary’s Agent, any Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and
to have been signed or presented by the party or parties specified in this Agreement. 
  
 The Depositary shall not be responsible for any failure to carry out any authorization to vote any of the shares of Stock or for the manner or effect of any such vote made, as long as such action or inaction is in
good faith and does not result from the gross negligence or willful misconduct of the Depositary. The Depositary undertakes and shall cause any Registrar to undertake, to perform such duties and only such duties as are specifically set forth in this
Agreement using its reasonable best efforts and in good faith. The parties hereto acknowledge that no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar or against the Company with
respect to the Depositary and any Registrar. The Depositary will indemnify the Company against any liability which may arise out of acts performed or omitted by the Depositary or any Depositary’s Agent due to its or their gross negligence or
bad faith. The Depositary, any Depositary’s Agent, any Registrar and the Company may own and deal in any class of securities of the Company and its affiliates and in Receipts subject to the provisions of applicable law. The Depositary may also
act as transfer agent or registrar of any of the securities of the Company and its affiliates. 
  

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Section 5.04 Resignation And Removal Of The Depositary: Appointment Of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by notice of its election so to do delivered to the
Company, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. The Depositary may at any time be removed by the Company by notice of such removal delivered to
the Depositary, such removal to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
  
 In case the Depositary acting hereunder shall at any time resign or be removed, the Company shall, within 60 days after the delivery of the notice of
resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus of at least $50,000,000. Every
successor Depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder and agreeing to become a party to this Agreement, and thereupon such successor Depositary, without any
further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it
and on the written request of the Company, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock
and any monies or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. Any successor Depositary shall promptly mail notice of its appointment to the record holders of
Receipts. 
  
 Any corporation or other entity into or with which
the Depositary may be merged, consolidated or converted, or to which the Depositary may sell all or substantially all its assets, shall be the successor of such Depositary without the execution or filing of any document or any further act. Such
successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or in the name of the successor Depositary. 
  

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Section 5.05 Corporate Notices And Reports. The Company agrees that it will deliver to the Depositary and the Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each
case at the address furnished to it pursuant to Section 4.08, all notices and reports (including without limitation financial statements) required by law, the rules of any national securities exchange upon which the Stock, the Depositary Shares or
the Receipts are listed or by the Company’s Certificate of Incorporation, as amended (including the Amendment), to be furnished by the Company to holders of Stock. Such transmission will be at the Company’s expense and the Company will
provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. 
  
 
Section 5.06 Indemnification By The Company. The Company shall indemnify the Depositary, any Depositary’s Agent and any Registrar against, and hold each of them harmless from, any loss, liability or
expense (including the reasonable costs and expenses of defending itself) which may arise out of (i) acts performed or omitted in connection with this Agreement and the Receipts (a) by the Depositary, any Registrar or any of their respective agents
(including any Depositary’s Agent), except for any liability arising out of gross negligence or willful misconduct on the respective parts of any such person or persons, or (b) by the Company or any of its agents, or (ii) the offer, sale or
registration of the Receipts or the Stock pursuant to the provisions hereof. The obligations of the Company set forth in this Section 5.06 shall survive any succession of any Depositary, Registrar or Depositary’s Agent. 
  
 
Section 5.07 Charges And Expenses. The Company shall pay all charges of the Depositary in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares, and redemption of
the Stock at the option of the Company. All other transfer and other taxes and governmental charges shall be at the expense of holders of Depositary Shares. The Depositary may refuse to effect any transfer of a Receipt or any withdrawal of Stock
evidenced thereby until all such taxes and charges with respect to such Receipt or Stock are paid by the holder thereof. If, at the request of a holder of Receipts, the Depositary incurs charges or expenses for which it is not otherwise liable
hereunder, such holder will be liable for such charges and expenses. 
  
 All other charges and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar (including, in each case, reasonable fees and expenses of counsel) incident to the performance of their respective obligations
hereunder will be payable by the Company only after prior consultation and agreement between the Depositary and the Company and consent by the Company to the incurrence of such expenses, which consent shall not be unreasonably withheld. The
Depositary shall present any statement for charges and expenses to the Company promptly, unless the Company shall agree otherwise. 
  

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 ARTICLE VI 
 AMENDMENT AND TERMINATION 
  
 
Section 6.01 Amendment. The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect
which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the holders of Receipts shall be effective unless such amendment shall have been approved by the
holders of at least a majority of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.05 and 2.06 hereof, of any owner of any Depositary Shares to surrender any Receipt
evidencing such Depositary Shares to the Depositary with instructions to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the
rules and regulations of any governmental body, agency or commission, the NASD or any applicable stock exchange. 
  
 
Section 6.02 Termination. This Agreement may be terminated by the Company or the Depositary only if (i) all outstanding Depositary Shares shall have been redeemed pursuant to Section 2.03, (ii) all the Stock
has been withdrawn pursuant to Section 2.05, or (iii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been
distributed to the holders of Depositary Shares pursuant to Section 4.01 or 4.02, as applicable. 
  
 Whenever the Deposit Agreement has been terminated pursuant to (iii) above, the Depositary will mail notice of such termination to the record holders of
all Depositary Shares then outstanding at least 30 days prior to the date fixed in that notice for termination of the Deposit Agreement. If any Depositary Shares remain outstanding after the date of termination, the Depositary thereafter will
discontinue the transfer of Depositary Shares, will suspend the distribution of dividends to the owners thereof, and will not give any further notices (other than notice of such termination) or perform any further acts under this Deposit Agreement,
except that the Depositary will continue (i) to collect dividends on the Stock and any other distributions with respect thereto, (ii) to deliver or cause to be delivered shares of Stock, together with such dividends and distributions, or principal
and interest, and the net proceeds of any sales of rights, preferences, privileges or other property (other than real property) in exchange for Depositary Shares surrendered. At any time after the expiration of three years from the date of
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private sale, at such place or places and upon such terms as it deems proper and may thereafter hold the net proceeds of such sale, without liability for
interest, for the pro rata benefit of the owners of the Depositary Shares which have not theretofore been surrendered. Subject to applicable escheat laws, any monies set aside by the Company in respect of any payment with respect to the Stock
represented by the Depositary Shares, or dividends thereon, and unclaimed at the end of three years from the date upon which such payment is due and payable shall revert to the general funds of the Company, after which reversion the holders of such
Depositary Shares shall look only to the general funds of the Company for payment thereof. 
  
 Upon the termination of this Deposit Agreement, the parties hereto shall be discharged from all obligations under this Deposit Agreement except for their respective obligations under Sections 5.03, 5.06 and 5.07.

  

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 ARTICLE VII 
  
 MISCELLANEOUS 
  
 
Section 7.01 Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. 
  
 
Section 7.02 Exclusive Benefit Of Parties. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or
equitable right, remedy or claim to any other person whatsoever. 
  
 
Section 7.03 Invalidity of provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or modified thereby. 
  
 
Section 7.04 Notices. Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or
telegram, telecopy or telex confirmed by letter, addressed to the Company at 3003 Oak Road, Walnut Creek, California 94597: telecopy: , Attention: Victor J. Bacigalupi, or at any other address and to the attention of any other person of which the
Company shall have notified the Depositary in writing. 
  
 Any and
all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or by telegram, telecopy or telex confirmed by letter, addressed to the
Depositary at the Depositary’s Office, at                     , telephone (    )
    -        , telecopy (    )     -        , Attention:
                    , or at any other address and to the attention of any other person of which the Depositary shall have notified the Company in
writing. 
  
 Any and all notices to be given to any record holder
of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or by telegram, telecopy or telex confirmed by letter, addressed to such record holder at the
address of such record holder as it appears on the books of the Depositary, or if such holder shall have filed with the 
  

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 Depositary a written request that notices intended for such holder be mailed to some other address, at the address
designated in such request. 
  
 Delivery of a notice sent by mail
or by telegram, telecopy or telex shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a telegram or telex message) is deposited, postage prepaid, in a post office
letter box. The Depositary or the Company may, however, act upon any telegram or telecopy message received by it from the other or from any holder of a Receipt, notwithstanding that such telegram or telecopy message shall not subsequently be
confirmed by letter or as aforesaid. 
  
 
Section 7.05 Depositary’s Agents. The Depositary may from time to time appoint any Depositary’s Agent to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any
time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Company of any such action. 
  
 
Section 7.06 Holders Of Receipts Are Parties. By acceptance of delivery of the Receipts, any holder of such Receipt from time to time shall be deemed to have agreed to become a party to this Deposit Agreement and
to be bound by all of the terms and conditions hereof and of the Receipts to the same extent as though such person executed this Agreement. 
  
 
Section 7.07 Governing Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK (WITHOUT REFERENCE TO APPLICABLE CONFLICTS OF LAW PROVISIONS). 
  
 
Section 7.08 Inspection Of Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at the
Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any holder of a Receipt. 
  
 
Section 7.09 Headings. The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded
as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 
  
 IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Agreement as of the day and year first above set
forth, and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 
  

	THE PMI GROUP, INC.
		
	 By:
	 	

	 	 	 Name:
 Title:

  

	 [NAME OF DEPOSITARY],
 as Depositary

		
	 By:
	 	

	 	 	 Name:
 Title:

  

 23 

Table of Contents

 EXHIBIT A 
  
 FORM OF RECEIPT CERTIFICATE FOR              DEPOSITARY SHARES 
  

	 TRANSFERABLE
	  	CUSIP                      DEPOSITARY
	 RECEIPT
	  	 
	 This Certificate is
	  	SEE REVERSE FOR
	  transferable in
	  	CERTAIN DEFINITIONS
		
	                     ,                   
 
	  	 

  
 DEPOSITARY RECEIPT FOR DEPOSITARY
SHARES, EACH DEPOSITARY SHARE REPRESENTING A              INTEREST IN ONE SHARE OF SERIES              PREFERRED STOCK

  
 THE PMI GROUP, INC. 
  
 A Delaware Corporation 
  
 [NAME OF DEPOSITARY], as Depositary (the “Depositary”), hereby certifies that

  
 is the registered owner of
             DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing a              interest in one
share of Series              Preferred Stock, par value $0.01 per share, (the “Stock”), of The PMI Group, Inc., a Delaware corporation (the “Corporation”), on deposit
with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of             
            ,              (the “Deposit Agreement”), between the Corporation and the Depositary. By accepting this
Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or be entitled to any benefits under
the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by a
duly authorized officer thereof. 
  
 Dated:
                             ,             

  

	 [NAME OF DEPOSITARY],
 Depositary

		
	 By:
	 	

	 	 	Authorized Officer
	  
 [REGISTRAR], Registrar

		
	 By:
	 	

	 	 	Authorized Officer

  

 24 

Table of Contents

 THE PMI GROUP, INC. 
  
 THE PMI GROUP, INC. WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A RECEIPT WHO SO REQUESTS A COPY OR SUMMARY OF THE DEPOSIT AGREEMENT AND A
COPY OR SUMMARY OF THE PORTIONS OF THE CERTIFICATE OF INCORPORATION ESTABLISHING THE DESIGNATIONS, RELATIVE RIGHTS, PREFERENCES AND LIMITATIONS APPLICABLE TO SHARES OF EACH CLASS AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED
FOR EACH SERIES (AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES) WHICH THE CORPORATION IS AUTHORIZED TO ISSUE, INCLUDING THE SERIES    PREFERRED STOCK. ANY SUCH REQUEST SHOULD BE ADDRESSED
TO THE PMI GROUP, INC., 3003 OAK ROAD, WALNUT CREEK, CALIFORNIA 94597, ATTENTION: Secretary. 
  
 ABBREVIATIONS 
  
 The
following abbreviations, when used in the inscription on the face of this Depositary Receipt, shall be construed as though they were written out in full according to applicable laws or regulations: 
  
 TEN COM—as tenants in common 
 TEN ENT—as tenants by the entireties 
 JT TEN—as joint tenants with
right of survivorship and not as tenants in common 
  
 UNIF GIFT MIN
ACT—             Custodian                  
                         (Cust)
      (Minor) 
  
 under Uniform
Gifts to 
 Minors Act
                     
 (State)

  
 UNIF GIFT MIN ACT—
             Custodian (until age         ) 
  
                         (Cust)
             
                  under Uniform Transfers 
 (Minor) to Minors Act                          
 (State) 
  
 Additional abbreviations may also be 
 used though not in the above list. 
  

 25Form of Warrant Agreement

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 Exhibit 4.4 
  
  
 [DEBT]  [PREFERRED STOCK]  [COMMON STOCK] 
 [DEPOSITARY SHARE]  [UNIT]  WARRANT AGREEMENT 
  

 
 dated as of
                 ,         
  
  
 between 
  
  
 THE PMI GROUP, INC. 
  
  
 and 
  
  
 [NAME OF WARRANT AGENT], as Warrant Agent 
  

  
 [Debt]  [Preferred Stock]  [Common Stock] 
 [Depositary Share]  [Unit]  Warrants 
  
  
 Expiring
                     ,          

Table of Contents

 
TABLE OF CONTENTS 
  

	 	  	Page

	 PARTIES
	  	1
	 RECITALS
	  	1

  
 ARTICLE I 

 
 ISSUANCE OF WARRANTS AND FORM, EXECUTION,  DELIVERY AND REGISTRATION
OF WARRANT CERTIFICATES 
  

	 
SECTION 1.01. Issuance of Warrants
	  	2
	 
SECTION 1.02. Form, Execution and Delivery of Warrant Certificates
	  	2
	 
SECTION 1.03. Transfer of Warrants
	  	4
	 
SECTION 1.04. Lost, Stolen, Mutilated or Destroyed Warrant Certificates
	  	5
	 
SECTION 1.05. Cancellation of Warrant Certificates
	  	5
	 
SECTION 1.06. Treatment of Holders and Beneficial Owners of Warrant Certificates
	  	6

  
 ARTICLE II 

 
 EXERCISE PRICE, DURATION AND EXERCISE OF WARRANTS 

	 
SECTION 2.01. Exercise Price
	  	7
	 
SECTION 2.02. Duration of Warrants
	  	7
	 
SECTION 2.03. Exercise of Warrants
	  	7

  
 ARTICLE III 

 
 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS AND BENEFICIAL OWNERS OF
WARRANTS 
  

	 
SECTION 3.01. No Rights as Holders of Warrant Securities Conferred by Warrants or Warrant Certificates
	  	9
	 
SECTION 3.02. Holder and Beneficial Owner of Warrant May Enforce Rights
	  	10

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 Page 
  
 ARTICLE IV 
  
 CONCERNING THE WARRANT AGENT 
  

	 
SECTION 4.01. Warrant Agent
	  	10
	 
SECTION 4.02. Limitations on Warrant Agent’s Obligations
	  	10
	 
SECTION 4.03. Compliance With Applicable Laws
	  	12
	 
SECTION 4.04. Resignation and Appointment of Successor
	  	12

  
 ARTICLE V 

 
 MISCELLANEOUS 
  

	 
SECTION 5.01. Amendments
	  	14
	 
SECTION 5.02. Merger, Consolidation, Sale, Transfer or Conveyance
	  	14
	 
SECTION 5.03. Notices and Demands to the Company and Warrant Agent
	  	15
	 
SECTION 5.04. Addresses
	  	15
	 
SECTION 5.05. GOVERNING LAW
	  	16
	 
SECTION 5.06. Delivery of Prospectus
	  	16
	 
SECTION 5.07. Obtaining of Governmental Approvals
	  	16
	 
SECTION 5.08. Payment of Taxes
	  	16
	 
SECTION 5.09. Benefits of Warrant Agreement
	  	16
	 
SECTION 5.10. Headings
	  	16
	 
SECTION 5.11. Severability
	  	16
	 
SECTION 5.12. Counterparts
	  	17
	 
SECTION 5.13. Inspection of Agreement
	  	17

  
 EXHIBITS 
  

	 EXHIBIT A.
	    	Form of Warrant Certificate

  

 ii 

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 [DEBT] [PREFERRED STOCK] [COMMON STOCK] 
 [DEPOSITARY SHARE] [UNIT] WARRANT AGREEMENT 
  
 [DEBT] [PREFERRED STOCK] [COMMON STOCK] [DEPOSITARY SHARE] [UNIT] WARRANT AGREEMENT, dated as of
                    ,          (as modified, amended or supplemented, this “Agreement”), between
The PMI Group, Inc., a Delaware corporation (the “Company”), and [NAME OF WARRANT AGENT], a                     , as Warrant Agent (the
“Warrant Agent”). 
  
 W I T N E S S E T H: 
  
 [If offer consists of Debt Securities with Warrants AND/OR Warrants to

  
 Purchase Debt Securities: WHEREAS, the Company will enter into
a Senior Debt Indenture, dated as of                      (the “Senior Indenture”), and a subordinated debt Indenture, dated as of
                     (the “Subordinated Indenture”, and together with the Senior Indenture, the “Indentures”), between the
Company and The Bank of New York, as trustee, providing for the issuance from time to time of its unsecured senior debentures and unsecured subordinated debentures, notes or other evidences of indebtedness, (together with the securities issuable
under the Senior Indenture, the “Debt Securities”) to be issued in one or more series as provided in each Indenture; and] 
  
 [If Securities and Warrants are to be offered together: WHEREAS, the Company proposes to sell [title of Securities being Offered] (the “Offered
Securities”) together with warrants (each, a “Warrant”) representing the right to purchase [title of Securities purchasable upon exercise of Warrants] [If Warrants for [Depositary Shares][Units] are to be offered: [each representing a
1/    th interest in a share of][each consisting of] [title of securities represented by Depositary Shares][titles of securities underlying a Unit]] (the “Warrant Securities” [If Warrants for [Depositary Shares][Units]
are to be offered:, which term shall also refer, as appropriate, to such [title of securities represented by Depositary Shares][titles of securities underlying a Unit]), such warrant certificates and other warrant certificates issued pursuant to
this Agreement being herein called the “Warrant Certificates”; and] 
  
 [If offer consists of Warrants alone: WHEREAS, the Company proposes to sell warrant certificates evidencing one or more warrants (each, a “Warrant”) representing the right to purchase [title of Securities
purchasable upon exercise of Warrants] [If Warrants for [Depositary Shares][Units] are to be offered: [each representing a 1/    th interest in a share of][each consisting of] [title of securities represented by the Depositary
Shares][title of securities underlying a Unit]] (the “Warrant Securities” [If Warrants for [Depositary Shares][Units] are to be offered: which term shall also refer, as appropriate, to such [title of securities represented by the
[Depositary Shares][Units]), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the “Warrant Certificates”; and] 

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 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is
willing so to act, in connection with the issuance, transfer, exchange, exercise and cancellation of the Warrants, and the Company wishes to set forth in this Agreement, among other things, the provisions of the Warrants, the form of the Warrant
Certificates evidencing the Warrants and the terms and conditions upon which the Warrants may be issued, transferred, exchanged, exercised and canceled; 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 ISSUANCE OF WARRANTS AND FORM, EXECUTION, 
 DELIVERY AND REGISTRATION OF WARRANT CERTIFICATES 
  
 
SECTION 1.01. Issuance of Warrants. Each Warrant shall represent the right, subject to the provisions contained herein and therein, to purchase
[            ] Warrant Securities [in the aggregate principal amount of $        ] at the Exercise Price set forth in Section 2.01. [If Securities
and Warrants are to be offered together: Warrants shall be issued in units with the Offered Securities [If Warrants are not immediately detachable: and shall not be separately transferable [Unless Warrants are not detachable: before
                             ,          (the “Detachment
Date”)]].] [If Warrants are to be offered separately: Warrants shall be issued as a separate security and shall be transferable from and after the date of issuance.] [If Warrants are to be offered in Book-Entry form: [All] [A portion] of the
Warrants shall initially be represented by one or more global certificates (each, a “Global Warrant Certificate”).] [If Securities and Warrants are to be offered together and in definitive form: Each Warrant Certificate included in such a
unit shall evidence [        ] Warrants for each [$         principal amount of] [        ] Offered Securities included in such
unit.] [If Warrants are to be offered separately and in definitive form: Each Warrant Certificate shall evidence [            ] Warrants.] 
  
 
SECTION 1.02. Form, Execution and Delivery of Warrant Certificates. (a) One or more Warrant Certificates evidencing Warrants to purchase not more than [        ]
[$             in aggregate principal amount of] Warrant Securities (except as provided in Sections 1.03, 1.04 and 2.03(e)) may be executed by the Company and delivered to the Warrant Agent
upon the execution of this Warrant Agreement or from time to time thereafter. 
  
 (b) Each Warrant Certificate, whenever issued, shall be in registered form substantially in the form set forth in Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Agreement. Each Global Warrant Certificate shall bear such legend or legends as may be required by the Depository in order for it to accept the Warrants for its book-entry settlement system. Each Warrant Certificate
shall be printed, lithographed, typewritten, mimeographed or engraved on steel engraved borders or otherwise reproduced in any 
  

 2 

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 other manner as may be approved by the officers executing the same (such execution to be conclusive evidence of such
approval) and may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (such execution to
be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto, or with any regulation of any stock
exchange on which the Warrants [If Securities and Warrants are to be offered together: , the Offered Securities] or the Warrant Securities may be listed, or to conform to usage. Each Warrant Certificate shall be signed on behalf of the Company by
its Chairman of the Board, President or any Executive or Senior Vice President. The signature of any such officer on any Warrant Certificate may be manual or facsimile. Each Warrant Certificate, when so signed on behalf of the Company, shall be
delivered to the Warrant Agent together with an order for the countersignature and delivery of such Warrants. 
  
 (c) The Warrant Agent shall, upon receipt of any Warrant Certificate duly executed on behalf of the Company, countersign such Warrant Certificate and
deliver such Warrant Certificate to or upon the order of the Company. Each Warrant Certificate shall be dated the date of its countersignature. 
  
 (d) No Warrant Certificate shall be entitled to any benefit under this Agreement or be valid or obligatory for any purpose, and no Warrant evidenced
thereby may be exercised, unless such Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that
such Warrant Certificate has been duly issued under the terms of this Agreement. 
  
 (e) If any officer of the Company who has signed any Warrant Certificate either manually or by facsimile signature shall cease to be such officer before such Warrant Certificate shall have been countersigned and
delivered by the Warrant Agent, such Warrant Certificate nevertheless may be countersigned and delivered as though the person who signed such Warrant Certificate had not ceased to be such officer of the Company; and any Warrant Certificate may be
signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant Certificate, shall be the proper officers of the Company as specified in this Section 1.02, regardless of whether at the date of the execution of
this Agreement any such person was such officer. 
  
 (f) The
Holders shall, except as stated below with respect to Warrants evidenced by a Global Warrant Certificate, be entitled to receive Warrants in physical, certificated form. 
  
 (g) A Global Warrant Certificate may be exchanged for a new Global Warrant Certificate, or one or more new Global Warrant
Certificates may be issued, to reflect the issuance by the Company of additional Warrants. To effect such an exchange, the Company shall deliver to the Warrant Agent one or more new Global Warrant Certificates duly executed on behalf of the Company
as provided in Section 1.02. The Warrant Agent shall authenticate each new Global Warrant Certificate as provided in Section 1.02 and shall deliver each new Global Warrant Certificate to the Depository. 
  

 3 

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 The Warrant Agent shall cancel each Global Warrant Certificate delivered to it by the Depository in exchange therefor, if
any. 
  
 
SECTION 1.03. Transfer of Warrants. [All] [A portion] of the Warrants shall initially be represented by one or more Global Warrant Certificates deposited with [the Depository Trust Company] (the
“Depository”) and registered in the name of [Cede & Co.], a nominee of the Depository. The Depository, or such other entity as is agreed to by the Depository, may hold each Global Warrant Certificate as custodian for Depository. Except
as provided for in Section 1.03(b) hereof, no person acquiring Warrants traded on any securities exchange with book-entry settlement through the Depository shall receive or be entitled to receive physical delivery of definitive Warrant Certificates
evidencing such Warrants. 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 Depository or its nominee for each Global Warrant Certificate,
or (ii) institutions that have accounts with the Depository (such institution, with respect to a Warrant in its account, a “Participant”). 
  
 (b) If the Depository subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent
regarding making other arrangements for book-entry settlement. In the event that the receipts 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 Depository to deliver to the Warrant Agent for cancellation each Global Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver to the Depository definitive Warrant Certificates in physical form evidencing such
Warrants. Such definitive Warrant Certificates shall be in the form annexed hereto as Exhibit A with appropriate insertions, modifications and omissions, as provided above. 
  
 [If Securities and Warrants are to be offered together: (c) [If Warrants are not immediately detachable: Prior to the
Detachment Date,] Warrants may be transferred or exchanged only together with the Offered Security to which such Warrant is attached, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Offered Security.
Furthermore, [If Warrants are not immediately detachable: on or prior to the Detachment Date,] each transfer of an Offered Security on the register relating to such Offered Securities shall operate also to transfer the Warrants to which such Offered
Security was initially attached. [If Warrants are not immediately detachable: From and after the Detachment Date, the above provisions shall be of no further force and effect.] 
  
 (d) A Warrant Certificate may be transferred at the option of the Holder thereof upon surrender of such Warrant Certificate
at the corporate trust office of the Warrant Agent, properly endorsed or accompanied by appropriate instruments of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent; provided, however, that
except as otherwise provided herein or in any Global Warrant Certificate, each Global Warrant Certificate may be transferred only in whole and only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee
of a successor depository. Upon any such registration of transfer, the Company shall execute, and the Warrant Agent shall countersign and 

  

 4 

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 deliver, as provided in Section 1.02, in the name of the designated transferee a new Warrant Certificate or Warrant
Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Warrants. 
  
 (e) [If Warrants are not immediately detachable: After the Detachment Date,] Upon surrender at the corporate office of the Warrant Agent, properly
endorsed or accompanied by appropriate instruments of transfer and written instructions for such exchange, all in form satisfactory to the Company and the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant
Certificates in any other authorized denominations; provided that such new Warrant Certificate(s) evidence the same aggregate number of Warrants as the Warrant Certificate(s) so surrendered. Upon any such surrender for exchange, the Company shall
execute, and the Warrant Agent shall countersign and deliver, as provided in Section 1.02, in the name of the Holder of such Warrant Certificates, the new Warrant Certificates. 
  
 (f) The Warrant Agent shall keep, at its corporate trust office, books in which, subject to such reasonable regulations as
it may prescribe, it shall register Warrant Certificates in accordance with Section 1.02 and transfers, exchanges, exercises and cancellations of outstanding Warrant Certificates. Whenever any Warrant Certificates are surrendered for transfer or
exchange in accordance with this Section 1.03, an authorized officer of the Warrant Agent shall manually countersign and deliver the Warrant Certificates which the Holder making the transfer or exchange is entitled to receive. 
  
 (g) No service charge shall be made for any transfer or exchange of Warrant
Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such transfer or exchange. 
  
 
SECTION 1.04. Lost, Stolen, Mutilated or Destroyed Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence satisfactory to them of the ownership of and the loss, theft, destruction or
mutilation of any Warrant Certificate and of indemnity satisfactory to them and, in the case of mutilation, upon surrender of such Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the
Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen,
destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and for a like number of Warrants. No service charge shall be made for any replacement of Warrant Certificates, but the Company may require the payment of a sum
sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange. To the extent permitted under applicable law, the provisions of this Section 1.04 are exclusive with respect to the
replacement of mutilated, lost, stolen or destroyed Warrant Certificates and shall preclude any and all other rights or remedies. 
  
 
SECTION 1.05. Cancellation of Warrant Certificates. Any Warrant Certificate surrendered to the Warrant Agent for transfer, exchange or exercise of the Warrants evidenced thereby shall be promptly canceled by the
Warrant Agent and shall 

  

 5 

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not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in lieu thereof. The Warrant Agent
shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company. Any Warrant Certificate surrendered to the Company for transfer, exchange or exercise of the Warrants
evidenced thereby shall be promptly delivered to the Warrant Agent and such transfer, exchange or exercise shall not be effective until such Warrant Certificate has been received by the Warrant Agent. 
  
 
SECTION 1.06. Treatment of Holders and Beneficial Owners of Warrant Certificates. (a) The term “Holder”, as used herein, shall mean any person in whose name at the time any Warrant Certificate shall be
registered upon the books to be maintained by the Warrant Agent for that purpose [If Securities and Warrants that are not immediately detachable are offered: or, prior to the Detachment Date, the person in whose name the Offered Security to which
such Warrant Certificate was initially attached is registered upon the register relating to such Offered Securities. At all times prior to the Detachment Date, the Company will, or will cause the registrar of the Offered Securities to, make
available to the Warrant Agent such information as to holders of the Offered Securities as may be necessary to keep the Warrant Agent’s records current]. The Holder of each Global Warrant Certificate shall initially be [Cede & Co.], a
nominee of the Depository. 
  
 (b) The term “Beneficial
Owner” as used herein shall mean any person in whose name ownership of beneficial interests in Warrants evidenced by a Global Warrant Certificate is recorded in the records maintained by the Depository or its nominee, or by a Participant [If
Securities and Warrants that are not immediately detachable are offered:            , or, prior to the Detachment Date, the person in whose name the Offered Security to which such Warrant
Certificate was initially attached is registered upon the register relating to such Offered Securities]. 
  
 (c) Every Holder and every Beneficial Owner consents and agrees with the Company, the Warrant Agent and with every subsequent Holder and Beneficial Owner
that until the Warrant Certificate is transferred on the books of the Warrant Agent, the Company and the Warrant Agent may treat the registered Holder of such Warrant Certificate as the absolute owner of the Warrants evidenced thereby for any
purpose and as the person entitled to exercise the rights attaching to the Warrants evidenced thereby, any notice to the contrary notwithstanding. 
  

 6 

Table of Contents

 ARTICLE II 
  

EXERCISE PRICE, DURATION AND EXERCISE OF WARRANTS 
  
 
SECTION 2.01. Exercise Price. The exercise price of each Warrant shall be $             (the “Exercise Price”) [modify as appropriate to reflect
terms of offered Warrants]. 
  
 
SECTION 2.02. Duration of Warrants. [Subject to the limitations set forth herein,] Each Warrant may be exercised in whole but not in part [Unless Warrants may be exercised on only one date: on any Business Day (as
defined below) occurring during the period (the “Exercise Period”) commencing on [its date of issuance] [                    
    ,         ] and ending at 5:00 P.M., New York time,] on                     
    ,          (the “Expiration Date”). Each Warrant remaining unexercised after 5:00 P.M., New York time, on the Expiration Date shall become void, and all rights of the Holder
under this Agreement shall cease. 
  
 As used herein, the term
“Business Day” means any day which is not a Saturday or Sunday and is not a legal holiday or a day on which banking institutions generally are authorized or obligated by law or regulation to close in New York and Delaware. 
  
 
SECTION 2.03. Exercise of Warrants. 
  
 (a) A Holder may exercise a Warrant by delivering, not later than 5:00 P.M., New York time, on [Unless Warrants may be exercised on only one date: any Business Day during the Exercise Period (the “Exercise Date”)] [If Warrants may
be exercised on only one date: the Expiration Date] to the Warrant Agent at its corporate trust department (i) the Warrant Certificate evidencing the Warrants to be exercised, and, in the case of a Global Warrant Certificate, the Warrants to be
exercised (the “Book-Entry Warrants”) free on the records of the Depository to an account of the Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent to the Depository from time to time, (ii) an
election to purchase the Warrant Securities (“Election to Purchase”), properly completed and executed by the Holder on the reverse of the Warrant Certificate or, in the case of a Global Warrant Certificate, properly executed by the
Participant and substantially in the form included on the reverse of each Warrant Certificate, and (iii) the Exercise Price for each Warrant to be exercised in lawful money of the United States of America by certified or official bank check or by
bank wire transfer in immediately available funds. If any of (a) the Warrant Certificate or the Book-Entry Warrants, (b) the Election to Purchase, or (c) the Exercise Price therefor, is received by the Warrant Agent after 5:00 P.M., New York time,
on [Unless Warrants may be exercised on only one date: the specified Exercise Date, the Warrants will be deemed to be received and exercised on the Business Day next succeeding the Exercise Date. If the date specified as the Exercise Date is not a
Business Day, the Warrants will be deemed to be received and exercised on the next succeeding day which is a Business Day. If the Warrants are received or deemed to be received after] the Expiration Date, the exercise thereof will be null and void
and any funds delivered to the Warrant Agent will be returned to the Holder or Participant, as the case may be, as soon as practicable. In no 

  

 7 

Table of Contents

 
event will interest accrue on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity of any
exercise of Warrants will be determined by the Warrant Agent in its sole discretion and such determination will be final and binding upon the Holder and the Company. Neither the Company nor the Warrant Agent shall have any obligation to inform a
Holder of the invalidity of any exercise of Warrants. The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price in the account of the Company maintained with the Warrant Agent for such purpose and shall advise the
Company by telephone at the end of each day on which funds for the exercise of the Warrants are received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephonic advice to the Company in writing.

  
 (b) The Warrant Agent shall, by 11:00 A.M. on the Business Day
following the [Unless Warrants may be exercised on only one date: Exercise Date of any Warrant] [If Warrants may be exercised on only one date: Expiration Date], advise the Company and the [Trustee under the Indenture applicable to] [the transfer
agent and registrar in respect of] the Warrant Securities issuable upon such exercise as to the number of Warrants exercised in accordance with the terms and conditions of this Agreement, the instructions of each Holder or Participant, as the case
may be, with respect to delivery of the Warrant Securities issuable upon such exercise, and the delivery of definitive Warrant Certificates or one or more Global Warrant Certificates, as appropriate, evidencing the balance, if any, of the Warrants
remaining after such exercise, and such other information as the Company or such [Trustee] [transfer agent and registrar] shall reasonably require. 
  
 (c) The Company shall, by 5:00 P.M., New York time, on the third Business Day next succeeding the [Unless Warrants may be exercised on only one date:
Exercise Date of any Warrant] [If Warrants may be exercised on only one date: Expiration Date], execute, issue and deliver to the Warrant Agent, [pursuant to the Indenture applicable to the Warrant Securities, the Warrant Securities, duly
authenticated by the Trustee of such Indenture and in authorized denominations] [the Warrant Securities] to which such Holder is entitled, in fully registered form, registered in such name or names as may be directed by such Holder or the
Participant, as the case may be. Upon receipt of such Warrant Securities, the Warrant Agent shall, by 5:00 P.M., New York time, on the fifth Business Day next succeeding [Unless Warrants may be exercised on only one date: such Exercise Date] [If
Warrants may be exercised on only one date: the Expiration Date], transmit such Warrant Securities, to or upon the order of the Holder or Participant, as the case may be, together with, or preceded by the prospectus referred to in Section 5.06
hereof. The Company agrees that it will provide such information and documents to the Warrant Agent as may be necessary for the Warrant Agent to fulfill its obligations hereunder. 
  
 (d) The accrual of [interest] [dividends], if any, on the Warrant Securities issued upon the valid exercise of any Warrant
will be governed by the terms of the applicable [Indenture] [amendment to the Company’s certificate of incorporation (“Amendment”)] and such Warrant Securities. From and after the issuance of such Warrant Securities, the former Holder
of the Warrants exercised will be entitled to the benefits of the [Indenture] [Amendment] under which such Warrant Securities are issued and such former Holder’s 

  

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 right to receive payments of [principal of (and premium, if any) and interest, if any, on] [dividends and any other
amounts payable in respect of] the Warrant Securities shall be governed by, and shall be subject to, the terms and provisions of such [Indenture] [Amendment] and the Warrant Securities. 
  
 (e) Warrants may be exercised only in whole numbers of Warrants. [Unless Warrants may be exercised on only one date: If
fewer than all of the Warrants evidenced by a Warrant Certificate are exercised, a new Warrant Certificate for the number of Warrants remaining unexercised shall be executed by the Company and countersigned by the Warrant Agent as provided in
Section 1.02 hereof, and delivered to the Holder at the address specified on the books of the Warrant Agent or as otherwise specified by such Holder.] 
  
 (f) The Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer
involved in the issue of the Warrant Securities; and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Securities until such tax or other charge shall have been paid or it has been
established to the Company’s satisfaction that no such tax or other charge is due. 
  
 [If Warrants for Common Stock are offered: SECTION 2.04. Adjustment Under Certain Circumstances. The Exercise Price and the number of Warrant Securities purchasable upon the exercise of each Warrant shall be
subject to adjustment upon (i) the issuance of a stock dividend to the holders of the outstanding shares of Warrant Securities or a combination, subdivision or reclassification of the Warrant Securities; (ii) the issuance of rights, warrants or
options to all holders of the Warrant Securities entitling the holders thereof to purchase Warrant Securities for an aggregate consideration per share less than the current market price per share of the Warrant Securities; or (iii) any distribution
by the Company to the holders of the Warrant Securities of evidences of indebtedness of the Company or of assets (excluding cash dividends or distributions payable out of consolidated earnings and earned surplus and dividends or distributions
referred to in (i) above); provided that no such adjustment in the number of Warrant Securities purchasable upon exercise of the Warrants will be required until cumulative adjustments require an adjustment of at least 1% of such number. No
fractional shares will be issued upon exercise of Warrants, but the Company will pay the cash value of any fractional shares otherwise issuable. The adjustments to be made under this Section 2.03 shall be determined by the Warrant Agent and such
determination shall be final and binding upon the Holders and the Company.] 
  
 ARTICLE III 
  
 OTHER
PROVISIONS RELATING TO RIGHTS OF HOLDERS 
 AND BENEFICIAL OWNERS OF WARRANTS 
  
 
SECTION 3.01. No Rights as Holders of Warrant Securities Conferred by Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the Holder thereof to any of the rights of a
holder of any Warrant Securities, 
  

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 including, without limitation, [the right to receive the payments of principal of (and premium, if any) and interest, if
any, on Debt Securities or Units consisting of Debt Securities purchasable upon such exercise or to enforce any of the covenants in the Indenture] [the right to receive dividends, if any, or payments upon the liquidation, dissolution or winding up
of the Company or to exercise voting rights, if any]. 
  
 
SECTION 3.02. Holder and Beneficial Owner of Warrant May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any Holder and any Beneficial Owner of any Warrant, without the consent of the
Warrant Agent or the Holder of any Warrant, may, on such Holder’s or Beneficial Owner’s own behalf and for his own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise
in respect of, such Holder’s or Beneficial Owner’s right to exercise the Warrants evidenced by any Warrant Certificate in the manner provided in this Agreement and such Warrant Certificate. 
  
 ARTICLE IV 
  
 CONCERNING THE WARRANT AGENT 
  
 
SECTION 4.01. Warrant Agent. The Company hereby appoints [Name of Warrant Agent] as Warrant Agent of the Company in respect of the Warrants upon the terms and subject to the conditions herein set forth, and [Name
of Warrant Agent] hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred upon it hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant
to or confer upon it. 
  
 
SECTION 4.02. Limitations on 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 shall be subject: 
  
 (a) Compensation and Indemnification. The Company agrees to pay the Warrant Agent compensation to be agreed upon with the Company
for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for all reasonable out-of-pocket expenses (including reasonable counsel fees) incurred by the Warrant Agent in connection with the services rendered by it hereunder.
The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or breach of this Agreement on the part of the Warrant Agent, arising out of or in
connection with its acting as Warrant Agent hereunder. 
  
 (b) Agent for the Company. In acting in the capacity of Warrant Agent under this Agreement, the Warrant Agent is acting solely as agent of the Company and does not assume any obligation or relationship of 
  

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 agency or trust with any of the owners or holders of the Warrants except as expressly set forth herein.

  
 (c) Counsel. The Warrant Agent may
consult with counsel satisfactory to it (which may be counsel to the Company), and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in accordance with the advice of such counsel. 
  
 (d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or thing suffered by it in reliance upon any 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, any Warrant, with the same rights that it or they would have were it not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the
Company and may act on, or as a depositary, trustee or agent for, any committee or body of holders of Warrants [If Securities and Warrants are being offered together: , Offered Securities] or Warrant Securities, or other securities or 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 either Indenture. 
  
 (f) No Liability for Interest. The Warrant Agent shall not be under any liability for interest on any
monies at any time received by it pursuant to any of the provisions of this Agreement. 
  
 (g) No Liability for Invalidity. The Warrant Agent shall not be under any responsibility with respect to the validity or
sufficiency of this Agreement or the execution and delivery hereof (except the due execution and delivery hereof by the Warrant Agent) or with respect to the validity or execution of the Warrant Certificates (except its countersignature thereon).

  
 (h) No Responsibility for Recitals. The
recitals contained herein and in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon) shall be taken as the statements of the Company and the Warrant Agent assumes no responsibility hereby for the correctness of
the same. 
  
 (i) No Implied Obligations.
The Warrant Agent shall be obligated to perform such duties as are specifically set forth herein and no implied duties or obligations shall be read into this Agreement 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, 

  

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the payment of which within a reasonable time is not, in its 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 Warrant Certificate 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 issue and sale, or
exercise, of the Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in any Warrant Certificate or in the case of the receipt of
any written demand from a Holder 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 or otherwise or, except as provided in
Section 5.03 hereof, to make any demand upon the Company. 
  
 
SECTION 4.03. Compliance With Applicable Laws. The Warrant Agent agrees to comply with all applicable federal and state laws imposing obligations on it in respect of the services rendered by it under this Agreement
and in connection with the Warrants, including (but not limited to) the provisions of United States federal income tax laws regarding information reporting and backup withholding. The Warrant Agent expressly assumes all liability for its failure to
comply with any such laws imposing obligations on it, including (but not limited to) any liability for its failure to comply with any applicable provisions of United States federal income tax laws regarding information reporting and backup
withholding. 
  
 
SECTION 4.04. Resignation and Appointment of Successor. 
  
 (a) The Company agrees, for the benefit of the Holders from time to time, that there shall at all times be a Warrant Agent hereunder until all the Warrants issued hereunder have been exercised or have expired in
accordance with their terms, which Warrant Agent shall be a bank or trust company organized under the laws of the United States of America or one of the states thereof, which is authorized under the laws of the jurisdiction of its organization to
exercise corporate trust powers, has a combined capital and surplus of at least $50,000,000 and has an office or an agent’s office in the United States of America. 
  
 (b) The Warrant Agent may at any time resign as such agent by giving written notice to the Company of such intention on its
part, specifying the date on which it desires such resignation to become effective; provided that such date shall not be less than three months after the date on which such notice is given, unless the Company agrees to accept such notice less than
three months prior to such date of effectiveness. The Company may remove the Warrant Agent at any time by giving written notice to the Warrant Agent of such removal, specifying the date on which it desires such removal to become effective. Such
resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company qualified as set forth in Section 4.04(a)) and the acceptance of such
appointment by such successor Warrant Agent. The obligation of the Company 
  

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 under Section 4.02(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of the
Warrant Agent. 
  
 (c) If at any time the Warrant Agent shall
resign, or shall cease to be qualified as set forth in Section 4.04(a), or shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall file a petition seeking relief under any applicable Federal or
State bankruptcy or insolvency law or similar law, or make an assignment for the benefit of its creditors or consent to the appointment of a receiver, conservator or custodian of all or any substantial part of its property, or shall admit in writing
its inability to pay or to meet its debts as they mature, or if a receiver or custodian of it or of all or any substantial part of its property shall be appointed, or if an order of any court shall be entered for relief against it under the
provisions of any applicable Federal or State bankruptcy or similar law, or if any public officer shall have taken charge or control of the Warrant Agent or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation,
a successor Warrant Agent, qualified as set forth in Section 4.04(a), shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as herein provided of a successor Warrant Agent and
acceptance by the latter of such appointment, the Warrant Agent so superseded shall cease to be Warrant Agent under this Agreement. 
  
 (d) Any successor Warrant Agent appointed under this Agreement shall execute, acknowledge and deliver to its predecessor and to the Company an instrument
accepting such appointment, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like
effect as if originally named as Warrant Agent under this Agreement, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant
Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent under this Agreement. 
  
 (e) Any corporation into which the Warrant Agent may be merged or converted or any corporation with which the Warrant Agent
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the
assets and business of the Warrant Agent, in each case provided that it shall be qualified as set forth in Section 4.04(a), shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on
the part of any of the parties to this Agreement, including, without limitation, any successor to the Warrant Agent first named above. 
  

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 ARTICLE V 
  

MISCELLANEOUS 
  
 
SECTION 5.01. Amendments. 
  
 (a) This Agreement and any Warrant Certificate may be amended by the parties hereto by executing a supplemental warrant agreement (a “Supplemental Agreement”), without the consent of the Holder of any Warrant, for the purpose of
(i) curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement that is not inconsistent with the provisions
of this Agreement or the Warrant Certificates, (ii) evidencing the succession of another corporation to the Company and the assumption by any such successor of the covenants of the Company contained in this Warrant Agreement and the Warrants, (iii)
evidencing and providing for the acceptance of appointment by a successor Warrant Agent with respect to the Warrants, (iv) evidencing and providing for the acceptance of appointment by a successor Depository with respect to each Global Warrant
Certificate, (v) issuing definitive Warrant Certificates in accordance with paragraph (b) of Section 1.03, (vi) adding to the covenants of the Company for the benefit of the Holders or surrendering any right or power conferred upon the Company under
this Agreement, or (vii) amending this Agreement and the Warrants in any manner that the Company may deem to be necessary or desirable and that will not adversely affect the interests of the Holders in any material respect. 
  
 (b) The Company and the Warrant Agent may amend this Agreement and the
Warrants by executing a Supplemental Agreement with the consent of the Holders of not fewer than a majority of the unexercised Warrants affected by such amendment, for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights of the Holders under this Agreement; provided, however, that, without the consent of each Holder of Warrants affected thereby, no such amendment may be made that (i)
changes the Warrants so as to reduce the [principal amount] [number] of Warrant Securities purchasable upon exercise of the Warrants or so as to increase the exercise price [If Warrants for Common Stock are offered: (other than as provided by
Section 2.03)], (ii) shortens the period of time during which the Warrants may be exercised, (iii) otherwise adversely affects the exercise rights of the Holders in any material respect, or (iv) reduces the number of unexercised Warrants the consent
of the Holders of which is required for amendment of this Agreement or the Warrants. 
  
 
SECTION 5.02. Merger, Consolidation, Sale, Transfer or Conveyance. The Company may consolidate or merge with or into any other corporation or sell, lease, transfer or convey all or substantially all of its assets
to any other corporation, provided that (i) either (x) the Company is the continuing corporation or (y) the corporation (if other than the Company) that is formed by or results from any such consolidation or merger or that receives such assets is a
corporation organized and existing under the laws of the United States of America or a state thereof and such corporation assumes the obligations of the Company with respect to the performance and observance of all of the 

  

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covenants and conditions of this Agreement to be performed or observed by the Company and (ii) the Company or such successor corporation, as the case may be,
must not immediately be in default under this Agreement. If at any time there shall be any consolidation or merger or any sale, lease, transfer, conveyance or other disposition of all or substantially all of the assets of the Company, then in any
such event the successor or assuming corporation shall succeed to and be substituted for the Company, with the same effect as if it had been named herein and in the Warrant Certificates as the Company; the Company shall thereupon be relieved of any
further obligation hereunder or under the Warrants, and, in the event of any such sale, lease, transfer, conveyance (other than by way of lease) or other disposition, the Company as the predecessor corporation may thereupon or at any time thereafter
be dissolved, wound up or liquidated. Such successor or assuming corporation thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, Warrant Certificates evidencing the Warrants not theretofore
exercised, in exchange and substitution for the Warrant Certificates theretofore issued. Such Warrant Certificates shall in all respects have the same legal rank and benefit under this Agreement as the Warrant Certificates evidencing the Warrants
theretofore issued in accordance with the terms of this Agreement as though such new Warrant Certificates had been issued at the date of the execution hereof. In any case of any such merger or consolidation or sale, lease, transfer, conveyance or
other disposition of all or substantially all of the assets of the Company, such changes in phraseology and form (but not in substance) may be made in the new Warrant Certificates, as may be appropriate. 
  
 
SECTION 5.03. Notices and Demands to the Company and Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the Company by the Holder or a Participant, as the case may be, the Warrant
Agent shall promptly forward such notice or demand to the Company. 
  
 
SECTION 5.04. Addresses. Any communications from the Company to the Warrant Agent with respect to this Agreement shall be addressed to
                        , Attention:
                        , and any communications from the Warrant Agent to the Company with respect to this Agreement shall be
addressed to The PMI Group, Inc., 3003 Oak Road, Walnut Creek, California 94597, Attention: General Counsel (or such other address as shall be specified in writing by the Warrant Agent or by the Company, as the case may be). The Company or the
Warrant Agent shall give notice to the Holders of Warrants by mailing written notice by first class mail, postage prepaid, to such Holders as their names and addresses appear in the books and records of the Warrant Agent [or, prior to the Detachment
Date, on the register of the Offered Securities]. 
  

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SECTION 5.05. GOVERNING LAW. THIS AGREEMENT AND EACH WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK (WITHOUT REFERENCE TO APPLICABLE CONFLICTS OF LAW PROVISIONS). 
  
 
SECTION 5.06. Delivery of Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus relating to the Warrant Securities deliverable upon exercise of Warrants and complying in all
material respects with the Securities Act of 1933, as amended (the “Prospectus”), and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent shall deliver a Prospectus to the Holder of such Warrant, prior to or
concurrently with the delivery of the Warrant Securities issued upon such exercise. 
  
 
SECTION 5.07. Obtaining of Governmental Approvals. The Company shall from time to time take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental
agencies and authorities and securities acts filings under United States Federal and state laws, which the Company may deem necessary or appropriate in connection with the issuance, sale, transfer and delivery of the Warrants, the exercise of the
Warrants, the issuance, sale, transfer and delivery of the Warrant Securities to be issued upon exercise of Warrants or upon the expiration of the period during which the Warrants are exercisable. 
  
 
SECTION 5.08. Payment of Taxes. The Company will pay all stamp and other duties, if any, to which, under the laws of the United States of America, this Agreement or the original issuance of the Warrants may be
subject. 
  
 
SECTION 5.09. Benefits of Warrant Agreement. Nothing in this Agreement or any Warrant Certificate expressed or implied and nothing that may be inferred from any of the provisions hereof or thereof is intended, or
shall be construed, to confer upon, or give to, any person or corporation other than the Company, the Warrant Agent and their respective successors and assigns, the Beneficial Owners and the Holders any right, remedy or claim under or by reason of
this Agreement or any Warrant Certificate or of any covenant, condition, stipulation, promise or agreement hereof or thereof; and all covenants, conditions, stipulations, promises and agreements contained in this Agreement or any Warrant Certificate
shall be for the sole and exclusive benefit of the Company and the Warrant Agent and their respective successors and assigns and of the Beneficial Owners and Holders. 
  
 
SECTION 5.10. Headings. The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the
provisions hereof. 
  
 
SECTION 5.11. Severability. If any provision in this Agreement or in any Warrant Certificate shall be invalid, illegal or unenforceable in any jurisdiction, the 
  

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 validity, legality and enforceability of the remaining provisions, or of such provisions in any other jurisdiction, shall
not in any way be affected or impaired thereby. 
  
 
SECTION 5.12. Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original; but such counterparts shall together constitute but one and the
same instrument. 
  
 
SECTION 5.13. Inspection of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the Warrant Agent and at the office of the Company at 3003 Oak
Road, Walnut Creek, California 94597, for inspection by any Holder. The Warrant Agent may require any such Holder to submit satisfactory proof of ownership for inspection by it. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above
written. 
  
 THE PMI GROUP, INC. 
  
 By:                                      
                                        
            
 Name: 
 Title: 
  
 [WARRANT AGENT] 
  
 By:                                      
                                        
            
 Name: 
 Title: 
  

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 EXHIBIT A 
 [FORM OF WARRANT CERTIFICATE] 
  
 [Form of legend
if Securities with Warrants that are not immediately detachable or Warrants that are not immediately exercisable are offered: [PRIOR TO                 ,] THIS WARRANT
CERTIFICATE [(i) CANNOT BE TRANSFERRED OR EXCHANGED UNLESS ATTACHED TO A [TITLE OF OFFERED SECURITY] AND (ii)] CANNOT BE EXERCISED IN WHOLE OR IN PART.] 
  
 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT 
 AGENT AS PROVIDED HEREIN. 
  
 Warrant Certificate
evidencing 
  
 Warrants to Purchase 
  
 [Title of Warrant Securities] 
  
 as described herein. 
  
 THE PMI GROUP, INC. 
  

	 No.                 
	 	CUSIP No.                

  
 VOID AFTER [5:00 P.M.],
NEW YORK TIME, ON                 ,                      

 
 This certifies that
                 or registered assigns is the registered holder of [Insert number initially issued] warrants to purchase certain securities (the “Warrants”).
Each Warrant entitles the holder thereof, subject to the provisions contained herein and in the Warrant Agreement referred to below, to purchase from The PMI Group, Inc., a Delaware corporation (the “Company”),
[$         principal amount] [        ] of the Company’s [title of Securities purchasable upon exercise of Warrants] [If Warrants for [Depositary Shares] [Units]
are to be offered: [each representing a 1/    th interest in a share of][each consisting of] [title of securities represented by the Depositary Shares] [titles of securities underlying a Unit]] (the “Warrant Securities”
[If Warrants for [Depositary Shares] [Units] are to be offered:, which term shall also refer, as appropriate, to such [title of securities represented by the Depositary Shares] [titles of securities underlying a Unit]), [issued or to be issued under
the Indenture (as hereinafter defined)], at the Exercise Price set forth below. The exercise price of each Warrant (the “Exercise Price”) shall be [modify as appropriate to reflect the terms of the offered Warrants]. 
  
 Subject to the terms of the Warrant Agreement, each Warrant evidenced hereby
may be exercised in whole but not in part at any time, as specified herein, [Unless Warrants may be exercised on only one date: on any Business Day (as defined below) 
  

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 occurring during the period (the “Exercise Period”) commencing on [the date of issuance thereof]
[                         ,         ] and ending at 5:00 P.M., New York time,] on
                         ,          (the “Expiration Date”). Each Warrant
remaining unexercised after 5:00 P.M., New York time, on the Expiration Date shall become void, and all rights of the holder of this Warrant Certificate evidencing such Warrant shall cease. 
  
 The holder of the Warrants represented by this Warrant Certificate may
exercise any Warrant evidenced hereby by delivering, not later than 5:00 P.M., New York time, on [Unless Warrants may be exercised on only one date: any Business Day during the Exercise Period (the “Exercise Date”)] [If Warrants may be
exercised on only one date: the Expiration Date] to [name of Warrant Agent] (the “Warrant Agent”, which term includes any successor warrant agent under the Warrant Agreement described below) at its corporate trust department at
                        , (i) this Warrant Certificate [For Global Warrant Certificate: and the Warrants to be exercised (the
“Book-Entry Warrants”) free on the records of [The Depository Trust Company] (the “Depository”) to an account of the Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent to the Depository],
(ii) an election to purchase (“Election to Purchase”), [For definitive Warrant Certificates: properly executed by the holder hereof on the reverse of this Warrant Certificate] [For Global Warrant Certificates: properly executed by the
institution in whose account the Warrant is recorded on the records of the Depository (the “Participant”), and substantially in the form included on the reverse of hereof] and (iii) the Exercise Price for each Warrant to be exercised in
lawful money of the United States of America by certified or official bank check or by bank wire transfer in immediately available funds. If any of (a) this Warrant Certificate or the Book-Entry Warrants, (b) the Election to Purchase, or (c) the
Exercise Price therefor, is received by the Warrant Agent after 5:00 P.M., New York time, on [Unless Warrants may be exercised on only one date: the specified Exercise Date, the Warrants will be deemed to be received and exercised on the Business
Day next succeeding the Exercise Date. If the date specified as the Exercise Date is not a Business Day, the Warrants will be deemed to be received and exercised on the next succeeding day which is a Business Day. If the Warrants to be exercised are
received or deemed to be received after] the Expiration Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned to the holder as soon as practicable. In no event will interest accrue on funds
deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity of any exercise of Warrants will be determined by the Warrant Agent in its sole discretion and such determination will be final and binding
upon the holder of the Warrants and the Company. Neither the Warrant Agent nor the Company shall have any obligation to inform a holder of Warrants of the invalidity of any exercise of Warrants. As used herein, the term “Business Day”
means any day which is not a Saturday or Sunday and is not a legal holiday or a day on which banking institutions generally are authorized or obligated by law or regulation to close in The City of New York. 
  
 Warrants may be exercised only in whole numbers of Warrants. [Unless Warrants
may be exercised on only one date: If fewer than all of the Warrants evidenced by this 
  

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 Warrant Certificate are exercised, a new Warrant Certificate for the number of Warrants remaining unexercised shall be
executed by the Company and countersigned by the Warrant Agent as provided in Section 1.02 of the Warrant Agreement, and delivered to the holder of this Warrant Certificate at the address specified on the books of the Warrant Agent or as otherwise
specified by such registered holder.] 
  
 This Warrant Certificate
is issued under and in accordance with the Warrant Agreement, dated as of                      ,         
(the “Warrant Agreement”), between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the holder of this Warrant Certificate [For Global
Warrant Certificates: and the beneficial owners of the Warrants represented by this Warrant Certificate] consent[s] by acceptance hereof. Copies of the Warrant Agreement are on file and can be inspected at the above-mentioned office of the Warrant
Agent and at the office of the Company at 3003 Oak Road, Walnut Creek, California 94597. 
  
 [If the Warrant Securities are Debt Securities: The Warrant Securities to be issued and delivered upon the exercise of the Warrants evidenced by this Warrant Certificate will be issued under and in accordance with the
Indenture, dated as of                      ,          (the “Indenture”), between the Company and
[The Bank of New York], as trustee (together with any successor or successors as such trustee, the “Trustee”), and will be subject to the terms and provisions contained in the Warrant Securities and in the Indenture.] The accrual of
[interest] [dividends], if any, on the Warrant Securities issued upon the valid exercise of any Warrant will be governed by the terms of the applicable [Indenture] [amendment to the Company’s certificate of incorporation
(“Amendment”)] and such Warrant Securities. From and after the issuance of such Warrant Securities, the former holder of the Warrants exercised will be entitled to the benefits of the [Indenture] [Amendment] under which such Warrant
Securities are issued and such former holder’s right to receive payments of [principal of (and premium, if any) and interest, if any, on] [dividends and any other amounts payable in respect of] the Warrant Securities shall be governed by, and
shall be subject to, the terms and provisions of such [Indenture] [Amendment] and the Warrant Securities. Copies of the [Indenture, including the form of the Warrant Securities,] [Amendment] are on file at the corporate trust office of the Trustee.]

  
 [If Warrants for Common Stock are offered: The Exercise Price
and the number of Warrant Securities purchasable upon the exercise of each Warrant shall be subject to adjustment upon (i) the issuance of a stock dividend to the holders of the outstanding shares of Warrant Securities or a combination, subdivision
or reclassification of the Warrant Securities; (ii) the issuance of rights, warrants or options to all holders of the Warrant Securities entitling the holders thereof to purchase Warrant Securities for an aggregate consideration per share less than
the current market price per share of the Warrant Securities; or (iii) any distribution by the Company to the holders of the Warrant Securities of evidences of indebtedness of the Company or of assets (excluding cash dividends or distributions
payable out of consolidated earnings and earned surplus and 
  

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 dividends or distributions referred to in (i) above); provided that no such adjustment in the number of Warrant
Securities purchasable upon exercise of the Warrants will be required until cumulative adjustments require an adjustment of at least 1% of such number. No fractional shares will be issued upon exercise of Warrants, but the Company will pay the cash
value of any fractional shares otherwise issuable. The adjustments to be made under this Section 2.03 shall be determined by the Warrant Agent and such determination shall be final and binding upon the holders of the Warrants and the Company.]

  
 [If Securities and Warrants are to be offered together: [If
Warrants are not immediately detachable: Prior to the Detachment Date,] The Warrants represented by this Warrant Certificate may be exchanged or transferred only together with the [title of Offered Security] (the “Offered Security”) to
which the Warrants are attached, and only for the purpose of effecting, or in conjunction with, an exchange or transfer of such Offered Security. Additionally, [If Warrants are not immediately detachable: on or prior to the Detachment Date,] each
transfer of such Offered Security on the register of the Offered Securities shall operate also to transfer the Warrants to which such Offered Securities was initially attached. [If Warrants are not immediately detachable: From and after the
Detachment Date, the above provisions shall be of no further force and effect.] Upon due presentment for registration of transfer or exchange of this Warrant Certificate at the corporate trust office of the Warrant Agent, the Company shall execute,
and the Warrant Agent shall countersign and deliver, as provided in Section 1.02 of the Warrant Agreement, in the name of the designated transferee one or more new Warrant Certificates of any authorized denomination evidencing in the aggregate a
like number of unexercised Warrants, subject to the limitations provided in the Warrant Agreement. 
  
 Neither this Warrant Certificate nor the Warrants evidenced hereby shall entitle the holder hereof or thereof to any of the rights of a holder of the
Warrant Securities, including, without limitation, [the right to receive the payments of principal of (and premium, if any), and interest, if any, on Debt Securities or Units consisting of Debt Securities purchasable upon such exercise or to enforce
any of the covenants in the applicable Indenture] [the right to receive dividends, if any, or payments upon the liquidation, dissolution or winding up of the Company or to exercise voting rights, if any]. 
  
 The Warrant Agreement and this Warrant Certificate may be amended as provided
in the Warrant Agreement including, under certain circumstances described therein, without the consent of the holder of this Warrant Certificate or the Warrants evidenced thereby. 
  
 THIS WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT AGREEMENT AND PROVISIONS HEREOF AND THEREOF SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO APPLICABLE CONFLICTS OF LAW PROVISIONS). 
  

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 This Warrant Certificate shall not be entitled to any benefit under the Warrant Agreement or be valid or
obligatory for any purpose, and no Warrant evidenced hereby may be exercised, unless this Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. 
  
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. Dated as of
                         ,              
  

	THE PMI GROUP, INC.
		
	 By:
	 	 
	 	

	 	 	    Name:
	 	 	    Title:
	 	 	 
	 	 	 
	 [NAME OF WARRANT AGENT],

	 	 	as Warrant Agent
	 	 	 
	 By:
	 	 
	 	

	 	 	    Name:
	 	 	    Title:

  

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 [REVERSE] 
  
 Instructions for Exercise of Warrant 
  
 To exercise the Warrants evidenced hereby, the holder [For Global Warrant Certificate: or Participant] must, by 5:00 P.M., New York time, on the specified
Exercise Date, deliver to the Warrant Agent at its corporate trust department, a certified or official bank check or a wire transfer in immediately available funds, in each case payable to the Warrant Agent at Account No.     ,
in an amount equal to the Exercise Price in full for the Warrants exercised. In addition, the Warrant holder [For Global Warrant Certificates: or Participant] must provide the information required below and deliver this Warrant Certificate to the
Warrant Agent at the address set forth below and the Book-Entry Warrants to the Warrant Agent in its account with the Depository designated for such purpose. This Warrant Certificate and the Election to Purchase must be received by the Warrant Agent
by 5:00 P.M., New York time, on the specified Exercise Date. 
  
 ELECTION TO PURCHASE 
 TO BE EXECUTED IF WARRANT HOLDER DESIRES 
 TO EXERCISE THE WARRANTS EVIDENCED HEREBY 
  
 The undersigned hereby irrevocably elects to exercise, on                 ,          (the
“Exercise Date”),              Warrants, evidenced by this Warrant Certificate, to purchase, [$             principal
amount] [            ] of the [title of Securities purchasable upon exercise of Warrants] [If Warrants for [Depositary Shares] [Units] are to be offered: [each representing a
1/    th interest in a share of] [each consisting of ] [title of securities represented by the Depositary Shares] [titles of securities underlying a Unit]] (the “Warrant Securities”) of The PMI Group, Inc., a Delaware
corporation (the “Company”), and represents that on or before the Exercise Date such holder has tendered payment for such Warrant Securities by certified or official bank check or bank wire transfer in immediately available funds to the
order of the Company c/o [Name and address of Warrant Agent], in the amount of $             in accordance with the terms hereof. The undersigned requests that said [principal amount of]
[number of] Warrant Securities be in fully registered form, in the authorized denominations, registered in such names and delivered, all as specified in accordance with the instructions set forth below. 
  

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 [Unless Warrants may be exercised on only one date: If said [principal amount] [number] of Warrant
Securities is less than all of the Warrant Securities purchasable hereunder, the undersigned requests that a new Warrant Certificate evidencing the remaining balance of the Warrants evidenced hereby be issued and delivered to the holder of the
Warrant Certificate unless otherwise specified in the instructions below.] 
  
 Dated:                         ,          
  
 Name______________________________ 
 _____________________________ 
 (Please Print) 
 /  /  /  /  -  /  /  /  -  /  /  /  /  /

 (Insert Social Security or Other Identifying 
 Number of
Holder) 
  
 Address _______________________________ 
  
 ________________________________________ 
  
 Signature ________________________________ 
  
 This Warrant may only be exercised by presentation to the Warrant Agent at one of the
following locations: 
  
 By hand at 
  
  
  
 By mail at 
  
 The method of delivery of this Warrant Certificate is at the option and risk of the exercising holder and the delivery of this Warrant Certificate will be deemed to be made only when actually received by the Warrant
Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to assure timely delivery. 
  
 (Instructions as to form and delivery of Warrant Securities and/or Warrant Certificates) 
  

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 Name in which Warrant Securities are to be registered if other than in the name of the registered holder of this Warrant
Certificate: 
  
 ___________________________ 
  
 Address to which Warrant Securities are to be mailed if other than to the address of the
registered holder of this Warrant Certificate as shown on the books of the Warrant Agent: 
  
 _______________________________________ 
 (Street Address) 
  
 _______________________________________ 
 (City and State) (Zip Code) 
  

	[Except for Global Warrant Certificate: Name in which Warrant Certificate evidencing unexercised Warrants, if any, are to be registered if other than in the name of the registered
holder of this Warrant Certificate:	  	 	  	 	  	 	  	 	  	 	  	 

  
 _______________________________________ 
  
 Address to which certificate
representing unexercised Warrants, if any, are to be mailed if other than to the address of the registered holder of this Warrant Certificate as shown on the books of the Warrant Agent: 
  
 _______________________________________ 
 (Street Address) 
  
 _______________________________________ 
 (City and State) (Zip Code) 
 Dated: 
  

_______________________________________ 
 Signature 
  

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	([Except for Global Warrant Certificate: Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate.] If Warrant
Securities, or a Warrant Certificate evidencing unexercised Warrants, are to be issued in a name other than that of the registered holder hereof or are to be delivered to an address other than the address of such holder as shown on the books of the
Warrant Agent, the above signature must be guaranteed by a member firm of a registered national stock exchange, a member of the National Association of Securities Dealers, Inc., a participant in the Security Transfer Agents Medallion Program or the
Stock Exchange Medallion Program, or by a commercial bank or trust company having an office or correspondent in the United States.)	  	 	  	 	  	 	  	 	  	 	  	 

  

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	 SIGNATURE GUARANTEE
  
 Name of Firm ______________________________________
  
 Address __________________________________________
  
 Area Code
 and Number _______________________________________
  
 Authorized
 Signature__________________________________________
  
 Name ____________________________________________
  
 Title
_____________________________________________
  
 Dated:
_________________________________, 20___        
	 	 

  
 ASSIGNMENT 

 
 (FORM OF ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER 
 DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY) 
  
 FOR VALUE RECEIVED
                                     hereby sells, assigns and
transfers unto
                                        

  

	 ____________________________________
 (Please
print name and address
 including zip code)
	 	 ____________________________________
 (Please
insert social security or other
 identifying number)

  
 the rights represented by the within
Warrant Certificate and does hereby irrevocably constitute and appoint                          Attorney, to transfer said
Warrant Certificate on the books of the Warrant Agent with full power of substitution in the premises. 
  
 Dated: 
  

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 _______________________________________ 
 Signature 
  
 (Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate and must bear a signature
guarantee by a member firm of a registered national securities exchange, a member of the National Association of Securities Dealers, Inc., a participant in the Security Transfer Agents Medallion Program or the Stock Exchange Medallion Program, or by
a commercial bank or trust company having an office or correspondent in the United States) 
  

	 SIGNATURE GUARANTEE
  
 Name of Firm ______________________________________
  
 Address __________________________________________
  
 Area Code
 and Number _______________________________________
  
 Authorized
 Signature__________________________________________
  
 Name ____________________________________________
  
 Title
_____________________________________________
  
 Dated:
_________________________________, 20___        
	 	 

  

 A-11

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