Document:

Form of Warrant Agreement

 Exhibit 4.4 
 WARRANT AGREEMENT 
 This Warrant Agreement (this “Agreement”) made as of
                    , 2007, by and between Dekania Corp., a Delaware corporation, with offices at 2929 Arch Street, Suite 1703, Philadelphia,
Pennsylvania 19104 (“Company”), and American Stock Transfer & Trust Company, a New York corporation, with offices at 59 Maiden Lane, Plaza Level, New York, New York 10038 (“Warrant Agent”). 
 WHEREAS, the Company is engaged in a public offering (“Public Offering”) of 9,700,000 Units (“Units”) each consisting of one share of
the Company’s common stock, par value of $0.0001 per share (the “Common Stock”) and one warrant (the “Public Warrant”), to public investors. Each Public Warrant evidences the right of the holder thereof to purchase one share
of Common Stock for $8.00, subject to adjustment, as described herein; and 
 WHEREAS, the Company has filed with the Securities and Exchange
Commission (the “SEC”) a Registration Statement, No. 333-134776 on Form S-1 (“Registration Statement”) for the registration under the Securities Act of 1933, as amended (“Act”) of, among other securities, the
Public Warrants and the Common Stock issuable upon exercise of the Public Warrants; and 
 WHEREAS, the Company desires the Warrant Agent to
act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of: (i) the Public Warrants, (ii) the 250,000 warrants issued to Cohen
Bros. Acquisitions, LLC (the “Sponsor”) in connection with an exempt private placement prior to the consummation of the Public Offering (the “Private Warrants”) and (iii) the 1,420,000 warrants issued prior to the closing of
the private placement to several of the Company’s officers and directors and to the Sponsor (the “Incentive Warrants” and together with the Public Warrants and the Private Warrants, the “Warrants” and each a
“Warrant”); and 
 WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they
shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 
 WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein,
the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby
appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

 2. Warrants. 
 2.1 Form of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit 4.3 or Exhibit 4.5 as filed with the Registration Statement thereto, the provisions of which are incorporated
therein, and shall be signed by, or bear the manual or facsimile signature of, the Chief Executive Officer or President and Chief Financial Officer, Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the
Company’s seal. In the event the person whose manual or facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with
the same effect as if he or she had not ceased to serve in such capacity at the date of issuance. 
 2.2 Effect of Countersignature.
Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 
 2.3 Registration. 
 2.3.1 Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue
and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 
 2.3.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or
other writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. 
 2.4 Detachability of Warrants. Subject to compliance with the three conditions set forth in the third sentence of
this Section 2.4, the securities comprising the Units will begin to trade separately 90 days after the effective date of the Registration Statement. It is acknowledged that Merrill Lynch, Pierce, Fenner & Smith Incorporated and Maxim
Group LLC (collectively “Representatives”), as representatives of the underwriters (the “Underwriters”) of the Public Offering, may decide to allow continued trading of the Common Stock and Warrants as Units following such
separation. Separate trading of the Common Stock and Warrants shall not commence until: (i) the Company has filed an audited balance sheet reflecting its receipt of the gross proceeds, before expenses, of the Public Offering, (ii) the
Company has filed a Current Report on Form 8-K and issued a press release announcing when such separate trading will begin, and (iii) the business day following the earlier to occur of the expiration of the Underwriters’ overallotment
option or its exercise in full. Notwithstanding the provision of the first sentence of this Section 2.4, the Representatives may consent to the earlier separation of the Common Stock and Warrants comprising the Units; provided however, that
separate trading of the Common Stock and the Warrants shall not commence until the conditions stated in the immediately preceding sentence are satisfied. 
  

 2 

 3. Terms and Exercise of Warrants. 
 3.1 Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from
the Company the number of shares of Common Stock stated therein, at the price of $8.00 per whole share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Warrant Agreement refers to the price per share at which Common Stock may be purchased pursuant to the Warrant at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time
prior to the expiration date of the Warrant, provided that the Company establishes a minimum period of not less than ten business days within which such price reduction will be in effect. 
 3.2 Duration of Warrants. 
 3.2.1
Duration of Public and Private Warrants. A Public Warrant and Private Warrant may be exercised only during the period (the “Public and Private Warrant Exercise Period”) commencing on the later of (i) the consummation by the
Company of a “Business Combination” (as defined in the Registration Statement) or (ii)                  , 2008 and terminating at 5:00 p.m.,
New York City time on the earlier to occur of (a)                  , 2011 or (b) the date the Public and Private Warrants, as applicable, are
redeemed as provided in Section 6 of this Agreement (the “Public and Private Warrant Expiration Date”). Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Public and
Private Warrant not exercised on or before the Public and Private Warrant Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Public and
Private Warrant Expiration Date. The Public Warrants will not be exercisable at any time unless: (a) a current registration statement under the Act relating to the Common Stock issuable upon the exercise of the Public Warrants is effective,
(b) a current prospectus with respect to such Common Stock is available and (c) such Common Stock has been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the Public
Warrants. The Private Warrants will not be exercisable at any time unless: (a) a current registration statement under the Act relating to the Common Stock issuable upon exercise of the Public Warrants and the Common Stock issuable upon exercise of
the Private Warrants is effective, (b) a current prospectus relating to Common Stock issuable upon exercise of the Public and Private Warrants is available and (c) and such Common Stock has been registered or qualified or deemed to be
exempt under the securities laws of the state of residence of the holder of such Private Warrants. The Company in its sole discretion may extend the duration of the Public and Private Warrants by delaying the Public and Private Warrant Expiration
Date; provided, however, that the Company will provide notice to registered holders of the Public and Private Warrants of such extension of not less than 20 days and further provided that any such extension shall be identical in duration among all
the Public and Private Warrants. Notwithstanding the foregoing, a Public or Private Warrant can expire unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the
Public Warrants and the Private Warrants. 
  

 3 

 3.2.2 Duration of Incentive Warrants. Seven hundred ten thousand (710,000) of the 1,420,000
Incentive Warrants may be exercised during the period (the “Incentive Warrant Exercise Period 1”) commencing three months after the completion of a Business Combination if, and only if, the closing price of the Common Stock equals or
exceeds $11.00 per share for at least 20 trading days within any 30 consecutive trading day period preceding the date of exercise and terminating at 5:00 p.m., New York City time on
                    , 2011 (the “Incentive Warrant Expiration Date.”) The remaining 710,000 Incentive Warrants may be exercised
during the period (the “Incentive Warrant Exercise Period 2”) commencing three months after the completion of a Business Combination if, and only if, the closing price of the Common Stock equals or exceeds $12.00 per share for at least 20
trading days within any 30 consecutive trading day period preceding the date of exercise and terminating on the Incentive Warrant Expiration Date. The Incentive Warrants will not be exercisable at any time unless a prospectus relating to Common
Stock issuable upon exercise of the Public Warrants and the Incentive Warrants is current and such Common Stock has been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of Incentive
Warrants. The Incentive Warrants will not be exercisable at any time when a current registration statement relating to Common Stock issuable upon the exercise of the Public Warrants and the Incentive Warrants is not effective and a current
prospectus relating to such Common Stock is not available for use by the Public Warrant holders and the Incentive Warrant holders. Each Incentive Warrant not exercised on or before the Incentive Warrant Expiration Date shall become void, and all
rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Incentive Warrant Expiration Date. The Company in its sole discretion may extend the duration of the Incentive Warrants by
delaying the Incentive Warrant Expiration Date, provided, however, that the Company will provide notice to registered holders of the Public and Private Warrants of such extension of not less than 20 days. Notwithstanding the foregoing, a Warrant can
expire unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Public Warrants and the Incentive Warrants. 
 3.3 Exercise of Warrants. 
 3.3.1
Payment. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at
the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and (i) by paying in full, in lawful money of the United States, in
cash, good certified check or good bank draft payable to the order of the Company, the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable transfer taxes due in connection with the
exercise of the Warrant and the issuance of the Common Stock, or (ii) with respect to Incentive Warrants only, by exercising the Incentive Warrant on a cashless basis at the option of the holder by surrendering his or her Incentive Warrant for
that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of (a) the number of shares of Common Stock underlying the Incentive Warrant as to which exercise under this clause (ii) is sought, and
(b) the “Fair Market Value” (defined below) minus the Warrant Price, by (y) the Fair Market Value. The “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the 10 trading days
ending on the third business day prior to the date on which the Incentive Warrant is exercised. 
  

 4 

 3.3.2 Issuance of Certificates. As soon as practicable after the exercise of any Warrant and the
clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she or it is entitled, registered in
such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the
foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless (i) a registration statement under the Act with respect to the Common Stock issuable upon such exercise is effective, or
(ii) in the opinion of counsel to the Company, the exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable securities laws of the
states or other jurisdictions in which the registered holders reside. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would be unlawful. In no event will the registered
holder of any Public Warrant, Private Warrant or Incentive Warrant be entitled to receive a net-cash settlement, stock or other consideration in lieu of physical settlement in shares of Common Stock, regardless of whether the Common Stock underlying
any such Warrant is registered pursuant to an effective registration statement. It is acknowledged and agreed that if the conditions set forth in Section 3.2 and clause (i) of this Section 3.3.2 relating to the effectiveness of
certain registration statements and the availability of prospectuses are not met, the Warrants may expire worthless. 
 3.3.3 Valid
Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable. 
 3.3.4 Date of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to
have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and
payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

 4. Adjustments. 
 4.1 Stock
Dividends and Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of
shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such
increase in outstanding shares of Common Stock. 
  

 5 

 4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of
Section 4.6, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such
consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 4.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is
adjusted, as provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the
number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 4.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares
of Common Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon
the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or
other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant
holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made pursuant to
Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 
 4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable on exercise of a Warrant, the
Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a
Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give
written notice to the Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or
validity of such event. 
  

 6 

 4.6 No Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the
contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a
fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be issued to the Warrant holder. There shall be no cash or other payment for the issuance of one
share of Common Stock in connection with such rounding up. 
 4.7 Form of Warrant. The form of Warrant need not be changed because of
any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company
may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
 5. Transfer and Exchange of Warrants. 
 5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of
Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. 
 5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in
the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 
 5.3 Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate for a fraction of a warrant. 
 5.4 Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 
 5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of
this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for
such purpose. 
  

 7 

 6. Redemption. 
 6.1 Redemption. At any time after the Public Warrants and Private Warrants become exercisable and prior to their expiration, the Company may redeem, all and not part of: (i) the Public Warrants and
(ii) the Private Warrants at the office of the Warrant Agent, upon giving the notice referred to in Section 6.3, at the price of $0.01 per Warrant (“Redemption Price”), provided that the closing price of the Common Stock has been
equal to or greater than $14.25 per share, for any twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is given. Notwithstanding the foregoing,
in order for the Company to exercise its redemption rights pursuant to this Section 6: (a) with respect to the Public Warrants, a current Registration Statement with respect to the shares of Common Stock underlying the Public Warrants must
be effective and a current prospectus with respect to such Common Stock must be available and (b) with respect to the Private Warrants, a current registration statement with respect to the Common Stock underlying the Public Warrants and the
Private Warrants must be effective and a current prospectus must be available for use by the holders of the Public Warrants and the Private Warrants; in each case, at all times from and including the date of the notice of redemption to and including
the date of redemption. The provisions of this Section 6.1 may not be modified, amended or deleted without the prior written consent of the Representatives. There are no redemption rights with respect to the Incentive Warrants. 
 6.2 Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem the Public and Private Warrants, the Company shall
fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the registered holders of the Public and Private Warrants to be
redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.

 6.3 Exercise After Notice of Redemption. The Public and Private Warrants may be exercised in accordance with Section 3 of this
Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the time and date fixed for redemption. On and after the redemption date, the record holder of the Public and
Private Warrants shall have no further rights except to receive, upon surrender of the Public and Private Warrants, the Redemption Price. 
 7. Other
Provisions Relating to Rights of Holders of Warrants. 
 7.1 No Rights as Stockholder. Except to the extent provided for in
Section 4 of this Agreement, a Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any
preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter. 
  

 8 

 7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or
destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like
denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed
Warrant shall be at any time enforceable by anyone. 
 7.3 Reservation of Common Stock. The Company shall at all times reserve and
keep available a number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement. 
 7.4 Registration of Common Stock Underlying Public Warrants. The Company agrees that prior to the commencement of the Public and Private Warrant
Exercise Period, it shall file with the SEC a post-effective amendment to the Registration Statement, or a new registration statement, for the registration, under the Act, of, and it shall take such action as is necessary to qualify for sale, in
those states in which the Public Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Public Warrants. In either case, the Company will use its best efforts to cause the same to become effective on or prior
to the commencement of the Public and Private Warrant Exercise Period and to maintain the effectiveness of such registration statement until the expiration of the Public Warrants in accordance with the provisions of this Warrant Agreement. In
addition, the Company agrees to use its reasonable efforts to register such securities under the blue sky laws of the states of residence of the exercising Public Warrant holders to the extent an exemption is not available. The provisions of this
Section 7.4 may not be modified, amended or deleted without the prior written consent of the Representatives. Notwithstanding the foregoing, a Warrant can expire unexercised regardless of whether a registration statement is current under the
Act with respect to the Common Stock issuable upon exercise of the Warrants. In no event will the registered holder of a Warrant be entitled to receive a net-cash settlement, nor will the registered holder of any Warrant be entitled to receive cash,
shares of common stock or other consideration as of result of the Company’s non-compliance with this Section 7.4. 
 8. Concerning the Warrant
Agent and Other Matters. 
 8.1 Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be
imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 8.2 Resignation, Consolidation, or Merger of Warrant Agent. 
 8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the 

  

 9 

 
Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period
of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant
may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation existing or
qualified to do business under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject
to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect
as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all
instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
 8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment. 
 8.2.3
Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a
party shall be the successor Warrant Agent under this Warrant Agreement without any further act. 
 8.3 Fees and Expenses of Warrant
Agent. 
 8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant
Agent hereunder, and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 
 8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Warrant Agreement. 
 8.4 Liability of Warrant Agent. 
 8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable that 

  

 10 

 
any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in
respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, President or Chief Financial Officer of the Company and delivered to the Warrant Agent.
The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Warrant Agreement. 
 8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and
all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant Agreement except as a result of the Warrant Agent’s negligence, willful misconduct, or
bad faith. 
 8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement
or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor
shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any
shares of Common Stock will when issued be valid and fully paid and nonassessable. 
 8.5 Acceptance of Agency. The Warrant Agent
hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised and
concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of the Company’s Common Stock through the exercise of Warrants. 
 8.6 Waiver. The Warrant Agent hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution
of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Fund for any reason whatsoever. 
 9. Miscellaneous Provisions. 
 9.1 Successors. All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and
inure to the benefit of their respective successors and assigns. 
 9.2 Notices. Any notice or other communication required or which
may be given hereunder shall be in writing and either be delivered personally or by private national courier 

  

 11 

 
service, or be mailed, certified or registered mail, return receipt requested, postage prepaid or via facsimile, and shall be deemed given when so delivered
personally or, if sent by private national courier service, on the next business day after delivery to the courier, or, if mailed, two business days after the date of mailing, or if sent via facsimile, the next business day after transmission of the
facsimile, as follows: 
 Dekania Corp. 
 2929 Arch Street, Suite 1703 
 Philadelphia, Pennsylvania 19104 
 Attn: Thomas H. Friedberg, 
 President and
CEO 
 Fax:(215) 701-9555 
 Any notice,
statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by
certified mail or private courier service five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 
 American Stock Transfer & Trust Company 
 59 Maiden Lane, Plaza Level 
 New York, New York 10038 
 Attn: Compliance Department 
 with a copy in each case to:

 Ellenoff Grossman & Schole LLP 
 370 Lexington Avenue, 19th Floor 
 New York, New York 10017 
 Attn: Douglas S. Ellenoff, Esq. 
 Fax:
(212) 370-7889 
 and 
 Sidley Austin
LLP 
 787 Seventh Avenue 
 New York, New York 10019 
 Attn: Jack I. Kantrowitz, Esq. 
 Fax: (212) 839-5599 
 and 
 Ledgewood, P.C. 
 1900 Market Street, Suite
750 
 Philadelphia, Pennsylvania 19103 
 Attn: J. Baur Whittlesey, Esq. 
 Fax: (215) 735-2513 
 and 
  

 12 

 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 4 World Financial Center, 25th Floor 
 New
York, NY 10080 
 Attn: Kerry Cannella 
 Fax: (212) 449-3151 
 and 
 Maxim Group LLC 
 405 Lexington Avenue 
 New York, New York 10174 
 Attn: Clifford A. Teller, Director of Investment Banking 
 Fax: (212) 895-3783 
 9.3 Applicable
Law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that
any action, proceeding or claim against it arising out of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be
served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 
 9.4 Persons Having Rights under
this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the
parties hereto and the registered holders of the Warrants and, for the purposes of Sections 2.4, 6.1, 7.4, 9.2 and 9.8 hereof, the Representatives, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant,
condition, stipulation, promise, or agreement hereof. The Representatives shall be deemed to be a third-party beneficiary of this Warrant Agreement with respect to Sections 2.4, 6.1, 7.4, 9.2 and 9.8 hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and the Representatives with respect to the Sections 2.4, 6.1, 7.4, 9.2 and 9.8 hereof) and their successors and assigns
and of the registered holders of the Warrants. 
 9.5 Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be
available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant
for inspection by it. 
 9.6 Counterparts. This Warrant Agreement may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
  

 13 

 9.7 Effect of Headings. The Section headings herein are for convenience only and are not part of
this Warrant Agreement and shall not affect the interpretation thereof. 
 9.8 Amendments. This Warrant Agreement may be amended by
the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to
matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including
any amendment to increase the Warrant Price or shorten the Public and Private Warrant Exercise Period, shall require the written consent of each of the Representatives and the registered holders of a majority of the then outstanding Warrants.
Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Public and Private Warrant Exercise Period in accordance with Sections 3.1 and 3.2, respectively, without such consent. 
 9.9 Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 
 [remainder of document continued on next page] 
  

 14 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and
year first above written. 
  

									
	Attest:	 	  
	 		 	DEKANIA CORP.
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	Thomas H. Friedberg
		 		 		 	Title:	 	President and CEO
				
	Attest:	 	  
	 		 	AMERICAN STOCK TRANSFER & TRUST COMPANY
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:Form of Incentive Warrant

 Exhibit 4.5 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD, OFFERED FOR SALE, ASSIGNED, TRANSFERRED,
HYOTHECATED OR OTHERWISE DISPOSED OF, UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT OR AN OPINION OF COUNSEL IS OBTAINED STATING THAT SUCH DISPOSITION IS IN COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION.

  

			
	 No.: IW-        
	  	Base Date:                     , 2007

 DEKANIA CORP. 
 Incorporated under the laws of the Delaware 
 INCENTIVE WARRANT 
 for the Purchase of Shares of Common Stock 
 Expiration Date:                     , 2012 
 FOR VALUE RECEIVED, Dekania Corp., a Delaware corporation (the “Company”), hereby certifies that
                    , or his, her or its permitted assigns (each a “Holder”) is entitled, subject to the provisions of this
Warrant, to purchase from the Company,
                    (                  
  ) fully-paid and non-assessable shares (as adjusted from time to time pursuant to the terms hereof, the “Warrant Shares”) of common stock, par value $.0001 per share, of the Company (the “Common
Stock”), which Warrant Shares shall vest in accordance with the terms hereof, at an exercise price of $8.00 per share (the “Exercise Price”). 
 Regardless of whether this Warrant is then exercisable pursuant to the terms of the Section 2.1 hereof, this Warrant will expire, terminate and be of no further force and effect as of 5:00 p.m., New York City
time, on                     , 2012. 
 This warrant certificate (this “Warrant”) is being issued as part of a series of an aggregate of 1,420,000 incentive warrants to purchase shares of Common Stock issued to Cohen Bros. Acquisitions, LLC and several of the
Company’s officers and directors. The Holder agrees with the Company that this Warrant is issued, and all the rights hereunder shall be held subject to, all of the conditions, limitations and provisions set forth herein. 
 1. Certain Definitions. As used in this Warrant, the following capitalized terms used herein have the following meanings. Other
capitalized terms are defined elsewhere herein. 
 “Base Date” means the date first written above, the date of issuance of
this Warrant. 
 “Business Combination” means a merger, capital stock exchange, asset acquisition, stock purchase or other
similar transaction by the Company with one or more businesses in the insurance industry that are incorporated in the United States, Canada, Bermuda or the Cayman Islands and that have substantially all of their business, and all of their insurance
risk, in the United States. A Business Combination does not include an acquisition by the Company of a minority interest in a business, but may include a merger in which the Company’s public stockholders, as a result of the business
combination, hold a minority interest in the surviving entity. 
  

 “Commission” means the Securities and Exchange Commission, or any other federal agency
then administering the Securities Act or the Exchange Act. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time. 
 “Other Securities” means any other equity or debt securities that may be issued by the Company in addition thereto or in substitution for the Warrant Shares. 
 “Prospectus” means, with respect to any Registration Statement, the form of prospectus included in such Registration Statement.

 “Register,” “registered” and “registration” means a registration effected by preparing
and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, (other than a registration statement on Form S-8 or their successors
or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another entity) and such registration statement becoming effective. 
 “Registrable Securities” means the Warrant Shares and any warrants, shares of capital stock or other securities of the Company issued as
a dividend or other distribution with respect to or in exchange for or in replacement of such Warrant Shares. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such
securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of them shall not require registration under
the Securities Act; (c) such securities shall have ceased to be outstanding, or (d) the Registrable Securities are saleable under Rule 144(k). 
 “Registration Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities Act and the rules and regulations promulgated thereunder for a public
offering and sale of Common Stock (other than a registration statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another
entity). 
 “Release Date” means the date which is three (3) months after the closing of the Company’s initial
Business Combination. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder, all as the same shall be in effect at the time. 
 “Underwriter” means a securities
dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of such dealer’s market-making activities. 
 2. Exercise of Warrant. 
 2.1. Timing of Exercise. Fifty percent (50%) of the
Warrant Shares will be exercisable at the Exercise Price beginning on the Release Date if, and only if, the closing price of the Common Stock equals or exceeds $11.00 per share for at least 20 out of any 30 consecutive trading days preceding the
date of exercise. The remaining fifty percent (50%) of the Warrant Shares will be exercisable at the Exercise Price beginning on the Release Date if, and only if, the closing price of the Common Stock 
  

 2 

 equals or exceeds $12.00 per share for at least 20 out of any 30 consecutive trading days preceding the date of exercise.
Notwithstanding anything herein to the contrary, this Warrant will not be exercisable at any time when a registration statement is not effective and a prospectus is not available for use by the holders of the Company’s publicly-traded warrants
and the incentive warrants and at any time when the Warrant Shares are not registered or deemed exempt under the securities laws of the state of residence of the Holder. 
 2.2. Standard Exercise. From and after the Release Date (subject to the provisions of Section 2.1), this Warrant may be exercised by presentation and surrender of this Warrant to the Company at its
principal office, or at the office of its stock transfer agent, if any, with the Warrant Exercise Form attached as Exhibit A hereto duly executed and, if such exercise is a cash exercise, accompanied by payment (either in cash or by certified
or official bank check, payable to the order of the Company) of the Exercise Price for the number of shares specified in such form and instruments of transfer, if appropriate, duly executed by the Holder or his or her duly authorized attorney. If
this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new Warrant evidencing the rights of the Holder thereof to purchase the balance of the shares purchasable
hereunder. Upon receipt by the Company of this Warrant, together with the Exercise Price for the number of shares specified in the Warrant Exercise Form, at its office, or by the stock transfer agent of the Company at its office, in proper form for
exercise, the Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such
shares of Common Stock shall not then be actually delivered to the Holder. The Company shall pay any and all documentary stamp or similar issue or transfer taxes payable in respect of the issue or delivery of shares of Common Stock on exercise of
this Warrant. 
 2.3. Cashless Exercise. In lieu of exercising this Warrant in the manner set forth in Section 2.2 hereof, the
Holder may elect to exercise this Warrant or a portion hereof and to pay for the shares of Common Stock issuable upon such exercise by way of cashless exercise by surrendering this Warrant at the principal executive office of the Company, together
with the Notice of Exercise attached as Exhibit A duly executed, in which event the Company shall issue to the Holder that number of shares of Common Stock of the Company computed using the following formula: 
 X = Y (A - B) 
         A 
  

					
	Where	  	X =	  	the number of shares of Common Stock to be issued to the Holder.
		  	Y =	  	the number of shares of Common Stock purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being cancelled (at the date of such
calculation).
		  	A =	  	the average reported last sale price of the Common Stock for the 10 trading days ending on the third business day prior to the date on which this Warrant is exercised.
		  	B =	  	the Exercise Price (as adjusted to the date of such calculation).

 If the above calculation results in a negative number, then no shares of Common Stock of the
Company shall be issued or issuable upon conversion of this Warrant. 
 2.4. No Rights as Stockholder. The Holder shall not, by virtue
hereof, be entitled to any voting or other rights of a stockholder of the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant. 
  

 3 

 3. Reservation of Shares; Fractional Shares. The Company will at all times reserve for
issuance and delivery upon exercise of this Warrant all shares of Common Stock or other shares of capital stock of the Company (and Other Securities) sufficient to permit the exercise of this Warrant. All such shares (and Other Securities) shall be
duly authorized and, when issued upon such exercise, shall be validly issued, fully paid and non-assessable. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, any such fractional share or
scrip representing such fractional shares shall be rounded up to the next whole share, with no consideration to be paid by the Holder for such share. 
 4. Exchange, Transfer, Assignment or Loss of Warrant. 
 4.1 Exchange,
Transfer and Assignment. This Warrant is exchangeable, without expense, at the option of the Holder, upon presentation and surrender hereof to the Company or at the office of its stock transfer agent, if any, for other Warrants of different
denominations, entitling the Holder or Holders thereof to purchase in the aggregate the same number of shares of Common Stock purchasable hereunder to the extent not previously exercised. The Holder of this Warrant, by the Holder’s acceptance
hereof, agrees that the Holder will not sell, transfer, assign, pledge or hypothecate this Warrant, or any portion thereof or any rights thereto, except that: (i) if the Holder is an entity, such Holder may transfer this Warrant to such
Holder’s affiliates, as defined under the Securities Act of 1933, as amended, and the rules thereunder, (ii) if the Holder is an individual, such Holder may transfer this Warrant to such Holder’s children and/or spouse and to
charitable trusts controlled by such Holder, in each case solely for estate or tax planning purposes and (iii) nothing contained in this Section 4 shall be deemed to affect transfers of this Warrant by the Holder by the operation of law.
Transfers of this Warrant shall not be effective unless the transferee agrees in writing to abide to the conditions contained in this Warrant and delivers such agreement to the Company. 
 4.2 Loss. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and
(in the case of loss, theft or destruction) of reasonably satisfactory indemnification, and upon surrender and cancellation of this Warrant, if mutilated, the Company shall execute and deliver a new Warrant of like tenor and date. Any such new
Warrant executed and delivered shall constitute a contractual obligation on the part of the Company. 
 4.3 Warrant Agreement. The
terms of Section 5 of that certain Warrant Agreement, (the “Warrant Agreement”) signed and executed by and between the Company and American Stock Transfer & Trust Company, (the “Warrant Agent”) dated
                 , 2007, shall supplement the terms and conditions set forth in this Section 4, except for any terms and conditions contained in the
Warrant Agreement which are inconsistent with the terms and conditions contained in this Warrant. Pursuant to the Warrant Agreement, the Warrant Agent shall act as the warrant agent for this Warrant and perform its duties and obligations as agreed
upon therein as applicable to this Warrant. 
 5. Registration Rights. 
 5.1 Demand Registration. 
 5.1.1.
Request for Registration. At any time and from time to time after the Release Date, the holders of a majority-in-interest of the Registrable Securities may make a written demand for registration under the Securities Act of all or part of
their Registrable Securities (a “Demand Registration”). Any demand for a Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The
Company will notify all holders of Registrable Securities of the demand, and each holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities in the Demand 

  

 4 

 
Registration (each such holder that decides to include shares of Registrable Securities in such registration, a “Demanding Holder”) shall so
notify the Company within fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration,
subject to the provisions hereof. The Company shall not be obligated to effect more than an aggregate of one (1) Demand Registration under this Section 5.1.1 in respect of Registrable Securities. 
 5.1.2. Effective Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the Commission
with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under this Warrant with respect thereto; provided, however, that if, after such Registration Statement has been
declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to
such Demand Registration will be deemed not to have been declared effective, unless and until: (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders
thereafter elect to continue the offering; and, provided further, that the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration or is
terminated. 
 5.1.3 Underwritten Offering. If a majority-in-interest of the holders of Registrable Securities so elect and such
holders so advise the Company as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In such event, the right of
any holder to include its Registrable Securities in such registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting to the extent
provided herein. All Demanding Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by a
majority-in-interest of the holders of Registrable Securities. 
 5.2 Piggy-Back Registration. 
 5.2.1. Piggy-Back Rights. If at any time after the Release Date, the Company proposes to file a Registration Statement under the Securities Act
with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for the account of stockholders of the Company (or by
the Company and by stockholders of the Company pursuant to Section 5.1), other than a Registration Statement: (i) on Form S-8 or S-4, (ii) for an offering of securities solely to the Company’s existing stockholders,
(iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall: (x) give written notice of such proposed filing to the holders of Registrable
Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale of such number of Registrable Securities as
such holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable Securities to be included in such registration and shall use its
commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any
similar securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their

  

 5 

 
securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with
the Underwriter or Underwriters selected for such Piggy-Back Registration. 
 5.2.2. Reduction of Offering. If the managing
Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock which the Company
desires to sell, taken together with shares of Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable
Securities as to which registration has been requested under this Section 5.2, and the shares of Common Stock, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other
stockholders of the Company, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success
of such offering (such dollar amount or number of shares, the “Maximum Number of Shares”), then the Company shall include in any such registration: 
 (i) If the registration is undertaken for the Company’s account: (A) first, the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock, if any, including the Registrable Securities, as to which registration has been
requested pursuant to written contractual piggy-back registration rights of security holders (pro rata in accordance with the number of shares of Common Stock which each such person has actually requested to be included in such registration,
regardless of the number of shares of Common Stock with respect to which such persons have the right to request such inclusion) that can be sold without exceeding the Maximum Number of Shares; and 
 (ii) If the registration is a “demand” registration undertaken at the demand of persons other than the holders of Registrable Securities
pursuant to written contractual arrangements with such persons: (A) first, the shares of Common Stock for the account of the demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; and (C) third, to
the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the Registrable Securities as to which registration has been requested under this Section 5.2 (pro rata in accordance with
the number of shares of Registrable Securities held by each such holder); and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock, if
any, as to which registration has been requested pursuant to written contractual piggy-back registration rights which other stockholders desire to sell that can be sold without exceeding the Maximum Number of Shares. 
 5.2.3. Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company may also elect to withdraw a registration statement at any time prior to the
effectiveness of the Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all registration expenses to the extent provided for in Section 5.5. 
  

 6 

 5.3 Registration Procedures. 
 5.3.1 Filings; Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to this
Section 5, the Company shall use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof as expeditiously as practicable, and in
connection with any such request. 
 5.3.2 Filing Registration Statement. The Company shall, as expeditiously as possible and in any
event within sixty (60) days after receipt of a request for a Demand Registration, prepare and file with the Commission a Registration Statement on any form for which the Company then qualifies or which counsel for the Company shall deem
appropriate and which form shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its best efforts to cause such Registration
Statement to become and remain effective for the period required hereunder; provided, however, that the Company shall have the right to defer any Demand Registration for up to one hundred twenty (120) days, and any Piggy-Back
Registration for such period as may be applicable to deferment of any demand registration to which such Piggy-Back Registration relates, and in the event of a Piggy Back Registration, the Company has the right to terminate the registration at its
choosing, in each case if the Company shall furnish to the holders a certificate signed by the Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would not be in the best
interests of the Company and its stockholders for such Registration Statement to be effected at such time; provided further, however, that the Company shall not have the right to exercise the right set forth in the immediately preceding
proviso more than once in any 365-day period in respect of a Demand Registration hereunder; and provided further that the holders shall provide at least fifteen (15) business days’ notice of the date on which they wish the Company to
prepare and file a Registration Statement with the Commission. 
 5.3.3 Copies. Prior to filing a Registration Statement or
Prospectus, or any amendment or supplement thereto, the Company should furnish without charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of such Registration Statement as
proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus (including each preliminary prospectus), and such other
documents as the holders of Registrable Securities included in such registration or legal counsel for any such holders may request in order to facilitate the disposition of the Registrable Securities owned by such holders. 
 5.3.4 Amendments and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities
and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement (which period shall not exceed the sum of one hundred eighty
(180) days plus any period during which any such disposition is interfered with by any stop order or injunction of the Commission or any governmental agency or court) or such securities have been withdrawn. 
 5.3.5 Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than five (5) business
days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify such holders promptly and confirm such advice in writing in all events within five
(5) business days of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or
threatened issuance by the Commission of any stop order (and the Company shall take all actions required 

  

 7 

 
to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement to such
Registration Statement or any Prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of
the securities covered by such Registration Statement, such Prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not
misleading, and promptly make available to the holders of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration Statement or Prospectus or any
amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such holders, copies of all
such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement or
Prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders or their legal counsel shall reasonably object. 
 5.3.6 State Securities Laws Compliance. The Company shall use its commercially reasonable efforts to: (i) register or qualify the Registrable Securities covered by the Registration Statement under the
securities or “blue sky” laws of such jurisdictions in the United States in which such registration or qualification is required and which the holders of Registrable Securities included in such Registration Statement (in light of their
intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or qualified under the laws of such other Governmental Authorities
as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable Securities included in such Registration Statement to
consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not for this purpose be required to qualify generally to do business in any jurisdiction where it would not otherwise
be required to qualify but for this paragraph 5.3.6 or subject itself to taxation in any such jurisdiction. 
 5.3.7 Agreements for
Disposition. The Company shall enter into such customary agreements (including, if applicable, an underwriting agreement in customary form) and as may be required by applicable law, take such other actions as are reasonably required in order to
expedite or facilitate the disposition of such Registrable Securities; provided, however, that the holders of the Registrable Securities may not require the Company to accept the terms, conditions or provisions in any such agreement which the
Company determines are adverse to the Company’s best interests. The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall
cover only those matters customarily covered in offerings of similar size and with respect to companies in the same business, and shall also be made to and for the benefit of the holders of Registrable Securities included in such registration
statement. No holder of Registrable Securities included in such registration statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s organization,
good standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s material agreements and organizational documents, and with respect to written information relating to such holder that such holder has
furnished in writing expressly for inclusion in such Registration Statement. The holders of Registrable Securities shall agree to such covenants and indemnification and contribution obligations for selling stockholders as are customarily contained
in the agreements of that type. 
 5.3.8 Cooperation. The principal executive officer of the Company, the principal financial officer
of the Company, the principal accounting officer of the Company and all other officers 

  

 8 

 
and members of the management of the Company shall cooperate fully in any offering of Registrable Securities hereunder, which cooperation shall include,
without limitation, the preparation of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential investors.
The holders of Registrable Securities shall cooperate fully in the preparation of the registration statement and other documents relating to any offering in which they include securities. Each holder shall also furnish to the Company such
information regarding itself, the Registrable Securities held by such holder, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of the Registable Securities. 
 5.3.9 Records. The Company shall make available for inspection by the holders of Registrable Securities included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any holder of Registrable Securities included in such Registration Statement, all financial and
other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any of them in connection with their discharge of their due diligence responsibility with such Registration Statement. 
 5.3.10 Listing. The Company shall use its commercially reasonable efforts to cause all Registrable Securities included in any registration to be listed on such exchanges or otherwise designated for trading in the same manner as
similar securities issued by the Company are then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable Securities included in such
registration. 
 5.4 Obligation to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of
the kind described in Section 5.3.5, or upon any suspension by the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of the ability of all “insiders” covered by such
program to transact in the Company’s securities because of the existence of material non-public information, each holder of Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable
Securities pursuant to the Registration Statement covering such Registrable Securities until such holder receives the supplemented or amended Prospectus contemplated by Section 5.3.5 or the restriction on the ability of “insiders” to
transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will deliver to the Company all copies, other than permanent file copies then in such holder’s possession, of the most
recent Prospectus covering such Registrable Securities at the time of receipt of such notice. 
 5.5 Registration Expenses. The
Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 5.1 and any Piggy-Back Registration pursuant to Section 5.2 and all expenses incurred in performing or complying with its
other obligations under this Warrant, whether or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with securities or “blue
sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including, without limitation, all
salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable Securities as required by Section 5.3.10; (vi) National Association of Securities Dealers, Inc.
fees (including COBRADesk filing fees); (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company; and (viii) the fees and expenses of any special
experts retained by the Company in connection with such registration. The Company shall have no obligation to pay any 

  

 9 

 
underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts or
selling commissions shall be borne by such holders. Additionally, in an underwritten offering, all selling stockholders and the Company shall bear the expenses of the underwriter in proportion to the respective amount of shares each is selling in
such offering. The holders of the Registrable Securities shall bear all costs and expenses incurred by them in connection with any such registration except as specifically provided in this Section 5.5. 
 5.6 Information. The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the
managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to
Section 5 and in connection with the Company’s obligation to comply with federal and applicable state securities laws. 
 5.7
Indemnification. 
 5.7.1 Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the full extent
permitted by law, the Holder, and, as applicable, the officers, directors, counsel and each Person who controls such Holder (within the meaning of Section 15 of the Securities Act), and any agent or investment adviser thereof, against all
losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees and costs of investigation) arising out of or based upon any untrue or alleged untrue statement of material fact contained in any Registration Statement,
any amendment or supplement thereto, any Prospectus or preliminary Prospectus or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except
insofar as the same arise out of or are based upon any such untrue statement or omission based upon information with respect to such Holder furnished in writing to the Company by or on behalf of such Holder expressly for use therein; provided that,
in the event that the Prospectus shall have been amended or supplemented and copies thereof as so amended or supplemented, shall have been furnished to the Holder prior to the confirmation of any sales of Registrable Securities, such indemnity with
respect to the Prospectus shall not inure to the benefit of the Holder if the Person asserting such loss, claim, damage or liability and who purchased the Registrable Securities from such Holder did not, at or prior to the confirmation of the sale
of the Registrable Securities to such Person, receive a copy of the Prospectus as so amended or supplemented and the untrue statement or omission of a material fact contained in the Prospectus was corrected in the Prospectus as so amended or
supplemented. 
 5.7.2 Indemnification by the Holders. The Holder agrees to indemnity, to the full extent permitted by law, the
Company, its directors, officers and counsel and each Person who controls the Company (within the meaning of Section 15 of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue statement of
a material fact in the Registration Statement or Prospectus or any amendment thereof or supplement thereto or necessary to make the statements therein not misleading, to the extent, but only to the extent, that such untrue or alleged untrue
statement relates to any information with respect to such Holder, in its capacity as such, so furnished in writing by such Holder specifically for inclusion in any Prospectus or Registration Statement (including any omissions with respect thereto);
provided, however, that the Holder shall not be liable in any such case to the extent that prior to the filing of any such Registration Statement or Prospectus or amendment thereof or supplement thereto, the Holder has furnished in writing to
the Company information expressly for use in such Registration Statement or Prospectus or any amendment thereof or supplement thereto which corrected or made not misleading information previously furnished to the Company. In no event shall the
liability of the Holder hereunder be greater in amount than the dollar amount of the proceeds received by the Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
  

 10 

 5.7.3 Conduct of Indemnification Proceedings. Any person or entity entitled to indemnification
hereunder agrees to give prompt written notice to the indemnifying party after the receipt by such Person of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for which such
person or entity will claim indemnification or contribution pursuant to the provisions hereof and, unless in the judgment of counsel of such indemnified party, a conflict of interest may exist between such indemnified party and the indemnifying
party with respect to such claim, permit the indemnifying party to assume the defense of such claim. Failure by the indemnified party to timely notify the indemnifying party shall not relieve the indemnifying party from the obligations of
Section 5.7, except where such failure to notify materially prejudices indemnifying parties ability to such action, suit, proceeding, investigation or threat. Whether or not such defense is assumed by the indemnifying party, the indemnifying
party will not be subject to any liability for any settlement made without its written consent (but such consent will not be unreasonably withheld). No indemnifying party will consent to entry of any judgment or enter into any settlement which does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation. If the indemnifying party is not entitled to, or elects not to,
assume the defense of a claim, it will not be obligated to pay the fees and expenses of more than one counsel (plus such local counsel, if any, as may be reasonably required in other jurisdictions) with respect to such claim, unless in the judgment
of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the reasonable fees and
expenses of such additional counsel or counsels. For the purposes of this Section 5.7.3, the term “conflict of interest” shall mean that there are one or more legal defenses available to the indemnified party that are different from
or additional to those available to the indemnifying party or such other indemnified parties, as applicable, which different or additional defenses make joint representation inappropriate. 
 5.7.4 Contribution. If the indemnification from the indemnifying party provided for in this Section 5.7 is unavailable to an indemnified
party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative benefits received by the indemnified party on the one hand and the relative fault of the indemnifying party and
indemnified parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. If, however, the allocation provided by the immediately preceding
sentence is not permitted by applicable law or if the Indemnified Party failed to give the notice required above, then each Indemnifying Party shall contribute to such amount paid or payable by such Indemnified Party in such proportion as is
appropriate to reflect not only such relative benefits but also the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action,
as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact, has been made by, or relates to information supplied by, such indemnifying party or indemnified parties, and the parties intent, knowledge, access to information and opportunity to correct or prevent such action.
The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 5.7.3, any reasonable legal or other fees
or expenses reasonably incurred by such party in connection with any investigation or proceeding. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. 
  

 11 

 5.7.5 If indemnification is available under this Section 5, the indemnifying parties shall indemnity
each indemnified party to the fullest extent provided for hereunder without regard to the relative fault of said indemnifying party or indemnified party or any other equitable consideration provided for in this Section 5.7. 
 6. Adjustment Provisions. 
 6.1
Stock Dividends and Split Ups. If after the date hereof, and subject to the provisions of Section 6.5 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a
split up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of this Warrant shall be increased in proportion to
such increase in outstanding shares of Common Stock. 
 6.2 Aggregation of Shares. If after the date hereof, and subject to the
provisions of Section 6.5 below, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective
date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of this Warrant shall be decreased in proportion to such decrease in outstanding shares of
Common Stock. 
 6.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the
Warrants is adjusted, as provided in Section 6.1 and 6.2 above, the Warrant Price, as defined herein, shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the
numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable
immediately thereafter. The term “Warrant Price” as used in this Warrant refers to the price per share at which Common Stock may be purchased pursuant to the Warrant at the time a Warrant is exercised. 
 6.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Section 6.1 or 6.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation
or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holders shall thereafter have the right to purchase and receive, upon the basis and upon
the terms and conditions specified herein and in lieu of the shares of Common Stock purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Holder would have received if the Holder had exercised this Warrant immediately prior to such
event; and if any reclassification also results in a change in shares of Common Stock covered by Section 6.1 or 6.2, then such adjustment shall be made pursuant to Sections 6.1, 6.2, 6.3 and this Section 6.4. The provisions of this
Section 6.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 
 6.5 No Fractional Shares. Notwithstanding any provision contained in this Warrant to the contrary, the Company shall not issue fractional shares upon exercise hereof. If, by reason of any 

  

 12 

 
adjustment made pursuant to this Section 6, the holder of the Holder would be entitled, upon the exercise of such Warrant, to receive a fractional
interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be issued to the Holder. There shall be no cash or other payment for the issuance of one share of Common
Stock in connection with such rounding up. 
 7. Rule 144. The Company covenants that it shall file any reports required to be
filed by it under the Securities Act and the Exchange Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holders to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar Rule or regulation hereafter adopted by
the Commission. 
 8. Miscellaneous. 
 8.1 No Third Party Beneficiaries. Nothing in this Warrant shall be construed to give to any person or entity other than the Company and the Holder any legal or equitable right, remedy or cause of action under
this Warrant. This Warrant shall be for the sole and exclusive benefit of the Company and the Holder. 
 8.2 Notices. All notices,
demands, requests, consents, approvals or other communications (collectively, “Notices”) required or permitted to be given hereunder or which are given with respect to this Warrant shall be in writing and shall be personally served,
delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery or facsimile transmission, addressed as set forth below, or to such other address as such party shall have specified most recently by written notice.
Notice shall be deemed given on the date of service or transmission if personally served or transmitted by facsimile; provided, that if such service or transmission is not on a business day or is after normal business hours, then such notice shall
be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day delivery.

  

			
	To the Company:	  	 Dekania Corp.
 2929 Arch Street, Suite 1703

Philadelphia, Pennsylvania 19104
 Attn: Thomas H. Friedberg, President
& Chief
 Executive Officer
 Fax No.: (215)
861-7878

		
	with a copy to:	  	 Ledgewood, P.C.
 1900 Market Street, Suite 750

Philadelphia, Pennsylvania 19103
 Attn: J. Baur Whittlesey, Esq.

Fax No.: (215) 753-2513

		
	To a Holder, to:	  	[                                      
  ]

 8.3 Severability. This Warrant shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Warrant or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Warrant a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 
  

 13 

 8.4 Modifications and Amendments. No amendment, modification or termination of this Warrant shall
be binding upon any party unless executed in writing by such party. 
 8.5 Titles and Headings. Titles and headings of sections of
this Warrant are for convenience only and shall not affect the construction of any provision of this Warrant. 
 8.6 Governing Law.
This Warrant shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed within the State of New York, without giving effect to any
choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction. 
 8.7 Waiver of
Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating
to this Warrant, the transactions contemplated hereby, or the actions of the Holder in the negotiation, administration, performance or enforcement hereof. 
 8.8 Waiver of Net Cash Settlement. Notwithstanding anything to the contrary in this Warrant and regardless of whether a registration statement is current under the Securities Act with respect to the Warrant
Shares, in no event will the Holder be entitled to receive a net-cash settlement, stock or other consideration in lieu of Warrant Shares. 
  

 14 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed on its behalf, in its
corporate name, by its duly authorized officer, all as of the Base Date. 
  

			
	DEKANIA CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 15 

 EXHIBIT A 
 FORM OF EXERCISE NOTICE 
 [To be executed only upon exercise of Warrant] 
 To DEKANIA CORP: 
 (A) The undersigned
registered holder of the within Warrant hereby irrevocably exercises the Warrant pursuant to Section 2.2 of the Warrant with respect to             (1) shares of the Common Stock, at an exercise price per share of Common Stock of
$            , and requests that the certificates for the shares be issued in the name of, and delivered
to                    , whose address is: 
 OR 
 (B) The undersigned registered holder of the within Warrant hereby irrevocably exercises the Warrant
pursuant to Section 2.3 of the Warrant with respect to             (1) shares of the Common Stock, and hereby authorizes DEKANIA CORP. to withhold             shares of Common Stock having a total value of
$            , such value being determined in accordance with the terms of this Warrant, from the Warrant Shares otherwise to be received, and requests that the certificates for the
shares be issued in the name of, and delivered to             , whose address is: 
 Dated:
                                        

  

					
		 	  
	 	
		 	Print or Type Name	 	

  

					
		 	  
	 	
		 	(Signature must conform in all respects to name of holder as specified on the face of Warrant)
		 	  
	 	
		 	(Street Address)	 	
		 	  
	 	
		 	(City)                    (State)                 
   (Zip Code)	 	

	(1)	Insert here the number of shares called for on the face of this Warrant (or, in the case of a partial exercise, the portion thereof as to which this Warrant is being exercised), in
either case without making any adjustment of shares of Common Stock or any other stock or other securities or property or cash which, pursuant to the adjustment provisions of this Warrant, may be delivered upon exercise. In the case of a partial
exercise, a new Warrant or Warrants will be issued and delivered, representing the unconverted portion of the Warrant, to the holder surrendering the Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]