Document:

EX-4.6

 Exhibit 4.6 
  

 
 DIRECTOR WARRANT AGREEMENT 

between 
 PERSHING SQUARE TONTINE
HOLDINGS, LTD. 
 and 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY 

Dated July     , 2020 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	1	 	 Appointment of Warrant Agent
	  	 	2	 
			
	2	 	 Director Warrants
	  	 	3	 
			
	3	 	 Terms and Exercise of Director Warrants
	  	 	5	 
			
	4	 	 Adjustments
	  	 	8	 
			
	5	 	 Transfer and Exchange of Director Warrants
	  	 	17	 
			
	6	 	 Other Provisions Relating to Rights of Holders of Director Warrants
	  	 	18	 
			
	7	 	 Concerning the Warrant Agent and Other Matters
	  	 	19	 
			
	8	 	 Miscellaneous Provisions
	  	 	21	 

  
 -i- 

 THIS DIRECTOR WARRANT AGREEMENT (this “Agreement”), dated as of July
[    ], 2020, is by and between 
  

	(1)	 PERSHING SQUARE TONTINE HOLDINGS, LTD., a Delaware corporation (“Pershing Square Tontine
Holdings”); and 

  

	(2)	 CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation, as warrant
agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”); 

 WHEREAS,
Pershing Square Tontine Holdings is engaged in an initial public offering (the “Offering”) of units of its equity securities (the “Units”) for the purposes of financing its initial business combination through a
merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving Pershing Square Tontine Holdings and one or more businesses (the “Business Combination”); 

WHEREAS, each Unit to be sold in the Offering will be comprised of one share of Class A common stock, par value $0.0001 per share (the
“Class A Common Stock”) and one-ninth of one redeemable warrant (the “Distributable Redeemable Warrants”), and, in connection therewith, Pershing
Square Tontine Holdings has determined to issue and deliver up to 200,000,000 shares of Class A Common Stock and 22,222,222 Distributable Redeemable Warrants to public investors in the Offering, and with each share of Common Stock sold in the
Offering that is not redeemed in connection with the initial Business Combination having the right to receive, on a pro rata basis, a distribution of a fixed number of redeemable warrants (the “Distributable Tontine Redeemable
Warrants,” and collectively, with the Distributable Redeemable Warrants, the “Redeemable Warrants”) and, in connection therewith has determined to issue and deliver (in the event that an initial Business Combination is to
occur) 44,444,444 Distributable Tontine Redeemable Warrants; 
 WHEREAS, on June 21, 2020, the Company entered into that certain Forward
Purchase Agreement (the “Forward Purchase Agreement”) with Pershing Square, L.P., a Delaware limited partnership, Pershing Square International, Ltd., a Cayman Islands exempted company, and Pershing Square Holdings, Ltd., a Guernsey
company (the “Forward Purchasers”) pursuant to which each of the Forward Purchasers will purchase units (the “Forward Purchase Units”) for a minimum aggregate purchase price of $1,000,000,000, and may elect to
purchase additional Forward Purchase Units for an aggregate purchase price of up to $2,000,000,000 (or such greater amount as determined pursuant to the Forward Purchase Agreement), with each Forward Purchase Unit having a purchase price of $20.00
and consisting of one share of the Class A Common Stock and one-third of one warrant (the “Forward Purchase Warrants”) in one or more private placement transactions to occur in such
amounts and at such time or times as the Forward Purchasers determine, but no later than simultaneously with the closing of the Company’s initial Business Combination; 

WHEREAS, as a result of the initial Business Combination, and immediately following the transactions occurring in connection therewith in order to
effect the initial Business Combination, the continuing publicly traded corporation may be either Pershing Square Tontine Holdings or another entity (the “Company,” with respect to both Pershing Square Tontine Holdings, prior to the
initial Business Combination, and with respect to the continuing publicly traded corporation, following the initial Business Combination); 

 WHEREAS, on July [●], 2020, the Company entered into that certain Sponsor Warrant Purchase
Agreement (the “Sponsor Warrant Purchase Agreement”) with Pershing Square TH Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor will purchase warrants in a private
placement simultaneously with the closing of the Offering, exercisable for a number of shares of Common Stock (as defined below) and on such terms as set forth herein, bearing the legend set forth in Exhibit B hereto (the “Sponsor
Warrants”) at a purchase price of $65,000,000 (the “Sponsor Warrant Purchase Price”); 
 WHEREAS, on July [●], 2020,
the Company entered into that certain Director Warrant Purchase Agreement among the Company and certain of its independent directors (each, a “Director Warrant Purchase Agreement”), pursuant to which each such director will
purchase, in a private placement occurring simultaneously with the closing of the Offering, a warrant (a “Director Warrant”), for a purchase price of up to $812,500, with an aggregate purchase price for all Director Warrants to be
issued of $2,837,500 which will be exercisable for a number of shares of Common Stock as provided in that certain Director Warrant Agreement, dated July [●], 2020, between the Company and the Warrant Agent; 

WHEREAS, the Company filed with the Securities and Exchange Commission (the “Commission”) on June 22, 2020 a registration
statement on
 Form S-1, File No. 333-239342, as may be amended (the “Registration Statement”), and will file a prospectus (the
“Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Redeemable Warrants and Class A Common Stock comprising the Units and the contingent
right to receive the Distributable Tontine Redeemable Warrants; 
 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 the Director Warrants; 

WHEREAS, the Company desires to provide for the form and provisions of the Director Warrants, the terms upon which it shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holder of the Director Warrants; and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Director 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 Director 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- 

	2	 DIRECTOR WARRANTS 

 

	2.1	 Form of Director Warrant. The Director Warrants shall be issued in registered form only.

  

	2.2	 Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the
Warrant Agent pursuant to this Agreement, the Director Warrants shall be invalid and of no effect and may not be exercised by the holder thereof. 

  

	2.3	 Registration. 

 

	 	(a)	 Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for
the registration of original issuance and the registration of transfer of the Director Warrants. Upon the initial issuance of the Director Warrants in book-entry form, the Warrant Agent shall issue and register the Director Warrants in the name of
the respective holder thereof in accordance with instructions delivered to the Warrant Agent by the Company. 

 A physical
certificate, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile
signature has been placed upon any Director Warrant shall have ceased to serve in the capacity in which such person signed the Director Warrant before such Director Warrant is issued, it may be issued with the same effect as if he, she or they had
not ceased to be such at the date of issuance. 
  

	 	(b)	 Registered Holder. Prior to due presentment for registration of transfer of any Director Warrant, the
Company and the Warrant Agent may deem and treat the person in whose name such Director Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Director Warrant (notwithstanding any
notation of ownership or other writing on any physical 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	 Common Stock and Director Warrant Shares. The term “Common Stock” as used in
this Agreement shall refer to the Class A Common Stock of Pershing Square Tontine Holdings prior to the initial Business Combination, and thereafter to (i) the Class A Common Stock of Pershing Square Tontine Holdings if Pershing
Square Tontine Holdings is the continuing publicly traded corporation following the initial Business Combination, (ii) the common stock, membership interests, units, or other equity security representing the share capital of the continuing
publicly traded corporation following the initial Business Combination, if such entity is not Pershing Square Tontine Holdings, or (iii) such other equity security as agreed upon in writing by the Registered Holders of the Director Warrants
representing 50% of the shares issuable upon the exercise of the then-outstanding amount of the Director Warrants and the Company. The term “Director Warrant Shares” refers to any shares of Common Stock issuable upon an exercise of
a Director Warrant as provided in Section 3.1 of this Agreement. 

  
 -3- 

	2.5	 Fractional Director Warrants. The Registered Holder of a Director Warrant shall be entitled to the same
rights in respect of a fractional Director Warrant as the Registered Holder would have in respect of a whole Director Warrant, including with respect to exercise, transfer and registration rights, except as otherwise provided in this Agreement.
Except as provided otherwise in this Agreement, references to the Director Warrants shall include both whole and fractional Director Warrants. 

A Registered Holder shall indicate whether it intends to exercise their Director Warrants in part or in whole by indicating the number of
Director Warrant Shares for which the Director Warrants are to be exercised (with respect to each such exercise, the “Exercise Shares”) on the subscription form set forth in the Director Warrants (the “Subscription
Form”). The aggregate Number of Director Warrant Shares issuable upon exercise of the remaining and unexercised Director Warrants, taking into account all previous exercises of the Director Warrant and any adjustments pursuant to
Section 4 of this Agreement (the “Remaining Shares”), shall be reflected in book-entry form or on a physical certificate as provided in Section 3.3(b) of this Agreement. 

 

	2.6	 No Redemption. The Director Warrants shall not be redeemable by the Company other than as specified in
Section 4.4. 

  

	2.7	 Transfer Restrictions. The Director Warrants and any Director Warrant Shares, so long as such securities
are held by a purchasing Director or any of his or her Permitted Transferees (as defined below), may not be transferred, assigned or sold until the earlier of (i) three (3) years after the completion by the Company of an initial Business
Combination or (ii) subsequent to the initial Business Combination, the Company’s liquidation, merger, capital stock exchange, reorganization, business combination or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property; provided, however, that the Director Warrant and any Director Warrant Shares may be transferred, in whole or in part, to:

  

	 	(a)	 any director or officer of the Company, or entity that is managed by Pershing Square Capital Management, L.P.,
a Delaware limited partnership; 

  

	 	(b)	 in the case of an individual, by gift to a member of the individual’s immediate family, to a trust, the
beneficiary of which is a member of the individual’s immediate family or an affiliate or such person, or to a charitable organization; 

  

	 	(c)	 in the case of an individual, by virtue of laws of descent and distribution upon the death of the individual;
or 

  

	 	(d)	 in the case of an individual, pursuant to a qualified domestic relations order; 

provided, however, that in the case of each of (a) through (c) above, such transferees (the “Permitted Transferees”),
must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement. 
 If a fractional
Director Warrant is transferred prior to the determination of the number of total Director Warrant Shares pursuant to Section 3.1 of this Agreement, such transfer shall be made with respect to a percentage of such Director
Warrant, and such percentage will be reflected 

  
 -4- 

 
accordingly in the Warrant Register and on any physical certificates issued in connection with such purchases. Any such fractional Director Warrant shall be exercisable for that number of
Director Warrant Shares equal to the percentage reflected in the Warrant Register and on the physical certificate for such fractional Director Warrant, multiplied by the number of total Director Warrant Shares, as to be determined pursuant to
Section 3.1, and subject to the adjustments provided in Section 4 hereof and the last sentence of Section 3.1. 

 

	3	 TERMS AND EXERCISE OF DIRECTOR WARRANTS 

 

	3.1	 Warrant Price and Common Stock Issuable Upon Exercise. The Director Warrants shall be countersigned by
the Warrant Agent and the Director Warrants shall entitle the Registered Holder thereof, subject to the provisions of the Director Warrants and of this Agreement, to purchase from the Company: 

 

	 	(a)	 that number of shares of Common Stock equal to the product of (i) the percentage obtained by dividing
(A) the purchase price of such Director Warrant by (B) $3,250,000 and (ii) the product of (A) 0.2975% and (B) the number of shares of Common Stock that are outstanding immediately following the initial Business Combination on a Fully
Diluted Basis (as defined below) (such product, the “Number of Director Warrant Shares”); or 

  

	 	(b)	 upon a partial exercise the partial Director Warrants, the number of Exercise Shares indicated on the
Subscription Form, not to exceed the number of Remaining Shares covered by such Director Warrants at the time of such exercise, 

in each case, at the price of $24.00 per share of Common Stock, subject to the adjustments provided in Section 4
hereof and the last sentence of this Section 3.1. 
 The term “Fully Diluted Basis” as used in
this Agreement shall mean, at the time immediately following the initial Business Combination, (i) the number of shares of Common Stock outstanding plus (ii) (x) the gross number of shares of Common Stock issuable upon the exercise of any
warrants of the Company, including, without limitation, the Redeemable Warrants, Forward Purchase Warrants, Sponsor Warrants and Director Warrants, (y) the gross number of shares of Common Stock issuable upon the exercise of any stock options
issued by the Company and (z) the gross number of shares underlying any other instrument issued by the Company (whether debt or otherwise) that is convertible or exercisable into or otherwise tracks the performance of shares of Common Stock
(including any equity or equity-based award, including, without limitation, stock appreciation rights, restricted stock, restricted stock units, performance stock units, or phantom stock units), in each case with respect to those such securities
that are outstanding or committed to be issued at the time immediately following the initial Business Combination, and without regard to whether such security is exercisable, convertible or “in-the-money” at the time immediately following the initial Business Combination, and without regard as to whether fewer shares of Common Stock may actually be issued as a result of any tax
withholding, “cashless” or “net exercise” procedure. 

  
 -5- 

 The term “Warrant Price” as used in this Agreement shall mean the price per
share at which shares of Common Stock may be purchased at the time a Director Warrant is exercised (initially $24.00 in cash, as described above, or by payment pursuant to a “cashless exercise”), as adjusted by the provision of Sections 4
from time to time. Upon such adjustments in Section 4, the “Warrant Price (Adjusted)” (as determined by Section 4) will become the Warrant Price, and Section 4 will apply to successive warrant price
adjustments. In no case will any adjustment herein increase the Warrant Price (other than as provided by Section 4.2 or as is necessary to undo an adjustment for a corporate event that was announced but not consummated). 

The Number of Director Warrant Shares shall be adjusted by the provisions of Section 4 from time to time. Upon such adjustments in
Section 4, the “Number of Director Warrant Shares (Adjusted)” (as determined by Section 4) will become the Number of Director Warrant Shares, and Section 4 will apply to successive number of Director Warrant
adjustments. In no case will any adjustment herein decrease the Number of Director Warrant Shares (other than as provided by Section 4.2 or as is necessary to undo an adjustment for a corporate event that was announced but not consummated).

  

	3.2	 Duration of Director Warrant. The Director Warrants may be exercised only during the period (the
“Exercise Period”) commencing on the date that is three (3) years after the first date on which the Company completes its initial Business Combination (or such earlier time as it becomes freely transferrable under
Section 2.7(ii)), and terminating at 5:00 p.m., New York City time on the date that is ten (10) years after the date on which the Company completes its initial Business Combination (the “Expiration Date”). Any portion of
any Director Warrant not exercised at or before 4:59 p.m. New York City time on the Expiration Date shall be deemed automatically exercised at 4:59 pm New York City time on the Expiration Date pursuant to Section 3.3(a)(ii) if the FMV (as
defined below) of the Common Stock on the Expiration Date exceeds the Warrant Price. Otherwise, any portion of any Director Warrant not exercised on or before the 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 Expiration Date. 

  

	3.3	 Exercise of Director Warrants. 

 

	 	(a)	 Payment. The Director Warrants may be exercised for cash or on a cashless basis. Subject to the
provisions of the Director Warrant and this Agreement, a Director Warrant may be exercised by the Registered Holder thereof, in whole or in part, by surrendering the physical certificate, if any, at the office of the Warrant Agent, or at the office
of its successor as Warrant Agent, and by providing the Subscription Form set forth in such Director Warrant, duly executed, and by paying in full the Warrant Price for each full share of Common Stock indicated on the Subscription Form and as to
which such Director Warrant is exercised and any and all applicable taxes due in connection with the exercise of such Director Warrant. The exchange of such Director Warrant for Director Warrant Shares and the issuance of such shares shall be
effected as follows: 

  

	 	(i)	 in lawful money of the United States, by wire transfer or in good certified check or good bank draft payable to
a Company account at the Warrant Agent; or 

  

	 	(ii)	 by surrendering the Director Warrant for that number of Director Warrant Shares to be received calculated as:

  

					
	                                Director 
Warrant Shares	 	=	 	(ES*(FMV–WP))
	 	FMV

  
 -6- 

 Where: 

ES is the number of Exercise Shares; 

WP is the Warrant Price immediately prior to such exercise; and 

FMV is the average of the daily volume-weighted average trading prices of the Common Stock during the 10 consecutive trading days ending on
the third trading day prior to the date on which notice of exercise of the Director Warrant is sent to the Warrant Agent. 
  

	 	(b)	 Issuance of Director Warrant Shares on Exercise. As soon as practicable after any exercise of a Director
Warrant and the clearance of the funds in payment of the Warrant Price (if payment is made pursuant to subsection 3.3(a)(i)), the Company shall issue to the Registered Holder of such Director Warrant a book-entry position (including in DTCC,
if requested by the Registered Holder) or certificate, as applicable, for the number of full shares of Common Stock to which it is entitled, registered in such name or names as directed by such Registered Holder, and if such Director Warrant shall
not have been exercised in full, a new book-entry position or countersigned Director Warrant, as applicable, for the Remaining Shares as to which such Director Warrant shall not have been exercised. The Company shall not be obligated to issue any
Director Warrant Shares unless the Common Stock issuable upon such exercise has been registered, qualified or deemed to be exempt from registration or qualification under applicable securities laws (including by way of a private placement, if
applicable). 

  

	 	(c)	 Valid Issuance. All shares of Common Stock issued upon the proper exercise of any Director Warrant in
conformity with this Agreement shall be validly issued, fully paid and non-assessable. 

  

	 	(d)	 Date of Issuance. Each entity in whose name any book-entry position or certificate, as applicable, for
shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which the corresponding Director Warrant, or book-entry position representing such Director Warrant,
was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Director Warrant, except that, if the date of such surrender and payment is a date when the share
transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares of Common Stock at the open of business on the next succeeding date on which the share transfer
books or book-entry system are open. 

  

	 	(e)	 Maximum Percentage. A Registered Holder may notify the Company in writing in the event it elects to be
subject to the provisions contained in this subsection 3.3(e); however, no such Registered Holder shall be subject to this subsection 3.3(e) unless it makes such election. If the election is made, the Warrant Agent

  
 -7- 

	 	
shall not effect such exercise, and such Registered Holder shall not have the right to exercise such Director Warrant, to the extent that after giving effect to such exercise, such person
(together with such person’s affiliates) would beneficially own in excess of 9.8% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the
foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Director Warrants with respect to which the
determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Director Warrants beneficially owned by such person and its affiliates
and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred
stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Director Warrants, in determining the number of outstanding shares of Common Stock, the holder may rely on the
number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current
report on Form 8-K or other public filing with the Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent
setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of a Registered Holder, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the
number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its
affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Director Warrant may from time to time increase or decrease the Maximum Percentage applicable to
such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company. 

 

	4	 ADJUSTMENTS 

  

	4.1	 Share Capitalizations, Split-Ups and Dividends.

  

	 	(a)	 If, at any time following the date hereof and while any amount of any Director Warrant is outstanding and
unexpired, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a reclassification of shares or a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar event, which in any case does nothing other than to increase the number of shares of outstanding Common Stock, then, on the effective date of such event, the
Warrant Price shall be adjusted (to the nearest cent) as follows: 

  

					
	                      Warrant Price (Adjusted)	 	= WP * 	 	A
	 	B

  
 -8- 

 Where: 

WP is the Warrant Price immediately prior to such event; 

A is the number of shares of Common Stock outstanding immediately prior to such event; and 

B is the number of shares of Common Stock outstanding immediately following such event. 

If any event requiring adjustment under this subsection 4.1(a) occurs at any time following the initial Business Combination, the Number
of Director Warrant Shares shall be adjusted as follows: 
  

			
	          Number of Director Warrant Shares (Adjusted) = DWSPre *	 	B
	 	A

 Where: 

DWSPre means the Number of Director Warrant Shares immediately prior to such event;

 and, 
 A and B are each as
defined above. 
  

	 	(b)	 If the Company, at any time following the date hereof and while any amount of any Director Warrant is
outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets (excluding in connection with a “spin-off” transaction, the consequences of which are as set
forth in section 4.10 below, and excluding in connection with a “rights offering” transaction, the consequences of which are set forth in section 4.11 below) to the holders of the Common Stock on account of such shares of Common Stock (or
other shares of the Company’s capital stock into which the Director Warrants are, or would be, convertible), other than as described in subsection 4.1(a) above, (any such non-excluded event being
referred to herein as a “Dividend”), then the Warrant Price shall be adjusted as follows: 

  

			
	                      Warrant Price (Adjusted) =	 	         WP         
	 	Dividend Ratio

 Where: 

WP means the Warrant Price in effect immediately preceding the ex-date of such Dividend; 

 

					
	                      Dividend Ratio =	 	    RL    	 	;
	 	RL-DV

  
 -9- 

 RL means “Reference Level” which is the closing price of the Common Stock on the
trading day immediately preceding the relevant ex-date date; and 
 DV means “Dividend
Value” which is (i) with respect to any cash component of such Dividend, such amount of cash, and (ii) with respect to any component of such Dividend in the form of securities or assets other than cash (other than the Common Stock),
the fair market value (as determined by the Board, in good faith) of such securities or assets, as paid on each share of Common Stock in respect of such Dividend. 

If any event requiring adjustment under this subsection 4.1(b) occurs at any time following the initial Business Combination, the Number
of Director Warrant Shares shall be adjusted as follows: 
 Number of Director Warrant Shares (Adjusted) = DWSPre * Dividend Ratio 
 Where: 

DWSPre means the Number of Director Warrant Shares immediately prior to such event; and

 Dividend Ratio is as defined above. 

The adjustments in this subsection 4.1(b) shall be made successively whenever such Dividends occur. 

If a Dividend includes Common Stock, the Warrant Price and the number of shares of Common Stock issuable upon exercise of the Director Warrant
will first be adjusted as provided in subsection 4.1(a) above with respect to the Common Stock portion of the Dividend, and be further adjusted as provided in this subsection 4.1(b) with respect to the remaining portion of the
Dividend. 
 In the event that any such adjustment(s) result in a Warrant Price that is less than zero, the Company will determine an
adjustment to the terms of the Director Warrants that addresses the economic consequences of the dividend(s) or distribution(s) that would have, but for this clause, resulted in the Warrant Price being less than zero. 

 

	4.2	 Aggregation of Shares. If, at any time following the date hereof and while any amount of any Director
Warrant is outstanding and unexpired, and subject to the provisions of Section 4.6 hereof, 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, which in any case does nothing other than to decrease the number of shares of outstanding Common Stock, then, on the effective date of such event, the Warrant Price shall be adjusted
(to the nearest cent) as follows: 

  

			
	          Warrant Price (Adjusted) = WP *	 	A
	 	B

 Where: 

WP is the Warrant Price immediately prior to such event; 

  
 -10- 

 A is the number of shares of Common Stock outstanding immediately prior to such event; and

 B is the number of shares of Common Stock outstanding immediately following such event. 

If any event requiring adjustment under this Section 4.2 occurs at any time following the initial Business
Combination, the Number of Director Warrant Shares shall be adjusted as follows: 
  

			
	          Number of Director Warrant Shares (Adjusted) = DWSPre *	 	B
	 	A

 Where: 

DWSPre means the Number of Director Warrant Shares immediately prior to such event;

 and, 
 A and B are each as
defined above. 
  

	4.3	 Raising of Capital in Connection with the Initial Business Combination. If (x) the Company issues
additional shares of Common Stock, equity-linked securities or any other instrument that is convertible or exercisable into, or exchangeable for, Common Stock for capital raising purposes in connection with the closing of its initial Business
Combination at an issue price or effective issue price of less than $18.40 per share of Common Stock (with such issue price or effective issue price to be determined in good faith by the Board (the “Newly Issued Price”)), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds (including from such issuances, the Offering, the Forward Purchase Agreement and any interest thereon, net of redemptions) that are available for the
funding of the Company’s initial Business Combination on the date of the completion of the Company’s initial Business Combination, and (z) the volume-weighted average trading price of shares of Common Stock during the twenty
(20) trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $18.40 per share, the Warrant Price will be
adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price. If at or prior to the initial Business Combination there is an adjustment to the Warrant Price pursuant to another provision in this
Article 4, the $18.40 per share noted in the prior sentence shall be adjusted in the same manner. 

  

	4.4	 Replacement of Securities upon Reorganization, etc. At any time following the date hereof, in case of
any reclassification or reorganization of the outstanding shares of Common Stock (other than in connection with a change under subsections 4.1(a) or 4.1(b) or Section 4.2 hereof or a change 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 entity or conversion of the Company into another type of entity (other than a merger or consolidation 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 

  
 -11- 

	 	
an entirety in connection with which the Company is dissolved, a Registered Holder shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the Director Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of securities, cash or other
property receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that such Registered Holder would have received if such holder had exercised its Director Warrants
immediately prior to such event (the “Alternative Issuance”); provided, however, that (i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount of securities,
cash or other property receivable upon such consolidation or merger, then the kind and amount of securities, cash or other property constituting the Alternative Issuance for which the Director Warrants shall become exercisable shall be deemed to be
the kind and amount received per share by the holders of the Common Stock in such consolidation or merger that provides the greatest value to a Registered Holder (as determined by the Company), and (ii) if a tender, exchange or redemption offer
shall have been made to and accepted by the holders of the Common Stock under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule
12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Common Stock, a Registered Holder shall be entitled to receive as the Alternative Issuance, the highest amount of
securities, cash or other property to which such holder would actually have been entitled as a stockholder if such Registered Holder had exercised the Director Warrants prior to the expiration of such tender or exchange offer, accepted such offer
and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer. 

 If a
transaction of the sort described in this Section 4.4 results in an Alternative Issuance that includes anything other than common stock or other equivalent equity securities of the company surviving the transaction
(“Qualified Common Stock”), the Registered Holders of a majority of the Sponsor Warrants may elect, by notice to the Company at any time before effectiveness of the transaction, to require the Company or its successor to redeem for
cash the portion of the Director Warrants that are exercisable for the non-Qualified Common Stock components of the Alternative Issuance they specify in the notice (the “Redeemable
Components”). In that case, (a) the Director Warrants shall be split in two, with one warrant (the “Redeemable Warrant”) being exercisable solely for the Redeemable Components and the other warrant (the
“Continuing Director Warrant”) being exercisable solely for the components of the Alternate Issuance other than the Redeemable Components, and (b) the aggregate Warrant Price shall be apportioned between those two warrants in
accordance with the relative value of the components underlying each at the effective date of the transaction (as determined in good faith by the Board). The Company shall then be required to redeem the Redeemable Warrants for cash, as soon as
practicable (and in any event no later than 5 trading days) after determination of the Director Warrant Value pursuant to the following paragraph, at a price equal to the Director Warrant Value times the percentage of the value of the Alternate
Issuance represented by the Redeemable Components (in each case at the effectiveness of the transaction and in each case as determined in good faith by the Board). 

  
 -12- 

 The Director Warrant Value shall be determined as follows: The Company and the Registered
Holders of a majority of the Director Warrants shall, within ten days after the effectiveness of the transaction, each choose an Independent Appraiser (as defined below), and the two Independent Appraisers shall, within ten days of their
appointment, choose a third Independent Appraiser (the “Third Independent Appraiser”). All three Independent Appraisers will independently calculate, using the Agreed Model (the “Agreed Model”) as set forth in the
2002 ISDA Equity Derivative Definitions (except to the extent that the relevant Independent Appraiser determines to depart from that model due to anomalies in the circumstances that it believes require the departure in order to arrive at a fair
valuation), the value of the Director Warrants and provide that valuation to the Company and the Registered Holders within ten days after selection of the Third Independent Appraiser. The Director Warrant Value will be the average of (x) the
value calculated by the Third Independent Appraiser and (y) the value calculated by the Independent Appraiser which is closest to the value calculated by the Third Independent Appraiser. The determination of the Director Warrant Value shall be
conclusive and binding on the parties, absent manifest error. As used herein, “Independent Appraiser” means a leading dealer that trades equity derivatives with substantial experience in valuing securities like the Director
Warrants. The fees and expenses of each party’s chosen Independent Appraiser shall be borne by such party, and the fees and expenses of the Third Independent Appraiser shall be split equally between the Company and the Registered Holder(s).

 If any reclassification or reorganization also results in a change in shares of Common Stock covered by subsection 4.1(a), then
such adjustment shall be made pursuant to subsection 4.1(a) or Sections 4.2 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, tender offers or exchange offers. 
  

	4.5	 Notices Regarding Director Warrants. Upon every adjustment to the Warrant Price, the Company shall give
written notice thereof to the Warrant Agent, which notice shall state, as applicable, the Warrant Price resulting from such adjustment and the increase or decrease in the Number of Director Warrant Shares purchasable at such price upon exercise of
the Director Warrants, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the initial determination of the Number of Director Warrant Shares issuable upon exercise of the Director
Warrants pursuant to Section 3.1, and upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4 in connection with which an adjustment is made to the Warrant Price or the Number
of Director Warrant Shares issuable, the Company shall give written notice of the occurrence of such event to each Registered 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. 

  

	4.6	 No Fractional Shares. All adjustments made pursuant to this Article Four shall be made to the fifth
decimal point with the fifth decimal rounded up if the sixth decimal is five or greater and shall cumulate to avoid the issuance of fractional shares. 

  
 -13- 

	 	
Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares of Common Stock upon any exercise of the Director Warrants, and holders of
the Director Warrants may only indicate a whole number of shares of Common Stock on the subscription form provided in connection with any exercise thereof. If the Number of Director Warrant Shares issuable, as determined pursuant to
Section 3.1 of this Agreement and as adjusted pursuant to this Section 4, upon full exercise, includes a fractional interest in a share of Common Stock, the Company shall, upon such exercise, round
down to the nearest whole number the Number of Director Warrant Shares issuable. If the Registered Holder of a fractional Director Warrant, as a result of any adjustment pursuant to this Section 4, would be entitled, upon
the full exercise thereof, to receive a fractional interest in a share, the Company shall, upon such full exercise, round down to the nearest whole number the number of shares of Common Stock issuable to such holder. 

 

	4.7	 Form of Director Warrant. The form of Director Warrant need not be changed because of any adjustment
pursuant to this Section 4 or upon the determination of the Number of Director Warrant Shares issuable pursuant to Section 3.1 (or any adjustment thereto), and any Director Warrant issued or
countersigned after such adjustment may state the same Warrant Price as is stated in Director Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any
change in the form of Director Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Director Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Director
Warrant or otherwise, may be in the form as so changed. 

  

	4.8	 Other Events. In case any event shall occur affecting the Company as to which none of the provisions of
the preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Director Warrants in order to (i) avoid an adverse economic impact on the Director Warrants
and (ii) effectuate the intent and purpose of this Section 4 (including, but not limited to, an event that is dilutive to the Common Stock), then, in each such case, the Company shall appoint a firm of independent
public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Director Warrants is necessary to effectuate the intent
and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Director Warrants in a manner that is consistent with any
adjustment recommended in such opinion. 

  

	4.9	 No Adjustment Upon Certain Events. For the avoidance of doubt, no adjustment shall be made to the terms
of the Director Warrants solely as a result of (i) the issuance of the Forward Purchase Units or securities underlying the Forward Purchase Units, (ii) an adjustment to the conversion ratio of the Company’s Class B common stock,
par value $0.0001 per share (the “Class B Common Stock”), or (iii) the conversion of the Class B Common Stock into shares of Class A Common Stock, in the case of each of clauses (ii) and (iii)
above, pursuant to the Company’s amended and restated certificate of incorporation, as in effect on the date hereof. 

  

	4.10	 Spin-Off Adjustments. With respect to an adjustment pursuant to
this Section where there has been a payment of a dividend or other distribution on the Common Stock of shares of capital stock of any class or series, or similar equity interest, of or relating to

  
 -14- 

	 	
any of its subsidiaries or other business units of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”), each Director Warrant will be amended such that it is replaced with two (2) new warrant agreements (the “Spin-Off Warrant” and the
“Remaining Warrant”) referencing, respectively, the equity interest of the Spin-Off company and the Common Stock of the remaining company. The Remaining Warrants shall continue to represent a
right to purchase a number of shares of Common Stock equal to the Number of Director Warrant Shares as in effect immediately before the Spin-Off, and the Spin-Off
Warrants shall represent a right to purchase the number of shares or other equity interests the Registered Holder(s) would have received had the Registered Holder(s) exercised its Director Warrants in full immediately prior to the Spin-Off. The aggregate Warrant Price shall be apportioned between those two warrants in accordance with the relative values of the shares or other equity interests underlying each, as determined based on the
average of the daily volume-weighted average trading prices of those shares or other equity interests during the 10 consecutive trading days commencing on, and including, the trading day next succeeding the
Spin-Off date. 

  

	4.11	 Rights Offerings. If the Company issues to all or substantially all holders of the Common Stock any
rights, options or warrants (other than in connection with a stockholder rights plan) entitling them, for a period of not more than 60 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common
Stock at a price per share that is less than the average of the daily volume-weighted average trading prices of the Common Stock for the 10 consecutive trading day period ending on, and including, the trading day immediately preceding the date of
announcement of such issuance, at the sole discretion of the Registered Holder, the Registered Holder may elect (including a partial election whereby the Registered Holder receives the proportionate benefits of subclauses (1) and (2) herein)
either (1) to receive a number of rights that reflects the amount of rights the Registered Holders would have received had it exercised its Director Warrants in full prior to the rights offering and received Common Stock, or (2) to have
the Warrant Price reduced based on the following formula: 

 Warrant Price (Adjusted) = WP(Pre) * [(OS0 + Y)/(OS0 + X)] 
 where, 

WP(Pre) = the Warrant Price in effect immediately prior to the open of business on the ex-dividend date
for such issuance; 
 OS0 = the number of shares of Common Stock outstanding
immediately prior to the open of business on such ex-dividend date; 
 X = the total number of shares
of Common Stock issuable pursuant to such rights, options or warrants; and 
 Y = the number of shares of Common Stock equal to the aggregate
price payable to exercise such rights, options or warrants, divided by the average of the daily volume-weighted average trading prices of the Common Stock over the 10 consecutive trading day period ending on, and including, the trading day
immediately preceding the date of announcement of the issuance of such rights, options or warrants. 

  
 -15- 

 If any event requiring adjustment under this Section 4.11 occurs
at any time following the initial Business Combination, the Number of Director Warrant Shares shall be adjusted as follows: 
 Number of
Director Warrant Shares (Adjusted) = DWSPre * [(OS0 + X)/(OS0 + Y)] 

where, 
 DWSPre means the Number of Director Warrant Shares immediately prior to such event; 
 and,

 OS0, X and Y are each as defined above. 

Any amendment made under this Section shall be made successively whenever any such rights, options or warrants are issued and shall become
effective immediately after the open of business on the ex-dividend date for such issuance. To the extent that any rights, options or warrants that triggered a decrease in Warrant Price under this Section
shall expire unexercised, the decrease shall be recalculated as though such expired rights, options or warrants had never been issued. 
 For
purposes of this Section, in determining whether any rights, options or warrants entitle the holders of Common Stock to subscribe for or purchase shares of the Common Stock at less than such average of daily volume-weighted average trading prices of
the Common Stock referred to in the beginning of this Section, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or
warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined in good faith by the Board. 
  

	4.12	 Self-Tender Offers at a Premium. If the Company makes a payment in respect of a tender or
exchange offer it launches for the Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the daily volume-weighted average trading prices of the
Common Stock over the 10 consecutive trading day period commencing on, and including, the trading day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (such date, the
“Expiration Date”), the Warrant Price shall be reduced based on the following formula: 

 Warrant Price
(Adjusted) = WP(Pre) * [(OS0 * SP1)/(AC+ (SP1 * OS1))] 
 where, 

WP(Pre) = the Warrant Price in effect immediately prior to the close of business on the 10th trading day immediately following, and including,
the trading day next succeeding the Expiration Date; 
 AC = the aggregate value of all cash and any other consideration (as determined by
the in good faith by the Board) paid or payable for shares of Common Stock purchased in such tender or exchange offer; 

  
 -16- 

 OS0 = the number of shares of Common
Stock outstanding immediately prior to the time (the “Expiration Time”) such tender or exchange offer expires (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or
exchange offer); 
 OS1 = the number of shares of Common Stock outstanding
immediately after the Expiration Time (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and 

SP1 = the average of the daily volume-weighted average trading prices of the Common
Stock over the 10 consecutive trading day period commencing on, and including, the trading day next succeeding the Expiration Date. 
 If any
event requiring adjustment under this Section 4.12 occurs at any time following the initial Business Combination, the Number of Director Warrant Shares shall be adjusted as follows: 

Number of Director Warrant Shares (Adjusted) = DWSPre*[(AC+(SP1* OS1))/ (OS0*SP1)] 

where, 
 DWSPRE = the Number of Director Warrant Shares immediately prior to the close of business on the 10th trading day immediately following, and including, the trading day next succeeding the Expiration
Date; 
 and, 
 AC, OS0, OS1 and SP1 are each as
defined above. 
  

	5	 TRANSFER AND EXCHANGE OF DIRECTOR WARRANTS 

 

	5.1	 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any
outstanding whole or partial Director Warrant upon the Warrant Register, upon surrender of such Director Warrant for transfer, in the case of certificated warrants, properly endorsed with signatures properly guaranteed and accompanied by appropriate
instructions for transfer. Upon the transfer of a whole Director Warrant (or the entire remaining amount of a Director Warrant) held by a Registered Holder, a new Director Warrant representing the Number of Director Warrant Shares (or number of
Remaining Shares) issuable upon the exercise thereof, shall be issued and the old Director Warrant shall be cancelled by the Warrant Agent. Upon the transfer of a portion of a Director Warrant held by a Registered Holder, new Director Warrants
representing the corresponding amounts of Director Warrant Shares issuable in respect of such portions shall be issued to the transferor and transferee(s). Upon the transfer of a whole Director Warrant held by a Registered Holder prior to the
initial determination of the total Number of Director Warrant Shares issuable, pursuant to Section 3.1, a new whole Director Warrant shall be issued and the old Director Warrant shall be cancelled by the Warrant Agent. Upon
the transfer of a portion of a Director Warrant held by a Registered Holder prior to the initial determination of the total Number of Director Warrant Shares issuable, pursuant to Section 3.1, new Director Warrants
reflecting the corresponding percentages of a whole Director Warrant in respect of such portions shall 

  
 -17- 

	 	
be issued to the transferor and transferee(s). In the case of certificated warrants, the Director 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 Director Warrants. Director 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 Director Warrants as requested by the Registered Holder of the Director Warrant so surrendered, representing
an equal aggregate number of Director Warrant Shares (or the applicable percentage of a whole Director Warrant); provided, however, that in the event that a Director Warrant surrendered for transfer bears a restrictive legend, the
Warrant Agent shall not cancel such Director Warrant and issue new Director Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company (who may be in-house counsel)
stating that such transfer may be made and indicating whether the new Director Warrants must also bear a restrictive legend. 

  

	5.3	 Service Charges. No service charge shall be made for any exchange or registration of transfer of
Director Warrants. 

  

	5.4	 Director Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign
and to deliver, in accordance with the terms of this Agreement, the Director Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply
the Warrant Agent with Director Warrants duly executed on behalf of the Company for such purpose. 

  

	6	 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF DIRECTOR WARRANTS 

 

	6.1	 No Rights as Stockholder. A Director 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. 

  

	6.2	 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Director Warrant is lost, stolen, mutilated, or
destroyed, the Company and the Warrant Agent shall on such terms as to indemnity or otherwise as they may in their reasonable discretion impose (which shall, in the case of a mutilated Director Warrant, include the surrender thereof), issue a new
Director Warrant of like denomination, tenor, and date as the Director Warrant so lost, stolen, mutilated, or destroyed. Any such new Director Warrant shall constitute an additional contractual obligation of the Company, whether or not the allegedly
lost, stolen, mutilated, or destroyed Director Warrant shall be at any time enforceable by anyone. 

  

	6.3	 Reservation of Shares of Common Stock. The Company shall at all times (including in connection with the
initial Business Combination) reserve and keep available a number of its authorized but unissued shares of Common Stock that shall be sufficient to permit the exercise in full of the outstanding amount of the Director Warrants issued pursuant to
this Agreement. 

  
 -18- 

	6.4	 Registration of Shares of Common Stock. 

 

	 	(a)	 Registration of the Shares of Common Stock Underlying the Director Warrants. The Directors, and their
Permitted Transferees, shall have such registration rights as provided under that certain Registration Rights Agreement among the Company, Sponsor and the other parties thereto, dated July [●], 2020. 

 

	 	(b)	 Cashless Exercise. The Registered Holder of a Director Warrant shall have the right to exercise a
Director Warrant in whole or in part on a “cashless” basis as provided in subsection 3.3(a). In connection with the “cashless exercise” of a Director Warrant at a time when there is not an effective registration statement
with respect to the Director Warrant Shares, the Company shall, upon request, provide the Warrant Agent with an instruction stating that (i) such exercise of such Director Warrant on a “cashless basis” is not required to be registered
under the Securities Act and (ii) as applicable, (A) the shares of Common Stock issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in
Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend or (B) such shares of Common Stock shall bear a restrictive legend and the terms of that restrictive legend.

  

	7	 CONCERNING THE WARRANT AGENT AND OTHER MATTERS 

 

	7.1	 Payment of Taxes. The Company shall 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 any exercise of the Director Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of a Director
Warrants or such shares of Common Stock. 

  

	7.2	 Resignation, Consolidation, or Merger of Warrant Agent. 

 

	 	(a)	 Resignation of 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 and upon the appointment of a successor Warrant Agent. If the office of the Warrant Agent becomes
vacant by resignation or incapacity to act or otherwise, the 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 ninety (90) days after
it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Director Warrant (who shall, with such notice, submit his, her, their or its Director Warrant for inspection by the Company), then the
holder of any Director 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 at the Company’s cost. Any successor Warrant Agent, whether appointed by the
Company or by such court, shall be a corporation organized and existing 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 

  
 -19- 

	 	
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. 

  

	 	(b)	 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, the Transfer Agent for the Common Stock and the Registered Holders of the Director Warrants not later than the effective date of any such appointment. 

 

	 	(c)	 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 Agreement without any further act. 

 

	7.3	 Fees and Expenses of Warrant Agent. 

 

	 	(a)	 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as
such Warrant Agent hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder, all in
accordance with a services agreement that may be entered into separately. 

  

	 	(b)	 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 Agreement.

  

	7.4	 Liability of Warrant Agent. 

 

	 	(a)	 Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the
Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein
specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Corporate Secretary or other principal 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 Agreement. 

  
 -20- 

	 	(b)	 Indemnity. The Warrant Agent shall be liable hereunder only for its own, or its representatives’,
gross negligence, willful misconduct, fraud, bad faith or material breach of this Agreement. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable outside
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s, or its representatives’, gross negligence, willful misconduct, fraud, bad faith or material
breach of this Agreement. 

  

	 	(c)	 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this
Agreement or with respect to the validity or execution of any Director Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement
or in any Director Warrant. The Warrant Agent shall not 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, other than making adjustments as directed by the Company; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Director Warrant or as to whether any shares of Common Stock shall, when issued, be valid and fully paid and
non-assessable. 

  

	7.5	 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and
agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account as promptly as practicable to the Company with respect to any Director Warrant exercised and concurrently account for, and pay to the
Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of a Director Warrant. 

  

	7.6	 Waiver. The Warrant Agent has no right of set-off or any other
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 as trustee thereunder) or in the Director Warrants (including any proceeds from the sale thereof), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account or the
Director Warrants for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account and Director Warrants and any and all rights to seek access to the Trust Account and the Director Warrants.

  

	8	 MISCELLANEOUS PROVISIONS 

 

	8.1	 Successors. All the covenants and provisions of this Agreement by or for the benefit of Pershing Square
Tontine Holdings or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 

  

	8.2	 Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant
Agent or by the holder of any Director Warrant to or on the Company shall be sufficiently given (i) if by email, when the email is sent on a business 

  
 -21- 

	 	
day and receipt is confirmed or (ii) when so delivered if by hand, on the next business day if sent by overnight delivery, or if sent by certified mail or private courier service within five
(5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

Pershing Square Tontine Holdings, Ltd. 

787 Eleventh Avenue, 9th Floor 

New York, NY 10019 
 Attention:
milankov@persq.com 
 Copy to: Legal@persq.com 

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Director Warrant or by the Company to or
on the Warrant Agent shall be sufficiently given (i) if by email, when the email is sent on a business day and receipt is confirmed, or (ii) when so delivered if by hand, on the next business day if sent by overnight delivery, or if sent
by certified mail or private courier service within five (5) 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: 

Continental Stock Transfer & Trust Company 

1 State Street, 30th Floor 
 New
York, NY 10004 
 Attention: Compliance Department 
  

	8.3	 Applicable Law. The validity, interpretation, and performance of this Agreement and of the Director
Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company and Warrant Agent
hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the City of New York, County of New York, 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 and Warrant Agent hereby waive any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. 

  

	8.4	 Compliance and Confidentiality. The Warrant Agent shall perform its duties under this Agreement in
compliance with all applicable laws and keep confidential all information relating to this Agreement and, except as required by applicable law, shall not use such information for any purpose other than the performance of the Warrant Agent’s
obligations under this Agreement. 

  

	8.5	 Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon,
or give to, any person or corporation other than the parties hereto and the Registered Holders of the Director Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or
agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the
Director Warrants. 

  
 -22- 

	8.6	 Examination of the Warrant Agreement. A copy of this 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 Director Warrant. The Warrant Agent may require any such holder to submit such holder’s Director
Warrant for inspection by the Warrant Agent. 

  

	8.7	 Counterparts. This Agreement may be executed in any number of original, electronic or facsimile
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. All signatures required or contemplated by this Agreement may be
electronic. 

  

	8.8	 Effect of Headings. The section headings herein are for convenience only and are not part of this
Agreement and shall not affect the interpretation thereof. 

  

	8.9	 Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered
Holder for the purpose of curing any ambiguity, or 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 Agreement as the
parties may deem necessary or desirable, but only if the amendment 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
Exercise Period and any amendment to the terms of the Director Warrants, shall require the vote or written consent of the Registered Holder(s) representing 50% of the shares issuable pursuant to the then-outstanding amount of Director Warrants.
Notwithstanding the foregoing, the Company may adjust the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders. 

 

	8.10	 Severability. This 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 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 Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

Exhibit A Form of Director Warrant Certificate 

Exhibit B Restricted Legend 

  
 -23- 

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

			
	 PERSHING SQUARE TONTINE

HOLDINGS, LTD.

 
			
		
	By:	 	  

	 Name:
 Title:
	 	

 
			
	
	CONTINENTAL STOCK TRANSFER &
	TRUST COMPANY, as Warrant Agent

 
			
		
	By:	 	  

	 Name:
 Title:
	 	

 [Signature Page to Director Warrant Agreement] 

  
 -24- 

 EXHIBIT A 

[Form of Director Warrant Certificate] 

[FACE] 
 Number 

Director Warrant 

PERSHING SQUARE TONTINE HOLDINGS, LTD. 

Incorporated Under the Laws of the State of Delaware 

Director Warrant Certificate 
 This
Warrant Certificate certifies that [            ], or registered assigns, is the registered holder of the warrant(s) evidenced hereby (the “Director Warrants”
and each, a “Director Warrant”) to purchase shares of Common Stock (as defined below) of the Company (as defined below). Each Director Warrant, or portion thereof, entitles the holder, upon exercise during the period set forth in
the Director Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the
“Exercise Price”) as determined pursuant to the Director Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Director Warrant Agreement) of the United States of America
upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Director Warrant Agreement. Defined terms used in this
Director Warrant Certificate but not defined herein shall have the meanings given to them in the Director Warrant Agreement. 
 The term
“Company” as used in this Director Warrant Certificate refers to, prior to the initial Business Combination, Pershing Square Tontine Holdings, and to the continuing publicly traded entity that will exist as a result of the initial
Business Combination, whether such continuing entity is Pershing Square Tontine Holdings, Ltd. or another entity. 
 The term “Common
Stock” as used in this Director Warrant Certificate shall refer to (i) the Class A common stock, par value $0.0001 per share, of Pershing Square Tontine Holdings, if Pershing Square Tontine Holdings is the continuing
corporation following the initial Business Combination, (ii) the common stock, membership interests, units, or other equity security representing the share capital of the continuing corporation following the initial Business Combination, if
such entity is not Pershing Square Tontine Holdings, or (iii) such other equity security as agreed upon in writing by the Registered Holders of the Director Warrants representing 50% of the shares issuable upon the exercise of the
then-outstanding amount of the Director Warrants and the Company. 
 A whole Director Warrant will initially be exercisable for that number of shares of
Common Stock equal to the product of (i) the percentage obtained by dividing (A) the purchase price of such Director Warrant by (B) $3,250,000 and (ii) the product of (A) 0.2975% and (B) the number of shares of Common Stock that
are outstanding immediately following the initial Business 

  
 -25- 

 
Combination on a Fully Diluted Basis, as provided in Section 3.1 of the Director Warrant Agreement and subject to adjustment upon certain events set forth in the Director Warrant Agreement.

 The initial Exercise Price per share of Common Stock for which the Director Warrant is exercised is equal to $24.00 per share. The Exercise Price is
subject to adjustment upon the occurrence of certain events set forth in the Director Warrant Agreement. 
 Subject to the conditions set forth in the
Director Warrant Agreement, a Director Warrant may be exercised only during the Exercise Period and to the extent not exercised or deemed exercised by the end of such Exercise Period, such Director Warrant shall become void. 

Reference is hereby made to the further provisions of this Director Warrant Certificate set forth on the reverse hereof and such further provisions shall for
all purposes have the same effect as though fully set forth at this place. 
 This Director Warrant Certificate shall not be valid unless countersigned by
the Warrant Agent, as such term is used in the Warrant Agreement. 
 This Director Warrant Certificate shall be governed by and construed in accordance with
the internal laws of the State of New York, without regard to conflicts of laws principles thereof. 
  

			
	 PERSHING SQUARE TONTINE

HOLDINGS, LTD.

 
			
		
	By:	 	  

	 Name:
 Title:
	 	

 
			
	
	CONTINENTAL STOCK TRANSFER &
	TRUST COMPANY, as Warrant Agent

 
			
		
	By:	 	  

	 Name:
 Title:
	 	

  
 -26- 

 [Form of Director Warrant Certificate] 

[Reverse] 
 The Director Warrant evidenced by
this Director Warrant Certificate relates to the duly authorized issue of the Director Warrant entitling the holder on exercise to receive shares of Common Stock and is to be issued pursuant to a Director Warrant Agreement dated as of July
[●], 2020 (as amended or supplemented from time to time, the “Director Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant
agent (the “Warrant Agent”), which Director Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations,
duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder) of the Director Warrant. A copy of the
Director Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Director Warrant Agreement. 

The Director Warrant may be exercised, in whole or in part, at any time during the Exercise Period set forth in the Director Warrant Agreement. The holder of
the Director Warrant evidenced by this Director Warrant Certificate may exercise the Director Warrant by surrendering this Director Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together
with payment of the Exercise Price as specified in the Director Warrant Agreement (or through “cashless exercise” as provided for in the Director Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event
that upon any exercise of the Director Warrant evidenced hereby shall be less than the total Number of Director Warrant Shares issuable hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Director Warrant
Certificate evidencing the portion of the Director Warrant not exercised. 
 The Director Warrant Agreement provides that upon the occurrence of certain
events the number of shares of Common Stock issuable upon exercise of the Director Warrant as set forth on the face hereof may, subject to certain conditions, be adjusted and such adjustments shall cumulate. If, upon full exercise of a Director
Warrant, the holder thereof would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued to the holder of the Director
Warrant. 
 Director Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in
person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Director Warrant Agreement, but without payment of any service charge, for another Director
Warrant Certificate or Director Warrant Certificates of like tenor evidencing in the aggregate a like amount of the Director Warrant. 
 Upon due
presentation for registration of transfer of this Director Warrant Certificate at the office of the Warrant Agent a new Director Warrant Certificate or Director Warrant Certificates of like tenor and evidencing in the aggregate a like amount of the
Director Warrant shall be issued to the transferee(s) in exchange for this Director Warrant Certificate, subject to the limitations provided in the Director Warrant Agreement, without charge except for any tax or other governmental charge imposed in
connection therewith. 

  
 -27- 

 The Company and the Warrant Agent may deem and treat the Registered Holder hereof as the absolute owner of
this Director Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the
Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Director Warrant nor this Director Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 

  
 -28- 

 Election to Purchase 

(To Be Executed Upon Exercise of Director Warrant) 

The undersigned hereby irrevocably elects to exercise the Director Warrant represented by this Director Warrant Certificate with respect to
[            ] shares of Common Stock and, unless the cashless provisions set forth below are completed, herewith tenders payment for such shares of Common Stock to the order of the Company
in the amount of $__________ in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered in the name of _______________, whose address is ____________________ and that such shares of
Common Stock be delivered to whose address is ____________________. If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Director Warrant Certificate
representing the remaining balance of such shares of Common Stock be registered in the name of _______________, whose address is ____________________ and that such Director Warrant Certificate be delivered to _______________, whose address is
____________________. 
 In the event that the Director Warrant is to be exercised on a “cashless” basis pursuant to subsection 3.3(a) of
the Director Warrant Agreement, the number of shares of Common Stock that this Director Warrant is exercisable for shall be determined in accordance with subsection 3.3(a) of the Director Warrant Agreement, and the holder hereof shall
complete the following: 
 The undersigned hereby irrevocably elects to exercise the Director Warrant represented by this Director Warrant Certificate with
respect to [            ] shares of Common Stock, through the cashless exercise provisions of the Director Warrant Agreement, to receive shares of Common Stock. If said number of shares is
less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Director Warrant Certificate representing the remaining balance of such shares of Common Stock be
registered in the name of _______________, whose address is ____________________, and that such Director Warrant Certificate be delivered to _______________, whose address is ____________________. 

[Signature Page Follows] 

  
 -29- 

							
	 Date:             ,
20    
	 		 		 	  

		 		 		 	 (Signature)

(Address)

(Tax Identification Number)

 Signature Guaranteed: 
 THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE)). 

  
 -30- 

 EXHIBIT B 

DIRECTOR WARRANT LEGEND 
 “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE DIRECTOR WARRANT PURCHASE AGREEMENT BY AND AMONG
PERSHING SQUARE TONTINE HOLDINGS, LTD. (THE “COMPANY”) AND CERTAIN DIRECTORS OF THE COMPANY, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS SPECIFIED IN THE DIRECTOR WARRANT
AGREEMENT REFERRED TO HEREIN EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE DIRECTOR WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS. 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION
RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.” 

  
 -31-EX-10.3

 Exhibit 10.3 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Investment Management Trust Agreement (this “Agreement”) is made effective as of July [●], 2020, by and
between Pershing Square Tontine Holdings, Ltd., a Delaware company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”). 

WHEREAS, the Company’s registration statement on Form S-1, File No. 333-239342 (the
“Registration Statement”), and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”), each of which consists of one of the
Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), and one-ninth of one detachable redeemable warrant
(the “Distributable Redeemable Warrants”), each whole warrant entitling the holder thereof to purchase one Class A Common Stock, and the right to receive a pro-rata share of a fixed pool of distributable Tontine
redeemable warrants (the “Distributable Tontine Redeemable Warrants”) in respect of those shares of Class A Common Stock not redeemed in connection with the Company’s initial merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”) (such initial public offering hereinafter referred to as the
“Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and 

WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Citigroup
Global Markets Inc., Jefferies LLC and UBS Securities LLC, as representatives (the “Representatives”) of the several underwriters (the “Underwriters”) named therein; and 

WHEREAS, as described in the Prospectus, the net proceeds of the Offering, and a portion of the proceeds of the sale of the Sponsor
Warrant and Director Warrants (each, as defined in the Underwriting Agreement), which amount shall equal $4,000,000,000, will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United
States (the “Trust Account”) for the benefit of the Company and the holders of Class A Common Stock included in the Units issued in the Offering (such shares of Class A Common Stock, the “Public
Shares”) as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the
Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 

WHEREAS, the parties acknowledge that proceeds from sales pursuant to the Forward Purchase Agreement (as defined in the Underwriting
Agreement), any amount in excess of $30,000,000 from the aggregate sale proceeds of the Sponsor Warrant and Director Warrants and the proceeds of any other sale of securities by the Company that is not made in connection with the Offering will not
form part of the Property; 
 WHEREAS, immediately prior to the Business Combination, and following the time at which the Company
redeems Public Shares that the holders thereof have elected to redeem in connection with the Business Combination, the Company will issue 44,444,444 Distributable 

 
Tontine Redeemable Warrants to Public Stockholders, on a pro-rata basis, in respect of Public Shares that are not redeemed in connection with the Business Combination; 

WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $56,250,000, fifty (50) percent of which may
be reduced based on the number of Public Shares redeemed in connection with the Business Combination if a certain level of cash is available to the Company at the time of the Business Combination, and seventy-five (75) percent of which may be
reduced if that certain level of cash is not available to the Company at the time of the Business Combination, is attributable to deferred underwriting discounts and commissions that may be payable by the Company to the Underwriters upon the
consummation of the Business Combination (as defined below) (the “Deferred Discount”); and 
 WHEREAS, the
Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property. 

NOW THEREFORE, IT IS AGREED: 

1.         Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 (a)    Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust
Account established by the Trustee located in the United States at J.P. Morgan Chase Bank, N.A. (“US Banking Institution”) (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more)
and hold the Property at one or more brokerage institutions selected by the Trustee that is reasonably satisfactory to the Company (the “US Brokerage Institutions”); 

(b)    Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; 

(c)    In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States
government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and
(d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood that
the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; while on deposit, the Trustee may earn bank credits or other consideration; 

(d)    Collect and receive, when due, all interest or other income arising from the Property, which shall become part of
the “Property,” as such term is used herein; 
 (e)    Promptly notify the Company and the Representatives of
all communications received by the Trustee with respect to any Property requiring action by the Company; 

(f)    Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in
connection with the Company’s preparation of tax returns relating to assets held in the Trust Account or in connection with the preparation or completion of the audit of the Company’s financial statements by the Company’s auditors;

  
 2 

 (g)    Participate in any plan or proceeding for protecting or enforcing
any right or interest arising from the Property if, as and when instructed by the Company to do so; 
 (h)    Render to
the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account, and ensure that the Company is set up at the US Banking Institution and the US Brokerage
Institutions to receive duplicate statements of Property held therein; 
 (i)    Commence liquidation of the Trust
Account only after and as promptly reasonable (but no longer than ten (10) days) after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form
substantially similar to that attached hereto as either Exhibit A or Exhibit B signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, General Counsel, Secretary or Chairman of the
board of directors of the Company (the “Board”) or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest (less up to
$100,000 of interest that may be released to the Company to pay dissolution expenses and which interest shall be net of any taxes payable, it being understood that the Trustee has no obligation to monitor or question the Company’s position that
an allocation has been made for taxes payable), only as directed in the Termination Letter and the other documents referred to therein; provided, that, in the case a Termination Letter in the form of Exhibit A is received, or (y) upon
the date which is twenty-four (24) months from the closing of the Offering (or thirty (30) months after the closing of the Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for its
initial Business Combination within twenty-four (24) months from the closing of the Offering but has not completed the initial Business Combination within such twenty-four-month (24-month) period), or
such later date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation, if a Termination Letter has not been received by the Trustee prior to such date, in which
case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest (less up to $100,000 of interest that may be released to
the Company to pay dissolution expenses and which interest shall be net of any taxes payable), shall be distributed to the Public Stockholders of record as of such date; 

(j)    Upon written request from the Company, which may be given from time to time in a form substantially similar to that
attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax
obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the
Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in
the Trust Account as shall be designated by the Company in writing to make such distribution so long as 

  
 3 

 
there is no reduction in the principal amount initially deposited in the Trust Account; provided, further, however, that if the tax to be paid is a franchise tax, the written
request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill for the Company and a written statement from the principal financial officer of the Company setting forth the actual amount payable (it being
acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company
is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; 
 (k)    Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute on
behalf of the Company the amount requested by the Company to be used to redeem Public Shares that Public Stockholders have properly submitted in connection with a stockholder vote to approve an amendment to the Company’s amended and restated
certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with the Company’s initial Business Combination, (ii) to modify the substance or timing of the
Company’s obligation to redeem 100% of the Public Shares if it does not complete its initial Business Combination within twenty-four (24) months from the closing of the Offering (or thirty (30) months from the closing of the Offering
if the Company has executed a letter of intent, agreement in principle or definitive agreement for its initial Business Combination within twenty-four (24) months from the closing of the Offering but has not completed the initial Business
Combination within such twenty-four-month (24-month) period) or (iii) with respect to any other provision relating to stockholders’ rights or pre-initial
Business Combination activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request;
and 
 (l)    Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i),
(j) or (k) above. 
 2.         Agreements and Covenants of the Company. The Company
hereby agrees and covenants to: 
 (a)    Give all instructions to the Trustee hereunder in writing, signed by the
Company’s Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, General Counsel, Secretary or other authorized officer of the Company. In addition, except with respect to its duties under
Sections 1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be
given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 

  
 4 

 (b)    Subject to Section 4 hereof, hold the Trustee harmless and
indemnify the Trustee from and against any and all reasonable and documented expenses, including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in
connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or
the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the
“Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection
of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may
participate in such action with its own counsel; 
 (c)    Pay the Trustee the fees set forth on Schedule A hereto,
including an initial acceptance fee, annual administration fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such
fees unless and until it is distributed to the Company pursuant to Sections 1(i) through 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the
Offering. The Trustee shall refund to the Company the annual administration fee (on a pro-rata basis) with respect to any period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the
Trustee except as set forth in this Section 2(c), Schedule A, and as may be provided in Section 2(b) hereof; 

(d)    In connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the
Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding such Business Combination; 

(e)    Provide the Representatives with a copy of any Termination Letter(s) and/or any other correspondence that is sent
to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same; 

(f)    Expressly provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination
Letter in the Form of Exhibit A that the Deferred Discount be paid directly to the account or accounts directed by the Representatives; and 

  
 5 

 (g)    Instruct the Trustee to make only those distributions that are
permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are not permitted under this Agreement. 

3.    Limitations of Liability. The Trustee shall have no responsibility or liability to: 

(a)    Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document
other than this Agreement and that which is expressly set forth herein; 
 (b)    Take any action with respect to the
Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct; 

(c)    Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or
defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient
to pay any expenses incident thereto; 
 (d)    Refund any depreciation in principal of any Property; 

(e)    Assume that the authority of any person designated by the Company to give instructions hereunder shall not be
continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 

(f)    The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to
be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice,
demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee with written notification to the Company, which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not only
as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to
be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 

(g)    Verify the accuracy of the information contained in the Registration Statement; 

(h)    Provide any assurance that any Business Combination entered into by the Company or any other action taken by the
Company is as contemplated by the Registration Statement; 

  
 6 

 (i)    File information returns with respect to the Trust Account with
any local, state or federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property; 

(j)    Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income
generated by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j)
hereof; or 
 (k)    Verify calculations, qualify or otherwise approve the Company’s written
requests for distributions pursuant to Sections 1(i), 1(j) or 1(k) hereof. 

4.    Trust Account Waiver. The Trustee has no right of set-off or any
right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In
the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely
against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account. 

5.    Termination. This Agreement shall terminate as follows: 

(a)    If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company
shall use its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed and has
agreed to become subject to the terms of this Agreement (following the Trustee giving notice that it desires to resign under this Agreement), the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not
limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within
ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern
District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; 
 (b)    At such
time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this
Agreement shall terminate except with respect to Section 2(b); or 
 (c)    If the Offering is not consummated
within ten (10) business days of the date of this Agreement, in which case any funds received by the Trustee from the Company or Pershing Square TH Sponsor, LLC for purposes of funding the Trust Account shall be promptly returned to the Company
or Pershing Square TH Sponsor, LLC, as applicable. 

  
 7 

 6.    Miscellaneous. 

(a)    The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below
with respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party
immediately if it has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied
to it by the Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross
negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or out-of-pocket expense resulting from any error in the information or
transmission of the funds. 
 (b)    This Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. 

(c)    This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject
matter hereof. Except for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then-outstanding Class A
Common Stock and Class B common stock, par value $0.0001 per share, of the Company, voting together as a single class; provided that no such amendment will affect any Public Stockholder who has otherwise indicated his, her or its election to
redeem his, her or its Public Shares in connection with a stockholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto. 
 (d)    The parties hereto consent to the jurisdiction and venue of any state or
federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY
JURY. 
 (e)    Any notice, consent or request to be given in connection with any of the terms or provisions of this
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, by electronic mail or by facsimile transmission: 

if to the Trustee, to: 

Continental Stock Transfer & Trust Company 

One State Street, 30th Floor 

New York, New York 10004 

Attn:    Francis Wolf & Celeste Gonzalez 

Email: fwolf@continentalstock.com 

Email: cgonzalez@continentalstock.com 

  
 8 

 if to the Company, to: 

Pershing Square Tontine Holdings, Ltd. 

787 Eleventh Avenue, 9th Floor 

New York, New York 10019 
 Attn:
Steve Milankov 
 Email: milankov@persq.com 

with a copy to: 
 Pershing
Square Tontine Holdings, Ltd. 
 787 Eleventh Avenue, 9th Floor 

New York, NY 10019 
 Attn: Legal

 Email: legal@persq.com 
 in
each case, with copies to: 
 Cadwalader, Wickersham & Taft LLP 

200 Liberty St. 
 New York, New
York 10281 
 Attn: Stephen Fraidin; Gregory P. Patti, Jr. 

Email: Stephen.Fraidin@cwt.com; Greg.Patti@cwt.com 

and 
 Citigroup Global Markets
Inc. 
 388 Greenwich Street 

New York, New York 10013 
 Attn:
[●] 
 Email: [●] 

and 
 Jefferies LLC 

520 Madison Avenue 
 New York,
New York 10022 
 Attn: [●] 

Email: [●] 
 and 

UBS Securities LLC 
 1285 Avenue
of the Americas 
 New York, New York 10019 

Attn: [●] 
 Email:
[●] 

  
 9 

 and 

Ropes & Gray LLP 
 1211
Avenue of the Americas 
 New York, New York 

Attn: Paul D. Tropp; Christopher Capuzzi 

Email: Paul.Tropp@ropesgray.com; 

Christopher.Capuzzi@ropesgray.com 

(f)    This Agreement may not be assigned by the Trustee without the prior consent of the Company. 

(g)    Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly
authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 

(h)    This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to
the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 

(i)    This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but
all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof. 

(j)    Each of the Company and the Trustee hereby acknowledges and agrees that each of the Representatives is a third
party beneficiary of this Agreement. 
 (k)    Except as specified herein, no party to this Agreement may assign its
rights or delegate its obligations hereunder to any other person or entity. 
 [Signature page follows] 

  
 10 

 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust
Agreement as of the date first written above. 
  

			
	 Continental Stock Transfer & Trust Company, as Trustee

		
	By:	 	  

		 	Name: Francis Wolf
		 	Title: Vice President
	
	Pershing Square Tontine Holdings, Ltd.
		
	By:	 	  

		 	Name: William A. Ackman
		 	Title:    Chief Executive Officer

  
 [Signature Page to
Investment Management Trust Agreement] 

 SCHEDULE A 
  

							
	 Fee Item
	  	 Time and method of payment
	  	Amount	 
			
	Initial set-up fee	  	Initial closing of Offering by wire transfer	  	$	6,500.00	 
			
	Trustee administration fee	  	Payable annually, first year fee payable, at initial closing of Offering by wire transfer; thereafter by wire transfer or check	  	$	17,500.00	 
			
	Transaction processing fee for disbursements to Company under Sections 1(i) and (j)	  	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1(i) and (j)	  	$	250.00	 
			
	Paying Agent services as required pursuant to Section 1(i), (j) and (k)	  	Billed to Company upon delivery of service pursuant to Section 1(i), (j) and (k)	  	 
	Prevailing
rates	 
 

  
 Sched. A-1 

 EXHIBIT A 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf & Celeste
Gonzalez 
 Re: Trust Account – Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Pershing Square Tontine Holdings, Ltd.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2020 (the “Trust Agreement”), this is to advise you that the
Company has entered into an agreement with                  (the “Target Business”) to consummate a business combination with Target Business
(the “Business Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance of the actual date (or such shorter time
period as you may agree) of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account
and to transfer the proceeds into the above-referenced trust operating account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust Operating Account will be immediately available for
transfer to the account or accounts that UBS Securities LLC (the “Representative”) (with respect to the Deferred Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the
funds are on deposit in the trust operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution, neither the Company nor the Representative will earn any interest. 

On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been
consummated, or will be consummated substantially, concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company shall deliver to you (a) a certificate
by the Chief Executive Officer, which verifies that the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) joint written instruction signed by the Company and the Representative with
respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held
in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account

  
 A-1 

 
may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the
Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under
the Trust Agreement shall be terminated. 
 In the event that the Business Combination is not consummated on the Consummation Date described
in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be
reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice as soon thereafter as possible. 

 

			
	Very truly yours,
	
	Pershing Square Tontine Holdings, Ltd.
		
	By:	 	  

		 	Name: William A. Ackman
		 	 Title:    Chief Executive Officer

 

	cc:	 Citigroup Global Markets, Inc. 

Jefferies LLC 
 UBS Securities LLC

  
 A-2 

 EXHIBIT B 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf & Celeste
Gonzalez 
 Re: Trust Account - Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Pershing Square Tontine Holdings, Ltd.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2020 (the “Trust Agreement”), this is to advise you that the
Company has been unable to effect a Business Combination with a target business within the time frame specified in the Company’s amended and restated certificate of incorporation, as described in the Company’s Prospectus relating to the
Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 
 In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into the trust operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public
Stockholders. The Company has selected [●] as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and,
in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement and the amended and restated certificate of incorporation of the
Company. Upon the distribution of all the funds, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement. 

 

			
	Very truly yours,
	
	Pershing Square Tontine Holdings, Ltd.
		
	By:	 	  

		 	Name: William A. Ackman
		 	Title: Chief Executive Officer

  

	cc:	 Citigroup Global Markets, Inc. 

Jefferies LLC 
 UBS Securities LLC

  
 B-1 

 EXHIBIT C 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf & Celeste
Gonzalez 
 Re: Trust Account - Tax Payment Withdrawal Instruction 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(j) of the Investment Management Trust Agreement between Pershing Square Tontine Holdings, Ltd.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2020 (the “Trust Agreement”), the Company hereby requests that
you deliver to the Company $         of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with
the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at: 

[WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	Pershing Square Tontine Holdings, Ltd.
		
	By:	 	  

		 	Name: William A. Ackman
		 	Title: Chief Executive Officer

  

	cc:	 Citigroup Global Markets, Inc. 

Jefferies LLC 
 UBS Securities LLC

  
 C-1 

 EXHIBIT D 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn:    Francis
Wolf & Celeste Gonzalez 
 Dear Mr. Wolf and Ms. Gonzalez: 

Re: Trust Account - Stockholder Redemption Withdrawal Instruction 

Pursuant to Section 1(k) of the Investment Management Trust Agreement between Pershing Square Tontine Holdings, Ltd. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2020 (the “Trust Agreement”), the Company hereby requests that you
deliver to the redeeming Public Stockholders on behalf of the Company $         of the principal and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein
shall have the meanings set forth in the Trust Agreement. 
 The Company needs such funds to pay its Public Stockholders who have properly
elected to have their Public Shares redeemed by the Company in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (i) to modify the substance or timing of the
Company’s obligation to allow redemptions in connection with the Company’s initial Business Combination, (ii) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if it does not
complete its initial Business Combination within twenty-four (24) months from the closing of the Offering (or thirty (30) months from the closing of the Offering if the Company has executed a letter of intent, agreement in principle or
definitive agreement for its initial Business Combination within twenty-four (24) months from the closing of the Offering but has not completed the initial Business Combination within such twenty-four-month
(24-month) period) or (iii) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity. As such, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public Stockholders in accordance with your customary procedures. 

 

			
	Very truly yours,
	
	Pershing Square Tontine Holdings, Ltd.
		
	By:	 	  

		 	Name: William A. Ackman
		 	Title: Chief Executive Officer

  
 D-1 

	cc:	 Citigroup Global Markets, Inc. 

Jefferies LLC 
 UBS Securities LLC

  
 2

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